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Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Brian Seeling, the owner of a commercial kitchen appliance repair company.
Brian recently purchased this business, and while we usually dive into the specific economics of a business, this episode took a fascinating detour into the cadence of a deal, covering everything from the LOI to closing.
Brian provides invaluable insights into the three main areas of the deal process: financing, due diligence, and negotiation. He explains how these elements must progress simultaneously to avoid delays in closing. This conversation offers a genuine look at the complexities and challenges of buying a business, far from the glamorized versions often seen on social media.
Whether you're interested in buying a business or simply intrigued by entrepreneurial journeys, this episode is packed with real-life experiences and practical advice. Stick around to the end to learn about Brian's hands-on approach to transitioning into his new role and his plans for scaling the business.
If you enjoyed this episode, please like and subscribe. You can follow Brian on đť•Ź at https://x.com/bseeling.
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00:20 Introduction
01:46 Brian's Business Journey
02:20 Understanding the Commercial Kitchen Repair Business
04:52 Brian's Background and Transition
09:26 The Search and Acquisition Process
15:02 Challenges in Deal Closing
20:48 Navigating Bank Delays and Investor Cadence
22:48 Bringing on Investors: Process and Challenges
24:37 Early Experiences with Investors
27:02 Business Operations and Surprises
29:16 Administrative Challenges and Solutions
34:47 Future Plans and Rapid Fire Questions
38:41 Reflections on Buying vs. Running a Business
