The Acquisition Journey: Three Tips For Closing On A Business

No matter how much we prepare Acquisition Entrepreneurs for the big event, closing on a business is a very big deal.

It takes months of discipline, dedication, and determination to finally get to the point where you’re able to sign the closing documents and take possession of the business. So when people do eventually close on a business, we like to share their stories with you.

Benjamin Smith had been working his way through Acquira's training and assessing different companies for almost a year when he came across a trucking delivery logistics business in October 2021.

He spent some time going over the deal with his Acquira Success Coach before taking it to the Investment Committee, which Ben says was a big help. “It was a tremendous benefit that really makes you think through the business,” he explains. “The guys were great. They really pressed me and showed me what I needed to think about in this industry.”

Acquira’s Ty Trumbull sat down with Ben to discuss his deal, why he still uses Acquira's training material, and what advice he has for fellow Acquisition Entrepreneurs who are getting closer to closing on their own business.

The Journey To Acquisition Entrepreneurship

Like so many Acquisition Entrepreneurs, Benjamin decided he wanted to take control of his own future. 

“I don't mind sharing this, I was with a company that recruited me to come back to work for them to lead a dual project down in Australia and New Zealand,” Ben explained. “At the end of that project … it just didn't work out. And so they let me go.”

That experience led Ben to explore other ventures where he could be more in control of the outcome, and so he started his own independent IT consulting company. He initially started out looking into defense contracting but kept having problems getting security clearance. 

“The only way that you get a security clearance is if you're already in the industry or you have a company that's sponsoring,” he said.

As he continued to research what it takes to own a business, he eventually came across Acquira through a random internet search. He says he was initially attracted by the company’s methodology and approach to business buying.

“I'm at heart a program manager so I love methodology where applicable,” he said. “So once I got a chance to take a look at the program, look at some of your newsletters, some of the other interviews, I was like, ‘okay, you know what? I think I want to give this a shot.’”

Prior to finding Acquira, Benjamin had a successful friend who was walking him through the business buying process, teaching him how to read Profit & Loss (P&L) reports and company profiles. But once Ben came across Acquira, the training became more focused.

“I ran it by my buddy and he was like, ‘hey, listen if that's what you're getting there and that’s how much you’re paying for it, then it's worth its weight in gold,’” Ben explained. 

The Business Search Process

Once he began working with Acquira, Ben went all-in. He worked through training, attended the weekly calls, and worked closely with his Acquira Success Coaches. 

Along the way, he found and appraised an HVAC business, an electrical company, and more. Eventually that led him to the trucking delivery logistics business he would eventually acquire. 

“I spent some time with Daniel going through it,” he shared. “I got to the point in the training of the Investment Committee and putting together the slide deck, which was a tremendous benefit. It really makes you think through the business and what you're getting into.”

After going back and forth with the seller, Ben closed on the business and is now the proud owner of a trucking delivery logistics company. Though, despite closing on a deal, he still likes to make use of the Acquira community whenever he can. 

“Another big benefit to me that I really love about Acquira is that I still participate in the weekly calls,” he said. “I love that I get to hear other people's experiences and what they're going through.”

Advice For Closing On A Deal

When we asked Ben what advice he would give to fellow Acquisition Entrepreneurs as they get closer to closing on a deal, he offered the following points of advice.

1. Believe in your deal

“Folks are going to have different opinions and you're going to get different insights from different people,” he explained. “I think ultimately, it comes down to you as the AE to say whether or not you believe in the deal.”

2. Make sure you have good advisors around you

“Working with [Acquira Success Coach] Daniel was absolutely great,” said Ben. “And having the weekly cohort calls just to check where you’re at, what you’re doing, and keeping us on pace, was really helpful.”

3. Go back to your training

“I can't tell you how many times I went back to the investment thesis calculator that [Acquira] provides,” he laughed. “Also, the pro forma statements and P&L statements that they provide, that’s what my budget is based on.”

Conclusion

Ben’s entire journey with Acquira took a little under a year from beginning to close. That time frame can be longer or shorter, as we’ve seen with other acquisition entrepreneurs:

The Acquisition Journey: Closing On A Business

However long the process takes, it all begins with Acquira’s Accelerator Program. The program includes training, access to an Acquira Success Coach, Investment Committee calls, and much more.

But space is often limited. To make sure you have a spot in the next Accelerator cohort, sign up for the Accelerator Program now.

Key Takeaways

• Acquisition Entrepreneurship is a way to take control of your own future.
• Having good advisors along the way will make the process easier.
• Make sure you return to your training whenever you have any doubts.