First-Timer Buys a $15m Business in Distress
About this episode
Mike Bourgeois discusses his experience buying a distressed HVAC company and the strategies he implemented to turn it around.
Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks. Register for the webinar: The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTN Topics in Mike’s interview: Led major Air Force medical practice Found a search partner with complementary skill sets Bet on distressed businesses with liquidation value Found a deal through veteran ETA Slack Speed beat the highest bid Immediately cut $1.4M in annualized expenses Raised gross margins from 7% to 49% Shifted from silos to teamwork Emphasis on ongoing staff training His goal of being a capital allocator/investor References and how to contact Mike: LinkedIn Cardinal Heating & Air Book: The Compounders: From Small Acquisitions to Giant Shareholder Returns The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or…
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