# First-Timer Buys a $15m Business in Distress

Page: https://stenobird.com/podcast/acquiring-minds-3909119/first-timer-buys-a-15m-business-in-distress
Text version: https://stenobird.com/podcast/acquiring-minds-3909119/first-timer-buys-a-15m-business-in-distress.md
Podcast: [Acquiring Minds](https://stenobird.com/podcast/acquiring-minds-3909119)
Published: 2026-09-07T07:00:00+00:00
Episode link: https://acquiringminds.co/articles/mike-bourgeois-cardinal-heating-and-air
Audio file: https://media.transistor.fm/f03d30da/26147442.mp3
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JSON: https://stenobird.com/v1/public/podcasts/acquiring-minds-3909119/episodes/first-timer-buys-a-15m-business-in-distress
Duration seconds: 4981

## Resource

Mike Bourgeois bought an HVAC company bleeding $3m a year, all cash and no SBA, then cut $1.4m of costs in 2 weeks. Register for the webinar: The Deal I Almost Bought (And Why I Passed) - Thu, Sep 10 - https://bit.ly/4zKAGTN Topics in Mike’s interview: Led major Air Force medical practice Found a search partner with complementary skill sets Bet on distressed businesses with liquidation value Found a deal through veteran ETA Slack Speed beat the highest bid Immediately cut $1.4M in annualized expenses Raised gross margins from 7% to 49% Shifted from silos to teamwork Emphasis on ongoing staff training His goal of being a capital allocator/investor References and how to contact Mike: LinkedIn Cardinal Heating & Air Book: The Compounders: From Small Acquisitions to Giant Shareholder Returns The ecosystem for serious acquisition entrepreneurs—education, capital, community, and post-close support to buy and grow a business: The Acquisition Lab Get complimentary due diligence on your acquisition's insurance & benefits program: Oberle Risk Strategies - Search Fund Team Get a free review of your books & financial ops from System Six (a $500 value): Book a call with Tim or hello@systemsix.com and mention Acquiring Minds Connect with Acquiring Minds: See past + future interviews on the YouTube channel Connect with host Will Smith on LinkedIn Follow Will on Twitter Edited by Anton Rohozov and produced by Pam Cameron

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## Transcript

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