Career Consultant Who Bought a 7-Figure Manufacturer | Paul Callahan Interview

Today's guest was a successful consultant. But now his mid-40s, Paul Callahan was becoming more aware of how many "trips around the sun" he had left. He was tiring of the travel demanded by consulting, he was in a decent place financially, and he wanted to reconnect with an entrepreneurial spirit that had lain dormant for years. So in 2024, he set out on a search for a $1m-in-earnings business in the Atlanta metro. In November of 2025, six months ago, Paul closed on Metro Metal Works, a precision metal fabricator that fit the bill. (Though, as Paul notes, "that million feels like a lot less once you start paying off the SBA loan.") Paul worked with a buy-side advisor to accomplish his acquisition. From time to time you've heard Acquiring Minds discuss the buy-side advisor model, which I increasingly think is a good but overlooked option to explore for the right type of buyer. Paul and I also talk net working capital. You'll hear how, somewhat counterintuitively, he had to come more out of pocket at close because the business had actually performed better since signing the LOI. Here is Paul Callahan, owner of Metro Metal Works. ❤️ Enjoy this interview? SUBSCRIBE for more: https://shorturl.at/zaP1m Chapters: 00:00 Paul’s Background 06:15 Launching the Search 09:43 Cost vs Opportunity Cost 17:11 Deal Flow and Buy Box 21:28 Finding Metro Metal Works 25:43 Two LOIs and SBA Caps 32:06 Diligence Delays and Closing 35:12 Buying the Real Estate 40:04 What Metro Metal Works Does 41:59 Team Resilience Edge 42:39 Revenue Earnings Check 43:16 Deal Terms Breakdown 44:02 Working Capital Peg 46:21 True Up Surprise Check 50:00 Lessons Structuring WC 52:20 Project Load Reality 53:22 CapEx Laser Upgrade 56:12 SBA Lien Gotchas 58:27 Customer Concentration Risk 01:00:11 Stock Sale 338 Election 01:06:08 Tech First Modernization 01:11:07 Customer Service Moat 01:14:23 Consulting Skills Advantage 01:18:36 Final Thanks Wrap CONNECT with the Acquiring Minds podcast, socials, etc. 🎧 Podcast on Spotify: https://open.spotify.com/show/2vZrl0u... 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast... 👉 Get notified of new interviews: https://acquiringminds.co 👉 Follow host Will Smith on Twitter:   / whentheresawill   👉 Connect with host Will Smith on LinkedIn:   / willsmithsf   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 #business #acquisitions #buyingbusiness