Escaping Golden Handcuffs by Buying a Business

Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

• https://www.malaunchpad.com & enter code ACQUIRINGMINDS

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
• tatohomes@gmail.com
• The direct mail piece Tato used to reach business owners

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

• The Acquisition Lab

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

14 months ago, Russ Hadlock bought an auto glass business with $2.3m in sales. Today he is struggling to keep it alive.

Topics in Russ’s interview:

• Inventing the Peloton handlebar tray
• His life-changing exit from his company
• Looking for stability and safety through acquisition
• Fear of buying a company that was too big to operate
• Expenses skyrocketing after transition
• Impact of asset purchase on rent and insurance costs
• Layoffs and belt tightening
• Renegotiating his SBA loan
• Consolidating locations as a Hail Mary
• Need to get a job while still owning the business

References and how to contact Russ:

• Twitter
• LinkedIn
• AutoGlass Clinic & Mobile Radio

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

• Oberle Risk Strategies - Search Fund Team

Book your free tax strategy session for business buyers today:

• Steed - book your free session

Connect with Acquiring Minds:

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

Ben Rizzo bought an unprofitable, 4th-generation elevator business then stabilized, doubled, and sold it within 2 years. 

Topics in Ben’s interview:

• His wife-funded search in Pittsburgh
• Sourcing deals through lawyers and accountants vs brokers
• Acquiring an elevator repair business in distress
• Quickly making changes after transition
• Pouring his own money into the company to stay operational
• Surviving the challenges of Covid
• Doubling the business and selling to private equity
• Calculating the risk of buying a turnaround
• Buying a healthy business for his next venture
• Competing with private equity for acquisitions

References and how to contact Ben:

• Hartwood Point
• LinkedIn

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

• Contact mark@aspenhr.com 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

Nathan Gregory left the music industry to buy Autobody News, a business that could benefit from his experience in media. 

Topics in Nathan’s interview:

• Building and exiting a beer koozie brand
• Managing brand partnerships for pop stars
• Educating himself on business acquisition
• Pivoting away from home services
• Buying a media company with a partner
• Why print media isn’t dead 
• His audience-first approach
• Commitment vs passion for the industry
• Serving a hybrid workforce
• The business model for trade publications

References and how to contact Nathan:

• LinkedIn
• Twitter
• Autobody News
• Acquira

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

• Contact mark@aspenhr.com or visit Aspen HR

Book your free tax strategy session for business buyers today:

• Steed - book your free session

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 Raise Equity to Buy a Business

• https://bit.ly/3SUJhzQ

Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

• https://www.malaunchpad.com & enter code ACQUIRINGMINDS

Peter deBaptiste bought a 35-person plumbing business with 2 very technical, hands-on owners 1 hour away from his house.

Topics in Peter’s interview:

• Building operational skills in a start-up
• Acquiring Joe Cole Plumbing
• His disappointing first day as owner
• Buying from 2 co-owners
• Surprises in employee turnover
• Losing clients to a former employee
• What he likes about the plumbing business
• The complexities of working capital in construction
• Why he recommends holding off on strategy
• Underestimating his salary needs

References and how to contact Peter:

• LinkedIn
• Twitter
• Joe Cole Plumbing
• Episode with Peter's friend, Morgan McCauley:
  Taking the Plunge into Extreme Ownership

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, How to Raise Equity to Buy a Business

• https://bit.ly/3uwHx6y

Will Wright bought a big event rental business in December 2018. When Covid hit, he turned crisis into opportunity.

Topics in Will’s interview:

• Benefits of a traditional search fund
• Feeling like a “wartime president”
• His brutal first year as owner
• Value of a strong company culture
• Scrambling to fulfill contracts after a large warehouse fire
• Layoff and salary cuts during Covid
• Building and strengthening the business during Covid
• Creating an incentive strategy for employees
• Texas as an attractive place for business
• How sailing prepared him for leading people

References and how to contact Will Wright:

• Everybody Matters by Bob Chapman and Raj Sisodia
• LinkedIn
• Peerless Events and Tents

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 Raise Equity to Buy a Business

• https://bit.ly/3SAWZXd

Adam Borcz bought & unlocked growth in a niche-y, 35-year-old blue collar business, almost tripling earnings in 4 years. 

Topics in Adam’s interview:

• Adam’s experience working for a fundless sponsor
• Pros & cons of having the federal government as a customer
• Doubling his work force in a “tough labor market”
• Why overhead doesn't need to scale with labor force
• Doing nothing for the first six months as owner
• Why he invests in traditional search funds
• Personal risk and work involved in self-funded search
• Being on the right side of the SBA loan
• Tying profit sharing to gross profit
• Adam's decision to hold the business indefinitely

References and how to contact Adam:

• LinkedIn
• Twitter
• Delta Installation Group

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

• Contact mark@aspenhr.com 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

Only after taking a second look at a small wedding catering & venue business did Nick Patrick recognize an opportunity. 

Topics in Nick’s interview:

• Buying a business that checked only one box
• Getting past major key person risk
• Nick's fear of lacking operational experience
• Acquiring without an SBA loan or investors
• Learning to lead and handle conflict
• Operational intensity of a wedding catering business
• Cash flow advantages due to up-front deposits
• Improvements he made to the business
• Realizing he won’t be able double business
• Selling the business for a healthy profit

References and how to contact Nick:

• Nick's Linktree: http://linktr.ee/nick.patrick
• Invest Like the Best

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

• Contact mark@aspenhr.com 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

Doug Johns reflects on his balance sheet, lifestyle, and new identity as business owner after 9 quarters in the seat. 

Topics in Doug’s interview:

• His wife's involvement in the business
• Working 60 hours a week 
• His experience with ROBS structure and buyout
• Slowdown in home services industry
• Why he loves owning & operating
• When & why to raise your prices
• Moving to a small town in a metro area
• Integration of business into daily life
• Fierce competition in home services
• Great benefit of franchises: in-network peer groups

References and how to contact Doug:

• LinkedIn
• Doug John’s first appearance on Acquiring Minds: Opening Up to Franchises to Buy a Great Business

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

• Oberle Risk Strategies - Search Fund Team

Book your free tax strategy session for business buyers today:

• Steed - book your free session

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 Anatomy of an LOI:

• https://bit.ly/4263xl0

It was only after Michael Young started an accounting practice that he found the much larger practice he would then buy.

• How his father’s failed business influenced him
• Being rejected by a search accelerator
• Starting an accounting firm while searching
• 18 months of dead deals before acquisition
• Role of luck in business success
• Role of his wife 
• How accounting practices are valued and priced
• Red flags to look for during diligence
• Role of PASBA in shaping accounting practices
• His advice for searchers looking at accounting practices

References and how to contact Michael:

• michael@bay-biz.com
• LinkedIn
• PASBA
• Patrick Dichter

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 mark@aspenhr.com 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