Before You Buy or Sell a Business

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 MarketKey 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.__________________________________________________If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

Mark Basile, a CPA with a background in mergers and acquisitions, shares his experience of buying a landscape business. He discusses the challenges and successes of the acquisition, the importance of due diligence, and the need for a clear exit plan. Topics include finding the right opportunity, managing a large number of employees, obstacles in the landscape industry like price undercutters, and the role of mentors in achieving financial stability.

In this episode of the Before You Buy or Sell a Business podcast, Jeptune Lupiter shares his journey of buying a restaurant and the challenges he faced during the process. He talks about his background in the restaurant industry and how he decided to look for a business to buy. Jeptune discusses the importance of properly managing finances and being transparent with lenders. He also emphasizes the need for focus and determination in running a business. His goal is to grow the restaurant brand and potentially acquire more businesses in the future.About The Guest:Jeptune Lupiter is a restaurant owner and entrepreneur based in Las Vegas. He has a background in computer science and international business and has worked in the restaurant industry for several years. Jeptune is passionate about growing businesses and is focused on expanding his restaurant brand.Key Takeaways:Season your money and ensure it is properly documented before buying a business.Be transparent about any personal or financial issues that may affect the acquisition process.Laser focus and determination are essential for success in business.Building relationships with employees and maintaining a positive work environment is crucial.Consider expanding your business and acquiring additional locations to grow your brand.______________________________________________________________________If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

About The Guest:Tommy Speigner is an experienced IT professional with a background in sales and technical knowledge. He has worked in various industries and has a passion for entrepreneurship. Tommy is currently based in Las Vegas and is actively looking to buy a business.Summary:Tommy Speigner, an IT professional with a background in sales, shares his experience of trying to buy an art framing business in Las Vegas. He discusses his background, how he ended up in the business world, and his decision to buy a business instead of starting one from scratch. Tommy talks about the art framing business he was interested in and the potential for growth in the industry. He explains the negotiation process, due diligence, and the challenges he faced when the deal fell through. Despite the setback, Tommy remains optimistic and is looking forward to finding the right business opportunity in the future.Key Takeaways:Tommy Speigner decided to buy a business instead of starting one from scratch, realizing the potential for growth and the benefits of acquiring an established business.He identified opportunities for growth in the art framing business, such as offering delivery and installation services and expanding into digital art.The negotiation process involved adjusting the valuation based on updated numbers and the impact of the lease on expenses.Due diligence was a learning experience for Tommy, as he gathered and analyzed information to understand the business's financials and operations.The deal fell through due to a significant increase in expenses, including labor costs and lease terms, which affected the business's profitability.______________________________________________________________________If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

About The Guest:Ron Quinn is the founder of Accelerated Law Group, a law firm that specializes in business transactions. With over 22 years of experience, Ron has handled thousands of transactions, ranging from small businesses to multimillion-dollar chains. He is known for his expertise in business law and his commitment to providing excellent service to his clients.​SummaryIn this episode, host Jared Johnson interviews Ron Quinn, the founder of Accelerated Law Group. Ron shares his journey into the world of business transactions and discusses the services his firm provides. He emphasizes the importance of choosing an escrow company that understands the intricacies of business transactions and offers advice for buyers and sellers. Ron also explains the differences between asset purchases and stock purchases and highlights the need for due diligence and careful consideration of tax liabilities. He concludes by sharing some of the craziest experiences he has had in his career.Key TakeawaysWhen choosing an escrow company, it is crucial to find one that specializes in business transactions and understands the unique challenges they present.Due diligence is essential for buyers and sellers to ensure they are aware of any potential liabilities or issues with the business.Stock purchases and membership interest purchases can be more complex than asset purchases and require careful consideration of contracts and tax liabilities.Buyers should be cautious about making significant changes to a business immediately after acquiring it, as this can disrupt operations and alienate employees and customers.Communication is key in business transactions, and all parties involved should stay in touch and keep each other informed throughout the process.If you have questions for Jared, visit JaredWJohnson.com or connect with Jared on LinkedIn.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.

Jarryd Osborne shares his experience in searching for a business to buy and the challenges he faced along the way. He emphasizes the importance of building rapport with sellers, finding the right lender for financing, and conducting thorough due diligence. Jarryd also discusses his transition from searching for a business to becoming a business advisor.Key Takeaways:➡️Building rapport with sellers is crucial in the acquisition process.➡️Finding the right lender is important for securing financing.➡️Thorough due diligence is necessary to ensure a successful acquisition.➡️Transitioning from searching for a business to becoming a business advisor can be a natural progression.To connect with Jarryd Osborne, you can find him on Twitter at SMBKapital or on LinkedIn as Jarryd Osborne. If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

About The Guest:Alina Joseph is a business owner and entrepreneur who has acquired two businesses and is in the process of selling one. She has a background in finance and law, with an MBA and JD degree. Alina has experience in mergers and acquisitions and has a passion for helping others navigate the business acquisition process. Currently, Alina is the owner and CFO at MunchPak, a snack delivery service.Summary:Alina Joseph, a business owner with experience in acquiring and selling businesses, shares valuable insights in this podcast episode. She emphasizes the importance of thoroughly evaluating a business before buying, understanding the financials, and managing people effectively. Alina also highlights the need for transparency and thorough review of documents during the acquisition process. For buyers, she advises evaluating if the business is a good fit and aligns with their financial goals. For sellers, she recommends keeping clean books and staying on top of financial records. Alina's experiences and advice provide guidance for both buyers and sellers in the business acquisition process.Key Takeaways:Evaluate a business based on its profitability and growth potential.Understand the financials and key players in the industry.Be patient and wait before making significant changes to a newly acquired business.Thoroughly review all documents and contracts before signing.Be prepared to manage people and their expectations.Quotes:"Just because you have high revenue doesn't mean your cash flow is healthy." - Alina Joseph"Wait before making changes and get people's buy-in." - Alina Joseph"Do your own homework and evaluate the business properly." - Alina Joseph"Be transparent and thorough in your due diligence." - Alina Joseph"Stay engaged and keep working at it even when you're ready to sell." - Alina Joseph—---------------------------------------------If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

In this episode of the Before You Buy or Sell the Business podcast, host Jared Johnson interviews Jim Ely, an expert in SBA lending and a NAGGL instructor. Jim has been in the lending industry for over 39 years and has a wealth of knowledge about the acquisition process and recent transactions.OverviewIn this interview, Jim shares his experiences in the lending industry and provides insights on the SBA loan process. He discusses the development of the secondary market product, his background in bread and butter, and how he became an instructor for NAGGL. Jim also talks about his upbringing in Southern California, his time at UCLA, and how he got into lending. Additionally, he shares his experiences owning and operating businesses and emphasizes the importance of understanding the motivations of sellers when buying a business. Jim also sheds light on the State of California Infrastructure and Economic Development Bank's loan guarantee program, which complements the SBA loan program.If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

Jeff Solomon, a successful entrepreneur who has acquired multiple businesses, shares his journey into restaurant entrepreneurship, the importance of prioritizing quality over cost, and offers advice for potential buyers. In this episode of the Before You Buy or Sell a Business Podcast, host Jared Johnson interviews Jeff Solomon on his experience from running casinos to sushi restaurants. Solomon emphasizes the importance of thoroughly researching the industry and the specific business they are interested in and building a strong team of advisors. He stresses the importance of learning from past experiences and taking calculated risks in entrepreneurship. Having worked on a deal together, Jared and Jeff discuss the experience of negotiating with the seller of Jeff’s first restaurant business, who was initially stubborn about the purchase price. Jeff highlights the importance of due diligence when acquiring a business and recommends focusing on labor, marketing, overhead, and revenue numbers. Solomon and his team use a software program to track food costs and adjust prices accordingly. He advises buyers to look beyond the financial statements and dig deep into the business to uncover potential issues.Solomon stresses the importance of keeping a close eye on costs and finding ways to take out expenses that are not adding value. He suggests that taking calculated risks and constantly examining costs can lead to success in entrepreneurship. Solomon also believes that driving enough revenue can cure most issues in a business.In addition, Solomon discusses the importance of customer experience and quality in his restaurants. He does not sacrifice quality for short-term cash flow and believes that fixing issues now will save money in the long run. He advises buyers to look for brokers who are honest and have high standards.Solomon's experience as an entrepreneur highlights the importance of research, due diligence, and calculated risk-taking in the world of entrepreneurship. He stresses the importance of keeping a close eye on costs, finding ways to add value, and prioritizing customer experience and quality. Not only does Solomon emphasize the need to stay up-to-date with industry trends but also the ability to be open to new opportunities for growth. Furthermore, he suggests that potential buyers consider involving friends and family as investors, but cautions that it can be more complicated without these connections.If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: 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.

In this episode of the podcast "Before You Buy or Sell the Business," host Jared Johnson interviews Eric Hooiman, the now-owner of the oldest glass company in Las Vegas, on how he turned around the business to become successful. Eric was a long-time gold miner with experience in designing and installing fire suppression systems. The conversation is casual and friendly, with Jared expressing his admiration for Eric's recent deal. They discuss Eric's background and career in the industry, including his college experience playing midfield for Coos Bay on a Fulbright scholarship.The podcast aims to help buyers and sellers learn more about the acquisition process. Eric Hooiman found a glass company on BizBuySell that he and Jared decided to acquire. The company was the oldest glass company in Las Vegas and had an unlimited contractors license. Although the company had gone through three generations inside a family and was sold outside the family, the owner passed away from COVID, and his daughter inherited the company. Eric was interested in the deal because of its distressed situation, and the seller had dropped the price.The conversation also touches on the negotiation process and the initial pricing of the company. Jared Johnson and Eric Hooiman discuss their due diligence process when considering a company for acquisition. Hooiman emphasizes the importance of seeking advice from professionals and staying in one's lane. He shares that he consulted with his CPA and financial advisor, as well as conducting his own research on the company's financials to determine areas where they were losing money.Eric Hooiman provides more advice on acquiring a business, including the importance of transparency and utilizing employees as a resource. He also emphasizes the significance of implementing changes one step at a time and getting buy-in from employees. The conversation also touches on the difficulty of finding good employees and the importance of company culture in retaining them.Hooiman also talks about his future plans, which include stabilizing his current business and buying another one. Eric believes in the importance of having mentors and attends Tony Robbins events. He emphasizes the importance of adding value when seeking a mentor or learning from someone. To Eric, people are willing to give advice and help as long as the person seeking advice listens to them.Overall, Eric Hooiman's experience in gold mining and fire suppression system design, as well as his personal relationships and determination, have helped him successfully acquire a distressed business and turn it around. His emphasis on company culture and adding value to others provides valuable lessons for anyone looking to acquire and run a successful business.If you have questions for Jared, visit JaredWJohnson.comConnect with Jared on LinkedIn.Follow Jared on Instagram.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.