cover of episode Searching Where Few Have Searched Before

Searching Where Few Have Searched Before

2024/8/5
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Think Big, Buy Small
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Alexander Wallace
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Rick Rubeck
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Royce Yudkoff
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Alexander Wallace: 我在新西兰农村长大，父母经营着一个农场，这让我从小就对创业充满向往。在美国工作期间，我积累了丰富的金融和投资经验，这为我现在的企业搜索打下了坚实的基础。我选择在新西兰进行地域性搜索，是因为这既是我的家乡，也拥有良好的市场环境和较低的竞争压力。我选择自主融资，是因为我有足够的积蓄，并且这让我在收购企业时拥有更大的灵活性。我理想中的企业是年EBITDA在200万到600万美元之间，盈利增长且具有重复性收入的企业，我更偏向于非随意性服务类企业，例如兽医服务。我考虑过整合收购策略，但由于自身资金有限，我更倾向于先收购一家规模较大的企业作为平台公司，然后再进行一些小的并购。我已经开始与潜在投资者建立联系，为未来的企业收购融资做准备。在新西兰，企业主对我的收购意向反应积极，因为他们没有受到太多其他买家的骚扰。 Royce Yudkoff: 我们讨论了企业搜索融资方式的演变，现在银行更愿意为首次收购企业的人提供资金，并且自主融资的搜索方式也越来越流行。近年来，自主融资的搜索者购买的企业规模比融资搜索者购买的企业规模要小得多，这与融资搜索者的投资策略有关。我们还讨论了不同类型的整合收购策略，并认为只有能够产生协同效应的整合收购才是真正有价值的。 Rick Rubeck: 我们讨论了企业搜索融资方式的演变，现在银行更愿意为首次收购企业的人提供资金，并且自主融资的搜索方式也越来越流行。近年来，自主融资的搜索者购买的企业规模比融资搜索者购买的企业规模要小得多，这与融资搜索者的投资策略有关。我们还讨论了不同类型的整合收购策略，并认为只有能够产生协同效应的整合收购才是真正有价值的。我对单纯整合小型企业而不产生协同效应的并购策略持怀疑态度。

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Alexander Wallace discusses his decision to leave a successful career in the corporate world to pursue entrepreneurship through acquisition, reflecting on the risks and rewards of this transition.

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After years spent studying and working in the United States, Alexander Wallace recently returned to his native New Zealand to launch a self-funded search for an enduringly profitable small business to buy. In this episode, Alexander reflects on his decision to leave a conventional job in someone else's company in order to become a searcher; the reasons he decided to launch a geographically-focused search in New Zealand, where few have searched before; the type of company he hopes to acquire, along with his strategy for doing so; his thoughts on a potential roll-up strategy; and more. Alexander is just beginning his search, which is a moment of both unbounded optimism and also a bit of apprehension about the unknowns that lie ahead. Listen to learn more about how he’s thinking through potential challenges and opportunities as he takes his first steps on the ETA journey!