Acquiring Minds How to Buy the Business Where You Work
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Sep 28, 2023 Corey Veverka shares his experience of buying the business where he worked without doing a search, and how he convinced his wife and partner to do the deal. He discusses the risk mitigation of buying the business where he worked, the growth they've achieved, and the takeaways for people in similar situations. They also talk about the challenges of negotiating a business deal and the importance of trust in a seller-buyer relationship.
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Long Path to Ownership
- Corey was recruited by John with a vague promise of eventual ownership. - The opportunity matured over 13 years before the deal closed.
Leverage SBA Loans
- Use SBA loans as a key financing vehicle for buying a business. - They enable longer terms and lower down payments than private loans do.
Knowledge Mitigates Acquisition Risk
- Buying a business you're deeply familiar with greatly reduces unknown risks. - Corey had near perfect information from ten years working in the business.