Acquiring Minds

Caleb Standafer believed in manufacturing and wanted to spend his career there. A multi-year pivot and ETA got him in.

Topics in Caleb’s interview:

• Moving from tech to manufacturing
• Manufacturing is important for our country
• 7 years operating before searching
• The manufacturing concept of “going to Gemba”
• His 4-year part-time search
• Taking time weekly to develop his leaders 
• Partnering with his dad
• Modernizing 1970s technology
• Managing 75% customer concentration
• Renegotiating payment terms with his largest customer

References and how to contact Caleb:

• LinkedIn
• Springfield Tool & Die

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

• Oberle Risk Strategies - Search Fund Team

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

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

Get a complimentary IT audit for acquisition diligence or post-close transition.

• Visit inzotechnologies.com/eta.

Connect with Acquiring Minds:

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

Edited by Anton Rohozov and produced by Pam Cameron

Ned Tomasevic navigated an early crisis then grew EBITDA to $6m and exited at over 8x, four turns higher than he'd paid.

Register for the webinar: 

• Transferable Skills: Crafting Your Resume for SBA Lenders - TODAY!! - https://bit.ly/4v3KOnf

Topics in Ned’s interview:

• Being the first American in his family
• Utilizing 20 interns for outreach
• Acquiring with help from a search fund
• Post-closing discovery led to lawsuit
• Stress shows up in your body first
• Getting guidance from his coach and mentors
• Reducing shrink from 20% to 3%
• Quadrupling EBITDA in 3 years
• Taking a year off after exiting
• His new role as investor, coach and mentor

References and how to contact Ned:

• LinkedIn
• Searchers Fund
• Jason Jackson on Acquiring Minds: How to Recover from a Fraudulent Seller

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

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

Download the New CEO’s Guide to Human Resources from Aspen HR:

• From this page or contact [email protected]

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

Edited by Anton Rohozov and produced by Pam Cameron

Dominick Smith left a lucrative track in PE to pursue a path that offered more meaning. Buying a business has delivered.

Register for the webinars: 

• Overcoming Common Deal Sticking Points - TOMORROW!! - https://bit.ly/3Qx1g0W
• Transferable Skills: Crafting Your Resume for SBA Lenders - Thu, Jun 25 - https://bit.ly/4uOEqQD

Topics in Dominick’s interview:

• Leaving a lucrative job in his late 20’s
• Dodging bullets with due diligence
• Renegotiating purchase price
• Managing white collar vs blue collar employees
• Wasting money on ineffective marketing
• Learning budgeting and frugality
• Advantages of staying in the weeds
• Aggressively pursuing new business
• Discovering and fixing poor website speeds
• His intent to sell the business

References and how to contact Dominick:

• LinkedIn
• Printmoz.com
• Heather Endresen at Viso Business Capital
• Brendan O’Brien at Huntington Bank
• Aizik Zimmerman on Acquiring Minds: Founder Mode for ETA: $6m to $25m in 3 Years

Get a complimentary IT audit for acquisition diligence or post-close transition.

• Visit inzotechnologies.com/eta.

The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

• The Acquisition Lab

Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

• 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

Edited by Anton Rohozov and produced by Pam Cameron

When the owner refused a seller note in the $6m transaction to sell his business, Tom McCormick had to get creative.

Register for the webinar: 

• Understanding a Quality of Earnings Analysis: What's Included and Why - TODAY!! - https://bit.ly/43sZcKn

Topics in Tom’s interview:

• From IBM executive to acquisition entrepreneur
• Building banker relationships to source better deals
• Closing on his first LOI
• Consulting agreement replaced traditional seller note
•  “I wish I would've started this path 15 years ago.”
• Winning seller’s trust through shared values
• Using ROBS to buy a larger company
• A costly lesson about accounts receivable valuation
• Prioritizing keeping the blue collar workforce happy
• “I am so much happier now.”

References and how to contact Tom:

• LinkedIn
• Quality Cutting & Coring

The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

• The Acquisition Lab

Get a complimentary IT audit for acquisition diligence or post-close transition.

• Visit inzotechnologies.com/eta.

Download the New CEO’s Guide to Human Resources from Aspen HR:

• From this page or contact [email protected]

Connect with Acquiring Minds:

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

Edited by Anton Rohozov and produced by Pam Cameron

Despite his love of operations, Himmat Singh intended to own his acquisition passively. Then the lead sales guy quit.

Register for the webinar: 

• Understanding a Quality of Earnings Analysis: What's Included and Why - Thu, Jun 18 - https://bit.ly/4vhhY3t

Topics in Himmat’s interview:

• Operating a business for a billionaire in India
• Ran traditional search, closed zero acquisitions
• Targeted recession-proof home care opportunities
• Became CEO of elder care company he couldn’t acquire
• Grew EBITDA 4x through operational cleanup and systems
• Sold company to private equity, remaining CEO
• Life-changing exit from elder care company
• Landed printing acquisition through relationships
• Prefers operating to financial modeling
• Structuring a screaming deal on a printing business

References and how to contact Himmat:

• LinkedIn
• EPI-Colorspace
• Circle of Life

Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

• Pioneer Capital Advisory

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

• Oberle Risk Strategies - Search Fund Team

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

• Book a call with Tim or [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

Edited by Anton Rohozov and produced by Pam Cameron

When Alan Turkus found a business with a mission, he knew he'd found the right fit for the final chapter of his career.

Topics in Alan’s interview:

• Background in book publishing
• Post-MBA career in tech
• Taking a career break to raise his son
• From co-op cashier to co-CEO
• Seeking security through business ownership
• Acquiring a home health and hospice franchise
• Raising equity from search investors
• Retaining a little over 50% ownership
• Structuring with 2 forgivable seller notes
• The advantage of buying a bigger business

References and how to contact Alan:

• LinkedIn
• Interim Healthcare of Twin Cities
• Elliott Edge on Acquiring Minds: 1 Business vs Many: Deciding to Roll Up
• Grant Hensel of Entrepreneurial Capital
• Jacob Hall of Kando Capital
• PROX Capital Group

Connect with Acquiring Minds:

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

Edited by Anton Rohozov and produced by Pam Cameron

Brendan Burdette and Ryan Conner have launched personal guarantee insurance to enable more — and stronger — SBA buyers.

Register for the webinar: 

• Score It or Skip It: A Framework for Fast Deal Evaluation - Thu, Jun 11 - https://bit.ly/3Q1D9qM

Topics in Brendan & Ryan’s interview:

• Psychological weight of the personal guarantee
• Building a personal guarantee insurance product
• Taking the risk from a 10 to a 5
• Sequence of events after default
• Targeting mid to late career operators
• Premiums decrease over time
• Balancing risk between unequal partners
• Solving the seller rollover conflict
• Philosophy of “skin in the game”
• How they hope this affects ETA ecosystem

References and how to contact Brendan & Ryan:

• Brendan Burdette’s LinkedIn
• Ryan Conner’s LinkedIn
• Personal Guarantee Insurance 

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

• Oberle Risk Strategies - Search Fund Team

Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

• Pioneer Capital Advisory

The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

• 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

Edited by Anton Rohozov and produced by Pam Cameron

Greg Shapiro & Zach Cooper-Vastola are building a long-term, compounding business they see as the anti-PE of the trades.

Register for the webinar:
Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - TODAY - https://bit.ly/49sKF4H

Topics in Greg and Zach’s interview:

• Founders combined technical and financial expertise
• Shifted from SaaS to long-term ownership
• Acquired century-old Manhattan HVAC company
• High cost and complexities of New York market
• Avoided SBA limits to scale acquisitions
• What “Anti-PE” means to them
• Digitization takes longer than you think
• Living lean on low salaries
• Predicting HVAC roll-up market shakeout ahead
• Influence and investment from Will Thorndike

References and how to contact Greg and Zach:

• Hickory
• Greg Shapiro LinkedIn
• Zach Cooper-Vastola LinkedIn
• Will Thorndike
• Steve Carroll on Acquiring Minds: ETA Unicorn: $1 Billion in Revenue in 5 Years

Get a complimentary IT audit for acquisition diligence or post-close transition.

• Visit inzotechnologies.com/eta.

The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

• 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

Edited by Anton Rohozov and produced by Pam Cameron

The first business Joe Wechsler bought had $280k of SDE. Seven years later, he runs a fund with $50m of buying power.

Register for the webinar: 

• Franchising for the ETA Buyer: Resales, Roll-Ups, and Real Deals - Thu, June 4 - https://bit.ly/4vnGP5u

Topics in Joe’s interview:

• Background in management consulting
• Inspired by Rich Dad Poor Dad to own assets
• Joining an early cohort of the Acquisition Lab
• Searching is more fun with a partner
• First deal died 10 days before closing
• Discovering employees had never been paid overtime
• Total office staff turnover in first 4 months
• Acquiring 4 diverse businesses
• Launching a $25M equity fund with 5 partners
• It’s all about the people

References and how to contact Joe:

• LinkedIn
• Blueline Ventures
• Who by Geoff Smart and Randy Street
• Rich Dad, Poor Dad by Richard T. Kiyosaki

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

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

Download the New CEO’s Guide to Human Resources from Aspen HR:

• From this page or contact [email protected]

Work with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:

• 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

Edited by Anton Rohozov and produced by Pam Cameron

As a South African in the US, Justus Luttig had to get creative to search then buy 2 trades businesses at the same time.

Register for the webinar: 

• New $10m Limit for SBA Loans: What You Need to Know - TODAY!! - https://bit.ly/4v3zKXh

Topics in Justus’s interview: 

• Growing up on a cattle ranch in South Africa
• Disillusioned with the venture capital bubble
• Perception of white collar work as “the dream”
• Meeting successful owners of blue-collar businesses
• Big deal failure on his birthday
• Structuring a deal without the SBA
• Challenges of searching on an H1B visa
• Merging an HVAC with a plumbing business
• The magic happens when you leave your desk
• Acquiring during the slow season

References and how to contact Justus:

• LinkedIn
• Copeland Home Services

The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:

• The Acquisition Lab

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

• Oberle Risk Strategies - Search Fund Team

Download the New CEO’s Guide to Human Resources from Aspen HR:

• From this page or contact [email protected]

Connect with Acquiring Minds:

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

Edited by Anton Rohozov and produced by Pam Cameron