Acquiring Minds

An engineer at heart, Mike Dey set his sights on buying a manufacturing business for the next stage of his career.

Topics in Michael’s interview:

• Pivoting from aerospace engineering to business ownership
• Selling his real estate investment to buy a business
• Beware turning your passion into your income
• Buying a business in his 40’s
• How risky is business ownership?
• The risk build-up model of valuing a business
• Saying no to a friend’s investment
• Buying a business bundled with real estate
• Managing a blue collar workforce
• Having to suddenly switch lenders

References and how to contact Michael:

• LinkedIn
• Twitter
• American Spray Technologies

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

Get $200 off your ticket to the M&A Launchpad Conference in Chicago on October 26th:

• https://www.malaunchpad.com & enter code ACQUIRINGMINDS

Get a free review of your books & financial ops from System Six (a $500 value):

• Book a call with Tim or email [email protected] and mention Acquiring Minds

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Register here for the webinar, Legal Office Hours: Common Legal Diligence Issues

• https://bit.ly/4dWmPxV

After 5 years of owning a scale business, Matt Bauer & Chris Hartman were burning out. Fortunately they'd created value.

Topics in Matt and Chris’s interview:

• Two military buddies bought a scale business
• Demanding grind of the industry
• Downside of providing a mission-critical service
• Building a sales team to grow the business
• Challenges in training technicians
• Attempting to acquire a competitor
• Doubling earnings in 5 years
• Deciding it was time to sell
• Their 8-figure exit
• Investing in a port-a-potty startup

References and how to contact Matt and Chris:

• Matt Bauer LinkedIn
• Chris Hartman LinkedIn
• Chris Hartman Twitter
• 12 South Capital Partners

----- SPONSORS -----

Get a complementary pre-acquisition HR & PEO review for your target business:

• Contact [email protected] or visit Aspen HR

Learn more about Walker Deibel's done-with-you buy-side advisory:

• The Acquisition Lab

Get complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

----- Connect with Acquiring Minds -----

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Register here for the webinar, Legal Office Hours: Common Legal Diligence Issues

• https://bit.ly/3ySUJ7R

Topics in Meredith & Michael’s interview:

• Buying an employment screening company
• The seller staying on as an employee
• Strict industry regulations serve as a moat
• Upgrading technology after acquisition
• How the seller eased clients through the transition
• Why they’re not worried about AI
• Meredith’s growth as a manager
• Buying a business as a young couple
• Why this may be a difficult industry to roll up
• Personal impact of owning a business

References and how to contact Meredith & Michael:

• Meredith LinkedIn
• Michael LinkedIn
• Meredith Twitter
• Michael Twitter
• BackgroundConnect

----- SPONSORS -----

Get a free review of your books & financial ops from System Six (a $500 value):

• Book a call with Tim or email [email protected] and mention Acquiring Minds

Get $200 off your ticket to the M&A Launchpad Conference in Chicago on October 26th:

• M&A Launchpad Conference & enter code ACQUIRINGMINDS

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

----- Connect with Acquiring Minds -----

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Register here for the webinar, Legal Office Hours: Common Legal Diligence Issues

• https://bit.ly/3YQP2lp

Niklas James, Adam Borcz, and Tony Cappeart reflect on terms, risk & reward of the still-young self-funded search model.

Topics in Search Investor Roundtable:

• White collar buyers of blue collar businesses
• Desirable traits for searchers
• Balancing investor returns and personal gains
• 3 common modeling mistakes
• Role of put options in deals
• How searchers sabotage their own deals
• Realistic expectations for business growth
• Hope is not a strategy
• Operational experience trumps finance knowledge
• Self-funded search terms

References and how to contact panelists:

• Niklas James LinkedIn
• Adam Borcz LinkedIn
• Tony Cappaert LinkedIn
• Adam Borcz’s Acquiring Minds interview
• Niklas James’s Acquiring Minds interview

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

Get complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Register here for the webinar, Legal Office Hours: Common Legal Diligence Issues

• https://bit.ly/46OH4LN

Ryan Sullivan's group is buying businesses with investor capital, SBA loans & operating partners — but it's not a fund.

Topics in Ryan’s interview:

• “Moneyball approach” to buying businesses
• Making a career change at 48
• Why it’s hard to find a good business
• Buying and holding manufacturing businesses
• Operating a holdco with 5 partners
• Generating returns from cash flows, not exits
• How soon to make changes (and exceptions)
• What he loves about having partners
• Funding deals one at a time
• Moving a business and retaining 100% of staff

References and how to contact Ryan:

• LinkedIn
• North Park Group

Get a complementary pre-acquisition HR & PEO review for your target business:

• Contact [email protected] or visit Aspen HR

Learn more about Walker Deibel's done-with-you buy-side advisory:

• The Acquisition Lab

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

3 top players in SBA lending to the searcher ecosystem discuss what they're seeing in the market as of summer 2024.

Topics in SBA Lender Roundtable:

• Role of personal guarantee in SBA loan
• Why valuations remain high
• Rising amount of equity in deals
• How to find the right lender
• Industries: what’s hot, what’s not
• Financing for fast-growth businesses
• Increase in forgivable seller notes
• More re-trading in recent years
• Importance of buyer-seller trust
• SBA rule changes and their impact

References and how to contact panelists:

• Lisa Forrest LinkedIn
• Lisa Forrest Twitter
• Lisa's weekly office hours on Wednesdays & Thursdays
• Matt Dolsky LinkedIn
• Brad Hettich LinkedIn

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

• Smithlist - Operate & Lead a Business

Get a complementary pre-acquisition HR & PEO review for your target business:

• Contact [email protected] or visit Aspen HR

Get complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Gabe Perez sought a way out of corporate while Kristen sought a way back to working. Buying a $4m business offered both.

Topics in Gabe and Kristen's interview:

• The role Acquiring Minds played in their acquisition
• Acquiring a cold storage manufacturer
• Paying a premium for a growing company
• Buying a business three hours away
• Risks of taking on big projects
• Implementing video conferencing 
• Impact of business ownership on their family
• Keeping business and family time separate
• Getting his lender comfortable with the business’s cyclicality
• Their goal of creating a great workplace

References and how to contact Gabe & Kristen:

• Gabe’s LinkedIn
• Kristen’s LinkedIn
• [email protected]
• Refrigerated Structures of New England
• New Majority Capital
• Christian Bateson’s episode

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

Learn more about Walker Deibel's done-with-you buy-side advisory:

• The Acquisition Lab

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

• Smithlist - Operate & Lead a Business

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Will Gano was rewarded for his persistence & vision when he bought an 8-figure, 125-year-old ingredients manufacturer.

Topics in Will Gano’s interview:

• Getting experience in the food industry
• Doing outreach while working full time
• Hiring a buy-side broker to search for him
• Going through years of “search purgatory”
• Writing a personal letter with his LOI
• Buying a food ingredient manufacturer
• The upside of losing a major client before the transaction
• Importance of food safety
• Jumping through hoops for licensing
• Influence from his late grandfather

References and how to contact Will Gano:

• LinkedIn
• Bear Stewart
• Calder Capital

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

Get a complementary pre-acquisition HR & PEO review for your target business:

• Contact [email protected] or visit Aspen HR

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

• Smithlist - Operate & Lead a Business

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Rob Carpenter was eager to start operating, so it only took 90 days to start searching then buy a $200k SDE business.

Topics in Rob’s interview:

• His background in AI and software development
• His desire for a lower-stress lifestyle
• Prioritizing speed in his business search
• Changing his mind about franchises
• Buying 3 Merry Maids territories
• Digitizing processes in the business
• How labor turnover affects customer turnover
• Benefits of a negative cash cycle
• Comparing startup culture with running a small business
• Possibilities of bolt-ons in the future

References and how to contact Rob:

• [email protected]
• LinkedIn
• Merry Maids

Get complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

Learn more about Walker Deibel's done-with-you buy-side advisory:

• The Acquisition Lab

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

• Smithlist - Operate & Lead a Business

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter

Years after one venture ended in failure, Jeff Velker bought a $2.5m pen maker with a strong brand & devoted customers.

Topics in Jeff’s interview:

• His experience as a franchisee
• Bankruptcy after the 2008 crash
• The difference between buying a job and owning a business
• Losing his favorite pen led him to a pen company
• Appeal of pens in our digital age
• Acquiring with 2 partners
• Negotiating with a seller who won’t go lower
• Getting buy-in from spouses
• The risks of having his manufacturer in Taiwan
• His goal of $10M in 10 years

References and how to contact Jeff:

• LinkedIn
• [email protected]
• Retro 51

Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

• Matthias Smith of Pioneer Capital Advisory

Learn more about Walker Deibel's done-with-you buy-side advisory:

• The Acquisition Lab

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:

• Smithlist - Operate & Lead a Business

Connect with Acquiring Minds:

• See past + future interviews on the YouTube channel
• Connect with host Will Smith on LinkedIn
• Follow Will on Twitter