Live- Buy a Business and Put someone else in charge! Guest Palmer Higgins from Chenmark.

David C Barnett Small Business and Deal Making SMB

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New Livestream guest- Palmer Higgins from Chenmark
I’m happy to have Palmer join me on a live broadcast.
Palmer and his partners have built up a holding company with multiple small business operating units in two countries from their home base in Portland, ME.
Tune in and as we’ll be discussing how they buy businesses and put someone else in charge of running them.
This is one of the biggest topics I’m asked about all the time and we’ll get to hear some of the challenges and the reality of what it’s like to oversee someone else who runs your business.
This is a ‘must see event’ for anyone trying to step back from being the leader in an operating business or who plans to build their own ‘Baby Berkshire’ one day.
Find the Weekly Thoughts blog here: chenmark.com/weekly-thoughts/
Learn to buy a business at www.BusinessBuyerAdvantage.com
Cheers
David C Barnett
Show sponsors:
www.jeffalpaugh.com/dcb10
www.SMBPodcastNetwork.com Sign up and receive weekly emails with the internet's best new conversations about small and medium sized business.

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Опубликовано:

22 сен 2022

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Комментарии : 22

@stanleythomson9139 Год назад

Thanks David, I can’t tell which is more impressive, your content or your guests, keep up the terrific work.

@DavidCBarnett Год назад

Thanks, will do!

@duprosezzllc223 Год назад

Love this !!

@DavidCBarnett Год назад

Thanks

@ShareReachCommunity Год назад

36:34 bookmarked. BRB

@juniperbarry9105 Год назад

I watched the entire thing. Great interview! One caveat tho. This guy from Greenwich CT, meaning he is from a LOADED family so his “startup” had a LOT more capital than most of us peasants start with but hopefully one day you’ll interview someone who started with literally nothing. Thanks!

@DavidCBarnett Год назад

I don't know about his family, but he and his partners did have high-income jobs that would certainly have afforded them some of the startup capital.

@petninja6320 3 месяца назад

If startup funding is what you consider the biggest caveat, you aren’t cut out for business. You can EASILY find pml or hml that’ll consider your business strategy over your background.

@teddyowen8964 Год назад

Thanks, David! A question I have: do you think a similar sort of holding company/portfolio strategy might work for acquiring businesses doing ~$200K in EBITDA? Let's assume the following: your acquisitions are of the same business type and you are knowledgeable about the industry, and you put managers in place, but are an active owner (a few hours every week working on each location). My dream would be to run a holding company that sort of rolls up small auto repair shops. I notice that micro PE firms like Chenmark almost all have a $500K EBITDA minimum, which makes me question if there is something about smaller businesses that make this model impossible. Basically, I'd like to create a business sort of like Chenmark, but focused on smaller biz. Do you think this is doable? Have you seen any folks succeed at this?

@DavidCBarnett Год назад

Sure, you are the one who will have almost all the C-suite responsibilities for all the companies though. So, your bandwidth might be challenged. You may find yourself growing then divesting of some of these and investing in bigger things as your holdco evolves and you want more leaders to join you.

@damiankraemer Год назад

Regarding finding a person to run the newly acquired business... any additional insight to add? Is it all about luck until you have the scale to train a CEO yourself? How would you go about finding a reliable person to run a SMB for an absentee owner?

@DavidCBarnett Год назад

Most buyers look for a business that has a #2 that may be good to fill the top job. That's the easiest way to find the operator. Told this by many.

@lowrider5717 Год назад

Would like to see a video on what kind of companies will be best during this next supposed downturn I am looking at a pool route, seems low overhead and could scale no one has ever contacted me about cleaning or servicing my pool since I stopped using a service, seems most of them do not market very much

@lowrider5717 Год назад

Why do some listing like on biz buy sell or biz for sale not show you the EBIDTA???

@DavidCBarnett Год назад

Either they don't want to give away too much info, or it loses money, or they don't know how to figure it out. One of those three generally.

@lowrider5717 Год назад

@@DavidCBarnett could that be a good sign for a distressed sale? what is your experience of what is the most common reason they do not post that info?

@raryan11 Год назад

Have you got a link to Palmer's previous call with you?

@DavidCBarnett Год назад

He was a guest speaker for the Business Buyer Adventure group coaching program. All the past speaker recordings are available for members. You can learn more by watching the video at www.BusinessBuyerAdventure.com

@AdaptedStudios Год назад

Does he use seller financing for his first few acquisitions?

@DavidCBarnett Год назад

Every acquisition should contain a material amount of seller financing. It's my understanding that they've done this in most deals.

@AdaptedStudios Год назад

@@DavidCBarnett is it possible to use a mix of seller financing and bank loans? For example for a £200k business, can the seller finance £140k and we get a bank loan for £60k?

@dannyvo5937 2 месяца назад

This guy is such a finance bro. His monotone voice and approach to acquisitions and management are not something to really aspire to. You have had much better guests on your show.