4.6 • 1.3K Ratings
🗓️ 31 October 2024
⏱️ 10 minutes
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0:00.0 | the downside of acquisitions, what we have both learned from buying companies. |
0:10.8 | We'll tell you the upsides and downsides. I'll tell you more. I like to learn from mistakes. |
0:15.0 | So the first thing I would say is we wish that, I would say you want to do more due diligence, okay? |
0:22.0 | So when you're doing it, you can't, |
0:24.0 | unfortunately we're working with someone |
0:25.2 | that was trying to get us to close these deals |
0:26.6 | like in like 30, less than 30 days or so. |
0:29.4 | That didn't really, that wasn't favorable to the buyer or to sell it, |
0:32.0 | it was favorable to the broker at the end of the day. |
0:34.7 | I should have known that. I didn't. The second thing I would say is you have to vet. We didn't |
0:41.5 | vet enough of the leadership team that they had. |
0:44.1 | We didn't vet, you know, some of the logos that they had as well. |
0:46.8 | So we, because we didn't do enough due diligence, I guess that wraps over like the people, |
0:51.8 | the clients and all that. We couldn't find like a lot of |
0:55.4 | opportunities for synergies, right? Because when you're looking to buy a company you're looking for |
0:58.7 | you know complimentary services or a very strong leadership team or you know logos you can upsell and |
1:03.6 | cross-sell into right? We didn't have a lot of those synergies because we |
1:07.2 | didn't do enough due diligence so it all comes back to due diligence. The |
1:10.0 | second thing is when we bought these companies I we hired a GM and we let the GM handle everything and then I floated away from the business right right? That was probably the biggest mistake, |
1:23.6 | and that's why I'm so big on like you have to be involved now |
1:26.9 | in some way, shape, or form. |
1:28.2 | And actually one thing I wanted to talk about |
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