EP18 3 Acquisitions since 2020 with Lucas McCann owner of CoreAffinity.com
Invest and Scale
English - June 10, 2022 14:05 - 49 minutes - 91.3 MBEntrepreneurship Business Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Lucas McCann is the owner of CoreAffinity.com, he has acquired over 3 businesses in the past 4 years with his partners. In this episode, he talks about the importance of thinking of acquisitions as a team sport vs. as a solo sport. He shares with us the core strategy they use every time they speak with a potential seller, especially when it comes to off market deals, and how they incorporate these principles and utilize the better together framework.
Podcast Highlights:
Lucas' background before he got into the Acquisition game.
His first acquisition and the lessons he learned to keep improving.
He shares his experiences in building the business from scratch.
A set of the questions they ask when talking with a potential seller.
An overview of Core Affinity programs and how they work.
The importance of understanding how the business could look in 10 years.
Explain how his third business is completely different from his first and second businesses in terms of what they are offering through core affinity.
What strategy do they use to find direct sellers and close deals?
The importance of encouraging people to be direct and build relationships when they are selling their business.
What Lucas and his team do to make a personal connection with the potential seller.
Their goal after they acquired the business and how they will grow the business and add value in the long run.
Lucas points out some questions he considers before they even acquire a business.
How he learned to know his limits and not do everything himself.
Discusses the levels of trust between partners when working in a business.
Lucas' 10-year vision for their business.
Describes how he loves solving problems in his industry.
Advice from Lucas for acquisition entrepreneurs.
Tweetable Quote:
“Real-life examples have really helped us better our process and better our approach to the relationship and negotiations.” - Lucas McCann
“Never burn a bridge.” - Lucas McCann
Resources Mentioned: