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.
Episode Highlights:
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- 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
Relevant Links:
Website: https://coreaffinity.com/