Passion & Profit in an American Pastime | Mike Fagan Interview

Could there be better business-buyer fit than a retired world champion bowler acquiring bowling centers? Mike Fagan, aka King of Swing, aka Argyle Assassin, enjoyed an illustrious career as a professional bowler, and today is part of our community as an acquisition entrepreneur buying the businesses that first sparked a passion in him at 5 years old. You will learn about the business of bowling centers, from the re-occurring revenue generated by bowling leagues to the sale-leaseback opportunities in the real estate. But a key theme of today's interview with Mike is how the dollar and cents interact with the mission and passion. It's a tension that Mike acknowledges, as he tries to optimize the business and service that heavy debt every month, while at the same reviving bowling centers as one of the cherished communal spaces in American life. An American life that today, as we all know, is tragically devoid of such spaces. Heart and brain converge in this interview with King of Swing Mike Fagan, owner of Tenpins & More in Rancho Rio, New Mexico. Enjoy.

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Chapters:
00:00 Mike’s background
07:30 Transition from pro bowling to Berkeley MBA
11:36 Working with PE to integrate bowling center chain
27:53 Pursuing ETA with focus on bowling centers
34:01 Evaluating Rio Rancho Bowling Center acquisition
40:53 Deal structure, SBA financing & price breakdown
54:20 Operational challenges & employee turnover
01:08:51 Tech upgrades – online reservations & POS
01:22:50 Revenue growth potential & expansion plans
01:34:09 Remote management philosophy & scalability

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

Credits:
Edited by Anton Rohozov
Produced by Pam Cameron

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