How I Built My Small Business Nik Hulewsky - He Put $180k Down. Then Built and Grew $18m in Businesses.
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Sep 23, 2025 Nik Hulewsky, a serial entrepreneur and founder of the Nikonomics podcast, shares his journey from working in healthcare to building and selling multiple businesses. He discusses the turning point of losing his job during COVID, leading him to buy a medical billing company through strategic outreach. Nik highlights the importance of financial structuring and creative financing approaches. He also reflects on his adventures in various ventures post-exit and his current focus on a healthcare venture studio aimed at innovating outdated systems.
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Run Debt Service Coverage Math
- Set minimums: seek businesses with ~15% net margin and enough EBITDA to cover lifestyle and debt.
- Run debt service coverage ratio math and target ≥1.5x to ensure loan payments are sustainable.
Structure Seller Notes As Equity
- Use SBA equity injection rules creatively: seller financing with deferred payments can count as equity.
- Structure seller notes so deferred payments satisfy the SBA's injection to lower personal cash down.
Bought One, Built Another Simultaneously
- Nik closed the medical billing deal then immediately helped start a home health and hospice with family, splitting operational attention.
- He later regretted not being hands‑on at the billing company, which contributed to selling it out of fear.