Truc Nguyen has acquired 2 nail salons, an overlooked but fragmented industry where businesses trade at low multiples.

Register for the webinar:

• Negotiating Working Capital in SMB Acquisitions - Tue, May 26 - https://bit.ly/4eQfCTR

Topics in Truc’s interview:

• Why she chose the nail salon industry
• Her vision for a rollup
• Analyzing a current nail salon business listing
• Low multiples in the nail space
• Bargaining power of good nail techs
• Square footage and number of chairs matters
• Documenting SOPs for her first salon
• Staffing a 7-day-a-week business
• Creating a great company culture
• The changing face of nail salons

References and how to contact Truc:

• LinkedIn
• Sarah Romer on Acquiring Minds: How to Buy a Salon as an Industry Outsider (and Survive)

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

Gant Elmore and Matt Moldenhauer each bought $2m businesses they built over years. Today their holdco does over $200m.

Register for the webinar:

• Revenue Recognition & Quality of Revenue in SMB Deals - TOMORROW!! - https://bit.ly/4dMvx4w

Topics in Matt & Gant’s interview:

• 3 generations of acquisition entrepreneurs
• Matt started as operator, became partner
• Bain mentors warned Matt not to do ETA
• Goal of owning 50 companies by 2050
• Being the Ferrari in a price-competitive industry
• Why they prefer holding to exiting
• Challenge of giving control to an operator
• Gant and his dad teach ETA together
• War stories from small business operations
• Demand exceeds supply of great businesses

References and how to contact Matt & Gant:

• Elmore Companies
• matt.moldenhauer@elmorecompanies.com
• Matt’s LinkedIn
• Gant’s LinkedIn

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

• From this page or contact jenny@aspenhr.com

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

• Book a call with Tim or hello@systemsix.com 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

Zack Mutnik thought he bought a $1.5m electrical contracting business for 2.3x. The numbers weren't what they seemed.

Register for the webinar:

• Kill It Early: Spot Red Flags Before Spending on Diligence - TODAY!! - https://bit.ly/4eBVO6E

Topics in Zack’s interview:

• Learning leadership in the Navy
• Managing chaos with ADHD
• Undisclosed surprises after acquisition
• Replacing 8/10 employees
• Heavy emphasis on company culture
• Deciding to change the business name
• Training his employees to be independent
• Growing revenue despite a rocky start
• Marketing is not a quick fix
• Finding employees in a rural market

References and how to contact Zack:

• TikTok
• Facebook
• LinkedIn

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 jenny@aspenhr.com

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

Alicia Powers wanted to buy a general contractor but understood the risks in such businesses and negotiated accordingly.

Register for the webinar:

• Kill It Early: Spot Red Flags Before Spending on Diligence - Thu, May 14 - https://bit.ly/4wqiYU3

Topics in Alicia’s interview:

• Air Force construction experience
• Corporate job at an elevator company
• Leading a shower remodeling startup
• Layoff motivated her toward acquisition
• Why franchising isn’t for her
• Acquiring a small construction business
• Getting her general contractor license
• Specializing in home additions/ADUs
• Tailwinds in the San Diego area
• Surprisingly long sales cycle

References and how to contact Alicia:

• LinkedIn
• Price Builders

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

• Book a call with Tim or hello@systemsix.com and mention Acquiring Minds

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

Brendan Duebner's goal is to build a healthy, long-term business of 20-40 people. Buying a $1.2m MSP was his first step.

Topics in Brendan’s interview:

• Learning to lead in the Army
• Summer internship with Josh Medow
• Cold calling is unpleasant but effective
• Living and acquiring in the Bay Area
• Working in the business before closing
• Signs of seller integrity
• 85% seller note with no personal guarantee
• Implementing EOS himself
• Choosing to only hire local
• His mission of building a tribe

References and how to contact Brendan:

• LinkedIn
• IT Total Care
• Josh Medow on Acquiring Minds: How to Unlock Growth in a 40-Year-Old Business You Buy
• Abhi Ravishankar on Acquiring Minds: The $50m Lifestyle Holdco

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

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

• From this page or contact jenny@aspenhr.com

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

Andrew Blazenko has made 6 acquisitions over the last ten years. Pairing businesses with operators is key to his model.

Topics in Andrew’s interview:

• Background as a business broker
• Wanted the exit joy for himself
• Danger of low barrier to entry
• Finding great operators to run his businesses
• Business acquisition requires reps
• Executive in Residence program
• Requiring operators to invest in the business
• Difficulty of raising equity in Canada
• Shipping costs as a natural moat
• Living as a “gentleman of leisure”

References and how to contact Andrew:

• LinkedIn
• ProSafe
• Eterna Equity
• TrueFoam

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.

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

• Book a call with Tim or hello@systemsix.com 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

Dan Burnside thought he got a great deal on an $800k SDE business. Instead he'd bought bad faith and years of struggle.

Register for the webinar:

• Add-Ons and Carve-Outs: How to Get Banks on Board - TODAY!! - https://bit.ly/4sO0MAt

Topics in Dan’s interview:

• Buying in a small, rural area
• Discovering seller fraud after acquisition
• Key employee leaves and starts competing business
• Working to integrate himself into the community
• HVAC techs resisted technology changes
• Wife and kids unhappy in the new place
• Getting his Master Mechanical Contractor license
• Customers not paying their invoices
• Hiring challenges in rural areas
• Bankruptcy and his new AI venture

References and how to contact Dan:

• LinkedIn
• Jan Roll on Acquiring Minds: 21 Months to Stability Buying a $1.2m SDE Business

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 hello@systemsix.com and mention Acquiring Minds

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

Jeff Flannery is a great example of how franchising complements ETA, having rolled up 17 units since starting in 2019.

Register for the webinars:

• Advanced Deal Mechanics: NWC, Net Debt & Purchase Price Adjustments - TOMORROW!! - https://bit.ly/4u9KyD6
• Add-Ons and Carve-Outs: How to Get Banks on Board - Thu, Apr 30 - https://bit.ly/3OpzRgx

Topics in Jeff’s interview:

• Difference between a practice and a business
• 18 years of running a procurement recruiting firm
• Acquiring a failing Hand and Stone location
• Improving the franchisee playbook
• Ask franchisees for the actual profit margins
• Mastering the business from the bottom up
• Working 100-hour weeks for years
• Implementing enrollment fees
• Running spas in California through Covid
• Building an inbound and outbound offshore call center

References and how to contact Jeff:

• LinkedIn
• jflannery@purpleeaglespas.com
• Hand & Stone

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

• From this page or contact jenny@aspenhr.com

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

• Pioneer Capital Advisory

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