8-Figure Exit After 5 Years

I joke with today's guest about how much went right on his journey of business acquisition. The business had over a million dollars of earnings. The entry multiple was good.

The sellers wanted Adam Vandermyde so badly that they agreed to a purchase price and to hire him as CEO so he could de risk the opportunity in his own mind before committing to close. Adam liked what he saw as CEO and did commit, then proceeded to improve the company's revenue, mix and professionalize operations over the next few years. As owner himself.

When PE took an interest in the category, the big regional footprint of Adam's business made it strategically desirable. He ran a process and exited for $14.5 million. He owned 80% of the business, so a lot did go right for Adam.

But of course it wasn't all roses. On the contrary, there were months on the knife's edge. We spend time on what was the most dire stretch of his ownership when the company had to completely rip up and redo a multi month project.

The ensuing cash crunch led to five separate instances of Adam's CFO sounding the alarm that there were only two weeks of cash left. It was the scariest, toughest, hardest thing. I've ever done, without a doubt, says Adam.

This interview is a great study in de risking on the way in to your acquisition, adding value to a B2B blue collar business and recognizing a good time to sell. Here's Adam Vandermyde, former owner of Petro West Good SBA deals are often delayed or declined outright for reasons that the business buyer never actually understands.

Today, Thursday, January 8th leading SBA loan broker Heather Anderson will host a webinar revealing how SBA lenders really think and decide whether they'll grant you the debt financing you need to buy your business. Heather will cover how SBA lenders actually evaluate risk, what buyer behaviors raise or lower approval odds, how deal presentation influences terms and timing, and which narratives…

This is not a basic SBA 101 session, but a webinar for sophisticated, first time and experienced acquisition entrepreneurs. It is today, Thursday, January 8th, 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. Running payroll, paying your bills, closing your books, and producing financials. These are critical tasks every business owner must do or oversee, but spending time on them distracts you from the leadership in growth work you want to do.

So let system 6 do it for you. Owned and led by a former Searcher, Chris Williams, System 6 is a leading outsourced finance team for hundreds of SMBs, including over 50 searcher acquired businesses. Chris, Tim and the System 6 team understand firsthand the challenges, the opportunities of jumping into a business as its new owner.

So whether you own your business already or have one under LOI, talk to System 6 about how they can give you time back and improve your financial operations. Mention Acquiring Minds and they'll provide a free review of your books and financial ops, a $500 value. Check out system6.com, link in the show notes or email helloystems6.com. Adam Vandermyde welcome to Acquiring Minds.