Les "BORING BUSINESSES" qui rapportent des MILLIONS

In this transcript, Joseph Lasser, the founder and leader of the Douer group, details his journey from a consultant to a major player in the French construction industry. With 150 employees and a turnover of €25 million, Lasser has built his success on a "buildup" strategy—acquiring and professionalizing traditional small businesses. His story provides a blueprint for entrepreneurship through acquisition, emphasizing the balance between technical pride and organizational rigor. ### The Philosophy of "Collective Pride" Lasser entered the construction world by chance after being fired from a consulting firm. His first venture was in photovoltaics in 2009, but he quickly became fascinated by the roofing and carpentry trades. He observed that workers in these fields possessed a deep, visible pride in their manual labor—a "collective pride" that he found lacking in the corporate world. This became the foundation of his group, Douer, named after Paul Doumer, the only French President who was himself a former construction worker. ### The Strategy: Buying "Boomer Boring Businesses" Lasser’s growth model focuses on what are colloquially called "BBB" (Boomer Boring Businesses). These are established companies owned by the "baby boomer" generation who are now reaching retirement age. Often, their children do not want to take over, leaving healthy, technically sound companies available for purchase. **Key Acquisition Criteria:** 1. **Retirement-Age Sellers:** This reduces the risk of "hidden loups" (problems). A 30-year-old company where the owner is simply retiring is generally a safer bet than a younger owner selling for unknown reasons. 2. **Technical vs. Commercial Profiles:** Lasser prefers buying from "technical" owners. These businesses are built on a reputation for quality work rather than aggressive sales tactics. 3. **Financial Stability:** He looks for stable margins (typically around 10% EBITDA/Rex) and consistent turnover. 4. **The "Sweet Spot" for Size:** Lasser learned through failure that buying very small companies (e.g., three people) is inefficient because the overhead of a manager is too high. He now targets companies with at least 10 employees and €1 million in revenue, though he considers €5 million companies even less risky because they are less dependent on a single individual. ### Operational Rigor and Digitalization The construction industry often suffers from poor organization. Lasser notes that losing time because a worker lacks a specific screw is a "waste of money and a frustration for the craftsman." To solve this, he recruits high-level project managers from industry giants like Bouygues or Colas and gives them autonomy as directors of small subsidiaries. While construction remains a manual world, Lasser uses digital tools to bridge the gap. He implements ERP systems to handle quotes, invoicing, and cost tracking. He estimates that while digitalization only covers 10% to 20% of the total tasks, it can improve overall company efficiency by 20% to 30%. ### Managing the Human Element Management in the building trade is "virile" and direct. Lasser emphasizes that in this environment, a rule that is not enforced is a rule that does not exist. He shares an anecdote about a worker who took a company vehicle for a personal vacation against orders; Lasser tracked the vehicle down and recovered it with a spare key. This directness, he argues, creates a clearer and more honest working environment than the "politically correct" corporate world. To retain talent, Lasser focuses on "making the company a place where good workers want to be" by providing interesting technical challenges, high-quality equipment, and reliable organization. ### Scaling and the "Diseconomies of Scale" A unique insight from Lasser is his belief in "diseconomies of scale." In construction, once a unit exceeds 30 to 50 people, efficiency often drops because the human connection and the sense of individual importance are lost. Consequently, his strategy is not to create one giant company, but to maintain a constellation of autonomous, specialized units (roofing, plumbing, electricity, etc.) that each stay within the €5 million to €10 million revenue range. This allows for synergy on large sites while keeping the "soul" of a small business. ### The Transition to Group Leadership For many years, Lasser was the 100% owner and sole decision-maker. However, the stress of managing multiple entities led to burnout and "sleepless nights." A turning point occurred a year ago when he brought in a partner and Director General, Tristan, a former Sodexo executive. Tristan took a 30% stake and brought experience in managing large-scale P&Ls and complex structures. This partnership allowed Lasser to step back from daily operations and focus on the group's long-term vision and further acquisitions. It marked his transition from a "solo entrepreneur" to the leader of a structured corporate group. ### Conclusion and Advice Joseph Lasser’s journey highlights that traditional, "boring" industries offer immense opportunities for modern entrepreneurs who can bring organizational and financial structure to manual expertise. His final advice to aspiring buyers is to "limit the risk" rather than seeking absolute certainty. He advocates for a "small steps" approach—building a solid wall, brick by brick, and ensuring that every expansion is rooted in the pride of a job well done. For Lasser, entrepreneurship was a "vital" necessity to ensure his own professional happiness and to fight a family history of depression by creating something tangible and beautiful.