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Acquiring Minds
Trailer
Bonus
Episode 329
Season 1
How to Buy & Transform a 120-Year-Old Manufacturer
Register for the webinars:
- Using a Sale-Leaseback to Buy a Business - Thu Feb 20 - https://bit.ly/3QjGZYR
- First 100 Days: Survive & Thrive as a New Business Owner - Wed Feb 26 - https://bit.ly/4hCxC2G
Subscribe to the new podcast, Meeting of the Minds:
- On YouTube
- Spotify & Apple links coming soon!
Lucas Philips bought a niche manufacturer with $200k SDE, aiming to make it an ecommerce/DTC business. It's working.
Topics in Lucas’s interview:
- How his startup mindset influenced his acquisition
- Buying a super-niche manufacturer at age 23
- Motivating staff (or not) with $3/hr raises
- Learning to fire and trust his instincts
- Modernizing the business
- Advantages of buying a business young
- Anxiety issues post-acquisition
- How bolt-ons have lengthened the J curve
- Expanding into the Porsche market
- Looking ahead to using AI
References and how to contact Lucas:
- lucas@newarkauto.com
- Newark Auto
- Benjamin Ross Group
- Ben Jasper on Acquiring Minds: Factory Life: Buying a Manufacturer with $1m SDE
- The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup
Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:
Get a complimentary IT audit of your target business:
- Email Nick Akers at nick@inzotechnologies.com, and tell him you’re a searcher
Get a free review of your books & financial ops from System Six (a $500 value):
- Book a call with Tim or hello@systemsix.com and mention Acquiring Minds
Connect with Acquiring Minds:
- See past + future interviews on the YouTube channel
- Connect with host Will Smith on LinkedIn
- Follow Will on Twitter
Edited by Anton Rohozov
Produced by Pam Cameron
Produced by Pam Cameron