First-Timer Buys a $15m Business in Distress

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:

• LinkedIn
• 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:

• The Acquisition Lab

Get complimentary due diligence on your acquisition's insurance & benefits program:

• Oberle Risk Strategies - Search Fund Team

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