From $1m to $25m in 6 Years

For 18 years, today's guest ran his own executive search business. Jeff Flannery was earning $500,000 many of those years, some years, much more. But what he had was a practice, one that relied on him doing service delivery himself to generate a lot of that revenue.

It was not a true business. He wasn't building equity in a saleable asset. The subject of today's interview is Jeff's.

Second chapter in his journey of entrepreneurship. And this time around he is indeed building equity value. Specifically over $2.5 million of EBITDA this year on over $25 million of revenue across 17 massage and facial spas in the Hand and Stone franchise system.

Jeff acquired his first hand in stone in 2019, so he's built that empire over years, which might surprise you less when you hear Jeff's fast talking energy and the fact that he worked 100 hour weeks for the first few years. Looking ahead, he's got his eye on. $50 million in revenue, a goal he.

Thinks is totally realistic. One final detail to leave you with. Jeff started his journey into eta Franchising at 49 years old.

So let that be a reminder to the mid career folks listening that it's not too late to pivot into eta. And then if you hit upon something that's working, you can build an Empire in six years. Here is Jeff Flannery, owner of 17 Hand in Stone Spas.

Webinars. Tomorrow Tuesday, the team at due diligence firm LCS will teach advanced deal mechanics. You'll learn where purchase price really moves and why networking capital and net debt are often where buyers overpay. You'll hear two case studies, one on accounts payable, the other on project based revenue.

And you'll learn about inventory and how to normalize it and how to define debt correctly for your target's valuation. These are advanced but crucial topics taught by Max Lummis and Travis Sadler of lcs, a team that does dozens of Q of E reports for searchers and. Independent sponsors every year.

The webinar is Advanced Deal Mechanics and it is tomorrow, Tuesday, April 28th noon Eastern. Link to register is right at the top of this episode's show notes or on the Acquiring Minds homepage Acquiringminds Co. Then Thursday, SBA loan broker Heather Anderson returns for a lender office hours on add ons and carve outs Banks take a different approach when underwriting a loan.

For an add on or a tuck in. This is something you need to understand if you're considering buying additional businesses to grow inorganically. Banks also analyze loans differently for any business that does not have its own tax return, AKA a carve out.

So this Thursday, Heather will explain how lenders assess both of these acquisition special cases. Add Ons and Carve Outs the webinar is Add Ons and Carve Outs how to Get Banks on Board. It is this Thursday, April 30, noon Eastern.

Link to register is right at the top of this episode's show notes or on the Acquiring Minds homepage. Acquiringminds Cool. Welcome to Acquiring Minds, a podcast about buying businesses.