Throw-ins to thermostats - Ex footballer acquires air conditioning company
07/27/23 • 26 min
In this episode, Jonathan Jay interviews Sam Turner, a former professional footballer turned dealmaker. Sam shares his journey from a successful corporate career to his decision to buy businesses. He explains how he found his first acquisition through networking and discusses the importance of credibility and clear focus in the acquisition process.
Sam emphasizes his philosophy of maintaining autonomous business units within a group and avoiding trying to oversimplify back-office synergies.
Key Highlights[00:44] Sam’s background
[04:34] What Sam did after the Zoom course
[07:34] Factors to consider when deciding on the type of business to buy
[09:14] The role of credibility in a business venture
[12:14] How Sam undertook his first deal
[14:00] How networking can aid in getting deals
[15:20] Time frame between first contact with the business owner to owning it
[18:40] How Sam got access to a lender
[22:14] How too many changes can lead to a decline in the value of a business
[24:05] Sam’s plan for the future
Notable Quotes- In the beginning, when you haven't done this for the first time, there is a credibility piece that is helpful to have somebody.
- Whether there's that, there will be best practices and stuff, but I'm not going to, probably not at least at the beginning, or let's merge all the back offices together. We may end up going down that road, but it will be because of a discussion with each of the sort of balances and the business.
- The money is secondary to me, and I also have very clear plans of what I would do with that to help others. But I think there is a great opportunity you have to work out whether it's for you or it's not. And if it is, then go for it.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on [email protected] for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at [email protected].
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy
In this episode, Jonathan Jay interviews Sam Turner, a former professional footballer turned dealmaker. Sam shares his journey from a successful corporate career to his decision to buy businesses. He explains how he found his first acquisition through networking and discusses the importance of credibility and clear focus in the acquisition process.
Sam emphasizes his philosophy of maintaining autonomous business units within a group and avoiding trying to oversimplify back-office synergies.
Key Highlights[00:44] Sam’s background
[04:34] What Sam did after the Zoom course
[07:34] Factors to consider when deciding on the type of business to buy
[09:14] The role of credibility in a business venture
[12:14] How Sam undertook his first deal
[14:00] How networking can aid in getting deals
[15:20] Time frame between first contact with the business owner to owning it
[18:40] How Sam got access to a lender
[22:14] How too many changes can lead to a decline in the value of a business
[24:05] Sam’s plan for the future
Notable Quotes- In the beginning, when you haven't done this for the first time, there is a credibility piece that is helpful to have somebody.
- Whether there's that, there will be best practices and stuff, but I'm not going to, probably not at least at the beginning, or let's merge all the back offices together. We may end up going down that road, but it will be because of a discussion with each of the sort of balances and the business.
- The money is secondary to me, and I also have very clear plans of what I would do with that to help others. But I think there is a great opportunity you have to work out whether it's for you or it's not. And if it is, then go for it.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on [email protected] for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at [email protected].
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy
Previous Episode
Why I'll never rely on organic growth again
In this episode, Jonathan talks with Richard Bundock, a successful entrepreneur who shares his journey of buying and growing businesses. Richard's story begins with his early entrepreneurial ventures, when he sold stick-on tattoos at school. He recounts his experience making three successful acquisitions, detailing the differences between asset and share purchases.
Inspired by his success, Richard plans to make around 18 more acquisitions to become one of the top five independent agency groups by 2026. He encourages listeners to take risks and push forward in their acquisitions, reminding them that time is precious and that they should seize opportunities to create positive change.
Key Highlights[00:44] Richard's background
[01:21] How Richard got into entrepreneurship
[02:53] The nature of organic growth
[04:46] The sector that Richard specializes in
[06:24] The most stressful deal for Richard
[09:46] The difference between asset and share purchase
[11:36] Richard's plan for the future
[15:30] The commonalities learned from fellow entrepreneurs
[16:18] Advice to people interested in buying a business but have not made the first step
Notable Quotes- I think the main thing is that you have to kiss a lot of frogs before you find your prince, which is the classic thing.
- You got to put the work in to get the result. And we've done that. And we've made three acquisitions this year; that has been something that has turned things around.
- I think sitting around and talking in a group appears with others that have made acquisitions as well. You start to realize that the only thing holding you back is yourself.
- Doing a good acquisition is feasible. It's just how hard you are prepared to push and work to get that done.
- I think they need to get an uncomfortable fence because they're too comfortable sitting on that fence. They put cushions on it and everything, and they need to get a little bit uncomfortable. And they need to realize that if they're sitting on the fence, stuff is just happening around them, and they're not going to move forward, they're not going to get anywhere because they're going to stay on that fence.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on [email protected] for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at [email protected].
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy
Next Episode
The outlook and strategy for effective business deals
In this episode, Jonathan Jay interviews successful entrepreneur Nick Manuel, who shares his journey of buying and building businesses. Nick started his entrepreneurial journey by attending Jonathan's course and listening to this podcast. He explains how he acquired a balloon printing company and turned it into a lead generator for his existing business.
Nick shares valuable insights into his acquisition strategy and the importance of taking action, not overthinking, and focusing on deal flow. He also discusses his plans for further acquisitions and the potential for significant business growth.
Tune in for Nick's business buying journey.
Key Highlights[00:46] Nick’s background
[01:49] How Nick undertook his first deal
[03:57] How Nick agreed on the price
[05:59] How John Andrews helped Nick with his first acquisition
[07:05] The benefits of acquiring a business with finance-free assets
[09:53] How Nick knows that he is being realistic with himself
[11:26] How Nick found the upcoming deal
[12:05] Steps followed by Nick to agree on the price
[15:43] Benefits of viewing business acquisitions as strategic opportunities
[16:56] What Nich has learned from being part of the Mastermind Group
[18:38] Benefits of quickly integrating the acquired business into the existing one
[19:29] Nick’s word of wisdom based on his experience
[22:19] What has changed from when Nick met Jonathan]
[22:43] Common trait among successful business acquirers
Notable Quotes- One thing is getting going and not spending a week thinking about it, not taking a week to think about it. No. And yeah, I suppose being quite aggressive with the negotiation and your terms. If they're that desperate, it's your terms, or you walk away, that's it. There's no messing around with their comebacks on not wanting certain warranties and things in the contract.
- You have to enjoy the process. Like you say, what's the worst thing that can happen? And once you start doing it, you realize it's not scary. It's fun. You have to get on and do it.
- As you grow, putting a solid team in place is the main thing. And I suggest trying and scribbling on salaries sparingly because you want people coming in from where you want to be, not where you've been.
- The main stumbling block I had originally was around the letters and overthinking. You've got to start sending them out. Yes, they have a cost to them, but you've only gotta find one deal, which is completely irrelevant.
- You can be the visionary, the leader, and the guy that goes out finds the deals, and needs someone behind you who's, uh, implementer. But you can hire that person, pick up the pieces, and do all the operations. Yeah. I couldn't do what I'm doing now at the size I'm doing it if I was doing it myself. I just couldn't.
- I remember sitting there like you guys when I was sitting there, and you just go away, send the letters out, and have the conversations. Some people put the phone down, and some won't, and then you just end up laughing, and you just go out there and take action first, and the rest will fall into place.
Resources
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on [email protected] for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at [email protected].
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk
Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk
You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/
If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast
Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube:
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