Jackson's M&A Odyssey: Part One
One Buyers Quest to Purchase the Perfect Business
Posted with Permission from the Author Peter Jackson
Friends, Family, and Associates,
Hope everyone had a relaxing 4th of July holiday last week. I wanted to send out my first progress email to keep everyone up to date as my business search continues. I plan to send these emails about once a month until I acquire a business. For those of you able to help, these checkins might inspire new ideas, advice, or new connections at each stage of my process.
Currently, I’m at the beginning of my search process trying to get in front of potential sellers. The first meeting with a seller is analogous to a first date (with my corresponding status as “looking for love” and “it’s complicated”).
The approach I’m taking overall centers around 3 tactics: 1 - cold outreach to business owners in industries that meet my criteria; 2 - professional intermediaries (brokers, attorneys, accountants, private equity, etc); 3 - introductions through my own network. Additionally, I’ve been working with John Martinka (Martinka Consulting / Partner On-Call Network). He’s one of my chief advisers throughout this process.
With John’s help so far, I’ve distilled a list of 3800 businesses in the Chicagoland area down to 500+. And over the next month, his team and myself will be reaching out to those prospects to see who might be interested in dinner, drinks, and flowers.
So far I’ve looked a party rental business and while the size was right the location was too remote. I also looked at a few salon opportunities and if they were multiple locations I would have pursued them. Below is my “A” list of industries for my search, although I realize most buyers buy something that comes in the “side door." If you know any potential sellers, brokers, relevant professionals, or other successful business acquirers who you think I should connect with, please drop me a line.
Areas of Interest
Automotive Repair & Maintenance Services
Plumbing & HVAC contractors
Hair Care Services
Business Services Sector
Converted Paper Products Manufacturing
Environmental Consulting Services
Hardware & Fastener Manufacturing
Heavy & Civil Engineering Construction
Material Handling Equipment Manufacturer
Metalworking Machinery Manufacturing
Trade Show & Event Planning Services