E189: Austin King of Steel River Explores Long-Term Hold Strategy in Industrial Services Space

"Today's Primary Sponsor is Snowball - www.Snowballclub.com - A private community of entrepreneurial investors helping each other."About the Guest(s): Austin King is the co-founder of Steel River, a permanent holding company focused on acquiring and growing businesses within the industrial services sector, especially those supporting critical infrastructure such as the overhead crane space. With a background in bond hedge funds and management consulting, Austin transitioned into private equity before launching Steel River with his business partner, Eric Factor. Together, they aim to carry on the legacy of foundational American industries with a long-term growth strategy.Summary:In this insightful episode of the "How to Exit" podcast, host Ronald Skelton welcomes Austin King, the industrious co-founder of Steel River. The conversation is a deep dive into the world of industrial services acquisitions and the journey of building a company that focuses on preserving the backbone of America's infrastructure. Austin shares the story of his transition from private equity to co-founding Steel River, emphasizing the company's mission to create a long-term home for businesses they acquire. The episode outlines Steel River's growth, which boasts an impressive portfolio of 11 acquisitions, predominantly in the overhead crane industry, expanding their footprint in manufacturing support services.Key Takeaways:Build a Strong Team: Prioritize hiring exceptional talent at all levels, and compensate them well to encourage long-term investment in the company's success.Long-Term Thinking: Adopt a strategy that balances immediate decision-making with long-term growth to protect the company's future and legacy.Maintain Legacy: Show consistent respect and due diligence when acquiring businesses, focusing on the legacy and community impact.Employee Equity: Offering equity to branch managers and employees drives investment in the company's success and helps retain top talent.Cultural Fit: After acquisition, ensuring cultural integration is critical to a smooth transition and sustained growth.Watch it on Youtube: https://youtu.be/VbdAM2-wopY--------------------------------------------------Contact Austin onLinkedin: https://www.linkedin.com/in/austin-king12/Website: https://www.steelriver.co/--------------------------------------------------If you are interested in learning more about the process and current market valuations, complete the contact form and we’ll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------💰If you’d like additional ways to support this podcast, you can become a paid subscriber here: https://how2exit.substack.com/►Visit Our Website: https://www.how2exit.com/📧For Business Inquiries: [email protected]'t Forget to SUBSCRIBE to the How2Exit channel and press (🔔) to join the Notification Squad and stay updated with new uploads.✨👇🏻SUBSCRIBE HEREhttps://www.youtube.com/channel/UC_ONnhwaKSTPFt2nOxKoXXQ?sub_confirmation=1𝐖𝐚𝐧𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐦𝐨𝐫𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬...?▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬👍 Like the video (it helps a ton!)💬 Comment below to share your opinion!🔗 Share the video with anyone you think might help :) ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬📱Stay Tuned On Our Social Media :» Linkedin - https://www.linkedin.com/in/ronskelton/» Twitter - https://twitter.com/ronaldskelton» Facebook - https://www.facebook.com/How2Exit» Newsletter - http://deeper.how2exit.com/🎬SUGGESTED VIDEOSDon't forget to watch 📽 Our other videos. Please check them out :▶️E94: Hans Sperling Discusses Mergers And Acquisitions Transactions And Provisions - https://youtu.be/VdFEZq13SpE▶️E90: Christine McDannell of Magnolia Firm Helps Business Owners Achieve Seamless Exits - https://youtu.be/wyl358GKQ4Y▶️E127: Kirk Michie Discusses His Role As A Business Advisor And The Secrets To Selling A Business - https://youtu.be/ahHQk5_CVuo#How2Exit # # 💖Thanks for watching! 💖Become a supporter of this podcast: https://www.spreaker.com/podcast/how2exit-buy-don-t-build-m-a-of-small-businesses--4859429/support.