E212: Alliances for Acquisition: Christopher Wick Shares the Power of Partnerships in Deal Flow - Watch Here
About the Guest(s):
Christopher Wick is a seasoned entrepreneur and acquisitions expert who, at the young age of 35, has impressively closed his 32nd deal. Starting his career with a focus on marketing and social media consulting, he helps businesses leverage platforms to grow. Drawing inspiration from industry titans like Richard Branson and Warren Buffett, Wick shifted gears at 29 from owning one business to acquiring and scaling multiple companies. He's known for taking massive action, as seen in his rapid growth in the M&A space after training with Roland Frazier and joining his epic program. Christopher embodies authenticity and motivation in the pursuit of impactful business ventures, aiming to have minority interest, equity, or control in 50 to 100 companies in the coming years.
Episode Summary:
In this invigorating episode of the How2Exit Podcast, host Ronald Skelton engages with Christopher Wick, an entrepreneurial powerhouse who has mastered the art of business acquisitions. Listeners dive into Christopher's journey, from his aha moment at 29, leading to his bold venture into buying businesses without formal training, to his prolific rate of closing deals post-education. This episode packs a blend of personal narrative and strategic insights, enveloping listeners in Christopher's transformative experiences and keen wisdom.
Wick candidly shares pivotal points in his career, such as his initial foray into acquisitions, his humbling loss on his second deal, and the consequent decision to leverage partnerships and mentoring under Roland Frazier. The narrative unfolds around Christopher's relentless focus on deal flow, strategy, and the power of collaboration. This episode is a gold mine for aspiring entrepreneurs and seasoned investors alike, offering a practical glimpse into the realities of M&A entrepreneurship. With a focus on leveraging partnerships and consistently seeking deals, Christopher offers invaluable advice drawn from his extensive experience and transformative approach to the M&A industry.
Key Takeaways:
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Leverage partnerships and mentorship to accelerate growth in deals; you're never too inexperienced to start collaborating.
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Consistency in reaching out and building deal flow is crucial for sustained success in acquisitions, with Christopher dedicating the first hour of his workday to deal flow.
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Focus on buying businesses with a history of success rather than potential, to ensure a predictable, repeatable, and valuable investment.
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Holding yourself to a commitment to over-deliver for your clients and partners builds trust and establishes you as a reliable entrepreneur.
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Always work with a mentor or a business partner to gain more momentum and achieve better results in your entrepreneurial endeavors.
Notable Quotes:
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"I'm just really good at taking action."
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"Good deals find people and good deals find money."
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"I structure my calendar and my lifestyle for infinite deal flow by partnering with people."
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"No deal too big or too small... it all adds up."
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"If I can do it, I promise you, anyone can."
Article:
Harnessing Infinite Deal Flow: Leveraging Partnerships in Business Acquisitions
In the realm of mergers and acquisitions, the pursuit of infinite deal flow is a strategic advantage that every entrepreneur seeks to achieve. In an enlightening conversation on the How to Exit Podcast, Christopher Wick joined Ronald Skelton to discuss the vital approach to attaining that very goal. Their dialogue sheds light on key themes like the power of partnership, the significance of action over potential, and the criticality of deal flow in the life of an acquisition entrepreneur.
Key Takeaways:
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Partnering for Momentum: Success in acquisitions hinges on building strategic partnerships to enhance deal flow and execution.
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Action Trumps Potential: Focus on businesses with a proven history rather than unverified potential for consistent returns.
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Deal Flow Discipline: Allocating dedicated time each day for deal flow activities is essential to perpetually source quality acquisitions.
Partnering: The Gateway to Infinite Deal Opportunities
Establishing meaningful partnerships is like a multiplier effect for deal flow. Christopher Wick's anecdote about his mentor, Roland Frazier, emphasizing partnership as the key to infinite deal flow serves as a testament. As Wick states, “I structure my calendar for infinite deal flow by partnering with people.” By leveraging the strengths and networks of partners, you can amplify your reach, share the load of vetting opportunities, and capitalize on a more diverse pool of deals. Reflecting on his journey, Wick emphasizes the importance of not waiting to be "good enough" to partner. He suggests starting with deals, even on a small scale, to build and learn from each partnership.
Such a philosophy aligns with the collective wisdom of the entrepreneurial world, demonstrating that partnerships not only increase the quantity of deals but also provide a supportive environment for learning, growing, and tapping into a combined reservoir of experience.
Valuing Action and History over Pure Potential
Diving into the allure of potential versus the reliability of history, Wick recounts his pivotal learning experience from his early days of acquisition. Losing his full investment in his second deal made him reevaluate his approach to selecting businesses. He learned to appreciate businesses with a track record – a solid history – over the seductive but often uncertain lure of potential. "You determine your relationship and your character then," Wick points out, advocating for the necessity of proven, actionable data.
This approach doesn't just apply to selecting which businesses to acquire; it's also invaluable when evaluating potential partnerships. The principle is clear: concrete actions and existing successes are far more indicative of future performance than speculative potential. This is a sobering reminder for acquisition entrepreneurs in an age where startup valuations can soar on nothing more than buzzwords and the promise of future disruption.
The Discipline of Daily Deal Flow
“When you're an M&A entrepreneur, deal flow is the fuel in the engine,” Wick claims, highlighting the non-negotiable nature of daily deal flow activities. By setting aside the first hour of his workday to focus on reaching out to potential deals, he ensures that his pipeline is constantly refreshed with new opportunities. This disciplined approach to routine deal exploration ensures that potential transactions are always in the works.
Wick's strategy echoes a fundamental truth in business: consistent, focused effort is the bedrock of sustained success. In a landscape where opportunity is ripe yet competition is fierce, the discipline of daily deal flow activities can be the differentiator between a portfolio running dry and one brimming with prospects.
In a world where potential is often glorified, entrepreneurs like Christopher Wick remind us of the tangible value in history, the power of action, and the indispensability of disciplined deal flow. The insights shared in the podcast with Ronald Skelton underline the profound impact partnerships can have on unlocking a universe of deal possibilities. By harnessing the collective experience and networks of partners, dedicating time to evaluate deals based on their historic performance, and committing to regular deal pursuit routines, acquisition entrepreneurs can architect a career of impactful, sustainable success.
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