Acquiring Minds

Hosted by Will Smith

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469

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Jun 2026

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About the show

Buying a business is an amazing path for many successful entrepreneurs. Learn how to buy a business from the entrepreneurs who have already done it. 2x per week: stories, insights, & valuable advice about acquisition entrepreneurship. Hosted by Will Smith, who is on his own path to acquire a business. Also on YouTube: https://www.youtube.com/@AcquiringMinds Sign up for episode summaries at: https://acquiringminds.co

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60 recent

June 15, 20261 hr 49 min

Good Bones: Saving a $3m Business in Decline

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/4vhhY3tTopics in Himmat’s interview:Operating a business for a billionaire in IndiaRan traditional search, closed zero acquisitionsTargeted recession-proof home care opportunitiesBecame CEO of elder care company he couldn’t acquireGrew EBITDA 4x through operational cleanup and systemsSold company to private equity, remaining CEOLife-changing exit from elder care companyLanded printing acquisition through relationshipsPrefers operating to financial modelingStructuring a screaming deal on a printing businessReferences and how to contact Himmat:LinkedInEPI-ColorspaceCircle of LifeWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet 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 MindsConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

June 11, 20261 hr 31 min

How to Buy a $20m Business as a First-Timer

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 publishingPost-MBA career in techTaking a career break to raise his sonFrom co-op cashier to co-CEOSeeking security through business ownershipAcquiring a home health and hospice franchiseRaising equity from search investorsRetaining a little over 50% ownershipStructuring with 2 forgivable seller notesThe advantage of buying a bigger businessReferences and how to contact Alan:LinkedInInterim Healthcare of Twin CitiesElliott Edge on Acquiring Minds: 1 Business vs Many: Deciding to Roll UpGrant Hensel of Entrepreneurial CapitalJacob Hall of Kando CapitalPROX Capital GroupConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

June 8, 20261 hr 11 min

How to De-Risk the Personal Guarantee

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/3Q1D9qMTopics in Brendan & Ryan’s interview:Psychological weight of the personal guaranteeBuilding a personal guarantee insurance productTaking the risk from a 10 to a 5Sequence of events after defaultTargeting mid to late career operatorsPremiums decrease over timeBalancing risk between unequal partnersSolving the seller rollover conflictPhilosophy of “skin in the game”How they hope this affects ETA ecosystemReferences and how to contact Brendan & Ryan:Brendan Burdette’s LinkedInRyan Conner’s LinkedInPersonal Guarantee Insurance Get complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

June 4, 20261 hr 25 min

The Origin Story of a Compounder ($80m and Counting)

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/49sKF4HTopics in Greg and Zach’s interview:Founders combined technical and financial expertiseShifted from SaaS to long-term ownershipAcquired century-old Manhattan HVAC companyHigh cost and complexities of New York marketAvoided SBA limits to scale acquisitionsWhat “Anti-PE” means to themDigitization takes longer than you thinkLiving lean on low salariesPredicting HVAC roll-up market shakeout aheadInfluence and investment from Will ThorndikeReferences and how to contact Greg and Zach:HickoryGreg Shapiro LinkedInZach Cooper-Vastola LinkedInWill ThorndikeSteve Carroll on Acquiring Minds: ETA Unicorn: $1 Billion in Revenue in 5 YearsGet 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 LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

June 1, 20261 hr 46 min

Started as SBA Searcher, Built to a PE Fund

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/4vnGP5uTopics in Joe’s interview:Background in management consultingInspired by Rich Dad Poor Dad to own assetsJoining an early cohort of the Acquisition LabSearching is more fun with a partnerFirst deal died 10 days before closingDiscovering employees had never been paid overtimeTotal office staff turnover in first 4 monthsAcquiring 4 diverse businessesLaunching a $25M equity fund with 5 partnersIt’s all about the peopleReferences and how to contact Joe:LinkedInBlueline VenturesWho by Geoff Smart and Randy StreetRich Dad, Poor Dad by Richard T. KiyosakiGet 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 MindsDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.comWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

May 28, 20261 hr 23 min

Buying $1.5m of Earnings Without an SBA Loan

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/4v3zKXhTopics in Justus’s interview: Growing up on a cattle ranch in South AfricaDisillusioned with the venture capital bubblePerception of white collar work as “the dream”Meeting successful owners of blue-collar businessesBig deal failure on his birthdayStructuring a deal without the SBAChallenges of searching on an H1B visaMerging an HVAC with a plumbing businessThe magic happens when you leave your deskAcquiring during the slow seasonReferences and how to contact Justus:LinkedInCopeland Home ServicesThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.comConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

May 25, 20261 hr 33 min

The Magic of Low Multiple + Growth

David Graf went after a business that had sat on the market, acquiring $750k of EBITDA for 2.7x. It's going well.Register for the webinars: Negotiating Working Capital in SMB Acquisitions - TOMORROW!! - https://bit.ly/4a2ozGeNew $10m Limit for SBA Loans: What You Need to Know - Thu, May 28 - https://bit.ly/49j3V4tTopics in David’s interview: Drive to earn money as a kidChoosing to skip business schoolAdvantages of acquiring in TexasPreparing his case to convince his wifeWorking full time while searchingGrowth is often underpricedWholesaling real estate he didn’t wantHow to decide whether to keep an employeeJoining a group for manufacturing ownersNear-crisis days before closingReferences and how to contact David:LinkedInDanhardRand LarsenScalepathGet a Grip by Mike PatonWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryGet 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 MindsConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

May 21, 20261 hr 55 min

Rolling Up an Industry with 1.5x Multiples

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/4eQfCTRTopics in Truc’s interview:Why she chose the nail salon industryHer vision for a rollupAnalyzing a current nail salon business listingLow multiples in the nail spaceBargaining power of good nail techsSquare footage and number of chairs mattersDocumenting SOPs for her first salonStaffing a 7-day-a-week businessCreating a great company cultureThe changing face of nail salonsReferences and how to contact Truc:LinkedInSarah 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 TeamWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryThe ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

May 18, 20261 hr 49 min

The Origins and Future of a 9-Figure SMB Holdco

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/4dMvx4wTopics in Matt & Gant’s interview:3 generations of acquisition entrepreneursMatt started as operator, became partnerBain mentors warned Matt not to do ETAGoal of owning 50 companies by 2050Being the Ferrari in a price-competitive industryWhy they prefer holding to exitingChallenge of giving control to an operatorGant and his dad teach ETA togetherWar stories from small business operationsDemand exceeds supply of great businessesReferences and how to contact Matt & Gant:Elmore Companiesmatt.moldenhauer@elmorecompanies.comMatt’s LinkedInGant’s LinkedInDownload the New CEO’s Guide to Human Resources from Aspen HR:From this page or contact jenny@aspenhr.comGet 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 MindsGet 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 channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

May 14, 20261 hr 24 min

Too Good to Be True: Year 1 in a $700k SDE Business

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/4eBVO6ETopics in Zack’s interview:Learning leadership in the NavyManaging chaos with ADHDUndisclosed surprises after acquisitionReplacing 8/10 employeesHeavy emphasis on company cultureDeciding to change the business nameTraining his employees to be independentGrowing revenue despite a rocky startMarketing is not a quick fixFinding employees in a rural marketReferences and how to contact Zack:TikTokFacebookLinkedInGet 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.comGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron