As part of his photography company, Matthew Nguyen takes photos of events such as weddings.
This month, we are featuring a student ANTrepreneur who acquired a business at the age of 21 years old. Matthew Nguyen, also one of our student consultants, shares advice on the factors that allowed him to acquire the video production company Trumpetbird Productions, and bulk up his own photography firm.
Matthew Nguyen Photos is a photo production company that specializes in wedding and event coverage. I founded the company back in 2014 after I found out that my high school hobby could actually produce revenue and a decent source of income. At first, I was doing small jobs and taking whatever I could get my hands on in order to gain experience and of course continue the side hustle.
It was not until the summer of 2015 that I decided to gear the company towards wedding and events. It was the fast-paced nature and genuine connections I could make with brides, grooms, and families that really drew me to that sphere of photography. Fast forward to November of 2017, and I expanded my photography company through the acquisition and assimilation of a video production company by the name of Trumpetbird Productions.
The acquisition of a company is something that sounds like a daunting challenge or a simple impossibility for the majority of entrepreneurs. In reality though, utilizing solid researching techniques, strategic planning, and good communication skills; the process becomes much easier than expected.
That being said, the acquisition of another company may not be the best option to grow your business. There are a variety of considerations that need to be accounted for including the current status of your company, the size of the market you are in, your competition, and how the acquisition can benefit or even hurt your company.
Before you begin considering whether or not you should pursue an acquisition, you must take the time to really understand your company. In my case, I was looking to expand into offering videography. Though I had experience working with other companies, I did not have content of my own. This is where Trumpetbird came in. Acquiring the company provided me with access and rights to all of their content, as well as their name, which had already been established in the industry.
Though an acquisition occurred, I did not merge the two companies and thus I was able to leverage these two aspects of the acquired company to create an additional source of revenue.
Looking back at the entire process there was an incredible amount of learning on the fly but understanding what my company needed and what the investment into purchasing Trumpetbird’s assets could offer me made the decision clear and easy. I took the time to research the market space to see if it was an investment that would pay off over time and took into consideration what the value of the content and brand meant to my business and worked, out a deal with the owners.