- The importance of being “location agnostic” in business acquisitions.
- Insights into Mark's $2.8 million business acquisition process.
- The role of Acquira's mentorship and services in Mark's success.
- Mark's advice for aspiring acquisition entrepreneurs.
Imagine leaving your corporate job, embarking on a road trip, and finding yourself not only in love with a new location but also a new career path. Mark Berry did just that.
The former Los Angeles resident found his new home and business in the rural landscape of Wyoming, marking a significant milestone in his journey as an acquisition entrepreneur. A journey made possible through a partnership with Acquira. Check out the full video interview or learn about his experience.
Location Agnostic
Mark's tale began when he decided to quit his corporate job and fully commit to becoming an acquisition entrepreneur. This decision led him to Acquira. After joining Acquira, Mark spent a considerable amount of time exploring various business opportunities, none of which initially materialized.
His luck changed, however, during a road trip.
Like the United States, the business landscape is vast and diverse, and those searching for a prosperous acquisition often find their golden opportunity miles away from their familiar terrain.
At Acquira, one of the phrases we emphasize during training is “location agnostic.” This means that the wider the net you cast in your search for a business to buy, the higher the chances of finding a match that aligns with your unique investment thesis.
For Mark, the last leg of his journey took him to Wyoming where he fell in love with the place and decided not to return to California.
“So naturally, as an acquisition entrepreneur, I hopped on Biz Buy Sell and looked at what businesses were for sale in Wyoming and came across this one,” he explains.
This search led him to an HVAC business listed for 2 million dollars, with a standard 3x multiple.
The Deal
The business appealed to Mark for several reasons. Firstly, it operated in two small towns in Wyoming, offering a refreshing change from the large metropolitan areas he was used to. Secondly, and perhaps most importantly, he developed a strong relationship with the previous owner of the business, who was invested in its success even after the acquisition.
After several rounds of negotiation, Mark closed the deal for $1.8 million in May of that year. He also bought two of the previous owner's shops for an additional million dollars, bringing the total acquisition cost to $2.8 million.
Working With Acquira
In reflecting on his journey, Mark credits Acquira's training and mentorship as invaluable to his success. “I just don't see how you could do that without Acquira or a mentor,” Mark said.
He mentioned how the interactive workshops and the ability to seek advice from experienced mentors on specific issues during the acquisition process were instrumental. He added, “Just being able to reach out to Rich (Coppage, Head of Success Coaching) when certain little things came up through the process… I don't know if I would have done that without a resource like Acquira.”
Beyond the acquisition, Mark has found the post-acquisition programs and services provided by Acquira to be highly beneficial. He said he's “super bullish” on Acquira and everything they offer.
Learn From Every Deal
When asked about advice for other aspiring acquisition entrepreneurs, Mark stressed the importance of learning from each deal, even those that don't work out.
“Fill your pipeline with as many deals as possible,” he says.
That means having multiple deals in the pipeline for negotiating power and as a backup in case one falls through, he explains.
For Mark, the closing process was one of the most stressful experiences of his life, with numerous last-minute demands and issues that needed to be addressed. However, he views this experience as a valuable lesson in dealing with stress as a business owner and says he now feels more prepared for future acquisitions.
Conclusion
Acquira continues to provide support and training for individuals like Mark, who are eager to become business owners.
For those who are interested in beginning their own business buying journey, Acquira’s Accelerator Program provides comprehensive training and mentorship for aspiring entrepreneurs. The program includes hundreds of hours of advice from acquisition experts, in-depth diligence training, and unparalleled direct support for every acquisition entrepreneur.
However, space is limited to 12 people per cohort. To see if you’re eligible, fill out the form below to schedule a call with an Acqira Admissions Representative.
Key Takeaways
- Embrace being “location agnostic” in your acquisition journey: your dream business might be in an unexpected place.
- Building a strong relationship with the previous business owner can be critical to the acquisition's success.
- Always have multiple deals in your pipeline for negotiating power and as a backup.
- Even challenging experiences during the acquisition process are valuable learning opportunities for future deals.
Acquira specializes in seamless business succession and acquisition. We guide entrepreneurs in acquiring businesses and investing in their growth and success. Our focus is on creating a lasting, positive impact for owners, employees, and the community through each transition.
