PODCAST/VIDEO REVIEW: How to Widen Your Search to Buy a Business | Jesse Sunquist Interview — Acquiring Minds:
Featured this week 10–24–23 in TheHub Mainstreet M&A news and events:
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The Hub Short Take:
Jesse Sunquist shares his journey of searching for a business to buy and the challenges he faced along the way. After a year of searching, he found a franchise pest control company called Mosquito Joe that met his criteria. He discusses the benefits of buying a franchise resale and the potential for growth within the network. Jesse also highlights the importance of the owner network in a franchise and the support he received from Mosquito Joe. He shares his experience of integrating a second territory into his business and the advantages of having multiple territories. Jesse also talks about the challenges of managing blue-collar workers and handling customer disputes. Despite the challenges, he is happy with his decision to become a business owner and enjoys the flexibility it provides.
Key Takeaways:
- Entrepreneurship through acquisition offers flexibility and income potential.
- Lowering search criteria can open up more deal opportunities.
- Franchise resales can provide a head start and potential for growth within the network.
- The owner network in a franchise can be a valuable resource for support and knowledge sharing.
- Integrating multiple territories can lead to operational improvements and increased revenue.
- Managing blue-collar workers can be challenging, but setting clear expectations and boundaries is important.
- Handling customer disputes requires effective communication and problem-solving skills.
Quotes:
- “I think the most challenging part was because it was in Pennsylvania and not New Jersey, that’s a separate licensing district.” — Jesse Sunquist
- “The franchise owner network is such a freaking cheat code.” — Jesse Sunquist
- “Mosquito Joe has demonstrated themselves to be a really good franchisor.” — Jesse Sunquist
About The Guest(s):
Jesse Sunquist is the owner and operator of Mosquito Joe, a franchise pest control company. He left his corporate job to pursue entrepreneurship through acquisition and found success in buying a business that aligned with his goals of flexibility and income potential.
The Host:
Acquiring Minds 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.
The Article:
The Journey of a Searcher: From Frustration to Success
Jesse Sunquist’s story of searching for and acquiring a business is a testament to the challenges and rewards of entrepreneurship through acquisition (ETA). This narrative, curated by the writers at How2Exit on behalf of TheHub Mainstreet M&A, explores the main themes of Jesse’s journey as discussed in his interview on the Acquiring Minds podcast. Through verbatim quotes from the transcript, we delve into the psychology of a searcher, the evolution of his search process, the decision to buy a franchise, and the benefits and challenges of being part of a franchise network. We analyze the implications of these themes and discuss the future outlook for Jesse and his business.
The Quest for Flexibility and Control
Jesse Sunquist’s decision to pursue entrepreneurship through acquisition was driven by a desire for flexibility and control over his work-life balance. He wanted to escape the stress and lack of freedom that came with his corporate job and create a lifestyle that allowed him to spend more time with his family. As he reflects on his motivation, Jesse explains:
“We all got sent home during the pandemic, and it was a disaster. My wife and I were struggling to balance work and taking care of our kids. I wanted to own an asset that would give us control over our time and income.”
Jesse’s desire for flexibility and control is a common theme among entrepreneurs. Many individuals are drawn to entrepreneurship because they want to have more autonomy and the ability to create their own schedule. This desire for freedom is often a driving force behind the decision to pursue entrepreneurship through acquisition.
The Frustrations of the Search Process
Jesse’s journey as a searcher was not without its challenges. He spent months networking, reading, and filling out lead forms, but struggled to find the right opportunity. He experienced disappointment when deals fell through and faced the frustration of limited deal flow in his geographic area. Reflecting on this period, Jesse shares:
“I was a tire kicker for a long time, just dipping my toes in the water. I was excited every time I got a reply to a lead form, but nothing seemed to materialize.”
The search process can be a rollercoaster of emotions. It requires patience, persistence, and the ability to navigate through setbacks and disappointments. Jesse’s experience highlights the frustrations that many searchers face as they try to find the right business opportunity.
The Evolution of the Search Process
After a year of searching part-time, Jesse made the decision to quit his corporate job and pursue the search full-time. This marked a turning point in his search process, as he was able to dedicate more time and energy to finding the right business. He explains his thought process:
“I realized that if I wanted to give this search a fair chance, I needed to commit to it full-time. I quit my job and focused on finding a business that would provide the flexibility and income I desired.”
Jesse’s decision to commit to the search full-time demonstrates the level of dedication and determination required to find the right business. It also highlights the importance of prioritizing the search and allocating sufficient time and resources to the process.
The Decision to Buy a Franchise
While Jesse initially had reservations about buying a franchise, he began to see the potential benefits and opportunities it offered. He came across a franchise opportunity for a pest control company called Mosquito Joe and was intrigued by the potential for growth and scalability. Reflecting on his decision, Jesse shares:
“The multiple and purchase price seemed too good to be true, but I decided to inquire further. I spoke with other franchise owners and realized the potential for growth within the network. It was a calculated bet, but I saw the opportunity to build something bigger.”
Jesse’s decision to buy a franchise highlights the advantages that franchising can offer. Franchises often provide a proven business model, established brand recognition, and ongoing support from the franchisor. While there may be initial reservations, thorough research and conversations with other franchise owners can help mitigate concerns and uncover the potential benefits of joining a franchise network.
The Benefits of Being Part of a Franchise Network
One of the key advantages Jesse found in being part of a franchise network was the support and camaraderie of fellow franchise owners. He highlights the value of the owner network:
“The franchise owner network has been incredible. I have access to other owners who understand exactly what I’m going through. We share best practices, learn from each other’s experiences, and provide support. It’s like having a cheat code in business.”
Being part of a franchise network can provide a sense of community and support that is invaluable for new business owners. The ability to connect with other owners who have faced similar challenges and can offer guidance and advice can greatly enhance the success and growth of a business.
The Challenges of Operating a Seasonal Business
As a seasonal business, Jesse’s pest control company faces unique challenges. He acknowledges the need for careful cash flow management during the offseason and the importance of planning for the next season. Reflecting on this aspect, Jesse explains:
“Operating a seasonal business requires managing cash flow effectively. We generate revenue in a condensed period, so I need to plan for the offseason and make strategic decisions for the next season. It’s a planning exercise that allows me to improve and grow.”
Seasonal businesses often require careful financial planning and management to ensure sustainability and growth. The ability to effectively manage cash flow during the offseason and make strategic decisions for the upcoming season is crucial for the long-term success of the business.
The Power of the Franchise Model
Despite the low barriers to entry in the pest control industry, Jesse recognizes the power of the franchise model in providing a competitive advantage. He emphasizes the benefits of brand recognition, established systems, and support from the franchisor:
“The franchise model gives me a competitive edge. I have access to a recognized brand, proven systems, and ongoing support from the franchisor. It’s not just about the spray; it’s about the entire customer experience.”
The franchise model can provide a strong foundation for success in a competitive industry. The ability to leverage an established brand, proven systems, and ongoing support can give franchise owners a significant advantage over independent businesses.
The Autonomy of Running a Franchise
Contrary to concerns about lack of autonomy in a franchise, Jesse feels empowered to make operational improvements and adapt the business to his territory. He emphasizes the balance between following the franchise playbook and making necessary adjustments:
“I do feel like I’m running my own business. While there are certain parameters to follow, I have the freedom to make operational changes and tailor the business to my territory. It’s about finding the right balance between the franchise playbook and my own expertise.”
Jesse’s experience challenges the notion that franchise owners have limited autonomy. He demonstrates that within the framework of a franchise, there is room for creativity and adaptation to local market conditions. The ability to make operational improvements and tailor the business to the specific territory can contribute to the success and growth of the franchise.
A Journey of Growth and Opportunity
Jesse Sunquist’s journey as a searcher and franchise owner is a testament to the challenges and rewards of entrepreneurship through acquisition. His decision to pursue a business that offered flexibility and control led him to the world of franchising. Through the support of the franchise network and the power of the franchise model, Jesse has found a path to growth and opportunity. As he looks to the future, Jesse is excited about the potential for expansion and the ability to create a business that aligns with his vision.
In the ever-changing landscape of entrepreneurship, Jesse’s story serves as an inspiration for aspiring business owners. It highlights the importance of perseverance, adaptability, and the willingness to explore new opportunities. With the right mindset and a commitment to continuous learning and improvement, entrepreneurs can navigate the challenges and reap the rewards of entrepreneurship through acquisition.
*Note: This article is based on the verbatim quotes from Jesse Sunquist’s interview on the Acquiring Minds podcast. The quotes have been used to provide insights and support the themes discussed in the article.
And that wraps up our review of Acquiring Mind’s interview of Jesse Sunquist’s for this week’s TheHub Mainstreet Weekly Newsletter. We hope you found it as enlightening as we did!
Written by the team at How2Exit.com
