In this episode of the podcast “Before You Buy or Sell the Business,” host Jared Johnson interviews Eric Hooiman, the now-owner of the oldest glass company in Las Vegas, on how he turned around the business to become successful.
Eric was a long-time gold miner with experience in designing and installing fire suppression systems. The conversation is casual and friendly, with Jared expressing his admiration for Eric’s recent deal. They discuss Eric’s background and career in the industry, including his college experience playing midfield for Coos Bay on a Fulbright scholarship.
The podcast aims to help buyers and sellers learn more about the acquisition process. Eric Hooiman found a glass company on BizBuySell that he and Jared decided to acquire. The company was the oldest glass company in Las Vegas and had an unlimited contractors license. Although the company had gone through three generations inside a family and was sold outside the family, the owner passed away from COVID, and his daughter inherited the company. Eric was interested in the deal because of its distressed situation, and the seller had dropped the price.
The conversation also touches on the negotiation process and the initial pricing of the company. Jared Johnson and Eric Hooiman discuss their due diligence process when considering a company for acquisition. Hooiman emphasizes the importance of seeking advice from professionals and staying in one’s lane. He shares that he consulted with his CPA and financial advisor, as well as conducting his own research on the company’s financials to determine areas where they were losing money.
Eric Hooiman provides more advice on acquiring a business, including the importance of transparency and utilizing employees as a resource. He also emphasizes the significance of implementing changes one step at a time and getting buy-in from employees. The conversation also touches on the difficulty of finding good employees and the importance of company culture in retaining them.
Hooiman also talks about his future plans, which include stabilizing his current business and buying another one. Eric believes in the importance of having mentors and attends Tony Robbins events. He emphasizes the importance of adding value when seeking a mentor or learning from someone. To Eric, people are willing to give advice and help as long as the person seeking advice listens to them.
Overall, Eric Hooiman’s experience in gold mining and fire suppression system design, as well as his personal relationships and determination, have helped him successfully acquire a distressed business and turn it around. His emphasis on company culture and adding value to others provides valuable lessons for anyone looking to acquire and run a successful business.
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DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.