Episode
My Failed Acquisition Pushed Me To Do More Due Diligence – Kevin Smith
- Podcast
- Home Care Hindsight
- Published
- Nov 11, 2025
- Duration seconds
- 2039
- Processing state
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Summary
Kevin Smith, CEO of Best of Care, joins host David Knack to pull back the curtain on a splashy but failed acquisition that taught him a brutal lesson about due diligence. Kevin opens up about buying an adult day health program's home care arm, a deal that made perfect sense on paper but fell apart at the seams, resulting in a massive revenue shortfall. He reflects on the costly mistake of relying too heavily on his relationship-driven "gut" for a process that required forensic analysis, and how the timing—closing the deal the day before his first child was born—added immense personal pressure. Kevin shares how this "abject failure" became the foundation for his subsequent successful acquisitions and offers hard-won wisdom on hiring, the trap of seeking the "perfect" candidate, and why the industry's obsession with the "10,000 hours per week" milestone is overrated. The discussion offers actionable advice on building a resilient, multi-service company that prioritizes its people. Lesson Takeaways: 1. Due Diligence Over Gut Feeling: A strategic acquisition requires meticulous, data-driven verification. Relying solely on a good relationship or a "vibe" can lead to catastrophic financial and operational failure. 2. Hire for Potential, Not Perfection: Letting the "perfect" candidate be the enemy of the "good" one leads to hiring paralysis. Often, the candidate with 80% of the skills but great potential outperforms the theoretical perfect fit. 3. Celebrate Milestones, But Keep Momentum: Industry benchmarks like "10,000 hours per week" are arbitrary. While it's good to celebrate wins, a true leader is always focused on the next strategic goal to maintain growth and morale. 4. Build a Culture That Supports Real Life: Fostering a company culture that actively supports employees…