Acquiring Minds

Register here for the webinar, How to Buy a Business & Hire an Operator at Once

• https://bit.ly/3KH9RaS

Will Smith has partnered with Niklas James & Max Lummis in a fund to invest in searcher & independent sponsor deals.

Topics in this episode:

• Why raise a fund?
• How a fund comes together
• What it was like to raise money from LPs for a blind pool
• Why a business might be great for a searcher but not an investor
• How different investors have different needs
• Why small acquisitions are hard for a fund to invest in
• Value of community in a fund
• Minds Capital’s process to assess deals
• Evaluating deal strengths systematically
• “Best deal of the month” filter

References and how to contact Niklas, Max and Will:

• Minds Capital (to learn more & submit a deal)
• Minds Capital page for investors
• Max Lummis
• Niklas James
• Will Smith

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, How to Buy a Business & Hire an Operator at Once

• https://bit.ly/3Rto4Mc

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Get Remediation Company CIM - Request the NDA to get the CIM of the Midwestern niche remediation company.

• https://bit.ly/45spnAI

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Before acquiring a commercial painting business doing around $2m, Colin Gates worked on a crew as one of its painters.

Topics in Colin's interview:

• Aggressively saving while working in private equity
• Recurring revenue is BS
• Don’t sweat getting the perfect purchase price
• Working as a painter for a month before buying
• Managing prima donna employees
• His strategy of constantly bidding jobs and hiring 
• Putting in a project manager and a GM
• Why he stopped requiring deposits
• The seller staying on as an employee
• Importance of cash flow in keeping a business going

References and how to contact Colin:

• LinkedIn
• Twitter
• Mastercraft Coatings
• [email protected]

Smithlist is a new 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

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

Register here for the webinar, How to Buy a Business & Hire an Operator at Once

• https://bit.ly/3RuI018

--

Get Remediation Company CIM - Request the NDA to get the CIM of the Midwestern niche remediation company.

• https://bit.ly/4b6rnjA

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JD Beck transformed a small (and small-town) plumbing business, took it into a larger market, and tripled it in a year.

Topics in JD’s interview:

• Lessons learned from a failed deal
• Buying a tiny plumbing business
• Bringing operations into the 21st Century
• Learning from hiring mistakes
• Expanding through further acquisition
• Raising prices and employee pay
• Making sacrifices to run the business
• Competitive landscape in home services
• Home services pricing models
• Your reputation determines the talent you attract

References and how to contact JD:

• Ben Rizzo’s Episode
• Nick Patrick’s episode
• Twitter
• Mountain Valley Plumbing
• [email protected]
• LinkedIn

Smithlist is a new 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

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

Elliott Edge started as a searcher looking for a single business, then pivoted to a roll-up. He's 7 acquisitions in.

Topics in Elliot’s interview:

• His philosophy on submitting LOI’s
• Acquiring a managed service provider amidst Covid
• His wife’s role in the acquisition
• Value of an MBA in acquiring a business
• Quickly going remote when Covid hit
• Building trust with employees
• How soon and fast to make changes
• Creating more value through roll-ups
• Integrating new acquisitions into the roll-up
• His belief in continuous change

References and how to contact Elliot:

• Recording of the The Anatomy of an LOI webinar with Sam Rosati
• LinkedIn
• Velonex Technologies

Smithlist is a new 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

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

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, The DO's & DON'Ts of the LOI (legal office hours)

• https://bit.ly/3VeWF1B

Matt Pohl & his wife bought a small welding business with extreme key person risk. They 4x'd the business in 2 years.

Topics in Matt’s interview:

• Starting, growing and selling his own business
• Acquiring a welding business with his wife
• Learning how to hire welders
• The difficulties of hiring through a staffing agency
• Transient nature of welders
• Growing while maintaining margins
• Stress of running a business
• Comparing zero-to-one to acquisition
• Cashflow management in a project-based business
• Using ReWild’s methods to grow the business

References and how to contact Guest:

• [email protected]
• LinkedIn
• The Rewild Group

Smithlist is a new 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

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, The DO's & DON'Ts of the LOI (legal office hours)

• https://bit.ly/3yCQaOw

Despite having no experience in manufacturing, Jens Grudno jumped when he heard about a failing straight-razor business.

Topics in Jens’s interview:

• Buying a bankrupt razor manufacturer
• Embracing risk in German business culture
• Cleaning out and moving a 116-year old business
• Another company poaching their clients
• Pitfalls to avoid when buying a business
• Developing a new, innovative product
• Operating a company six hours from home
• Comparing start-ups to acquisition
• Value of going where there's less competition
• The craft of manufacturing

References and how to contact Jens:

• [email protected]
• LinkedIn
• Twitter
• DOVO Online

Smithlist is a new 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

Register for the Self-Funded Search Conference, September 13th - 15th in Dallas:

• Self-Funded Search Conference

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

• The Acquisition Lab

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

• Contact [email protected] or visit Aspen HR

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, The DO's & DON'Ts of the LOI (legal office hours)

• https://bit.ly/4538koZ

Stephen Quindlen & Paul Westhart have found powerful multipliers that could yield huge returns in an unlikely industry.

Topics in Stephen and Paul’s interview:

• Acquiring auto repair shops
• Retaining talent by adding employee benefits
• Fleet vs. passenger car business
• Almost losing a foreman on day one
• Why they love the Mountain West
• Recruiting California workers to Idaho
• Innovative real estate and business acquisition strategy
• Offering quality service and strong warranties
• Executing the SBA 504’s Green Loan strategy
• Limitations of the SBA 7(a) loan for roll-ups

References and how to contact Stephen and Paul:

• Stephen Quindlen - LinkedIn
• Paul Westhart - LinkedIn
• [email protected]
• [email protected]
• Blue Wrench

Smithlist is a new 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

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

Register for the Self-Funded Search Conference, September 13th - 15th in Dallas:

• Self-Funded Search Conference

Connect with Acquiring Minds:

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

Matt Drndak bought a parts business with a plan to grow it. It worked — he's doubled earnings. But it's taken patience.

Topics in Matt’s interview:

• Losing everything in the Great Recession
• His experience in franchises
• Buying an online store for construction equipment parts
• Leveraging service to stand out from competitors
• Determining the value of the inventory
• Serving customers with low computer literacy
• Non-mechanic buying a mechanical parts business
• Capturing the seller’s technical knowledge in YouTube videos
• Doubling revenue in 3 years
• Implementing EOS for future success

References and how to contact Matt:

• LinkedIn
• Twitter
• DHS Equipment

Smithlist is a new 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

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

Summary from Webflow: The first business Colin King bought was tiny & unpleasant but also the crucial first step to buying more & better ones.

Topics in Colin’s interview:

• Finding his first business (and business partner) on Craigslist
• Delivering auto parts in the middle of the night
• Buying a turnaround silk florals business
• When his clothing business doubled in revenue overnight
• Day-to-day logistics of running diverse businesses
• Acquiring remote businesses: bookkeeping and e-learning
• Importance of working capital in seasonal businesses
• Pros and cons of having a diverse portfolio of companies
• Asking advice for the future of his holdco
•  Finding and managing talent across diverse businesses

References and how to contact Colin:

• LinkedIn
• Twitter
• [email protected]
• Circle City Capital Group

Smithlist is a new 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 complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

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

Cody Agee thought food testing would be a good recession-resistant business to buy. 2 weeks later, one listed for sale.

Topics in Cody interview:

• Bypassing business school
• Cashing out his 401(k) without using ROBS
• Buying a food safety and testing lab
• The moat of licensing requirements
• His advantage over much larger competitors
• Adjusting purchase price based on quality of earnings report
• Finding investors on Twitter
• Personally guaranteeing the seller note
• How he uses EBITDAR vs. EBITDA
• Putting in an enterprise resource planning (ERP) system

References and how to contact Cody:

• LinkedIn
• Twitter/X
• [email protected]
• Sierra Dairy Laboratory
• Dino Sawaya

Smithlist is a new 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

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