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

It's hard to re enter the corporate world after being out of it for seven years, especially if you're in your 50s. This was the situation that today's guest Alan Turkus found himself in. But what that uncomfortable phase prompted Alan to do was revisit an idea he'd had in the back of his mind from his business school days.

Buy an existing business. Now, that prospect wasn't just a workaround. To find a job. No, it was about the fact that Alan's level of experience having run business units at Amazon P and L experience meant that he needed meaty management responsibility.

Owning your own business, especially one that does $20 million and employs 150 people, is certainly that. We discuss in detail the financials for how Alan was able to acquire such a large business. He yes, he had investors.

We learn who they are. We discuss doing this with an SBA loan. We explore Alan's attempt to use robs and why it wouldn't work.

This is a franchise business, so we learn Allen's thoughts there hint, like many of you probably he never thought he'd be a franchisee. And finally, we discuss purpose. Alan's search ended not when the quantitative considerations lined up, but but when the qualitative stuff did.

There is mission to the home healthcare and hospice business that Alan bought, and it was exactly that that had been missing from the other deals he looked at. Here is Alan Turkus, owner of Interim Healthcare of the Twin Cities.

As a searcher, you know it's a numbers game, and part of winning that game is being able to quickly evaluate acquisition opportunities before wasting time on deals that will never Daniel Duran from Acquisition Lab Capital has scored hundreds of SMB deals using a proprietary 22 dimension rubric covering business quality, deal structure and buyer fit.

And in a webinar today, Thursday 11th, he'll walk us through exactly how Acquisition Lab Capital evaluates a deal from first look to to investment committee decision. And he'll show you how to apply the same lens to the deals sitting in your inbox right now. You'll leave with a clear, repeatable system for separating the deals worth pursuing from the ones that will drain your time, money and…

The webinar is Score it or Skip a Framework for Fast Deal Evaluation. And it is today, Thursday, June 11, at noon Eastern. Link to register is right at the top of this episode's show notes or on the Acquiring Minds homepage.

AcquiringMinds co. Welcome to Acquiring Minds, a podcast about buying businesses. My name is Will Smith. Acquiring an existing business is an awesome opportunity for many entrepreneurs and on this podcast I talk to the people who do it.

The team at Aspen HR recently published a short white paper targeted at searchers Entitled A New CEO's Guide to Human Resources. It lays out the key items you should be thinking about as you transition into CEO and owner of the business you bought.

The link to download that is in the show notes Aspen HR is a professional employer organization or peo, which provides HR compliance, flawless payroll, robust HR technology and Fortune 500 caliber benefits all for a fraction of the cost compared to using multiple vendors. Reach out to Aspen HR for your complimentary HR diligence checklist and benchmarking analysis.