Jeff Homer - Music Schools and Consolidation Tactics - EP.238
My guest today is Jeff Homer, who\u2019s pursued one of the most interesting consolidation theses I\u2019ve ever heard, music schools and more recently dance studios through his company, Ensemble Performing Arts. And his pace is incredible, acquiring essentially a school per month for five years, totaling 70 acquisitions and integrations. The number of reps he\u2019s had is incredible, and has given him a huge amount of experience to learn from. Everything from industry theses, to integration, working with sellers, building a team, debt, he\u2019s built an expertise in all facets and it\u2019s very impressive.\n\nJeff and I talk about pursuing consolidation strategies, what he\u2019s learned in building his own, adding ancillary products and services, and so much more. Jeff is also now investing in others pursuing consolidations and I highly recommend reaching out to him if one is top of mind for you. \n\nLastly, before the episode, I\u2019ve launched my own search called Airframe Group and I\u2019m looking for great companies and experts in industrial services and value-added distribution. Please reach out at alex@airframegroup.com if you\u2019d like to connect! \n\nListen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.\xa0\n\nLearn more about Alex and Think Like an Owner at https://tlaopodcast.com/\n\nLinks\nJeff on LinkedIn\nEnsemble Performing Arts\n\nTopics:\n(00:00:00) - Intro\n(00:02:48) - Ensemble and Jeff\u2019s career\n(00:06:39) - What is the process of buying and overhauling a school?\n(00:13:43) - How have sources of funding for you changed?\n(00:19:01) - Where do you feel like you\u2019ve improved the most on this journey?\n(00:22:11) - Is there a characteristic or culture you\u2019re looking to complement when hiring?\n(00:24:13) - What skill must you improve to grow to hundreds of schools?\n(00:28:09) - What is your consolidation thesis?\n(00:30:44) - Are there other industries you\u2019ve considered when acquiring?\n(00:34:21) - What early mistakes can people avoid in consolidations?\n(00:36:29) - Brand integrations\n(00:43:11) - What are ancillary services you\u2019re looking for?\n(00:47:19) - What flywheels are you thinking about within the business?\n(00:50:05) - How have you streamlined your processes?\n(00:53:58) - Valuations in lower middle markets vs. larger markets\n(00:57:55) - What are other ways to drive value in Ensemble?\n(01:00:03) - Do you own the RE of schools you acquire?