99 - How to Buy a Seasonal Biz: Buy Another for Low Season
Ask any acquisition entrepreneur who bought a blue-collar business what the most difficult aspect of running their business is.
For nine out of ten, the answer will be people.
Lots of worker turnover in blue-collar businesses.
Now imagine you run a seasonal blue-collar business with waves of sales in the spring and fall, but still waters in summer and winter.
That seasonality just adds to your staffing complexity and you're likely to see that much more churn.
Andrew Harbin bought an awning business outside Pittsburgh.
The awning business is seasonal, with high seasons in spring and fall, and Andrew came up with a solution to the issue: do a second business whose high season is his first business's low season, thereby smoothing out the seasonality and allowing him to retain the crews that he so painstakingly hired and trained.
We get into all of that, plus the usual goodness: Andrew's search, what he paid, how he's grown, and his plan to get to $1 million in EBITDA in five years.
Enjoy this interview with Andrew Harbin of Venango Awning.