E227: Connor Pera Discusses Journey to Acquisition Entrepreneurship and Growing The Print Authority - Watch Here

About the Guest(s):

Connor Pera is an accomplished acquisition entrepreneur specializing in commercial printing services. After earning his business degree from Penn State and an MBA from Chicago, Connor worked in financial services and marketing before venturing into entrepreneurship. He currently runs "The Print Authority," a commercial printing company based in Brentwood, Tennessee. Connor has developed a keen understanding of leveraging acquisition entrepreneurship to create value and grow businesses, making him a knowledgeable and insightful guest.

Episode Summary:

In this engaging episode of How2Exit, host Ronald Skelton sits down with Connor Pera, an acquisition entrepreneur who recently took over "The Print Authority," a commercial printing business in Brentwood, Tennessee. Connor shares his journey from working in financial services and marketing to becoming a business owner. Drawing from his experiences, he discusses the concept of acquisition entrepreneurship, the practicalities of buying and running a business, and the lessons he has learned along the way.

Throughout the episode, Connor delves into his strategies for growing "The Print Authority," including expanding their service offerings and building strong relationships with multi-location businesses. He emphasizes the importance of getting involved in the operational aspects of the business to truly drive growth and value. Connor also highlights the significance of knowing your strengths, whether in marketing, operations, or finance, and leveraging them to make informed decisions when acquiring a business. By sharing his firsthand experiences, Connor provides invaluable insights for aspiring acquisition entrepreneurs looking to navigate the complexities of buying and running a successful company.

Key Takeaways:

• Value of Getting in the Game: Connor stresses the importance of jumping into acquisition entrepreneurship rather than waiting for the perfect opportunity.
• Know Your Strengths: Emphasize your unique skills and how they can add value to a business you acquire.
• Effective Communication: Essential for gaining team buy-in and setting clear, actionable objectives.
• Operational Insights: Becoming an operator teaches invaluable lessons that can’t be fully understood through intellectual knowledge alone.
• Capitalize on Experience: Learn from the previous owner and understand that certain industry-specific knowledge will come with time.

Notable Quotes:

1. "I've always had a lot of respect for entrepreneurs and sort of like the business tycoons, if you will."
2. "I really like that model because the revenues are much more reoccurring in nature through those relationships."
3. "The best way to learn how to run small businesses is not to search for the perfect small business to buy; it's to run a small business."
4. "Everything in life is just a series of trade-offs."
5. "The importance of communicating your ideas frequently and often is key to getting buy-in for your vision."

Article:

Navigating the World of Acquisition Entrepreneurship: Lessons from Connor Pera

Key Takeaways:

• Embrace the Journey: The path to acquisition entrepreneurship demands resilience, willingness to take risks, and a relentless pursuit of opportunity.
• Operational Insight: Understanding the operational aspects of the acquired business is crucial for sustained growth and profitability.
• Self-Awareness: Leveraging personal strengths and expertise can significantly enhance the chances of success in acquisition ventures.

Acquisition entrepreneurship is a journey filled with challenges, learning curves, and immense opportunities. Connor Pera, an accomplished acquisition entrepreneur, shares his insightful journey into this realm during a detailed discussion on the How2Exit podcast with Ronald Skelton. From his initial exposure to the field right through to his current operations, Pera’s journey is a compelling narrative for anyone interested in this transformative space.

Discovering the Path to Acquisition Entrepreneurship

Exposure to a New Concept

Connor Pera's journey began uniquely. Unlike many who plan their entrepreneurial voyage from a young age, Pera's interest in acquisition entrepreneurship developed relatively late. Reflecting on his comprehensive experience, Pera states, "It wasn't until business school that I got exposed to the idea of acquisition entrepreneurship and thought, huh, that's really cool."

During his tenure in business school, Pera grappled with the traditional corporate trajectory versus entrepreneurship. The idea that one could purchase and profitably run an existing business without having to pioneer new technology or ideas was a revelation. This notion shifted Pera's focus significantly, setting the stage for his journey into acquisition entrepreneurship.

Experiencing the Benefits of Small Ventures

Pera's initial ventures, such as starting a vending business, provided firsthand experience in managing operations and understanding market demands. "Vending is a little less passive than many portray it, but it introduces the concept of deploying assets that generate cashflow," shares Pera. This experience was pivotal in nurturing Pera’s entrepreneurial spirit and reinforcing his inclination toward acquiring an existing business.

The Leap into Acquiring a Commercial Printing Business

Choosing the Right Business

Choosing to acquire a commercial printing business, The Print Authority, Pera found the industry fascinating due to its potential for steady, recurrent revenue streams, especially through multi-location businesses and franchises. "We specialize in multi-location outsource printing services… hoping to provide those franchisees with a portal to order their branded merchandise," Pera explains, reflecting on the core offerings of The Print Authority.

Although the idea of entering a manufacturing-type industry came with challenges, Pera recognized substantial growth potential by leveraging existing relationships and focusing on marketing and sales — areas where his expertise lies.

Understanding the Operational Dynamics

One key aspect of Pera's acquisition process was evaluating the operational capacity. Recognizing the business’s current utilization and future growth opportunity was crucial. Pera shares, "The biggest ways we have capacity without investing a single incremental dollar is through shifts… going to a 24/7 model." This operational insight allowed Pera to strategize effectively for scaling up the operations without unnecessary expenditures.

Pera also emphasizes the importance of sales as a growth lever. Initially taking on the sales role himself, he found invaluable lessons in developing strategies and systems that would support sustainable growth. Here, he reiterates, "The best way to grow is through organizational development…putting systems and processes in place, and empowering people."

Lessons in Leadership and Entrepreneurship

Communication and Enrollment

A recurring theme in Pera's experience is the significance of clear, consistent communication. Effective communication ensures that the team understands the vision and mirrors the leader's commitment. Pera observes, "The best way to get people to buy into your vision is for them to see clearly that you're bought in."

Pera mentions the concept of 'enrollment,' a term emphasizing going beyond mere understanding to fully buying into and actively participating in the vision. This higher level of engagement transforms ordinary employees into dynamic contributors, fostering an environment where the business can thrive.

The Reality of Work-Life Balance

Contrary to the illusion often sold to aspiring entrepreneurs, Pera underlines that acquiring and running a business is far from effortlessly attaining work-life balance. The notion that you can simply take off whenever you want is misleading. "Everything you do and say sends a very clear signal to the team and the organization," Pera stresses, highlighting the importance of setting a positive example and maintaining the standards you wish to see in your team.

Pera shares his personal journey of juggling professional and personal responsibilities, stating, "It's important to recognize the trade-offs inherent in every decision." This lesson in balancing responsibilities underscores the demanding yet rewarding nature of entrepreneurship.

Reflection on the Journey and Future Insights

The journey of acquisition entrepreneurship, as exemplified by Connor Pera, is filled with enlightening lessons and practical insights. For those contemplating this path, Pera offers invaluable advice. He emphasizes the importance of getting started rather than waiting for the perfect opportunity: "The best way to learn how to run small businesses is not searching for the perfect one to buy, but actually running one."

Pera's reflections on leveraging personal strengths resonate strongly. In his case, bringing his marketing acumen to a business that could significantly benefit from it made a profound difference in his approach and subsequent success. This alignment of personal skills with business needs is a critical factor in achieving sustainable growth and profitability.

Acquisition entrepreneurship is indeed a dynamic and multifaceted journey. By embracing the challenges, continuously learning, and leveraging one’s unique strengths, aspiring entrepreneurs can navigate this complex yet rewarding landscape successfully.

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