In this video, Pete Seligman walks us through all five of his acquisitions, major focus on the first one, that he's been a part of and the two exits. Pete is an experienced entrepreneur and investor who has been involved in a number of different industries over the years. In this video, he provides some great insights into the world of acquisitions – what to look for, what to avoid, and how to make sure you get the most value out of the deal.
Look for the "sailing" sports - business analogy
00:00 Intro to Pete in Australia!
00:56 Call to Adventure - What was missing in his life
03:57 Why some humans need to be responsible for Inputs RESULTS
05:54 Buying a business in Australia (vs the USA)
07:15 acquisition Criteria - Why Direct Invoicing was important
10:29 First Acquisition Cap Stack
11:49 Did seller/owner stay on?
13:21 How did you find the business and was it a "good" business
18:38 Why you need to "work-in" the business - to start
19:25 Bringing a Sledgehammer to the valuation and offer
23:11 His style of offers - margin of safety & single digit offer
26:05 Buy and Hold - no target exit date
27:10 Paying salaries - what happens when cash flow from acquisition is not enough
27:50 big skeletons in the closet came after acquisition
29:48 When he first felt the "What he was meant to do" Dopamine rush
33:18 His inspiration - mentors
34:44 Growing the first acquisition & buying more
36:00 When business owners hit a glass ceiling
37:50 Ocean racing vs sailing around the harbor
39:11 Courting the 2nd acquisition seller
39:48 Making an offer to seller they could not refuse - call options
43:50 Buying the same type of business but in unrelated industries just 2X in 5 years
47:13 Scaling, software vs service - why you need domain expertise
49:13 More acquisitions - parking meters & selling to a PE firm
50:58 Attracting investors to co-invest buying bigger companies
52:23 Buying a Travel Business - why you need to "stick to your knitting"
54:37 Making himself redundant & Becoming a Search Fund Investor/Coach
1:00:33 Getting in touch with Pete on LinkedIn
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