In this episode of The Do Diligence Podcast, we sit down with Brad, President of Richfield Trailer Supply, to explore his journey from corporate leadership to business ownership. After more than a decade in an executive role at Crystal Flash, Brad decided he wanted to pursue his long-standing entrepreneurial ambition rather than return to another corporate position. He shares how he discovered the Entrepreneurship Through Acquisition model, developed the confidence to pursue it, and ultimately committed to a 19-month search that culminated in the acquisition of Richfield Trailer Supply.
Brad walks through the realities of the acquisition search, including his decision to use both a buy-side broker and his own networking and outreach efforts. He reviewed roughly 85 potential businesses, conducted deeper diligence on about 15, submitted five offers, and ultimately found Richfield after narrowing his focus to the trailer industry. He explains how becoming more specialized allowed him to develop industry knowledge, ask better questions, identify patterns in financials, and recognize opportunities. Richfield, a 70-year-old family business with three Michigan locations, fit his criteria as an established distribution business with a strong reputation and a history of profitability.
The conversation then moves into due diligence, closing, and Brad’s first 60 days as an owner. He discusses the six-month diligence process, the operational and financial work involved, transitioning employees and systems following an asset purchase, and the importance of getting critical details such as payroll right from day one. Brad also shares his initial priorities for the business—the “Big Four, Little Two”—which include completing the ownership transition, improving pricing, reducing expenses, upgrading technology, reducing excess inventory, and cleaning up and decluttering the facilities. His experience offers practical lessons for aspiring acquisition entrepreneurs about patience, preparation, networking, industry focus, leadership, and finding opportunities within an established business.