Just finished a chat with Eric, a dentist turned construction business owner.

Within two years, he acquired a $4M revenue construction company. Here’s his story:

Meet Eric. Eric started as a dentist in Colorado but wanted a change. Pre-COVID, he eyed the construction industry, seeing its resilience and growth potential. Lockdowns pushed him further into this new path.

Eric started working with acquisitions.com searching for the perfect deal. The journey wasn’t easy – banks and sellers hesitated due to his lack of experience. But Eric persisted, learning, deal flow strategies, and evaluating countless businesses.

He finally closed a deal on a construction company with $4M in revenue for $1.2M, including real estate. The deal was financed with a $1M SBA loan and a $200K down payment split from an investor.

Why this business? The seller was overworked and eager to sell, lowering the price from $1.5M to $1M. Eric’s offer of $900K plus real estate sealed the deal. He knew it was a great value, given the high multiples usually seen in the industry.

To manage the business, Eric hired experienced professionals and promoted internal talent. This move was crucial since he lacked construction experience. His partner’s wife also stepped in to handle day-to-day operations.

Eric’s plan? Grow the business by accepting more contracts and improving operational efficiency. He’s focused on scaling by setting up systems and getting the right people in place.

Eric’s tips:

Don’t fear asking for financial help. Investors and banks want to make money too.
Offer confidently, even if it seems low.
Surround yourself with industry experts if you lack experience.

Eric’s journey shows the power of persistence and strategic planning. His success in transitioning from dentistry to construction is inspiring.

Want the full story? I just dropped the full interview with Eric in my newsletter. We touch on: