Summary

In this conversation, Jon Lowrance shares his journey of acquiring companies. He discusses his background in entrepreneurship and the decision to sell his grading and excavating business. Jon emphasizes the importance of taking action and not being afraid to make mistakes. He also highlights the conflict between traditional education and the skills needed for entrepreneurship. Jon shares the painful experience of selling his business and the lessons he learned from it. He then talks about finding the right business partner and the process of acquiring his first company, a retaining wall business. Finally, he discusses the importance of building connections and trust and evaluating the financials before making a deal. In this conversation, Jon Lowrance shares his experience and strategies for acquiring companies with growth potential. He discusses the process of negotiating the purchase, including valuing the business based on EBITDA and owner financing. Jon also talks about the importance of cleaning up the books and improving profitability after taking over the business. He highlights the need to increase prices and manage cash flow to pay down debt. Jon explains how he grew the business by adding crews and improving marketing. He emphasizes the importance of hiring a general manager and shares his approach to interviewing and assessing candidates. Finally, Jon discusses his plans for future acquisitions and financing. In this conversation, Jon Lowrance discusses the importance of learning through experience when it comes to running and buying businesses. He emphasizes that while academic knowledge is valuable, actually owning a business is the most important aspect for an entrepreneur. The conversation also touches on the difference between serial acquirers and one-time buyers, as well as the role of the owner operator in a business.

Chapters
00:00 Introduction and Background
00:37 Starting the Acquisition Journey
01:59 Selling the Grading and Excavating Business
05:44 The Importance of Taking Action
08:34 The Conflict Between Education and Entrepreneurship
11:22 The Painful Experience of Selling the Business
17:33 Finding the Right Business Partner
19:50 Acquiring the First Company: Retai

Zero Down $3.5 Million Deal: The True Story of a 100% Seller Financed Acquisition

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