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First-Timer Buys a $15m Business in Distress
Published 3 weeks, 1 day ago
Description
Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks.
Register for the webinar:
- The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTN
Topics in Mike’s interview:
- Led major Air Force medical practice
- Found a search partner with complementary skill sets
- Bet on distressed businesses with liquidation value
- Found a deal through veteran ETA Slack
- Speed beat the highest bid
- Immediately cut $1.4M in annualized expenses
- Raised gross margins from 7% to 49%
- Shifted from silos to teamwork
- Emphasis on ongoing staff training
- His goal of being a capital allocator/investor
References and how to contact Mike:
- Cardinal Heating & Air
- Book: The Compounders: From Small Acquisitions to Giant Shareholder Returns
The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business:
Get complimentary due diligence on your acquisition's insurance & benefits program:
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 and produced by Pam Cameron