Acquiring Minds

Joe Odell and his partner acquired a business with over $4m in earnings and lots of green flags. It went sideways fast.

Register for the webinar: 

• How to Present Your Deal for Maximum SBA Success - Jan 8th - https://bit.ly/4snUKHY

Topics in Joe’s interview:

• His blue collar, military background
• Volunteering without pay for a consulting company
• Ultimately rejecting the tech industry
• Finding his search partner at business school
• Seeking out a complex business
• Doing traditional search, on his wife’s advice
• Acquiring a home health adjacent company
• Post-close cash crisis
• Losing a key sales rep
• Fatal “pen stroke risk”

References and how to contact Joe:

• LinkedIn

Get a complimentary IT audit of your target business:

• Email Nick Akers at [email protected], and tell him you’re a searcher

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
Produced by Pam Cameron

The first business Joe Soelberg bought did $400k SDE. The experience and cash flow enabled a second, larger acquisition.

Topics in Joe’s interview:

• Leaving corporate for a chance to manage P&L
• His toughest pitch was to his wife
• Acquiring a 3D design firm
• Pivoting hard during Covid
• Hiring a manager with a design background
• Acquiring a branding agency
• Difference between branding and marketing
• Retainer model for recurring revenue
• Offering less than listing price
• His hand-off relationship with his businesses

References and how to contact Joe:

• LinkedIn
• Point B Communications
• SONNY+ASH
• Mike Curry on Acquiring Minds: It’s All Your Fault: How to Become CEO of Your Acquisition
• Johannes Hock on Acquiring Minds: Buy and 3x a Project Based Business in Just 2 Years

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
Produced by Pam Cameron

Former pro bowler Mike Fagan bought a $2m bowling center with a plan to roll up and rejuvenate these legacy businesses.

Topics in Mike’s interview:

• His professional bowling career
• Connecting with a bowling-specific broker
• Economic role of league bowlers
• The decline of bowling in America
• Traditional bowling vs Bowlero
• Buying a traditional, older bowling alley
• Running leaner to pay down debt
• Employee resistance to change
• Success with online bookings
• His goal of managing remotely

References and how to contact Mike:

• LinkedIn
• Tenpins & More
• Bowling Alone by Robert D. Putnam
• Carlo Santelli on Acquiring Minds: ​​How to Buy a $13m Business with No PG, No Investors
• Webinar: Using a Sale-Leaseback to Buy a Business

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

• The Acquisition Lab

Get a complimentary IT audit of your target business:

• Email Nick Akers at [email protected], and tell him you’re a searcher

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
Produced by Pam Cameron

Tato Corcoran packed a lifetime of learning (and tears) into 18 months when she left tech & bought a tiny manufacturer.

Topics in Tato’s interview:

• Connecting with sellers through direct mail
• Her “Say yes and figure it out later” approach
• Difficulty in hiring unskilled labor
• How she solved her labor issue
• Being a single woman in a male industry
• Learning Spanish to communicate with her employees
• Hemorrhaging money the first 8 months
• Raising prices 40% without losing customers
• The difference between good growth and bad growth
• Doubling top line revenue

References and how to contact Tato:

• Linkedin
• [email protected]
• The direct mail piece Tato used to reach business owners

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

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

The construction services business Christian Bateson bought will do $7.5m in 2024. It also rescued him from the depths.

Topics in Christian’s interview:

• His front row seat to the 2008 financial crisis
• Qualities of a top salesperson
• Business acquisition as a way out of a miserable career
• Shopping around for an SBA loan
• Choosing to play to his strengths and outsource his weaknesses
• Difficulty in hiring for construction
• Bouncing back and growing after Covid losses
• Red flags he ignored when acquiring his second business
• How his finance background benefited him
• His $100 million goal

References and how to contact Christian:

• LinkedIn
• Resolute Services

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 of your target business:

• Email Nick Akers at [email protected], and tell him you’re a searcher

Connect with Acquiring Minds:

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

Respected consumer brands are not common in lower middle market acquisitions, but Philip Hussey and Chenmark bought one.

Topics in Philip’s interview:

• Chenmark’s acquisition of Thomas Moser
• Leading a furniture business as a non-craftsman
• Chenmark’s hold-forever intention
• Wait times for custom, hand-made furniture
• Long tenure of craftsmen
• Commitment to world-class quality
• Getting away from offering discounts
• Building talent through their woodworker school
• Running a company with a strong legacy behind it
• Downside to owning your manufacturing

References and how to contact Philip:

• LinkedIn
• Thos. Moser
• Chenmark

Get a complimentary IT audit of your target business:

• Email Nick Akers at [email protected], and tell him you’re a searcher

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

• 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
Produced by Pam Cameron

Robert Gayden worked for over a year to buy a home care business. Revenue kept growing but the price remained the same.

Register for the webinar: 

• What Killed Deals in 2025 - TOMORROW!! - https://bit.ly/44r1pH5

Topics in Robert’s interview:

• Influence of his late father
• The “go bigger” search philosophy
• Appeal of the home health care industry
• 17-month acquisition process
• Choosing to operate “in the weeds” of the business
• Leading with high expectations
• Focusing on increasing sales
• Achieving 15% growth in 8 months
• Working capital dynamics in home care
• Investing in employees

References and how to contact Robert:

• LinkedIn
• Aizik Zimerman on Acquiring Minds: Founder Mode for ETA $6m to $25m in 3 Years
• Morgan McCauley on Acquiring Minds: How to Buy a $2.5m Home Care Business
• Devin Fitzgerald on Acquiring Minds: Buying $5m of Revenue with $50k of Equity
• Robert Graham & Aaron Blick on Acquiring Minds: How to Build a Roll-Up to $60m Revenue
• Jérôme Bouillon on Acquiring Minds: How to Buy & Double a Home Care Agency

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
Produced by Pam Cameron

Scott Duncan endured brutal ups & downs — and personal depression — during his ownership of a doomed tool & die business

Register for the webinar: 

• How to Model an Investor-Backed Search Acquisition - TODAY! - https://bit.ly/3XysjZB

Topics in Scott’s interview:

• Wishing he had listened to his gut
• The risk of EBITDA (vs. revenue) concentration
• Managing highly skilled primadonnas 
• Employee theft
• Losing key employees
• Long sales cycles and fixed quotes
• Forced Covid shutdown
• Razor and blade business model
• Facing aggressive creditors
• Filing Chapter 7

References and how to contact Scott:

• LinkedIn

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

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
Produced by Pam Cameron

Andy Rougeot launched remote territories of the blue collar business he bought, which led to $1.7m of EBITDA and an exit

Register for the webinars: 

• How to Invest In SMBs (Without Buying One Yourself) - TOMORROW!! - https://bit.ly/4rBI4Nb
• How to Model an Investor-Backed Search Acquisition - Dec 11th - https://bit.ly/4owBkNW

Topics in Andy’s interview:

• His experience as an Army intelligence officer
• When in doubt, do the dirtiest job
• The military concept of “left seat, right seat” training
• Searching from the public library
• Veterans are well-suited to blue-collar leadership
• Rewards of leading young men
• Gaining warm leads in new markets
• His team’s competitive edge
• Exiting his business to run for mayor of Denver
• Investing in self-funded searchers

References and how to contact Andy:

• LinkedIn
• Search Fund Secondaries Group
• Andy’s webinar: Liquidity Options for Search Investors

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

• Pioneer Capital Advisory

Get a complimentary IT audit of your target business:

• Email Nick Akers at [email protected], and tell him you’re a searcher

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
Produced by Pam Cameron

Steve Carroll started as an SBA searcher before pivoting to a PE-backed roll-up. It's gone better than he ever expected.

Register for the webinars: 

• How to Run the SBA Deal Race - TODAY!! - https://bit.ly/3Xh3WQb
• How to Invest In SMBs (Without Buying One Yourself) - Dec 9th - https://bit.ly/44Gylv1

Topics in Steve’s interview:

• Experience working for WalMart corporate
• Searching while working full time
• Myth of passive income
• Large dead deal costs from a failed acquisition
• Partnering with his childhood friend
• Underestimating working capital needs
• 100-hour weeks away from his family
• Rapidly scaling through M&A
• Beware owners who leave quickly
• Achieving $1 billion in revenue in 5 years

References and how to contact Steve:

• LinkedIn
• Kelso Industries

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

• From this page or contact [email protected]

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

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

Edited by Anton Rohozov
Produced by Pam Cameron