Get Your Employees to Act Like Owners
“Ron Holt founded Two Maids & a Mop in 2003 and sold it in 2021 for well over 10 times EBITDA. At a franchise conference he had the good fortune of encountering Fred Deluca, the founder of Subway, and had Fred as his mentor as he grew his franchise,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “This episode covers how you can find the ideal acquirer for your business and ignite a bidding war when selling.”
In 2003, Ron Holt founded Two Maids & a Mop, a residential cleaning business. Thanks to an innovative employee bonus plan, Holt was able to grow his business to 12 company-owned locations.
That’s when a random encounter with Fred DeLuca, the founder of Subway, changed Holt’s life forever. Deluca gave Holt the inspiration and a roadmap for franchising his business which Holt used to grow Two Maids & a Mop from 12 to 91 locations across the United States and $40 million in revenue.
In 2021, eager to pursue the next chapter in his life, Holt began exploring selling Two Maids & a Mop. A short time after, JM Family Enterprises acquired the business in a lucrative deal valued at well over ten times EBITDA. In this episode, you’ll learn how to:
- Get your employees to think like owners.
- Spot cities where competition is weak in your industry.
- Design an employee bonus plan that virtually guarantees happy customers.
- Ignite a bidding war for your company.
- Choose the ideal acquirer for your business.