Young Couple Starts a Family Business By Buying One | Meredith & Michael Interview

Motivations

Meredith and Michael Schlinkert's entrepreneurial journey began with a shared desire to transition from their respective careers into business ownership. Meredith, with a background in finance and commercial real estate, felt stagnant in her career, while Michael, an attorney, was inspired by the potential of entrepreneurship after reading the Harvard Business Review Guide to Buying a Small Business 1. Their decision was influenced by Michael's experience in private equity, where he observed the benefits of being a principal rather than an advisor 2. Meredith's family, who are small business owners, also played a supportive role in their decision 3.

"I think what finally convinced me is when I started looking with him at the different businesses for sale and kind of picture myself in those roles."

--- Meredith Schlinkert

Their journey reflects a blend of personal ambition and familial encouragement, setting the stage for their venture into business acquisition.

   

Search Criteria

The Schlinkerts approached their business search with specific criteria, focusing on a white-collar, Houston-based business that aligned with their professional backgrounds. They were self-funded, which influenced their financial parameters, including equity down payment and potential seller debt 4. Meredith preferred a business model she could easily understand, steering away from blue-collar industries, which are more common in business acquisitions 1. This focus on a familiar business environment helped narrow their search and align it with their strengths.

"I think I felt more comfortable in this business-to-business kind of white-collar environment that we both came from."

--- Meredith Schlinkert

Their strategic approach ensured they found a business that matched their expertise and comfort level.

   

Deal Execution

Executing the deal for BackgroundConnect required careful planning and strategic division of labor between Meredith and Michael. Michael handled the operational aspects of closing the deal, while Meredith prepared to lead the business post-acquisition 5. Their approach was to "buy, then build," focusing on acquiring an existing business with growth potential rather than starting from scratch 6. Michael's legal background provided stability, allowing him to support Meredith in the business's growth while maintaining his career as an attorney.

"I think we found that our strengths really complement each other well."

--- Michael Schlinkert

This partnership dynamic was crucial in successfully navigating the complexities of business acquisition and operation.