Acquiring MindsMarch 7, 2022

Transatlantic Search for a $1m+ EBITDA Business

with Alex Glasner · Workpays

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LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business

Workpays

Industry

workforce training provider

Year

2022

Deal Source

proprietary

Financing Structure

Buyer Equity

Rolled Equity

Strategic Rationale

Social impact through education/skills training combined with a buy-and-build thesis to consolidate the industry.

Post-Acquisition Performance

Revenue growth from 80 to 122 employees; maintaining high success rates.

Key Takeaways

1Decisiveness is critical to search success; perfectionism and analysis paralysis are primary reasons searches fail, with many searchers passing on companies due to minor deviations from criteria rather than material concerns.
2Extensive upfront preparation of search infrastructure, materials, and processes yields significant returns; six weeks of groundwork before first outreach resulted in nine-month acquisition timeline.
3Speaking with failed searchers and understanding reasons for failure is more valuable than only interviewing successful acquirers; common themes include indecision and lack of structured search methodology.
4Transparency about potential friction points, such as geographic distance, and providing credibility signals like investor commitment letters can overcome seller skepticism.
5Moving quickly through the sales process and maintaining clear communication with sellers about timeline and milestones reduces deal friction and demonstrates seriousness.

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The Deal

Business

Workpays

Industry

workforce training provider

Year

2022

Deal Source

proprietary

Financing Structure

Buyer Equity

Rolled Equity

Strategic Rationale

Social impact through education/skills training combined with a buy-and-build thesis to consolidate the industry.

Post-Acquisition Performance

Revenue growth from 80 to 122 employees; maintaining high success rates.

Key Takeaways

1Decisiveness is critical to search success; perfectionism and analysis paralysis are primary reasons searches fail, with many searchers passing on companies due to minor deviations from criteria rather than material concerns.

2Extensive upfront preparation of search infrastructure, materials, and processes yields significant returns; six weeks of groundwork before first outreach resulted in nine-month acquisition timeline.

3Speaking with failed searchers and understanding reasons for failure is more valuable than only interviewing successful acquirers; common themes include indecision and lack of structured search methodology.

4Transparency about potential friction points, such as geographic distance, and providing credibility signals like investor commitment letters can overcome seller skepticism.

5Moving quickly through the sales process and maintaining clear communication with sellers about timeline and milestones reduces deal friction and demonstrates seriousness.