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E: 31 Top M&A Entrepreneurs - Matt Fischer  8 Fitness Acquisitions , Opened 10th Location

00:00 Intro Matt Fischer - 8 Fitness Acquisitions, Opened 10th Fitness Location - Fitness SaaS
02:19 His Uncle's inspiration - The Mentor Entrepreneur influence
04:33 Meeting his Mentor - Not much of sharer - watched from behind the scenes
05:40  First Acquisition with Partner - what happened to that - did it make money - meeting expectations - the eventual sale
09:05 Managing a retail fitness and the beginning of the idea to acquire more - Trying to buy Any Time Fitness Franchises - perfecting the model
13:53  Acquiring operating gyms - cold calling the numbers to success
15:30 KPIs and Critical Drivers - making money - simple math. 
16:55  Negotiating Leases - Power - Motivated Land Owners and Transparency
21:27  How much marketing he has to do on new acquisitions
24:00  $9 a month versus $40  the amount of work involved - What $9 a month customers do the most
25:48 Seeing the P&Ls  and the advantage of having a wife as an accountant
27:45  His current corporate structure for the business & personal guarantees. 
29:55   Approaching $10 million in revenue - he loves fitness and likes money - goal $30 million in revenue 
31:19  hard to find gyms for sale,  Seeking adjacent businesses 
33:50  Number of COVID cases with Navy SEALs
35:40 Turning Costs Centers into Profit Centers
37:20  Owned a supplement business - $500k a year - why google killed that business - what he learned - upselling and turning it back on. 
42:35 How the M&A Entrepreneurial journey transformed him
 

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Michael is an online business entrepreneur and investor. He started building, buying and selling websites as a student and later founded Domain Magnate in 2008 to make a career out of it.

00:00  Intro to Michael Bereslavsky micro revenue acquisitions, first acquisition he paid $120 - sold for $2500 20X MOIC
00:00 moving upstream in Revenue Acquisitions - staying below $1 mm  - why - its the market
07:44  Focusing on Content sites,  finding the model that works
11:21 SaaS multiples 
13:10  SaaS Businesses that he will not buy - working with investors
14:30  Building a team to acquire 160 companies
17:08  Profitable or Unprofitable acquisitions - and price ranges, history & multiples
20:03  Running Content sites
22:11  Finding the buyers for his flips
24:32  Know when to hold them,  know when to fold them (flip for sale)
28:50  Launching a Fund - two.   Raising his third fund. 
30:14  Investor profile, seeking  accredited,  $100k,  for $10mm fund. 
35:05  Born in Russia, moved to Israel, now in Thailand
36:50  His deal flow,  1300 deals in database - not the top part of the funnel
39:31   Deal Financing - understanding what seller is looking for
42:55   Over 100% IRR to investors on first fund,  His 3rd fund  raise goal is $10 mm goal

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00:00 Intro to Adam Coffey,  Army Vet,  bought sold 100 companies in 20 years, bought 21 for CoolSys, author of the Private Equity Playbook and The EXIT Strategy Playbook
02:07  Why did he write them and reason for Private Equity Playbook and The EXIT Strategy Playbooks - adding credibility
03:42  Sponsored by 2 different Private Equity firms - the back story - the goal of...
07:42  How he started with CoolSys 
09:42  The target & customer characteristics for CoolSys acquisitions
11:30  How he grows new acquisitions by cross pollination
13:37  How he sources new deals -what happens when CoolSys is shaking the trees 
17:00  Growth expectations,  before after,  organic and buy build
21:19  Rollovers,  2nd Bite of Apple - how the seller benefits, again and again and again - why sell your company once?
26:25  Three more ways for seller to generate multiple income streams
29:51  Working with, inspired by his brother, son & the entrepreneurial creative flair 
32:25  Ebidta,  Going into LOI landmines - Cash Profit - Value & Fair/Unfair Representations
37:35  How he values a business and offers calculates multiple ranges based on filter characteristics - why he buys world class assets vs fixing what is broken
42:05  Stephen Schwartzman - Don't Lose Money formal/unformal veto power over acquisitions
43:30  What kills a deal - maliciousness, accounting, or odd man out. 
46:57  Sellers motivation:  Turn out the lights or join the team  - focusing on price top dollar leaving money on the table 
50:47  Why he joined the United States Army - what it offered him - if not for his service...
54:17   The 3 types of employees he hires - how CoolSys created 21 blue collar - guys - in - trucks Multi Millionaires

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00:00 Intro to Moran Pober  back story global citizen
01:34  How he acquired the domain Acquisitions dot com and Rollups dot com and using it
06:29  What kind of deals he looks for - his style - his involvement - getting access to Moran
10:54  His hungriest Acquisition Entrepreneurs
12:10  How luck and persistence plays in this business
13:23  The One student who rolled up 16 companies in 6 months story Keyword: Masterminds
16:55  Why plain "dealmakers" are commodities and what skill is needed to standout
23:43  What is required to partner with Moran
24:44  How he judges character
28:36  Some partners he does take equity
29:31  Who he follows -  874 people on Audible
33:30  What he would pay to have lunch with Richard Branson
37:19  Deal Flow - his BuzzFeed like story red flag risks
44:45  Google and Facebook behemoth risks
46:10  Industries that he does not work in...
50:50  Starting a fund vs call for capital syndication
53:00  How to start with Moran...

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00:00 Intro Andrew Pierno and XOXO Capital
00:38  Andrew's backstory, a Venture Fund,  CTO,  Raising $8Million - What happened When it fell apart
05:45  Talking about MicroAquire & the types businesses and entrepreneurs that list
07:40  The start of Acquisition Thesis - Zero to One Sucks
09:40  Sourcing deals - Off Market Only - Cash Flow and Multiples not Based on Reality
10:51  Types of Financing he uses to Acquire - and How
11:54  The Template:  Buy Under Valued,  Improving Operations, Increasing Value
13:45  Results so far,  3Xed on 5Xed another
14:01  Working with and VCs that still own part of company
15:30  Finding the right people to work with
16:30  Starting the XOXO fund - bringing on investors
18:38  Deal Sourcing - start with 4 partners...
20:20  How much the company Andrew acquires and "Strong Convictions - Weakly Held"
24:40  Platform Approach vs buy build flip and alignment consensus
27:00  Building a compelling pitch deck for investors - What Matters
28:10  Looking at business and uncovering the value - upstream / downstream considerations
30:39  Who he looks for inspiration - Tiny Capital Andrew Wilkinson
32:30  Charlie Munger and Avoiding Mistakes 
33:30  Transparency, Deal Flow & Hustling people on Twitter
35:30  Trusting Seller Numbers - Verifying with Payment Processor 
39:00   Stickler on Due Diligence - His Deal Team

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00:00 Intro Carl Allen, his M&A origin story
02:22 What happened to Ninja Acquisitions & his deal with Agora Publishing
05:10  One student's success story - 16 Acquisitions a year  - Another headed to Billion$ Valuation
07:48  The Warren Buffett of Mainstreet
08:27  How many hours, days he works now - how much money he has...
09:29  The difference between success and failure
10:26  Is deal making a get rich quick scheme?
10:44  His library,  his mentor, Tony Robbins & modeling success
12:03  The 3 types of books he likes to read
15:37  When he gets a book recommendation...
17:37  His deal with Agora - buying back his business one year later - what he learned
22:06  His Private Equity fund, PROX  how his fund works with students
23:50  Thoughts on SBA funding
25:57  How Amazon did it
27:24  Thoughts about Micheal Dell, EMC & VMware - one of his favorite stories & modeling successful people
29:40  His tattoo - do something crazy - that he would never get away with on Wall Street
31:15  Free Masons
32:36  What Rocky Balboa and loosing his father shaped him
35:50  What he learned from Tony Robbins
36:00  What Price vs Value of Art  - Value = Benefit - Price
37:20 Michael Jordan and the Last Dance

Carl's 6 book recommendations:   
1.  His Zero-Down Business Buying Secrets.  
2.  Shoe Dog Phil Knight, 
3. Iron Cowboy  James Lawrence 
4.  Relentless Tim Grover  
5.  Get a Grip Gino Wickman 
6.  Crush it Gary Vaynerchuk

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00:00  Intro to Elliott Holland
02:28  What "Open Air" Negotiations are
04:00  How big were the Private Equity Deals he worked on
04:53  When he started making his own acquisitions - 1. tow truck Co. , 2. auto parts & 3. clinical trials
06:05  How long he kept the 3 acquisitions - did he like owning them
07:10  Due Diligence for Buyers - Digging into Financial / Commercial / Operational
12:51  How he works with Walker Deibel, Roland Frasier, Searchfunder.com 
14:10  When buying a business, Don't trust anyone,  including yourself
18:17  The role he plays between buyer and seller
23:33  The 1st Question of Due Diligence  - How he checks for fraud
26:00   Are you the Smart Guy or Dumb Guy on this Million Dollar Bet?
27:54   Underestimating the unsophisticated seller
31:00   COVID Numbers  - Stress Test,  Valuation 
35:21  Understanding a 50% drop in the working capital - what it means
36:51  Why the seller has highest reason to lie 
38:31  Who has a hidden incentive to blow up your deal
43:53  When he learned what he knows about M&A - when you say "oops"
47:30  Sending an LOI  getting serious. 

Learn more about Elliott here:

LOI offer - www.offerfromelliott.com   &  www.guardianduediligence.com

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00:00 Intro to Mike Jamieson
00:43  Buying his first business - Landscaping
02:25  US Air Force Pilot to Harvard Business School MBA Decision
05:47  The HBR Guide to Buying a Small Business written by ABRY Capital founders - how the Searchfunder model started 
11:59  Self-Fund or Search-Fund how his deal blew up in his face 
13:24  Trying to buy a software company with 90% margins - why the banks turned it down
16:28  Investors he lined up to fund his deals - how to structure a deal...
23:40  Deal Sourcing Numbers
29:04  When it comes to Add Backs always remember Rule #1 
32:41  Where he found his acquisition - the events around the IOI
34:10  His "wife's" contribution
35:13  Skipping the LOI - were there consequences?
38:19  Why are they selling?
38:35  What type of rapport, emotional connection did he have with sellers?
39:44  How he negotiated the seller note
41:04  How is going post acquisition - Unforced Errors - Unpredictable Employees
43:02  Was seller avail to help with employee issue?
46:00  How he handles the stress of running the business
48:14  Plan for growth of company
50:25  Life of Entrepreneur - Watching Bank Account go up and down
51:27  How he "centers" himself  - finds inspiration to push through fear worry doubt
53:50  Any plans to acquire more businesses?

Mike is available here:  https://www.linkedin.com/in/mike-jamieson/ 
https://www.searchfunder.com/user/profile/24758


This interview is also available here https://www.buzzsprout.com/1776096

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E: 23 Top M&A Entrepreneurs - Involved in 130, personally Acquired 55 Companies, 18 Industries

00:00 Intro to Arturo Henriquez
01:23 How Arturo Prospects, Black Envelopes get opened by "Sellers"
04:46 How he found his most recent acquisition a Pool Service Company
06:45 Can he scale a Pool Service Company?
09:29 What is the exit plan for his acquisitions?
16:04 Mastering the ability to work above the business: People Process Products
17:34 How he masters metrics for different industries
21:00 Industries he would NEVER buy into
24:30 How many businesses he own at any one time
25:20 How efficiencies affect cash flow and what it does to valuation
27:40 Does deploy a deal team 6 to his acquisitions?
29:08 Acquiring Assets vs Equity of a business - why you want to assume the liabilities
36:04 Does he acquire or have an "acquisition fund"?
38:48 What debt ratios does he look for
42:00 What about credit scores and getting a loan - why its different than a home mortgage
46:19 Reading the character of people you do business with - the psychology of a deal
48:10 What should happen in 1st, 2nd, 3rd meeting with seller - what rapport creates
51:05 Does he buy a business where he has to travel?

https://lnkd.in/dyMWn4a2

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0:00 Intro to Joel Ankney, Attorney,  Author of:  "Here's the Deal  Everything You Wish a Lawyer Would Tell You about Buying a Small Business"
01:12 How many acquisitions he has worked on - over 100
02:15 When, at what point in process, is it important to have Deal Team set up
06:03 Can you use a LOI as preemptive strike to lock seller up?
09:35  The buyer seller cultural fit - how personalities can blow a deal up
12:30  Buyer Seller,  getting along, can a contract help relationships
15:45  What is his role in process?
21:00  Reps and Warranties,  Escrow and buyer protections
25:02  Buying an online business and Real Estate - what do you do?
26:02  Asset or Stock sale  and DoD contracts
28:59  Does seller/buyer have to notify Gov about sale  - do they have veto power over sale?
31:10 Seller financing - attorney's perspective 
33:50  Is there really a trillion dollar small businesses transfer of wealth?