The Poetry of Buying a Blue Collar Business

t happens all the time: a white collar owner acquires a blue collar business (think plumbing, roofing, fencing). What could possibly go wrong? A lot. And Shannon Jones, founder and managing partner of Halstatt Legacy Partners, which has acquired five businesses since 2014, has gained valuable insights on the communication gaps that exist while acquiring a blue collar business. He outlined those in a talk, “ Buy Like a Poet, Not Like a Quant ,” and joined Acquiring Minds to elaborate on those ideas and share observations from multiple blue collar business acquisitions. “If you think of yourself as, I'm the White Collar President of a Blue Collar Business , you're going to have a problem.” While buyers tend to focus on the investment from a numbers perspective, “from the seller’s perspective, it's not as relevant as some of the more squishy and personal aspects of who you are as a potential buyer, and how they're thinking about who they should choose to sell their baby to,” Shannon explains. In the episode, he outlines how buyers can build trust and understanding with sellers of different backgrounds. Once an acquisition takes place, Shannon also has recommendations for fostering a good relationship with existing team members. “When you walk into this company, there will be decades and decades of experience around you,” he notes. You jeopardize your ability to grow the company “if you ignore that, you don't actively seek it, and/or you dismiss it.” Listen in as Shannon explains the importance of defining your “why” in an acquisition and how to navigate some of these softer realities of acquiring a business that don’t always get the focus they deserve. Check out: ‍ ✳️ About Shannon Jones ✳️ Top takeaways from the episode ✳️ Episode highlights with timestamps ✳️ Links & mentions