19 May Buying $5m of Revenue with $50k of Equity | Devin Fitzgerald Interview
RML Service Group is comprised of 2 home healthcare businesses that Devin acquired, one that was doing $1.1m in revenue, the other that was doing $3.9m. Both of these businesses were in decline when Devin bought them, and we discuss why he proceeded with buying turnarounds as his first acquisitions. You’ll hear how his commitment and sense of mission enabled him to push through that challenge and many others. Walking through the halls of his home care agency is a dream come true for Devin. As for those numbers in the headline: He doesn’t say it in the interview, but Devin told me offline that the total cash into his first acquisition was just $50k, all of which came from an investor. The second acquisition required no equity infusion because it had the same NAICS code as the first. So that $50k was the only equity Devin needed to acquire his way to a business doing $5m in revenue. You can see that he took to heart that sentence about buying revenue versus creating it.
