Mike interviews Andrew Sherman.
In this episode of Million Dollar Stories, We had the pleasure of speaking with Andrew Sherman, a seasoned expert in mergers and acquisitions. His book, Mergers and Acquisitions from A to Z, is a treasure trove of knowledge for anyone navigating the complexities of buying or selling a business. Andrew’s insights shed light on the technical aspects of M&A and offer a practical roadmap for entrepreneurs eager to unlock their business’s full potential.
One of the key themes of our conversation was the concept of built-in demand. Andrew emphasizes that successful acquisitions often involve businesses with an established natural demand. He shared an intriguing example of a mobile home park owner who purchased an HVAC company. Why? Because it made perfect sense—having an in-house HVAC service for his mobile homes would streamline operations and cut costs. Finding complementary businesses can create a synergistic effect that maximizes value.
As we peeled back the layers of this conversation, Andrew likened identifying opportunity in the business world to “unpeeling the onion.” In today’s fast-paced market, especially with the rise of artificial intelligence, entrepreneurs should think several steps ahead. For instance, the AI industry is about software and the supporting infrastructure—data centers, power supply, and cooling systems. These layers of opportunity can often be overlooked but can provide incredible avenues for growth and profitability.
Andrew introduced a term I absolutely loved: “magic fairy dust.” This is the unique value that a buyer brings to a business post-acquisition. It’s not enough to maintain the status quo; successful entrepreneurs need to identify how they can enhance the business they’re acquiring. Whether through innovative marketing strategies or operational efficiencies, understanding your “MFD” is critical.
During our chat, Andrew highlighted that if your plan is merely to keep a business running, you must reconsider your acquisition strategy. Instead, he advocates for having a robust post-closing integration plan that outlines how you will increase value after the purchase. This approach allows entrepreneurs to go beyond the basics and tap into the real potential of their investment.
We also discussed the challenge of what Andrew calls “BSO syndrome,” or bright shiny object syndrome. It’s easy to get distracted by every new opportunity, especially in an exciting business landscape. As an entrepreneur, it’s essential to filter through these distractions and focus on what aligns with your goals and strengths.
Andrew’s advice is spot on: Develop your own “screens and filters” to identify which opportunities make sense to you. It’s about aligning your investments with your unique skills and insights. As someone with a knack for storytelling and marketing, I resonate deeply with this perspective. Your strengths should guide your business decisions, allowing you to add value where it matters most.
Andrew believes that education is paramount in this journey. He expressed that he prefers clients who have read his book before engaging his services. Why? Because it equips them with foundational knowledge that saves time and costs during the consulting process. The more informed you are, the better equipped you’ll be to tackle the complexities of mergers and acquisitions.
This is a powerful takeaway for anyone looking to enhance their business acumen. Whether you’re a seasoned entrepreneur or just starting, educating yourself can transform your understanding of the marketplace and empower you to make smarter decisions.
One of Andrew’s most delightful anecdotes was about a missed call from Elon Musk during the early days of his career. While he didn’t get to speak with Musk directly, the story reminds him of the unpredictable nature of business and the importance of networking. You never know who might be on the other end of the line, so always be ready to seize opportunities.
In wrapping up our conversation, I was struck by Andrew’s wealth of knowledge and practical insights. His book, Mergers and Acquisitions from A to Z, is not just a guide for those in the M&A space; it’s a resource for any entrepreneur looking to grow and innovate.
The lessons from our discussion are clear: identify built-in demand, know your unique value, stay focused on your goals, and never underestimate the power of education.
Join me in exploring these invaluable insights by tuning into the entire episode. Let’s embrace the entrepreneurship journey together, armed with the knowledge and tools to make our dreams a reality!
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
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