Show notes
SummaryTaylor Carcasole, shares his journey of operating an agriculture business early in his career and then acquiring a software development and design agency. He discusses the lessons learned and challenges faced in both ventures. Taylor emphasizes the importance of trust and transparency in acquiring businesses and building relationships with sellers. He also highlights the need for professionalization and improving financial reporting in small businesses. Taylor's role in the business included sales and focusing on project profitability. During this part of the conversation, Taylor and Jon discuss the importance of pricing as a lever for business growth and profitability. They highlight how increasing prices directly impacts the bottom line and how being strategic about pricing can lead to significant improvements in EBITDA. They also discuss the challenges of running a small business, including the impact of COVID-19 and the difficult decisions they had to make, such as layoffs. Taylor emphasizes the importance of being prepared for key person risk and the need to constantly network. Finally, they discuss the exit process and how Taylor negotiated a deal that included an upfront cash payment, a retention payment, and an earn-out based on future growth. In the final part of the conversation, Taylor discusses the importance of being prepared to stick around with the business after the transaction. He also highlights the unique aspects of his current roofing business acquisition. Taylor emphasizes the need for searchers to focus on taking action rather than just appearing busy, and to be prepared for the challenges and uncertainties that come with buying a business.❤️ Enjoy this interview? SUBSCRIBE for more: https://www.youtube.com/@unconventional-smbwww.unconventionalsmb.com------------------------------Reach Taylor Carcasole:https://www.linkedin.com/in/taylorcarcasole/simple-partners.com------------------------------Chapters00:00 Introduction05:11 110hr Weeks - Training Grounds Prior to First Business11:18 Owner Transition: A balance with trust13:58 Versat - Business #134:05 Improving the Business37:24 Sales and Operations38:20 The Importance of Pricing and Margin39:21 Firing Customers and Pricing Strategy41:19 Selective Customer Acquisition44:58 Challenges of Running a Small Business46:23 The Impact of COVID-1948:06 Key People Risk and Employee Turnover56:27 The Exit Process01:07:23 Deal Structure and Considerations01:08:50 Lesson 1: Pull Yourself Out of the Business Before an Exit01:09:19 Lesson 2: Global Presence Can Expand Buyer Universe01:13:01 Lesson 3: Avoid Businesses Dependent on Owner's Involvement01:14:00 Roofing Business - Totally different 2nd Biz01:29:26 Lesson 4: Focus on Action, Not Activity------------------------------CONNECT🎙️ Postcast Guests: Canadian SMB owners interested in chatting about your story, insights, and lessons. https://www.jotform.com/form/240498400635254🗞️ Unconventional SMB Newsletter: A precursor to the podcast. 👉 Pantheon Row Ventures: Acquiring, operating, and building SMBs with profit + impact as a core value https://www.pantheonrowventures.com/👉 Connect with host Jon DeCoste on LinkedIn: https://www.linkedin.com/in/jondecoste------------------------------ABOUT Unconventional SMB: A Podcast that explores everything Small & Medium Businesses, offering a unique platform where SMB owners share their stories, insights, and valuable lessons learned along their journeys. Not only celebrating the successes, we discuss current challenges faced by owners and seek to connect them with resources and individuals who can help break through those barriers.SMBs are the foundation of the economy and provide unique opportunities to generate positiv
