In today’s episode, we’re talking with Pete Seligman. Pete is here to talk about his experience diving into the world of Entrepreneurship Through Acquisition (ETA) after leaving corporate America. He is going to share what his journey has been like now that he has bought five companies, been the CEO of three of them and successfully worked himself out of the job, sold two of the companies and sold a partial stake in the other three.
Pete has the track record to prove that entrepreneurship through acquisition is not only possible but extremely accessible if you put your mind to it, create a plan and execute like hell. He proves that it is possible to buy a company, swoop in as a CEO who gets to know the people and industry, build a plan to grow enterprise value - ON PURPOSE- and successfully work yourself out of the business so that you can have options to keep growing other companies, choose to sit on the board and take distributions or sell the business.
Pete Seligman one of Australasia's most experienced practitioners and a leading voice for Search Fund and ETA insights and advice.
06:37 - “I tried things and I failed. I wanted it to hurt, you know? If I fell off a bike, I wanted to actually skin my knee. Whereas in big corporate environments, all sorts of things can go wrong but because it’s such a big beast, you’re not really close to the action.” - Pete Seligman
19:26 - “What difference am I going to make? If there’s nothing that I can do that’s going to make it better than anyone else, then how am I, firstly, going to compete in the bidding process? And secondly, how am I going to make anything of it after I’ve bought it?” - Pete Seligman
24:37 - “Raising kids, there’s this concept of ‘quality time.’ I was reading in a book the other day, and it’s not actually about quality time; it’s about just time. In order to spend good time with you kids, you actually need to spend a lot of time with your kids, right? Because you never know when the quality is going to show up. And it’s similar with the relationship-building process with a vendor.” - Pete Seligman
38:18 - “I think it’s really important to make sure your house is in order. It makes for a better business and it makes for a more profitable business, but it also means that if someone does come knocking, you’re not scrambling, trying to figure out how to make your business look good.” - Pete Seligman
49:07 - “It’s unlikely you’re not going to find value in business operations and sales marketing in terms of top-line growth.” - Pete Seligman
57:51 - “The delegation thing is a really big challenge. It’s not easy. If anything, it’s the biggest reason why founder-led businesses hit the glass ceiling, because they can only make it to a certain number of people. Because if you get bigger than that, you need to delegate.” - Pete Seligman
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Bryan Clayton is a serial entrepreneur with multiple exits under his belt and a unique take on being a business owner — viewing your business like a video game — and how it can help you accomplish your loftiest goals. His first company, PeachTree, grew to be one of the largest landscaping companies in Tennessee at over $10M in annual revenues, before selling in 2013. Bryan only took a short sabbatical (more on that in the interview) before co-founding GreenPal, an online marketplace that connects homeowners with local lawn care professionals. GreenPal is already doing over $20M, over 100,000 active customers, and completes thousands of transactions every day. What You Will Learn In Today's Podcast Interview How the landscaping industry is a great place to learn how to be an entrepreneur What Bryan learned from selling his first company at 32 The impact software has on manual labor-facing businesses Why Bryan says being an entrepreneur keeps his life interesting and helped him grow as a person How running a business and writing are alike The biggest difference between being a business owner and an entrepreneur When you should go into debt versus push for a debt-free business Why you need to bake your philosophies into your business-running DNA How venture capital is like rocket fuel and what impact it has on unprepared business owners The real story of Uber’s success and the fallacy of “overnight” successes When receiving funding, you have to aware of the bet you’re taking What makes pragmatism the most valuable trait for an entrepreneur in Bryan’s eyes The impact finding your ideal team size has on business planning Why you should cut your teeth on smaller businesses to get a win under your belt before you ...
Ever feel like some business owners “just get lucky?” Somehow they’re in the right position to receive a windfall or somehow get ahead of the next big thing, though their operations don’t seem to differ much from your own. Why don’t you see any lucky breaks? This amazing episode with Mister Lucky himself, Mark Lachance, will show you exactly how to get lucky—on purpose—using the methods he developed through bringing multiple platforms into billion-dollar earners. Mark was one of the founding members of both VersaPay Inc and Pivotal Payments, helping set the course for these financial heavy-hitters. In 2016, Mark successfully sold his last endeavor, EVO Payments International Canada—an end-to-end payment solutions provider and merchant acquirer which he founded in 2009 with only one employee. Currently, he is CEO of Maxy Media, a marketing agency that specializes in paid media on social platforms like Tik Tok, Instagram and Facebook. His ability to calculate and analyze risk, see the market for what it truly is and develop multiple platforms to capitalize on multiple markets makes him an excellent source of knowledge about marketing, blitzscaling and “getting lucky” in business. This episode is a story about how one entrepreneur kept taking strategic risks and the advice he has for other entrepreneurs ready to do the same. What You Will Learn Why Mark chose the Blitzscaling model in his marketing agency and how it paid off What the “Entrepreneur's Dilemma” is and how to overcome it Why it’s important to drop the entrepreneur ego Some breakthrough questions to ask yourself when it comes to dropping your ego and growing the business What it means to stack the odds in your favor Why just meeting people ...
Today I am joined by Dave Kauppi, an investment banker with MidMarket Capital. We discuss the technology/software industry and what makes it different than traditional companies. Dave specializes in M&A (mergers and acquisitions.) He explains how he got into the tech industry and shares some examples of deals and business models he has seen over the course of his career. We explore what makes a company worth the investment to a buyer and how you can make sure you use that value to your advantage. It is very important that you do the due diligence for your company so you know what makes you different and how that difference can be leveraged. What you will learn about this episode: Dave’s career background. Who MidMarket Capital serves. How the tech industry has changed over the years. The pros and cons of the recurring revenue model. How to convert your company to a recurring model. Companies that are accidental software providers. How the market dictates the value of a software company. Common contingents that are included in tech company sale deals. Dave’s Kindle book. Dave’s tips for negotiating with experienced buyers. Dave’s parting words for the audience. Takeaways: It is very important that you keep an eye on the big picture. You need to know what makes you different in your field and how that is valuable to a potential buyer. Then you need to use that value to negotiate terms that are also good for you. Create a business that is sellable and can go on without you and educate yourself about your industry market. Links and Resources: Selling Your Software Company: An Insider’s Guide to Achieving Strategic Value by Dave Kauppi MidMarket Capital GEXP Collaborative Dave’s email269-231-5772 About Dave: Dave ...