The journey to business ownership is often filled with twists and turns, triumphs and trials, and the road Kevin Couper embarked on was no exception.
Recently, Kevin successfully closed a deal after undergoing Acquira's Accelerator Program, a comprehensive business-buying training program designed to empower entrepreneurs to acquire established, profitable businesses.
Check out the video here or read on to learn more:
The Business and the Beginning
Kevin's newly acquired gem is a well-established plumbing company located in South Florida, West Palm Beach.
With a team of 22 professionals specializing in both commercial (60%) and residential (40%) plumbing, Kevin found a solid business within a comfortable 30-minute commute from his home.
“It was easy for me to do research on them and kind of go back and forth,” Kevin shares. “The owner was selling just unfortunately because he has cancer and he wants to retire and slow down so he can just kind of focus on his health.”
The Journey to Ownership
Closing the deal wasn't a walk in the park. Kevin had to overcome obstacles along the way, including a deal that went sideways early in the process due to discrepancies in the financial data presented by the broker.
“They wanted an LOI, so I put that in place first. And then I just started seeing some discrepancies,” Kevin recalls. “Once we verified the information, it was clear that it wasn't a million SDE. It was like 250 at best, 250,000.”
Despite this setback, Kevin persevered, exhibiting the resilience that is often the mark of a successful entrepreneur.
The journey from signing up with Acquira to closing the deal took about nine months, but the outcome? Worth the wait.
The Acquira Edge
Acquira's Accelerator Program played a significant role in Kevin's journey. The program's comprehensive nature, coupled with its focus on empowering entrepreneurs, provided Kevin with the support and education he needed to navigate the complex world of business acquisition successfully.
“The reasons why I went into this was for freedom and flexibility to have more fun on the entrepreneurial side. And that's coming true,” says Kevin, reflecting on his experience.
Looking Ahead
As Kevin Couper embarks on his new venture as the owner of a well-established plumbing company, he has clear plans for the future, leveraging Acquira's ACE Framework to systematize and grow his business.
The ACE Framework is a comprehensive roadmap designed to help entrepreneurs transition from owner-operated to management-run businesses. It encourages the growth of a company under its own power, stressing the importance of accountability and discipline, and fostering a culture that improves the lives of everyone involved.
ACE integrators joined Kevin at the company before he agreed to buy the business which he says contributed to his successful close.
“Having the ACE people in there to help from day one has been so comforting,” he says. “[To know] that you have a partner that you can go to with questions and issues and they've already seen most of it. So just having that there makes it that much more comfortable. Otherwise, if I was just on my own, I probably wouldn't have made it through the transition.”
Looking head, Kevin's strategy involves forming a strong leadership team, defining the company's mission, vision, and values, and creating departmental Key Performance Indicators (KPIs) to track progress.
He also plans to implement structured communication, including team meetings and performance reviews, and to design career progression paths to inspire and motivate his team. Emphasizing the importance of a forward-looking organizational chart, Kevin aims to establish an advisory board of companies a few years ahead in their journey, providing strategic insights and guidance.
Tips for Aspiring Business Owners
Here are some insights from Kevin's experience that could guide aspiring business owners:
- Patience is key: From signing up to closing the deal, Kevin's journey took about nine months. It's crucial to remember that acquiring a business isn't a quick process. It requires patience and perseverance.
- Do your homework: Validate all financial data before proceeding with the deal. Kevin's first deal fell through because the financial data presented was inaccurate.
- Build relationships: Once you acquire the business, spend time building relationships with the team. “I'm really building relationships with a lot of people. That's also very time-consuming,” says Kevin.
- Choose the right partner: Kevin's journey was made easier by partnering with Acquira's Accelerator Program. Choose a program or partner that offers comprehensive training and support.
Kevin's journey from the beginning of Acquira's Accelerator Program to becoming a business owner has been a wild ride, filled with learning experiences and insights.
His journey serves as a testament to the power of perseverance, the importance of due diligence, and the value of choosing the right partner to guide you through the process. With the right mindset and resources, the dream of business ownership can become a reality.