Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
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Kind: captions Language: en what types of companies are you trying to buy so you’re trying to buy is it a certain price point is it a certain business model is it a certain type of owner what are you trying to buy yeah so we first want to buy something that we thinks gonna be durable and around for a really long time so you know if you look at our clone portfolio we are in the swimming pool business like digging holes in the ground shootin concrete we’re also manufacturing in that space as well another company that’s unrelated in the backyard product space it’s a bunch of confused and sell through mass retail we are with military recruitment firm that was the first firm that I acquired me t cross we’ve got a military recruitment firm so it’s not like Legion for military yeah so we actually work I mean we have number of different clients but one of our main clients is a civilian branch of the Navy that resupplies the ships that never came into port so it’s called Military Sealift Command and we’re responsible for finding and onboarding all of their staff on a yearly basis so it’s like a staffing firm for a ship yeah well for a whole branch of military so it’s there’s their staffing and there’s a lot fourteen fifteen seventeen hundred civilian Mariners a year into that division so it’s a it’s a pretty large operation digital digital yeah yeah we have you know online application products but not mostly I think there’s a lot of physical activities as well we have a it’s not sexy where the rubber meets the road real-deal business so we were talking about some of the differences you guys owned so me across which is a military recruitment firm swimming pool business back here at the base so you have a couple of there so you were saying you’re looking for durable businesses that’s likely attribute one what are the other sort of key attributes you’re looking at yeah I mean so we want to find a leadership team that we can partner with there’s so many you know it’s so hard to grow a business right and so a lot of the businesses were looking at we either called has been right before the line of professionalization or maybe has just crossed and there’s this this real interesting you know sort of in-between gap where a lot of these firms they’re they’re too big to be small and too small to be big and the leadership teams kind of capped out they’re just brute forcing as much as they possibly can but they don’t have the the system’s the talent on staff to be able to grow larger and so a lot of the times we’re trying to figure out from them you know do they want to get bigger there’s some there’s some firms we talked to and and they say well even though so yeah I want to get bigger but the you know the CEO is answering 60 calls a day on a cell phone and I mean there’s just no way right and so we’re looking for a leadership team that I think has the base skills is really really excellent at what they do and we’re looking for the company to have a position in the marketplace that is protected somehow right so I mean we’re not looking to get into just commodity type businesses we want them to have something unusual about them that we can really build on and help them grow and then you know this doesn’t sound like a like a maybe a no-brainer obvious one but we gotta get to a price in terms that that that are acceptable to both parties right and there’s roughly 400 decisions that have to be made sort of dream that acquisition process I mean that’s 400 opportunities to not agree and and it’s very difficult and time-consuming and so a lot of us just trying to make sure that we think that a deal could be done as well [Music]