___ Concepts We Can Learn About _____ From How2Exit's Interview W/ Sam Turner - Watch Here
Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit unrefined, you're reading our notes, so. yeah. -Ron
Concept 1: Gain Accountability And Decision-Making
The desire for accountability and decision-making is a common goal for many people. For Sam Turner, this desire was the driving force behind his transition from the corporate world to entrepreneurship. After spending 15 years outside the UK in the corporate world, Sam was the co-founding partner of Aventos, equity partner, and founder and CEO of HVAC Group, where he completed his first acquisition.
Sam's journey started in the world of sports, where he played football for three years. Although he didn't make it, his drive to succeed led him to pursue a career in accountancy. After working in the travel industry and scaling a business from 0.8 billion to 6 billion in sales, Sam was ready for a change. He wanted to be closer to his family and have more control over his decisions.
With this in mind, he secured an exit from the corporate world and spent time reflecting on what his strengths were and what he enjoyed doing. He quickly realized that he could put his skills to use in a business context and have the decision-making capability he desired. To do this, he spent time reading, digesting content, taking courses, and building a network of people.
Sam's journey from the corporate world to entrepreneurship is a great example of how one can gain accountability and decision-making. By taking the time to reflect on his strengths and what he enjoyed, Sam was able to make a successful transition and gain the autonomy he desired. His story is a testament to the power of reflection and the importance of taking the time to consider what you want out of life.
Concept 2: Play A Bigger Game
Sam's journey began when he joined a mentoring group in Switzerland. It was here that he realized he wanted to do something that would allow him to use his skills and help small businesses grow. He wanted to take the skills he had developed in the corporate world and use them to help others. He then created Advantos Equity Partners with five other partners from different backgrounds.
Sam had the opportunity to help a man from one of his outreaches who had owned a tow truck company before. He wanted to make sure his business partner's family was taken care of and sold the assets off. After taking a couple of years off, he was back working for another tow truck company. Sam was able to introduce him to a real estate investor, private lender friend of his who was wanting to try something like this. This was a great example of how Sam was able to use his connections to help someone else.
Sam's journey has been an example of how one can take the skills they have and use them to help others. He has taken the time to reflect on his strengths and what he enjoys, and has used this to make a successful transition into entrepreneurship. He has also used his connections to help others, such as the man from his outreach. Sam's story is a testament to the power of reflection and the importance of taking the time to consider what you want out of life. It is a reminder that we all have the power to play a bigger game and make a difference in the world.
Concept 3: Form A Team For Success
In this podcast, Sam talks about the importance of forming a team for success. He believes that working with other people is essential for success and that forming a team can help bring opportunities together. Sam's team consists of five or six of his good friends, who he coached in the move into real estate. He was aware that if he took the same approach, he would dominate them, and he didn't feel right about it. Sam's team has made it possible for him to transition into the foreclosure business, and to build a billion dollar company through acquisitions and mergers.
It is clear that forming a team is essential for success. Working with others can help you identify opportunities, bring in new perspectives, and provide the support and motivation needed to reach goals. It also allows you to leverage the skills and experiences of others, which can help you identify new pathways and open up new possibilities. Forming a team also provides a sense of accountability and can help you stay on track.
To form a team for success, it is important to identify the skills and experiences you need. Identifying the right people for the team is also essential. It is important to find people who have similar goals, values, and passions. It is also helpful to look for people who have different skills and experiences, as this can help to broaden perspectives and provide new insights. Once a team is formed, it is important to set clear expectations and create a plan of action. It is also important to provide support and encouragement, and to celebrate successes.
Forming a team for success can be a powerful tool for achieving goals. It can provide the motivation and support needed to reach success, and can also open up new possibilities. Sam's story is a testament to the power of forming a team, and it is a reminder that we all have the power to play a bigger game and make a difference in the world.
Concept 4: Grow HVAC Business To 10+ Companies
Sam is a successful entrepreneur who has used the power of team to grow his HVAC business to 10+ companies. He has achieved this by partnering with investors and creating a loose model where each investor is investing in different deals. Through this model, he has been able to acquire businesses, transition them to his team, and build a successful HVAC business.
The HVAC business is a competitive industry, and Sam has found success through careful planning and strategic investments. He has set a goal of reaching 50 million pounds in revenue in four years, and has already acquired his first business at the end of November. This business had a turnover of five and a half million pounds, and an EBITDA of 8-9%. Sam is also looking to acquire three more businesses by the end of this year.
Sam has found success in the HVAC industry by understanding the different trades within it. He has identified areas where he can increase profits and has taken advantage of these opportunities. He has also taken the time to learn more about the industry and has been able to increase his knowledge and skills.
Sam's story is an inspiring one, and it is a reminder that with hard work and dedication, anything is possible. His success is a testament to the power of forming a team and to the power of setting goals and working towards them. Sam's story is a reminder that we all have the power to play a bigger game and make a difference in the world.
Concept 5: Collaborate And Share Resources
Sam's strategy for expanding his business is a great example of how to collaborate and share resources. He is looking to buy complementary businesses or trades, such as electrical installation and maintenance companies. By doing this, he is able to create opportunities for cross-selling between customers and suppliers. He is also looking to hire two employees and license a pest control operation in each new market he enters. This is a great example of how to leverage resources to maximize efficiency and growth.
Sam is also looking to create a model for the businesses to collaborate and share best practices, talent, capital, access to bigger contracts, and cross-selling opportunities. This is a great way to create a synergy between different businesses and to ensure that everyone is working together towards a common goal. By creating this model, Sam is able to create a network of businesses that can work together and share resources.
Sam's strategy is a great example of how collaboration and resource sharing can lead to success. By forming a team and leveraging resources, Sam is able to create opportunities for growth and success. His story is a reminder that with hard work and dedication, anything is possible.
Concept 6: Lullaby Home Services Group
Sam's vision for Lullaby Home Services Group is to provide a comprehensive range of services from handyman work to pest control to home cleaning. He wants to be the go-to provider for all home services needs. His daughter's suggestion of the name Lullaby Pest Control is perfect for the company's mission of providing a safe and comfortable home environment.
The idea of having a unified CRM system for all services is a great idea that will help streamline the customer experience. Sam also wants to make sure that each service is kept independent and that each service provider has their own zone in the CRM. This will help ensure that customer data is kept secure and that no one service provider has access to the data of another service provider.
The group will also provide training to ensure that all service providers are up to date on the latest industry developments. This will help ensure that the services provided are of the highest quality.
Sam's vision for Lullaby Home Services Group is an inspiring example of how collaboration and resource sharing can lead to success. His story is a reminder that with hard work and dedication, anything is possible. With the right team and the right resources, Sam's vision can become a reality.
Concept 7: Access To Capital Is Difficult
However, his story also highlights the difficulties that many entrepreneurs face when trying to access capital. Sam had to negotiate a complex deal with a combination of equity, debt, external debt and deferred consideration. He also had to renegotiate the purchase price when the numbers turned out to be worse than expected. These kinds of complex deals can be difficult to obtain, especially for small businesses.
In the UK, access to capital is particularly difficult. Unlike the US, there is no equivalent to the Small Business Bank. This means that businesses looking for funding for deals under half a million EBITDA are often unable to secure the capital they need. Even asset-backed finance is difficult to obtain, as most lenders prefer to focus on larger deals.
Sam's story is an example of how difficult it can be to access capital, even for experienced entrepreneurs. He was lucky to find a lender who was willing to support his plan, but not everyone is so fortunate. The lack of access to capital is a major obstacle for many entrepreneurs, and it is one that needs to be addressed.
In order to ensure that businesses have access to the capital they need, governments and financial institutions need to work together to create more accessible and affordable lending options. This would help to create a more level playing field for entrepreneurs and small businesses and would encourage more people to take the plunge and start their own business.
Concept 8: Focus On Achievable Goals
However, in order for entrepreneurs and small business owners to be successful, they need to focus on achievable goals. Too often, entrepreneurs and small business owners get caught up in the idea of creating something new and revolutionary, and they forget to focus on the basics. They may try to start too many businesses at once, or they may try to create something that is too complex to be successful.
The key to success is to focus on achievable goals. This means that entrepreneurs and small business owners should focus on building one business at a time. They should also focus on creating something that is simple and straightforward. This will help to ensure that the business is successful and will provide a foundation for growth.
In addition, entrepreneurs and small business owners should focus on creating a transition plan for their business. This means that they should have a plan for when they retire or leave the business, as well as a plan for what will happen to the business when they are gone. This will help to ensure that the business is not left in a state of disarray when the owner leaves.
Finally, entrepreneurs and small business owners should focus on finding financing for their business. This means that they should look for investors, lenders, or other sources of capital to help them get their business off the ground. This will help to ensure that the business has the resources it needs to succeed.
Overall, entrepreneurs and small business owners need to focus on achievable goals in order to ensure the success of their businesses. They should focus on building one business at a time and on creating something that is simple and straightforward. They should also focus on creating a transition plan and on finding financing for their business. By focusing on achievable goals, entrepreneurs and small business owners can ensure that their businesses are successful.
Concept 9: Know Who You Need
One of the most important aspects of achieving success in business is knowing who you need to help you. As the podcast discussed, it is not enough to simply have knowledge and experience in the area of business in which you are working. You also need to have a team of people around you who can fill in the gaps in your knowledge and experience. This team should include people with experience in finance, marketing, and operations. Having a team of experienced professionals will help you to navigate the complexities of running a business.
Additionally, it is important to understand the importance of negotiation. Negotiation is key to getting the best deals and to making sure that your business is profitable. It is important to understand the complexities of negotiation and to have the right people on your team to help you. Having a team of experienced negotiators will help you to get the best deals and to ensure that your business is successful.
Finally, it is important to have a plan for the future of your business. It is important to have a plan for growth and for the transition of your business. Having a plan will help you to ensure that your business is successful and that it is able to grow and expand.
In conclusion, entrepreneurs and small business owners need to focus on achievable goals in order to ensure the success of their businesses. They should focus on building one business at a time and on creating something that is simple and straightforward. They should also focus on creating a transition plan and on finding financing for their business. Additionally, it is important to understand the importance of negotiation and to have the right people on your team to help you. Finally, it is important to have a plan for the future of your business. By focusing on these aspects of business, entrepreneurs and small business owners can ensure that their businesses are successful.
Concept 10: Gain Experience And Network
Gaining experience and networking are two essential aspects of success for entrepreneurs and small business owners. Experience is a key factor in the success of any business. It is important to acquire the necessary knowledge and skills in order to be able to make informed decisions and to understand the complexities of the business. Networking is also essential for entrepreneurs and small business owners. It is important to build relationships with other business owners and to have access to the right people and resources in order to be successful.
Experience is essential for entrepreneurs and small business owners. It is important to have a good understanding of the industry and of the business in order to make informed decisions. It is also important to understand the complexities of the business and to be able to handle the different aspects of it. Experience can be gained through research, taking classes, attending seminars, and working with mentors. Additionally, experience can be gained by getting involved in the industry and by learning from others who have been successful.
Networking is also essential for entrepreneurs and small business owners. It is important to build relationships with other business owners and to have access to the right people and resources in order to be successful. Networking can be done through attending industry events, joining professional organizations, and utilizing social media. Additionally, networking can be done by building relationships with people who have the same interests and goals. It is also important to stay up to date with the latest industry trends and to be aware of any changes that may affect the business.
Gaining experience and networking are essential for entrepreneurs and small business owners. It is important to have a good understanding of the industry and of the business in order to make informed decisions. Additionally, it is important to build relationships with other business owners and to have access to the right people and resources in order to be successful. By focusing on gaining experience and networking, entrepreneurs and small business owners can ensure that their businesses are successful.
Concept 11: Network To Find Buyers
Networking is a key element in finding buyers for a business. It is important to have connections with the right people and to have access to the right resources in order to be successful. By having contacts in the industry, entrepreneurs and small business owners can gain access to potential buyers who are interested in their products and services. Additionally, having contacts who have already sold a similar business can provide valuable insight into the process and provide valuable advice on how to make the sale successful.
Adam Coffee, a guest on the podcast, is an example of how networking can help entrepreneurs and small business owners. He has sold HVAC companies and is familiar with the industry. By having a conversation with him, entrepreneurs and small business owners can gain insight into the process of selling a business and have access to potential buyers. Additionally, by networking with other entrepreneurs and small business owners, entrepreneurs and small business owners can gain access to resources and contacts that can help them in their own business endeavors.
In conclusion, networking is an important factor for entrepreneurs and small business owners. It is important to have access to the right people and resources in order to be successful. By networking, entrepreneurs and small business owners can gain access to potential buyers, gain insight into the process of selling a business, and gain access to resources and contacts that can help them in their own business endeavors. Networking is a key element in finding buyers for a business, and entrepreneurs and small business owners should focus on gaining experience and networking in order to ensure that their businesses are successful.
Concept 12: Grow Faster With Peers
Grow faster with peers is an important concept for entrepreneurs and small business owners. By joining a peer to peer mastermind, entrepreneurs and small business owners can benefit from the collective knowledge and experience of the group. Through peer to peer masterminds, entrepreneurs and small business owners can gain access to resources, contacts, and insights that they may not have access to otherwise. Additionally, the accountability and support of the group can help entrepreneurs and small business owners stay on track and achieve their goals faster.
The Investors and Entrepreneurs Professional Mastermind is a great example of a peer to peer mastermind. By joining this group, entrepreneurs and small business owners can gain access to resources, contacts, and insights that can help them grow their businesses faster. Additionally, the group provides accountability and support that can help entrepreneurs and small business owners stay on track and achieve their goals faster.
Overall, networking and joining a peer to peer mastermind are great ways for entrepreneurs and small business owners to gain access to resources, contacts, and insights that can help them grow their businesses faster. By networking and joining a peer to peer mastermind, entrepreneurs and small business owners can gain access to resources, contacts, and insights that can help them achieve their goals faster.
---- MORE COOL STUFF ---
Are you ready to take your podcast listening to the next level? Subscribe to "DEEPER by How2Exit" newsletter and never miss out on our latest episodes. Join our newsletter HERE
Want to stay in touch with what's happening in the Main Street M&A Space? Subscribe to The Hub - Acquisitions Hub
