E184: Chandler Reed On His Journey as an Entrepreneur and the Success of His Green Energy Business - Watch Here

About the Guest(s):

Chandler Reed is a finance and real estate professional based in Tampa, Florida. He acquired his first business through the ETA (Entrepreneur Through Acquisition) method and is currently the co-owner of Get Green NOI. With a background in multifamily real estate and finance, Chandler brings his expertise to the company, which specializes in commercial lighting retrofit projects for large apartment complexes. He is passionate about sustainability and helping clients reduce energy consumption while improving their properties. You can connect with Chandler on Twitter.

Episode Summary:

In this episode, Chandler Reed shares his journey as an acquisition entrepreneur and how he acquired his first business through the ETA method. He discusses the importance of being a skilled salesman in project-based construction and the misconceptions around "get rich quick" schemes in the real estate world. Chandler provides insights into the challenges and opportunities he faced while turning around Get Green NOI, a company specializing in commercial lighting retrofit projects for multifamily properties. He also highlights the significance of understanding financials and the cyclical nature of the business. To learn more about Chandler's experiences and expertise, follow him on Twitter and visit the Get Green NOI website.

Key Takeaways:

• Chandler Reed emphasizes the importance of being a skilled salesman in project-based construction and highlights the need for strong sales abilities in the acquisition entrepreneurship field.
• Acquiring a business through the ETA method requires hard work and is not a "get rich quick" scheme. It involves understanding financials, making informed decisions, and planning for the future.
• Get Green NOI specializes in commercial lighting retrofit projects for large apartment complexes, helping clients reduce energy consumption and improve their properties.
• The turnaround process for Get Green NOI involved repositioning the company and expanding into other green energy verticals, despite initial challenges and the seller's focus on another venture.
• Chandler Reed emphasizes the cyclical nature of the business, with slower periods during the summer and holidays, and the importance of strategic planning and building strong client relationships.

Notable Quotes:

• "Relationships are everything in this world. Once you have a client, you have to do everything you can to make sure they're taken care of because they will send you more business and recommend you to others." - Chandler Reed
• "Understanding the financials and knowing the cycles of the business is critical in any acquisition. It helps you make informed decisions and plan for the future." - Chandler Reed

Article:

Navigating the Acquisition Entrepreneur Journey: Insights from Chandler Reed

Introduction:

In the world of business acquisitions, the ETA (Entrepreneur Through Acquisition) method has gained popularity as a viable path to entrepreneurship. Chandler Reed, a successful participant in the ETA process, shares his journey of acquiring a business and the valuable lessons he learned along the way. In this article, we will explore the key takeaways from Chandler's experience and delve into the challenges and opportunities he encountered as an acquisition entrepreneur.

Key Takeaways:

• Chandler Reed's journey as an acquisition entrepreneur began when he stumbled across a tweet from his now-business partner, Sam Rosati, seeking someone with hustle and knowledge of multifamily real estate.
• The business Chandler acquired, Onyx Energy, was a commercial lighting contractor specializing in retrofitting apartment complexes with energy-efficient lighting.
• The initial state of the business was challenging, with low revenue and a need for a turnaround. However, Chandler saw the potential for growth by expanding into other green energy verticals.

The Acquisition Process and Overcoming Challenges

Chandler shares his experience of navigating the acquisition process, from the initial call with Sam to closing the deal. Despite being new to the ETA method, Chandler's background in finance and real estate provided a solid foundation for understanding the business's potential. The due diligence process was challenging, but with Sam's guidance and expertise, they were able to assess the business's financials and identify areas for improvement.

Chandler emphasizes the importance of being a rockstar salesman in the project-based construction industry. He acknowledges that not everyone is cut out for this role, but it is crucial for success in acquiring and growing a business. He also dispels the notion of "get rich quick" in the ETA process, highlighting the hard work and dedication required to build a profitable business.

The Turnaround Story and Business Expansion

Upon acquiring Onyx Energy, Chandler and his team faced the task of turning around a business that had been neglected by the previous owner. They focused on rebranding the company as Get Green NOI and expanding their services beyond lighting retrofitting. By adding EV charging stations, low-flow plumbing fixtures, and exploring solar energy, they aimed to position the business as a comprehensive provider of green energy solutions for multifamily properties.

Chandler discusses the importance of implementing the Profit First model, which prioritizes paying profits and income before allocating funds for other expenses. This approach forces businesses to be scrappy and resourceful, ultimately leading to financial success. He also recommends reading the book "Who Not How" by Dan Sullivan, which emphasizes the power of collaboration and finding the right people to help achieve business goals.

Building Relationships and Creating Recurring Revenue

Chandler emphasizes the importance of building relationships in the commercial real estate industry. By attending industry events and leveraging existing client connections, they were able to secure new projects and generate referrals. Additionally, they explored opportunities for recurring revenue, such as maintenance contracts and shared savings programs. While these initiatives are still in progress, Chandler recognizes the potential for long-term growth and stability through recurring revenue streams.

Chandler encourages commercial real estate owners and property managers to reach out to him for their green energy needs. He highlights the value of Get Green NOI's services for industrial properties over 5,000 square feet and apartment complexes with over 100 units. He also invites individuals interested in the ETA process to connect with him on Twitter, where he shares insights and updates on small business and ETA-related topics.

Conclusion:

Chandler Reed's journey as an acquisition entrepreneur provides valuable insights into the ETA process and the challenges and opportunities that come with acquiring and growing a business. By focusing on relationship-building, expanding service offerings, and creating recurring revenue streams, Chandler and his team are positioning Get Green NOI for continued success in the green energy sector. As Chandler looks to the future, he aims to further streamline operations and empower his team to drive growth, ultimately creating a sustainable and profitable business.

Note: This article is based on a transcript from the How2Exit Podcast with Ronald Skelton.

---- 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 Growth & Acquisitions(Formerly The Hub)