Buying a Platform with an SBA Loan

The flooring industry. Businesses here are typically anchored by a retail location selling wood, vinyl, tile, carpet to a mix of residential and commercial customers. Flooring is not a highly favored industry in the world of home services buyers, which we discuss with today's guest, Jacob VosWinkel.

But despite these perceived weaknesses, Jacob loves his adopted industry. He bought a sizable flooring store, which he was able to get his hands on because he opened his search to tertiary markets he was willing to move to. His store is in Jacksonville, North Carolina, a town of 70,000 about two hours east of Raleigh.

In the year and a half since buying the business, Jacob is on track to have grown it 50%. Flooring is a highly fragmented industry, one. Of the things Jacob likes about it.

But that 50% growth has actually been all organic to date. We spend time on the levers in his business and flooring generally. Now, as bright as the future looks, Jacob is realistic about his path and the sacrifice it requires.

He's spending his weeks at the business in North Carolina, flying back to Austin to see his fiance on weekends. Jacob and I consider the path of buying a business what it really takes, and we explore the merits of building something big versus maintaining a great million dollar SDE lifestyle business. Listen for that at the end of our interview.

Here he is, Jacob VosWinkel, owner of Floors Galore. Today, Thursday, January 22nd due diligence office hours, Max Lummis and his team at LCS return for a live webinar on Net Working capital and net debt. Notoriously tricky subjects, but so important to get right.

Max and team will share mistakes first time buyers commonly make in Lois and closing mechanics and how to avoid them. You'll learn what really moves purchase price and why working capital and debt are often where buyers unintentionally overpay. You'll learn what should and should not be treated as debt, especially around leases, bonuses, deferred revenue and tax items.

And you'll walk away with a practical framework you can use in diligence negotiations and closing. Even if you're not a finance pro yourself, LCS is a forensic accounting firm that does the quality of earnings for dozens of search acquisitions every year. So come learn from the best that is.

Today, Thursday, January 22 Noon Eastern Register 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. People who do it what do the. Following Acquiring Minds guests all have in common?

Doug Johns, Morley Desai, Tim Ericson, Chirag Shah, Shane Ursam. They all went through the Acquisition Lab. The accelerator and community for people serious.

About buying a business. But they represent just a sliver of. The Lab success stories.