Andrew Pierno: Cold email agency margins, market fluctuations, offer evolution, using cash flow to buy businesses

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00:00:00 - Andrew Pierno talks about his career in venture-backed companies and how he started his cold email agency, Cold Email Studio.
00:02:45 - Andrew Pierno discusses the challenges and lessons learned from running a cold email agency and the importance of finding the right market, message, and timing.
00:05:34 - Andrew Pierno shares insights on how his agency evolved by focusing on content marketing and thought leadership to attract ideal customers.
00:08:27 - Andrew Pierno talks about the challenges faced by agencies in terms of profit margins and how they shifted their focus to increase profitability.
00:11:07 - Andrew Pierno talks about the process of acquiring and turning around businesses, emphasizing the importance of buying businesses with growth potential and a working channel.
00:17:38 - Andrew Pierno discusses the factors that make a business attractive for acquisition, including product, customers, and channels, and the reasons why some people choose to sell their businesses.
00:20:11 - Andrew Pierno shares his approach to finding and evaluating businesses for acquisition, including direct outreach, online marketplaces, and inbound leads.
00:25:25 - Andrew Pierno highlights the importance of timing and exhaustion as reasons why people sell their businesses, and the challenges of competing with other buyers on online marketplaces.
00:28:49 - Andrew Pierno talks about the value of his online presence and audience in raising outside capital and differentiating his agency in the acquisition space.