5 Key Lessons from Building a Successful Business Acquisition Accelerator

The Journey of Acquisition Lab: Revolutionizing Business Acquisition

In the ever-evolving landscape of entrepreneurship, a new paradigm has emerged - one that challenges the traditional notion of starting a business from scratch. At the forefront of this revolution is Acquisition Lab, the brainchild of Walker Deibel, a Wall Street Journal bestselling author and pioneer in the field of business acquisition. This article delves into the five critical lessons learned over five years of building the world's most successful acquisition entrepreneurship accelerator.

Lesson 1: The Challenges of Starting a Business

Walker Deibel's journey began with a counterintuitive idea: to start a business that would help aspiring entrepreneurs not to start businesses, but rather to buy them. This concept was rooted in the belief that purchasing an existing business is often a smarter move in today's economic climate.

The Irony of Starting a Business to Teach Not Starting Businesses

The irony of this situation was not lost on Deibel. He found himself in the position of creating a startup to teach others about the benefits of avoiding startups. This paradox underscores the complexity of the entrepreneurial landscape and the need for innovative approaches to business education.

Navigating Uncharted Territory

As the first accelerator of its kind, Acquisition Lab faced unique challenges:

1. No existing model to emulate
2. The need to balance purpose and results with revenue
3. Qualitative decision-making in a typically quantitative field

Deibel and his team had to forge their own path, creating a business model that prioritized their core mission over rapid revenue growth. This approach required careful consideration of qualitative factors and a willingness to make unconventional decisions.

The Growth Journey

The growth of Acquisition Lab was steady but not meteoric:

• Year 1: Did not reach the $1 million revenue goal
• Year 2: Came close to $1 million
• Year 3: Hit the $1 million mark
• Current: Over $2 million in revenue

This gradual growth reflects the company's commitment to building a solid foundation and staying true to its purpose, rather than chasing rapid expansion at the expense of quality.

The Intensity of the Early Years

The initial years of building Acquisition Lab were marked by intense dedication and long hours. Deibel recounts how strategic discussions with his co-founder often took place late at night, after full days of working on the business, developing curriculum, conducting sales calls, and managing cohorts.

This level of commitment highlights the reality of building a startup, especially one that's breaking new ground in its industry. It required not just hard work, but also passion and belief in the mission.

Lesson 2: The Importance of Choosing the Right Partner

One of the most crucial decisions in Deibel's entrepreneurial journey was selecting the right business partner. His choice to bring Chelsea Wood on board as a co-founder proved to be instrumental in the success of Acquisition Lab.

The Power of Complementary Skills

Deibel and Wood's partnership exemplifies the benefits of having co-founders with complementary skills and strengths. This synergy allowed them to:

1. Divide responsibilities effectively
2. Make better decisions through collaborative problem-solving
3. Achieve more than either could have accomplished alone

Overcoming Past Failures

Reflecting on his previous startup experiences, Deibel identified that choosing the wrong partner or attempting to go solo were key factors in those failures. This realization underscores the critical role that a well-matched partnership plays in entrepreneurial success.

The Impact of a Strong Partnership

The partnership between Deibel and Wood has been fundamental to Acquisition Lab's success. Their ability to work together effectively has not only driven the business forward but has also enhanced their individual capacities to make an impact in the field of business acquisition education.

Lesson 3: The Power of Community as a Flywheel

One of the most surprising and powerful lessons from building Acquisition Lab was the incredible impact of community. Deibel uses the metaphor of a flywheel to describe how the community aspect of their business model has created momentum and driven growth.

Network Externalities and Community Growth

The concept of network externalities comes into play here - as the Acquisition Lab community grew larger and more active, its value to each member increased exponentially. This created a self-reinforcing cycle of growth and engagement.

The Lifetime Access Model

A key decision that fueled this community growth was the implementation of a lifetime access model. This approach encourages ongoing engagement and support among community members, creating a rich ecosystem of knowledge and experience sharing.

Real-World Success Stories

Deibel shares several examples of community members who have achieved significant success through Acquisition Lab:

1. Lucas Phillips: Purchased New York Auto and set new standards for daily activity sharing within the community.
2. Shane Urom: Acquired North Texas Trailers, learning from and building upon the practices shared by other members like Lucas.
3. Chad Lasik: Bought Tele Health Sensors, demonstrating the diverse range of businesses being acquired by community members.
4. Cindu Shasta: Acquired We Crush Events, showcasing the potential for experienced professionals to transition into business ownership.

These success stories not only validate the effectiveness of Acquisition Lab's approach but also inspire and guide new members entering the community.

The Ripple Effect of Success

Perhaps the most powerful aspect of this community-driven model is how successful members continue to give back. Those who have acquired seven-figure businesses remain active in the community, offering their time, insights, and guidance to newer members. This creates a virtuous cycle of knowledge sharing and support that continually strengthens the community.

Lesson 4: The Value of Multiple Perspectives

In developing Acquisition Lab's educational approach, Deibel drew inspiration from studying world-class education systems. He realized that what sets apart elite institutions is not just the content they teach, but the way they approach learning and problem-solving.

Embracing Diversity in Business Acquisition

One of the key insights Deibel gained was that there is no one-size-fits-all approach to business acquisition. Every deal is unique, and every entrepreneur's journey is different. This realization led to a focus on teaching higher-order thinking skills rather than prescribing rigid "best practices."

The Advisory Model

To provide a rich learning experience, Acquisition Lab has implemented a diverse advisory system:

• 14 advisors on staff
• Daily advisory calls
• Encouragement for members to engage with multiple advisors

This approach allows members to gain insights from a variety of perspectives and experiences, helping them to develop their own strategies and approaches to business acquisition.

Examples of Diverse Experiences

Deibel highlights the range of experiences represented by Acquisition Lab's advisors:

• Dana: Focuses on acquiring and growing sub-$500,000 companies
• Jeff: Has experience with service companies, consumer companies, and larger manufacturing businesses
• Charles: Bought his own company, installed an operator, and is now pursuing a roll-up strategy in a different sector

By exposing members to this diversity of experiences, Acquisition Lab helps them to broaden their understanding of the possibilities in business acquisition and find the approach that best suits their goals and circumstances.

Structured Learning with Flexibility

The educational model at Acquisition Lab balances structure with flexibility. While there is a core curriculum and set of activities, the emphasis is on helping each member discover their own "truth" in business acquisition. This approach recognizes that success in this field often comes from adapting strategies to individual circumstances and opportunities.

Lesson 5: Building for Your Customers

The final lesson Deibel shares is perhaps the most fundamental: the importance of building a business that truly serves its customers. For Acquisition Lab, this meant creating a program that puts the interests of business buyers first.

Economic Alignment

One of the key ways Acquisition Lab demonstrates its commitment to its customers is through its business model:

• One-time lifetime access fee
• No kickbacks from suppliers
• No recruitment for hold co companies
• No additional revenue streams or investments within the community

This model ensures that Acquisition Lab's interests are aligned with those of its members. The company's success is directly tied to the success of the entrepreneurs it serves.

Competing with Elite Programs

Deibel set out to create a program that could rival elite business education programs in the field of business acquisition. By focusing on economic alignment and customer-centric practices, Acquisition Lab has positioned itself as a leading option for serious business buyers.

The Power of Focus

By maintaining a laser focus on serving buyers, Acquisition Lab has been able to create a uniquely valuable offering in the market. This focus has allowed the company to develop deep expertise and tailor its services specifically to the needs of aspiring business acquirers.

Continuous Improvement

The customer-centric approach also drives continuous improvement at Acquisition Lab. By staying closely attuned to the needs and experiences of its members, the company can constantly refine and enhance its offerings.

Conclusion: The Future of Business Acquisition Education

As Acquisition Lab celebrates five years of success, the lessons learned by Walker Deibel and his team offer valuable insights for entrepreneurs in any field. The journey from a counterintuitive idea to a thriving, community-driven educational platform demonstrates the power of innovation, partnership, and unwavering focus on customer value.

The success of Acquisition Lab also points to a broader shift in the entrepreneurial landscape. As more aspiring business owners recognize the advantages of acquiring existing businesses, the demand for high-quality education and support in this area is likely to grow.

For those considering the path of business acquisition, the story of Acquisition Lab serves as both an inspiration and a roadmap. It shows that with the right approach, guidance, and community support, the dream of business ownership can be achieved through smart acquisition strategies rather than starting from scratch.

As the field of business acquisition continues to evolve, programs like Acquisition Lab will play a crucial role in shaping the next generation of entrepreneurs. By providing not just knowledge, but also a supportive community and a wealth of diverse perspectives, these programs are empowering individuals to take control of their entrepreneurial destinies in new and exciting ways.

The five lessons shared by Walker Deibel - the challenges of starting a business, the importance of choosing the right partner, the power of community, the value of multiple perspectives, and the necessity of building for your customers - serve as a valuable guide for anyone looking to make their mark in the world of business, whether through acquisition or any other entrepreneurial path.

As we look to the future, it's clear that the landscape of entrepreneurship will continue to change and evolve. However, the fundamental principles of success - hard work, smart strategy, continuous learning, and a focus on creating value for others - will remain constant. Programs like Acquisition Lab, which embody these principles, are well-positioned to lead the way in shaping the entrepreneurs of tomorrow.

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