Juan Aguilar bought a $3m EBITDA business in Guatemala with traditional search fund economics. He spent the next 5 or so years growing the business and doubling those earnings. You're going to hear how he did that; listen for his strategy to raise prices, which paid off handsomely. But after about 6 years, when it came time for the next chapter, instead of selling the business, Juan recapitalized it with a new loan, and issued a big, one-time dividend. This dividend went to paying back his investors plus a nice return and liquidity for himself - a big, personal payday. But it also meant Juan and his investors still owned the business. So while the conventional way to a liquidity event is exiting - selling the business - Juan generated his own liquidity event and retained ownership alongside his investors. Today that business has grown even more, and Juan intends to own it for the long haul. Let this be a reminder that, if you've grown the business and it reliably generates enough cash, you may have options other than just selling it. Here is Juan Aguilar of Paltus Capital.
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00:00:00. Introduction to Juan Aguilar
00:03:36. Finding investors
00:07:33. Challenges in the Central American market
00:17:45. Juan’s search
00:19:06. Juan finds a door manufacturer
00:24:59. Building trust with sellers
00:28:23. Size of the business
00:35:12. Initial challenges with the business culture
00:42:27. Implementing changes and focusing on core business
00:45:43. Significant Price Increase Strategy
00:51:26. Communicating price increases to customers
00:56:23. Long-term strategy and differentiation
01:01:46. Transitioning Out of the CEO Role
01:06:19. Finding the right CEO
01:09:46. Juan explains the dividend recap
01:15:05. Why the dividend recap worked for their business
01:20:40. His plan to buy more businesses in Central America
01:26:51. Goals for acquisitions and revenue
01:38:24. Juan compares operating and investing
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Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.
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