Knowing zero about manufacturing, Josh Paulson found purpose when he bought a small & struggling producer of pet cages. 

Themes from Josh's interview:

• Owning the business saved his life
• What manufacturing is like
• Firing all but 1 employee (who spoke little English)
• Reducing the product line from 2000 SKUs
• Rebuilding a business with limited resources

Reach Josh at:

• Quality Cage

Devin Wanzor went from a corporate gig with 50 employees to buying a $3M liquor store and playing golf 3 times a week. 

Themes from Devin's interview:

• What makes Devin's liquor store so profitable
• The major risk involved in acquiring a liquor store
• The self-image shift from corporate manager to liquor store owner
• Boosting revenue with an easy price cleanup
• Maintaining a 15-hour workweek

Reach Devin at:

• @DevinWanzor

Mike Curry bought a business only to struggle for years as its new CEO. He shares the lessons that unlocked 2x growth. 

Themes from Mike’s interview:

• Entrepreneurship through acquisition (ETA) isn’t just for MBAs
• Buying a business is art and science
• The perks of the traditional search fund model
• Building a strong community of fellow entrepreneurs
• Becoming CEO of an established company
• Earning your employees’ trust
• The need for diverse business leaders

Reach Mike at:

• mcurry at apex physics dot com

Official episode page & full show notes at AcquiringMinds.co:

• It's All Your Fault: How to Become CEO of Your Acquisition

JD Klein bought a print shop for $100k, thinking such a small acquisition carried little risk. The opposite was true. 

Themes from JD's interview:

• Running a strong-growth, low-margin business
• Selling your house to make ends meet
• Why very small businesses come with higher risk
• Acquirers should hire a financial planner
• Pivoting your strategy when uncontrollable roadblocks emerge
• Pros & cons of the printing industry for acquirers
• Personal victories vs. financial victories

Reach JD at:

• @jdklein33

Geoff Oliver bought 2 laundromats in rural Texas. He shares his numbers & what to consider when acquiring a laundromat. 

Themes from Geoff's interview:

• How working as an SBA lender lit a fire for acquisitions
• Looking for a real estate investment and finding a great business instead
• What makes laundromats competitive
• Self service vs. full serve
• Why quality of laundromat equipment can matter more than earnings
• Understanding your customers’ preferences before making changes
• The growth potential of asset-heavy businesses
• The appeal of “zombiemats”
• How to hire a manager for your laundromat

Reach Geoff at:

• @GeoffOliverATX on Twitter

Harvard's acquisition entrepreneurship conference took place last week. Organizer Michael Ledecky shares 5 takeaways. 

Themes from Michael's interview:

• Buy a good business in a great industry
• 4+1 Model for searching
• 3 industries for acquisition entrepreneurs to consider
• Mental health in search
• Women in search
• Thai Lee, acquisition entrepreneur who became a billionaire
• Diversifying paths of search
• Predictions for search in 2022 & 2023

Tons of names & resources cited in this episode. Here they all are:

• Michael Ledecky
• 2021 ETA Conference
• Entrepreneurship Through Acquisition Club at HBS
• The book that inspired Michael, HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company
• The authors and HBS professors: Royce G. Yudkoff & Richard S. Ruback
• Pacific Lake, and partners Coley Andrews & Jim Southern
• The 4 + 1 Industry Search Framework by Pacific Lake
• Steve Divitkos' episode on Acquiring Minds, From Search Misery to Successful CEO
• Paul Thompson's Search Fund Manifesto
• Andrew Mondi
• Thai Lee
• Jim Sharpe's blog
• Trish Higgins of Chenmark
• Andrew Saltoun
• Search Fund Accelerator (SFA)
• Broadtree Partners
• Irv Grousbeck, developer of the traditional search model

Having searched, acquired, and exited a business himself starting back in 2007, today Mark Sinatra invests in searchers. 

Themes from Mark's interview:

• Running a traditional search fund
• How search has changed over the last 15 years
• The challenge of staying optimistic during a traditional search
• The capacity of small and mid-sized companies to absorb change
• Client management during a recession
• Dealing with clients’ attachment to familiar processes
• What a search investor looks for in searchers
• Importance of bringing a deal to investors sooner than later

Reach Mark at:

• mark [at] etaequity dot com
• LinkedIn

Casey Clark talks hot industries, identifying growth potential in a business for sale, and avoiding common SMB pitfalls. 

Themes from Casey's interview:

• Choosing the right industry for you
• 3 hot industries for acquisition  
• Acquisition opportunity checklist
• How to convince a seller to let you speak with management
• The “propeller” methodology
• 3 common traps for small business owners

Reach Casey at:

• LinkedIn

Resisting at first, Mark Litton eventually realized that buying the family biz was the perfect path to entrepreneurship. 

Themes from Mark's interview:

• Buying a business from a family member
• Redefining “real” entrepreneurship
• Structuring a deal with 100% financing
• Understanding the business’s numbers before you buy
• Getting through struggles in your first year
• Recession-proofing your business
• Free resources for aspiring acquisition entrepreneurs

Reach Mark at:

• mark at howard medical dot com
• Howard Medical Company

Learn how to find a lawyer for your deal, how much you'll spend, what to look for, and how to avoid suing the seller. 

Themes from the interview with @SMB_Attorney:

• Absolutely necessary: a good lawyer
• What to look for
• References? Reviews? Hmm, difficult
• What you'll pay
• Don’t be afraid to negotiate price
• Do they need to be in the same location as your deal?
• You don’t want to sue
• Indemnification: Get familiar with it

Official episode page & full show notes at AcquiringMinds.co:

• How to Hire an Attorney for Your Acquisition