A Playbook for Growing People-Intensive Service Companies

May 22, 2025
by an investor from Harvard University - Harvard Business School in Toronto, ON, Canada
Today's guest, John Ratliff, is a lifelong entrepreneur who founded a call center company called Apple Tree Answers, which he scaled through 24 separate bolt-on acquisitions, growing it over 3,000% prior to selling to a strategic buyer in 2012.
He then went on to become a partner at an investment bank, where he has advised on countless small business transactions. All told, he has sat in nearly every seat at the M&A table — as a founder, buyer, seller, and now advisor. In our conversation today, we cover:
(1) How he reduced front-line turnover from 115% annually to 18% annually
(2) Lessons from acquiring 24 companies, including what he did differently in deals 23 & 24 relative to deals 1 & 2
(3) How John stayed intimately connected to 650 employees across 24 locations
(4) How he designed himself out of the day-to-day operations, spending just 15–25 hours per week inside of his business
(5) How to spot real sellers, how to navigate the notoriously tricky transition between incoming & outgoing CEOs, and how to identify red flags in due diligence
Please enjoy!
https://mineolasearchpartners.com/2025/05/22/a-playbook-for-growing-people-intensive-service-companies/
from Virginia Polytechnic Institute and State University (Virginia Tech) in Seattle, WA, USA
from Texas A&M University in Houston, TX, USA