Episodit
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Before you buy or sell a business, perhaps you've read "Buy Then Build."
Today's podcast guest, Matt Crowder, talks about how that book set him further down the entrepreneurial path.
Matt, a borrower I worked with, recently acquired Western Stairlifts, a business specializing in home mobility equipment. We explore his transition from a traditional career in the tech industry to full-time entrepreneurship. The guest shares the pivotal moments, challenges, and learnings from both their vending machine business and the acquisition of Western Stairlifts.
From selling snowflakes to technology, from managing a vending machine route to buying a business, Matt provides valuable insight for fellow entrepreneurs.
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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CHAPTERS
0:00 | Introduction
9:32 | Helping Utah's Elderly and Disabled with Home Mobility Solutions
12:43 | Acquiring Western Stairlifts and Overcoming Initial Business Challenges
25:51 | Navigating Google Business Profile Challenges and Address Discrepancies
29:58 | Challenges and Triumphs of Running a Small Business
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Before You Buy or Sell a Business, be prepared.
That's what today's guest would tell anyone who is looking to buy a business like he did.
I am happy that I got to sit down with George Ayomide, a two-time borrower of mine. George is an ambitious entrepreneur who has made significant strides in the business world. From his early business experience in Nigeria to his successful ventures in the United States, George shares his insights on acquiring and transforming businesses, maintaining effective customer relations, and ensuring seamless transitions.
In this podcast episode, George discusses his first business acquisition, a window tinting and graphic design company in Dallas, detailing the steps he took to evaluate and smoothly transition the company. He elaborates on the importance of preparation and listening to customers, which led to innovative improvements in the business.
A year later, George then moves on to his second acquisition, a well-established company in the automotive industry. He emphasizes the value of having a dedicated team and the significance of setting clear expectations during the business transition.
This episode is filled with practical advice and inspiration for aspiring entrepreneurs and seasoned business owners alike.
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Puuttuva jakso?
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Before you buy a business, ask the seller this question, "What are some problems you've dealt with in the last month?"
Keira Hamilton asked that question to the seller before she bought the laundromat that she now owns.
Join me in this captivating conversation with Keira Hamilton, a former educator turned entrepreneur.
We'll delve into the nuances of due diligence, the realities of owning a laundromat, and the transition from real estate to business acquisition. Discover insights on validating business operations, managing employee relationships, and the significance of understanding seller motivations.
Keira shares her personal journey and the learning curve involved in running a successful business. Perfect for aspiring entrepreneurs and those curious about business ownership, this episode is packed with invaluable advice and practical tips!
You can follow Keira on:
LinkedIn | https://www.linkedin.com/in/keirahamilton/
YouTube | https://www.youtube.com/@Keira_Hamilton
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Selling a business is no small feat, and it requires astute planning, risk-taking, and timely decisions. Thomas Perkins, a seasoned entrepreneur, recently shared his wisdom on the "Before You Buy or Sell a Business" podcast.
His journey from being a self-employed barber to a successful business owner of a company grossing $3.5 million annually carries valuable lessons for anyone considering embarking on this path.
In this podcast episode, I talk with Thomas about the highs and lows he faced, from managing finances and credit lines to navigating the complexities of selling a business.
Discover invaluable advice for both buyers and sellers, including the significance of long-term financial planning and the importance of ensuring a smooth transition for business continuity. If you're exploring the world of business acquisitions, Perkins' story offers critical insights and practical tips.
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If you have questions for Jared, visit JaredWJohnson.com
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CHAPTERS
0:00 | Introduction
1:49 | From Barber to Business Owner: A Journey of Self-Discovery
8:36 | The Freedom and Challenges of Self-Employment in Sales
9:30 | Overcoming Financial Challenges to Build a Successful Business
13:11 | Becoming the Go-To Vendor for Property Management Needs
26:06 | Ensuring Smooth Business Transition Through Early Collaboration and Financial Support
35:37 | Self-Motivation and Finding Purpose Through Projects
38:28 | The Importance of Ethical Business Handoffs
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DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Buyers and sellers can be friends, right? Well, what about business partners that work together to scale HVAC businesses?
In this episode of the Before You Buy or Sell a Business podcast, I sit down with Marc Chard and Spencer Satorie of Apex Services dive into their journey of expanding HVAC companies, sharing insights on acquisitions, systems implementation, and management across multiple locations.
From their initial partnership to acquiring multiple companies, they reveal strategies for overcoming challenges, the importance of a solid system, and their growth plans, including adding plumbing services.
Discover how they effectively manage diverse operations and hear their advice for aspiring business owners.
If you're interested in the intricacies of business acquisitions and roll-ups, you won't want to miss this.
📢If you are interested in sponsoring the podcast, reach out to me at [email protected]
CHAPTERS
0:00 | Introduction
5:05 | Business Acquisition and Transition Period Challenges
7:54 | Navigating Business Partnerships and Growth Strategies
11:47 | Challenges and Successes in Acquiring Underperforming Businesses
25:06 | Challenges and Strategies in Managing Multiple Acquisitions
31:19 | Empowering Managers with Trust and Control in Franchise Operations
38:45 | The Challenges and Rewards of Scaling a Business
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Before you buy or sell a business, hear Josh Levine on the nuances and evolving trends in the business acquisition landscape.
In today’s podcast episode, I am joined again (see episode 5) by Josh Levine of Private Market Labs where we talk about:
Importance of Focus: Presenting a clear and specific investment thesis helps you stand out to brokers and streamlines the decision-making process.Role of Brokers: Using brokers can expedite the acquisition process and increase the likelihood of closure, although the quality of brokers can vary.Market Dynamics: The increase in searcher activity and higher interest rates are significantly shaping the current business acquisition environment.Economic Impact: Covid-19 and interest rate changes have introduced new challenges but also opened up opportunities in the market.Mentorship and Support: Engaging with mentors and support networks is crucial for navigating the complexities of buying and running a business.Listen in for valuable perspectives on navigating the acquisition process, industry trends, and the future outlook for buyers and sellers.
Keep up with Josh on X (Twitter)
More about Private Market Labs
Check out the Private Market Labs Podcast
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In this episode of the Before You Buy or Sell a Business podcast, host Jared Johnson sits down with long-time friends and now business owners, Brandt and Danielle Badouin.
The couple shares their journey from their respective corporate careers to purchasing a nail salon, highlighting the challenges and triumphs they experienced along the way. Jared and the Badouins delve into the nuances of transitioning from being employees to business owners, offering invaluable insights and advice for anyone considering a similar path.
The episode kicks off with Brandt and Danielle's backgrounds, outlining their extensive experience in their respective fields—Brandt's in telecommunications and fitness, and Danielle's in health insurance and project management.
Their transition into business ownership wasn't planned, as Jared introduced the opportunity to them unexpectedly. This serendipitous event set off a chain of decisions and actions that culminated in them owning a profitable nail salon. Throughout the episode, Brandt and Danielle discuss the importance of researching, assessing risks, and maintaining a balance between their existing careers and new responsibilities as business owners.
Key Takeaways:Preparation and Research: The importance of thoroughly researching and understanding the business you're planning to buy cannot be overstated.People Management: Retaining and understanding the existing workforce is crucial for a smooth transition.Working Capital: Having sufficient working capital helps in managing unexpected expenses and stabilizing the business during the initial months.Mentorship and Guidance: The value of having mentors and trustworthy advisors to guide you through the process of buying and running a business.Balancing Act: How to maintain a balance between your existing job and new business responsibilities for initial stability and long-term success.______________________________________________________________________
If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Welcome back to another episode of the "Before You Buy or Sell a Business" podcast, host Jared Johnson engages in an insightful conversation with Jeanise Hatcher, a dynamic entrepreneur who transitioned from a corporate career to owning a Pilates studio in Austin, Texas.
Initially stumbling upon Pilates during her recovery from a dance injury, Jeanise found a new passion that she decided to transform into a business venture. She candidly shares her journey of acquiring the studio, the challenges she faced, and the lessons she learned along the way.
Jeanise details the rigorous process of buying a business, from exploring Best Buy's listings to working closely with a lawyer and broker to navigate due diligence effectively. She emphasizes the importance of understanding the business operations, engaging with the community, and preparing financially for the acquisition.
Her honesty about power struggles with the previous owner and the unexpected challenges she encountered provides a realistic perspective on purchasing and running a business. This episode is a goldmine for aspiring entrepreneurs, especially those looking to invest in the fitness industry.
Key Takeaways:
Preparation is Key: Jeanise stresses the importance of thorough due diligence and preparing financially before taking over a business.Understand Seasonality: Recognizing and planning for the seasonal nature of fitness businesses can help manage cash flow and ensure sustainability.Navigating Power Dynamics: Handling the power transition smoothly, especially when the previous owner stays involved, is crucial for maintaining business operations.Blending Passions: Jeanise talks about integrating her interests in holistic wellness and motivational speaking into her Pilates studio to create a unique business model.Professional Guidance: The indispensable role of having a knowledgeable lawyer and a supportive broker during the acquisition process.Resources
Zenergy Pilates - Jeanise's Pilates StudioBoutique Fitness Solutions - Mentioned by Jeanise for mentorship and consultingFor more on Jeanise's journey and valuable advice on buying and managing a business, tune in to the full episode.
Stay tuned for more enlightening content from "Before You Buy or Sell a Business" podcast!
In this episode:
0:00 | Blending Spiritual Readings with Pilates and Motivational Speaking
3:08 | The Overlooked Physical Toll of Dance Compared to Other Sports
7:02 | Supply Chain Management at Major Tech Companies
8:07 | From Dance Studios to Pilates: A Journey of Diversification
10:35 | The Importance of Due Diligence When Buying a Business
15:22 | Navigating Business Purchase Agreements and Lease Negotiations
21:38 | Challenges of Taking Over a Pilates Studio
26:48 | The Reality of Buying and Running a Business
27:42 | Transitioning Leadership and Overcoming Challenges in Business Ownership
30:21 | Navigating Power Struggles During Business Transitions
33:22 | Integrating Sound Healing and Spirituality into Pilates
35:18 | Jeanise Hatcher's Journey to Business Success and Future Aspirations
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my
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Welcome back to another episode of the Before You Buy or Sell a Business podcast.
Recently, I sat down with Rand Larsen and he shared his journey from startup adventures to carving out a niche in the entrepreneurial through acquisition (ETA) space. The discussion unfolds with an exploratory look into Rand's foray into starting his own company and the lessons learned from its quick demise due to external factors like the pandemic. His pivot to buying businesses and his current focus on crafting peer groups provide a rich tapestry of insights for both budding and seasoned entrepreneurs.
Rand's candid recount of his experiences illuminates the challenges and rewards of embarking on entrepreneurial ventures. With an engaging narrative, he dives into the intricacies of building a business from the ground up, transitioning to buying established companies, and creating a supportive community through events and peer groups. The conversation touches on topics such as the feasibility of buying small businesses, the power of mentorship, and the potential of innovative marketing strategies in the digital age.
Takeaways:Adaptability is Key: Rand's career path emphasizes the need for adaptability, showcasing a readiness to pivot and leverage new opportunities.The Power of Community: Building peer groups and organizing events foster camaraderie and knowledge sharing among entrepreneurs.Buying Credibility: Acquiring a smaller business can serve as a stepping stone for building credibility in the market and securing more substantial deals.Understand Employee Dynamics: Post-acquisition, understanding and navigating the complexities of employee management is crucial for business success.Innovative Marketing for Growth: Rand's unique approach to promoting his peer groups through road trips and potential RV branding exemplifies creative marketing techniques.IN THIS EPISODE
0:00 | Introduction6:15 | Building Community Through Local Entrepreneurial Events13:14 | Rand Larsen's RV Adventure for Entrepreneurial Networking17:11 | Pitching to Marcus Lemonis on Twitter24:23 | Balancing Authenticity and Positivity in Business Storytelling27:12 | Evolving Strategies in Small Business Acquisitions34:37 | Delegating Leadership to Transform Business Operations37:33 | Employee Challenges in Post-Acquisition Business Management44:48 | Mentorship, Motivation, and Meaningful Impact in Entrepreneurship48:08 | Rand Larsen Discusses Online Presence and Future Collaborations
Resources:Follow Rand Larsen on his journey and discover more about peer groups for business owners:
Twitter: @RandLarsen (As mentioned, Rand's life and knowledge about business are documented on Twitter)Listen to Rand's story and learn from his experiences by tuning into the full episode. Stay connected for more episodes that shed light on the real-world aspects of buying, selling, and managing businesses. Don't miss out on valuable advice that could help catapult your ventures to new heights.
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Welcome back to another episode of Before You Buy or Sell a Business.
Today, I am happy to introduce a past borrower, Derek Croft, whose recent venture into business ownership presents a unique and fascinating case study for aspiring entrepreneurs.
Derek opens up about his transformative journey, beginning with his engineering background, MBA pursuit, and foray into consulting at a top-tier firm. Realizing that his true calling lay in growing and running a business, he embarked on a meticulous search for the ideal company to acquire, laying out the nuances of his strategic shift from small to larger ventures and detailing his partnership with Search Investment Group (SIG) that led him to a rather interesting business.
As Derek navigates the initial challenges and triumphs of business ownership, listeners gain valuable insights into the critical role of due diligence, establishing operating agreements, and formulating high-impact strategic priorities.
Immerse yourself in Derek Croft's fascinating story of business acquisition and discover essential strategies for entrepreneurial success by listening to the full episode. Stay tuned for more inspiring and educational content to guide your own business journey!
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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Welcome back to another episode of Before You Buy or Sell a Business. Today, I talk with Erik Fike as he shares his experience of buying a business while still working in his current role.
He discusses how he found the right business, the challenges he faced during the transaction, and the lessons he learned along the way. Erik provides valuable insights into the due diligence process, the importance of finding the right lender, and the need for mentorship and guidance in the acquisition process. He also highlights the significance of having experience in running a company and the motivation behind his decision to pursue business ownership.
Key Takeaways:
Finding the right business: Erik emphasizes the importance of defining specific criteria for the type of business you want to buy, such as remote operation, B2B services, and revenue margins.Negotiating the LOI: Erik shares his experience of going through multiple revisions of the LOI with the seller, ensuring that all key aspects of the deal were addressed and agreed upon.The challenges of bank financing: Erik discusses the difficulties he faced in securing bank financing and the importance of finding a lender who understands the business and can provide the necessary support.The value of working capital: Erik highlights the importance of having sufficient working capital to navigate unexpected challenges and maintain stability in the business.Lessons learned: Erik advises considering forgivable seller notes to mitigate risks and protect against potential contract pauses or cancellations.Notable Quotes:
"You really should have a mentor. I definitely have, and I also recommend peer groups for that same kind of thing. It's been great too." - Erik Fike
"The best-case scenario with a bunch of recurring revenue is awesome. This is not one of those businesses. This is a big project-based business." - Erik Fike
Erik Fike's LinkedIn
IN THIS EPISODE
00:00:00:00 | Introduction, Erik Fike's Background
00:04:02:10 | Emerging ETA Space & Social Media
00:17:37:01 | LOI, 9 Revisions, and Addressing Key Issues Upfront
00:20:11:13 | Experienced Lender vs Unexperienced Lender
00:27:06:20 | Unexpected budgetary issue in California affecting contracts
00:31:03:08 | Seller Note Forgiveness and Customer concentration
00:36:04:12 | Stability and Experience with Project-based Revenue
00:38:05:04 | Erik Fike Answers: Do You Have a Mentor?
00:39:30:02 | Erik Fike Answers: What Motivates You?
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode, host Jared Johnson interviews Eric Pacifici, an attorney specializing in small and medium-sized business (SMB) mergers and acquisitions (M&A).
Eric shares valuable insights and advice for buyers and sellers in the acquisition process. He emphasizes the importance of having legal representation and discusses key contractual terms such as indemnity and non-compete clauses. Eric also addresses the cost of legal services and the benefits of a fixed fee model.
He highlights common challenges in SMB M&A deals, including issues with quality of earnings and seller disputes. Eric provides practical strategies for mitigating risks, such as addressing customer concentration and involving investors in the deal. Throughout the conversation, Eric's passion for SMB M&A shines through, as he offers valuable guidance for navigating the complexities of these transactions.
Key Takeaways:Treat your bank as an ally, not an adversary. Your interests are aligned, and the bank can help identify potential issues such as customer concentration.The three most important contractual terms in an SMB M&A deal are indemnity, non-compete, and a strong letter of intent.Quality of earnings is a crucial aspect of due diligence. Hiring a quality of earnings provider can help uncover potential issues and protect your investment.Customer concentration is a common challenge in SMB deals. Mitigate this risk by including contingent compensation in the purchase agreement or promissory note.When bringing in investors, consider their control rights, objectives for the business, and potential impact on governance.
Notable Quotes:"You're risking your financial life. You're taking multimillion-dollar personally guaranteed debt. You need to have a checklist of things that you need in your deal.""Don't be a jerk, but you don't need to walk on eggshells. You're risking your financial life, and you can always pull the plug and go do another deal.""Find smart money people who can serve as strategic advisors. It's better to have strategic alignment than just generic dollars."
Resources:SMB Law GroupEric Pacifici on TwitterEric Pacifici on LinkedIn______________________________________________________________________
If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode of Before You Buy or Sell a Business, host Jared Johnson welcomes back Tommy Speigner to share his journey and lessons learned from acquiring a business in an industry he had never explored before. Tommy discusses the process, challenges, and triumphs he experienced in finding and buying a company. The conversation dives into the nuances of engaging with investors and the strategic approaches for buying and growing a business successfully.
From the decision-making strategies to the realization of purchasing a forestry and vegetation management service company, this episode unpacks the details of identifying viable business opportunities and the role of investor relationships. Tommy's experience demonstrates the importance of adaptability and keen business acumen.
Key Takeaways
Tommy Speigner explains the differences between his initial solo venture and his recent team-backed approach.The episode delves into the intricacies of searching for and acquiring a business outside one's typical industry.Key discussions on leveraging relationships, networking, and utilizing different types of funds for business acquisition provide valuable insights.Tommy shares his firsthand experience with the SBA loan process, exposing both challenges and triumphs.______________________________________________________________________
If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode of, host Jared Johnson interviews Daniel Cox, a serial entrepreneur who recently purchased a restaurant.
Daniel shares his background and journey from construction to law enforcement to the mental and behavioral health industry. He discusses how he found the listing for the restaurant and the due diligence process he went through before making the purchase. Daniel also provides insights into the challenges and opportunities he faced during the transition and the importance of having working capital.
He emphasizes the value of mentors and the need for careful planning and preparation when applying for an SBA loan. The episode concludes with Daniel discussing his plans for the future, including growing the restaurant and continuing his coaching work.
Key Takeaways:Daniel Cox emphasizes the importance of having working capital when buying a business, as unexpected expenses and regulatory requirements can arise during the transition phase.Conducting thorough due diligence, including spending time at the physical location and talking to staff members, is crucial to understanding the business and identifying any potential red flags.The SBA loan process requires careful planning, understanding the eligibility criteria, and preparing comprehensive financial statements. Having a mentor and organizing personal finances can also facilitate the loan application process.Daniel highlights the significance of an operating system and technology in managing and growing a business. Implementing efficient systems and staying adaptable are key to success.Holistic success, including personal fulfillment, the well-being of the team, positive community impact, and innovation, motivates Daniel in his entrepreneurial journey.Daniel Cox's TED Talk: Elevating Expertise - How Skill Synergy Shapes Success
Listen to the full episode to gain valuable insights from Daniel Cox's entrepreneurial journey and learn about the challenges and opportunities of buying and growing a business. Stay tuned for more enlightening content from the Before You Buy or Sell the Business podcast.
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews August Felker, an entrepreneur with experience in buying and selling businesses, particularly insurance brokerages.
August shares his journey from starting a search fund to acquiring his first business, the challenges he faced during the negotiation process, and the emotions he experienced as a seller.
He also discusses his transition into supporting others in the acquisition process and provides insights into the importance of insurance diligence when buying a business.
Key Takeaways:
🔹Starting a search fund allows aspiring entrepreneurs to buy an existing business and become an entrepreneur without starting from scratch.
🔹The negotiation process when buying a business can be emotional, and it's important to be prepared for the different waves of emotions that come with it.
🔹Building a relationship with the seller is crucial, both during the negotiation process and after the sale, to ensure a smooth transition and ongoing success.
🔹Conducting insurance diligence before buying a business is essential to identify any coverage problems or surprises that may arise after the acquisition.
🔹Cold calling and building relationships with potential sellers can be an effective way to find proprietary deals and stand out from competitors.
In this episode:
00:00:00 | Introduction
00:01:10 | August Felker discusses his background and experience in buying businesses
00:03:04 | What is a Search Fund?
00:06:05 | August Felker on finding and acquiring his first business
00:14:07 | Deciding to sell
00:16:38 | Advice for sellers
00:20:11 | Transition from a traditional search fund model to a self-funded model
00:25:10 | Consider the seller's needs to stand out as a buyer
00:31:08 | Insurance is often at the bottom of the client's list, but they still have to deal with it
00:37:04 | August Felker on what motivates him
00:39:09:02 Closing remarks
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode, Jared Johnson interviews Ryan Hutchins, the founder of Peak Business Valuations. They discuss Ryan's background and journey into the world of business valuation, as well as the services provided by his firm. Ryan explains the different approaches used to value a business, including the asset approach, market approach, and income approach.
He also shares insights on the importance of accurate financials, the role of inventory and equipment in valuation, and the challenges of valuing small businesses.
Key Takeaways:
Valuing a business involves assessing its cash flow, perceived risk, and comparable transactions in the market.The asset approach is typically used for businesses with significant tangible assets, while the market approach looks at comparable transactions in the industry.The income approach focuses on the cash flow generated by the business and uses a cap rate to determine its value.Accurate financials are crucial in valuing a business, and hiring a bookkeeper can help ensure that the financials are in order.Personal expenses and inventory should be carefully considered in the valuation process.Notable Quotes:
"The value of any business is what a willing buyer and a willing seller hypothetically transact at, known as fair market value." - Ryan Hutchins"Your financials will impact not only the value of your business but also how long the process takes to sell your business." - Ryan HutchinsResources:
Peak Business ValuationsRyan’s LinkedInLoopNetBizBuySell______________________________________________________________________
If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode, host Jared Johnson interviews Jesse Carlson, the owner of a FedEx business. Jesse shares his journey from working in the entertainment industry to becoming a business owner.
He discusses the challenges he faced during the acquisition process and the importance of thorough due diligence.
Jesse also highlights the key factors that attracted him to the FedEx business model and the lessons he has learned since taking over the business. This episode provides valuable insights for anyone considering buying or selling a business.
Key Takeaways:
Jesse's transition from the entertainment industry to the lending industry and eventually to owning a FedEx business showcases the importance of adaptability and the willingness to explore new opportunities.Thorough research and due diligence are crucial when buying a business. Jesse's extensive research and guidance from experienced individuals helped him make an informed decision.The FedEx business model offers stability and recession-proof potential, making it an attractive option for aspiring business owners.Building strong relationships with drivers and taking care of their needs is essential for the success of a FedEx business.Owning a business requires continuous learning and adaptability. Jesse emphasizes the importance of staying informed and being open to new challenges.Quotes:
"I wanted to get something that was more stable, reliable, and recession-proof."Resources:
LoopNetBizBuySell
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In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews John Hannum, the founder of PPS Solutions, about the importance of having a fractional CFO for small and growing businesses.
John shares his insights on the biggest mistakes business owners make, the key things to focus on when selling a business, and the trends he has observed in the small to medium business market. He also provides valuable advice for buyers looking to acquire a business and discusses the role of a fractional CFO in improving a company's financial health and maximizing its value.
For more information or to contact John, visit: https://www.ppsfinance.com/
In this episode:
00:00:00 | Introduction
00:03:41 |John Hannum on starting PPS Solutions, fractional CFO services
00:06:04 | Fractional CFOs offer operational expertise and act as financial partners to entrepreneurs.
00:08:55 | Biggest mistake in finance: not using clean accounting information
00:09:11 | Importance of cleaning up accounting and looking at accrual accounting
00:11:35 | Importance of budgeting and cash flow forecasting
00:14:20 | Importance of planning for business exit and maximizing value
00:17:35 | Setting goals in the first year of a three-year period
00:20:26 | Creating a good story for the business sale
00:22:00 | Dealing with cash sales and creative ad backs
00:23:46 | Educating business owners on the implications of tax fraud
00:27:09 | Advice for buyers looking to buy a business
00:31:45 | Motivation to help others achieve their vision
00:33:21 | Closing remarks, contact information for John Hannum
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode of Before You Buy or Sell a Business, Eric and Joy Rose share their journey of buying a sushi restaurant in Salt Lake City. They discuss their backgrounds, including their experience working for the federal government and living overseas. They explain how they decided to buy a restaurant and why they chose a sushi restaurant. They also talk about the negotiation process and the challenges they faced in securing financing. Despite the obstacles, they were able to successfully close the deal and are now running the restaurant.
About The Guest(s):
Eric and Joy Rose are the owners of a sushi restaurant in Salt Lake City. Eric has a background in international relations and Russian language, and has worked for the federal government for nearly 20 years. Joy has a background in humanities and English secondary education, and is a licensed acupuncturist.
Key Takeaways:
Eric and Joy had a desire to own their own business and found a sushi restaurant that aligned with their interests.They had to navigate the negotiation process and secure financing to purchase the restaurant.The seller was willing to work with them to restructure the deal and make it more favorable for both parties.Building relationships and trust with the seller and the staff was crucial in the transition process.__________________________________________________
If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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In this episode of Before You Buy or Sell a Business, Scott Fournier shares his experience of buying a meat market business in Magnolia, Texas. He talks about his background, the process of finding and evaluating the business, and the financing and closing process. He also discusses the transition period and his plans for the future, including expanding the business and implementing new systems.
Business | Ainsworth Meat Market
Key Takeaways:
➡️ Scott's motivation for buying a business was to provide additional income for his family and have a project for his wife.
➡️ He found the business online and was attracted to it because of his wife's interest in healthy eating and the potential for growth.
➡️ The cash flow and potential for expansion were the main factors that influenced his decision to make an offer on the business.
➡️ Scott advises spending time on due diligence and ensuring that the financials are accurate before making an offer.
➡️ The transition period involved training with the previous owners and implementing new systems, which sometimes met with resistance from employees.
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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