My guest today is Jeff Homer, who’s pursued one of the most interesting consolidation theses I’ve ever heard, music schools and more recently dance studios through his company, Ensemble Performing Arts. And his pace is incredible, acquiring essentially a school per month for five years, totaling 70 acquisitions and integrations. The number of reps he’s had is incredible, and has given him a huge amount of experience to learn from. Everything from industry theses, to integration, working with sellers, building a team, debt, he’s built an expertise in all facets and it’s very impressive. Jeff and I talk about pursuing consolidation strategies, what he’s learned in building his own, adding ancillary products and services, and so much more. Jeff is also now investing in others pursuing consolidations and I highly recommend reaching out to him if one is top of mind for you. Lastly, before the episode, I’ve launched my own search called Airframe Group and I’m looking for great companies and experts in industrial services and value-added distribution. Please reach out at [email protected] if you’d like to connect! Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.  Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/ Links Jeff on LinkedIn Ensemble Performing Arts Topics: (00:00:00) - Intro (00:02:48) - Ensemble and Jeff’s career (00:06:39) - What is the process of buying and overhauling a school? (00:13:43) - How have sources of funding for you changed? (00:19:01) - Where do you feel like you’ve improved the most on this journey? (00:22:11) - Is there a characteristic or culture you’re looking to complement when hiring? (00:24:13) - What skill must you improve to grow to hundreds of schools? (00:28:09) - What is your consolidation thesis? (00:30:44) - Are there other industries you’ve considered when acquiring? (00:34:21) - What early mistakes can people avoid in consolidations? (00:36:29) - Brand integrations (00:43:11) - What are ancillary services you’re looking for? (00:47:19) - What flywheels are you thinking about within the business? (00:50:05) - How have you streamlined your processes? (00:53:58) - Valuations in lower middle markets vs. larger markets (00:57:55) - What are other ways to drive value in Ensemble? (01:00:03) - Do you own the RE of schools you acquire?