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This week on How2Exit: Our First Ever Guest hosts Episode:

E151: Della Kirkman, CPA, interviews They Got Acquired Founder- Alexis Grant, Shares Insights on Building and Selling Online Businesses - Watch Here

_______________________________________________________________

About The Guest Host:

Della Kirkman, CPA In less than 10 years, she went from a single mom serving tables at Cracker Barrel to buying her first business, growing it, and selling it to achieve a level of wealth and independence she had only dreamed about.

Della is the publisher of the Shift-N-Gears.com bi-weekly newsletter, designed to help people buy, grow, and sell small businesses. The free newsletter is part of a larger, developing educational platform encouraging women to pursue their dreams of entrepreneurship through acquisition, buying a profitable business that can support their lifestyle, rather than the hard, risky path of the startup.

Ride along here- https://www.shift-n-gears.com/newsletter

Download her free due diligence tool here- https://www.shift-n-gears.com/the-art...

Connect on LinkedIn: https://www.linkedin.com/in/dellakirkmancpa/ 

About The Guest(s): Alexis Grant is the founder of They Got Acquired, a media brand that focuses on covering acquisitions in the six, seven, and low eight-figure range. She is a former journalist and has built several successful media companies throughout her career.

Summary: Alexis Grant, founder of They Got Acquired, shares her journey from journalism to entrepreneurship and her experience with selling her own businesses. She discusses the challenges and lessons she learned along the way and how she is now leveraging those lessons to help other founders navigate the world of acquisitions. Alexis also talks about the database she is building to track and analyze acquisitions and the monetization plans for her media brand.

Key Takeaways:

• Alexis recognized that starting her own business allowed her to have autonomy and make decisions on her own terms.

• She transitioned from journalism to entrepreneurship by taking on freelance clients and eventually starting her own content marketing agency.

• Alexis's agency was acquired by a media brand called The Penny Hoarder, where she worked in-house and helped grow the content for the brand.

• She sold her own content site, The Write Life, through an asset sale and realized the importance of building equity in her own assets.

• Alexis started They Got Acquired to fill the gap in coverage of smaller acquisitions and to provide resources and information for founders looking to sell their businesses.

• The database she is building will allow users to access information on past acquisitions, including deal size, revenue, and industry, to help inform their own buying or selling decisions.

Quotes:

• "Creating a business was a way for me to earn money on my own terms." - Alexis Grant

• "I realized after a while that I could move a lot faster on my own, and I enjoyed that." - Alexis Grant

• "I wanted to start another niche media brand and identified acquisitions as a space that needed more coverage." - Alexis Grant

• "There's a big opportunity to cover smaller deals and bootstrapped companies that often get overlooked." - Alexis Grant

• "My goal is to build a business that I enjoy running and brings in enough money for my family." - Alexis Grant

Article:

The Journey of Building and Selling a Business: Insights from Alexis Grant

Note: The following article is based on a transcript of an interview with Alexis Grant, founder of They Got Acquired. The article is written in the voice and writing style of the host, Della Kirkman.

Introduction

Building a business is a journey filled with challenges, triumphs, and unexpected turns. For Alexis Grant, founder of They Got Acquired, the path to entrepreneurship was not a straight line. In a recent interview, she shared her experiences of building and selling businesses, as well as her insights into the world of acquisitions and entrepreneurship. From her early days as a journalist to her current role as a media innovator, Alexis has navigated the complexities of the business world with determination and a passion for helping others.

From Journalism to Entrepreneurship

Alexis's journey into entrepreneurship was not a predetermined path. With a background in journalism, she initially had no interest in business. However, she soon realized that creating her own business would allow her to have more control over her work and decisions. As a type A personality with a strong desire for autonomy, entrepreneurship was a natural fit for Alexis. She left her job at the Houston Chronicle to travel and explore her options, eventually finding her way into freelance work and content marketing.

The Aqua Hire and the Right Life

One of Alexis's early ventures was a content marketing agency that grew blogs for other businesses. This agency was eventually acquired by one of their clients, the Penny Hoarder, a media brand focused on personal finance. The acquisition marked a shift in Alexis's career, as she transitioned from running her own business to being part of a larger organization. While the transition was initially challenging, Alexis's prior working relationship with the founder of the Penny Hoarder made the process smoother.

Another business that Alexis built and eventually sold was the Right Life, a content site focused on writing and freelancing. The Right Life was acquired through an asset sale, with Alexis passing it on to someone who wanted to continue running it. While the Right Life was not highly monetized, it served as a valuable learning experience for Alexis, who realized the importance of building equity in her own assets.

They Got Acquired: Filling a Gap in the Market

After selling the Right Life, Alexis embarked on her latest venture, They Got Acquired. This media brand focuses on covering acquisitions in the six, seven, and low eight-figure range, a segment of the market that is often overlooked. Alexis recognized the need for more coverage of smaller deals, particularly those involving bootstrapped businesses. She also wanted to provide resources and support for founders who were navigating the complex world of acquisitions.

The Challenges of Building They Got Acquired

Building They Got Acquired presented its own set of challenges for Alexis. While she had experience in media and content creation, each business comes with its own unique obstacles. One of the main challenges has been finding effective ways to monetize the brand. They Got Acquired currently generates revenue through sponsorships and referrals to brokers and advisors. However, the long-term goal is to leverage their database of deals as a primary source of revenue. This database, which includes thousands of deals in the target range, will be accessible to subscribers who can search for specific information on buyers, sellers, and deal sizes.

Lessons Learned and Future Outlook

Through her experiences in building and selling businesses, Alexis has gained valuable insights into the world of entrepreneurship and acquisitions. One of the key lessons she has learned is the importance of understanding the emotional component of a deal. Many founders have poured their heart and soul into their businesses, and acknowledging this can make a significant difference in the success of a transaction. Alexis also emphasizes the need for more representation of women in the business world and strives to lift up other women through They Got Acquired.

Looking ahead, Alexis's main focus is on growing They Got Acquired and making it a profitable venture. She aims to strike a balance between professional ambition and personal fulfillment, ensuring that she has time for family adventures and outdoor activities. While she does not currently have plans for an exit, she recognizes the importance of building a business that is ready for that possibility in the future.

In conclusion, Alexis Grant's journey from journalism to entrepreneurship has been filled with valuable lessons and insights. Through They Got Acquired, she is filling a gap in the market by providing coverage and resources for founders navigating the world of acquisitions. With a focus on smaller deals and bootstrapped businesses, Alexis is making a significant impact in the industry. As she continues to grow her business and support other entrepreneurs, the future looks bright for They Got Acquired and the founders it serves.

Contact Alexis on Linkedin: https://www.linkedin.com/in/alexisgrant/

Newsletter: https://theygotacquired.com/newsletter

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E152: Austin Linney, Investor and Entrepreneur, Discusses Buying and Growing Businesses Watch Here:

About The Guest(s):
Austin Linney is an investor, entrepreneur, and mindset coach. He has a background in real estate and currently owns a heat and air, plumbing, and electrical company. Austin is passionate about helping others and believes in the power of mindset to achieve success.

Summary:
In this episode, Ronald Skelton interviews Austin Linney, an investor, entrepreneur, and mindset coach. Austin shares his personal journey from addiction and homelessness to building a successful business. He emphasizes the importance of mindset and taking ownership of one's life. Austin also discusses his experience in the heat and air, plumbing, and electrical industry and the challenges and opportunities it presents. He provides valuable insights into building a successful business and the importance of treating employees well.

Key Takeaways:

• Mindset is crucial for success in business and life.

• Taking ownership of one's life and choices is essential for personal growth.

• Building a successful business requires a calm mindset and the ability to adapt to challenges.

• Treating employees well and creating a positive work environment is key to success.

• Leveraging opportunities and being open to new possibilities can lead to growth and success.

Quotes:

• "Mindset is everything. It's the foundation for success in business and life." - Austin Linney

• "Taking ownership of your life and choices is the first step towards personal growth and success." - Austin Linney

• "Treating employees well and creating a positive work environment is crucial for building a successful business." - Austin Linney

The Article: 

How to Build a Successful Business: Insights from an Investor, Entrepreneur, and Mindset Coach

Introduction

In today's fast-paced business world, it can be challenging to navigate the complexities of buying and selling businesses. That's why it's crucial to learn from industry leaders who have successfully gone through the process. In this article, we will explore the insights and experiences of Austin Linney, an investor, entrepreneur, and mindset coach. Through his journey, we will uncover valuable lessons on how to build a successful business, overcome obstacles, and develop a winning mindset.

The Power of Mindset

One of the key takeaways from Austin Linney's story is the importance of mindset in achieving success. Linney's early life was marked by personal struggles, addiction, and a victim mentality. However, he realized that his mindset was holding him back from reaching his full potential. Through the guidance of mentors and personal development work, Linney transformed his mindset and took ownership of his life.

Linney emphasizes the power of borrowing belief from others until you believe in yourself. He shares a quote from a coach that resonated with him: "Sometimes you don't love yourself enough to change, so you have to borrow the belief in others until you believe it in yourself." This mindset shift allowed Linney to overcome his past and start building a successful business.

The Journey to Buying a Business

Linney's journey into the world of business acquisitions began when he decided to transition from real estate to buying cash-flowing businesses. He recognized the limitations and challenges of the real estate market, particularly in dealing with lenders and investors. Linney and his team made a strategic decision to become the bank by acquiring cash-flowing businesses and using the profits to invest in other ventures like storage facilities and rentals.

One of the businesses Linney acquired was a heat and air, plumbing, and electrical company. He saw the potential in the company, which had been in operation for 25 years and had a strong presence in the local market. However, he also identified areas for improvement, such as implementing a CRM system and streamlining operations. By making these changes, Linney aimed to increase efficiency, expand the customer base, and ultimately grow the business.

Navigating the Challenges of the Construction Industry

The construction industry, including heat and air, plumbing, and electrical services, presents unique challenges for business owners. Linney highlights the importance of understanding the culture and dynamics of the industry, particularly in trades-based businesses. He shares that the construction industry can be rough and demanding, requiring a calm mindset and strong leadership to navigate successfully.

One of the key challenges in the construction industry is managing the cyclical nature of the business. Linney explains that heat and air, plumbing, and electrical services are often in high demand during extreme weather conditions, such as freezing cold or scorching heat. However, there are also periods of slower business, which can impact cash flow and profitability. Linney's approach to addressing this challenge is to focus on building maintenance programs and expanding into new markets to ensure a steady stream of work throughout the year.

The Power of Customer Service and Reputation

In the construction industry, reputation and customer service are paramount. Linney emphasizes the importance of providing exceptional service and going above and beyond for customers. He shares a story of a customer who expected the company to take weeks to address their issue, but Linney's team responded immediately and resolved the problem the next day. This level of service not only impressed the customer but also created a positive reputation in the community.

Linney also recognizes the significance of word-of-mouth marketing in the construction industry. By delivering exceptional service and building strong relationships with customers, businesses can generate referrals and attract new clients. He encourages business owners to focus on building trust and providing value to customers, as this will ultimately lead to long-term success.

The Value of Community Engagement

Community engagement is another key aspect of building a successful business, particularly in smaller towns and rural areas. Linney shares his experience of getting involved in the local community by sponsoring events, supporting charities, and participating in clean-up initiatives. By actively engaging with the community, businesses can establish themselves as trusted and reliable partners, which can lead to increased brand awareness and customer loyalty.

Linney also highlights the importance of being a resource for the community. He encourages business owners to be open to helping others, even if it doesn't directly benefit their bottom line. By being a source of support and assistance, businesses can build strong relationships and foster a positive reputation within the community.

Conclusion and Future Outlook

In conclusion, Austin Linney's journey as an investor, entrepreneur, and mindset coach provides valuable insights into building a successful business. From the power of mindset to navigating the challenges of the construction industry, Linney's experiences offer valuable lessons for aspiring business owners.

By adopting a growth mindset, focusing on customer service, and actively engaging with the community, businesses can create a solid foundation for long-term success. Additionally, embracing opportunities for personal and professional development can help business owners overcome obstacles and achieve their goals.

As the business landscape continues to evolve, it is essential for entrepreneurs to stay adaptable and open to new opportunities. By leveraging the power of mindset, customer service, and community engagement, businesses can thrive in any industry and create a positive impact on their customers and communities.

Looking ahead, Austin Linney's future outlook is centered around building cash-flowing businesses and investing in real estate ventures. By leveraging his expertise and experience, Linney aims to continue making a difference in the lives of others and creating a legacy of success.

Remember, success is not just about financial gain but also about making a positive impact on the world around us. With the right mindset and a commitment to excellence, anyone can achieve their goals and build a thriving business.

So, what are you waiting for? Take the first step towards building your successful business today!

Note: This article is based on the insights and experiences of Austin Linney as shared in the "How to Exit" podcast. All quotes and information are taken directly from the podcast transcript.

Contact Austin

Linkedin: https://www.linkedin.com/in/austin-li... 

Website: 

https://austinlinney.com/

Watch Here

E153: Patrick Dichter Shares Lessons Learned from Acquiring Accounting Firms - Watch Here

About The Guest(s): Patrick Dichter is the owner of Appletree Business Services, a small business accounting firm that specializes in bookkeeping and tax services for service-based businesses and professional services. Patrick has a background in sales and marketing and holds an MBA. He acquired Appletree Business Services and has since grown the firm through additional acquisitions. Patrick is passionate about helping small businesses succeed and providing them with the financial support they need.

Summary: Patrick Dichter, owner of Appletree Business Services, shares his journey from sales and marketing to acquiring and growing a small business accounting firm. He emphasizes the importance of understanding the numbers in a business and the role of bookkeeping and tax services in driving growth. Patrick also discusses the challenges of integrating acquired firms and the need for a compatible tech stack. He advises searchers to focus on building rapport with sellers and not to overanalyze potential deals. Patrick highlights the value of outsourcing accounting services and the benefits of working with a professional team.

Key Takeaways:

• Understanding the numbers is crucial for business success.

• Building rapport with sellers is essential in the acquisition process.

• Integration of acquired firms can be challenging, especially with different tech stacks.

• Outsourcing accounting services can save time and provide expertise.

• Don't overanalyze potential deals; focus on establishing a connection with sellers.

Quotes:

• "Understanding their numbers is crucial for small business owners to make informed decisions and drive growth." - Patrick Dichter

• "Integration of acquired firms can be challenging, especially when dealing with different tech stacks and procedures." - Patrick Dichter

• "Outsourcing accounting services can save time and provide expertise, allowing business owners to focus on growth." - Patrick Dichter

Article:

How to Successfully Acquire and Grow a Small Business: Lessons from Patrick Dichter

In this article, we will explore the journey of Patrick Dichter, owner of Appletree Business Services, as he shares his experiences and insights on acquiring and growing small businesses. Through a detailed analysis of his interview, we will delve into the key themes of his story, the lessons he has learned, and the implications for aspiring entrepreneurs.

Introduction: The Path to Acquisition

Patrick Dichter's journey into the world of mergers and acquisitions was not a linear one. With a background in sales and consulting, he discovered a gap in the market while working with small businesses. Many of his clients had poor bookkeeping practices, hindering their growth potential. This realization led him to consider acquiring an accounting firm instead of referring out the work. In 2021, he successfully acquired Appletree Business Services, a small business accounting firm, and has since made additional tuck-in acquisitions.

Theme 1: The Art of Acquisition

Dichter's first acquisition was not a straightforward process. He faced challenges in finding a suitable accounting firm to purchase, as many brokers were hesitant to work with him due to his lack of CPA credentials. Undeterred, he took matters into his own hands and conducted a cold email outreach campaign. This proactive approach eventually led him to connect with the seller of Appletree Business Services. The acquisition process took several months of negotiations and due diligence, but Dichter's persistence paid off.

Lesson Learned: Don't be afraid to take the initiative and think outside the box when it comes to finding acquisition opportunities. Brokers may not always be the best route, and direct outreach can yield promising results.

Theme 2: The Size of the Prize

One common misconception in the world of acquisitions is the notion that bigger is always better. Many advisors and experts advise against acquiring small businesses, citing the need for larger deals to generate substantial returns. However, Dichter challenges this notion and emphasizes the potential for growth in smaller acquisitions. He recognized the opportunity to acquire smaller accounting firms that were not typically on the radar of private equity firms or larger buyers.

Lesson Learned: Don't overlook the potential of smaller acquisitions. By focusing on niche markets and leveraging your expertise, you can grow these businesses and achieve significant returns.

Theme 3: Integration Challenges

While acquisitions offer tremendous growth opportunities, the process of integration can be challenging. Dichter experienced the difficulties firsthand as he integrated the accounting firms he acquired into Appletree Business Services. Each acquisition brought its own set of complexities, from different tech stacks to varying client bases. Dichter acknowledges the importance of finding a bullseye fit in terms of compatibility to minimize integration challenges.

Lesson Learned: Integration requires careful planning and consideration. It is crucial to assess the compatibility of the acquired business and ensure that the integration process is as seamless as possible.

Theme 4: Organic Growth and Marketing

As Dichter solidifies his acquisitions, he shifts his focus to organic growth and marketing. He recognizes the value of inbound leads and has recently hired a salesperson to handle the influx of inquiries. By leveraging marketing strategies and inbound leads, Dichter aims to grow his client base and expand the reach of Appletree Business Services.

Lesson Learned: Organic growth and marketing are essential for sustained success. By targeting specific client segments and delivering quality services, businesses can attract new customers and expand their reach.

Conclusion: The Future Outlook

Patrick Dichter's journey as an acquisition entrepreneur offers valuable insights for aspiring business owners. His experiences highlight the importance of taking initiative, considering smaller acquisitions, and navigating the challenges of integration. By focusing on organic growth and marketing, businesses can position themselves for long-term success. As Dichter continues to build and grow Appletree Business Services, he remains open to future acquisitions that align with his vision and goals.

The path to acquisition and growth is not without its obstacles, but with the right mindset, strategy, and execution, entrepreneurs can achieve remarkable results. Patrick Dichter's story serves as an inspiration for those embarking on their own entrepreneurial journey, reminding us that success lies in seizing opportunities, embracing challenges, and continuously learning and adapting along the way.

Contact Patrick on

Linkedin: https://www.linkedin.com/in/pdichter/

Website: 

https://www.appletreebusiness.com/

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