Gabe Perez, a former corporate employee turned entrepreneur, and Kristen, a professional returning to work to manage their new family business, discuss their journey to acquiring a $4 million cold storage manufacturer. They reveal how they balance family life with business challenges, emphasizing the importance of communication and teamwork. Gabe shares insights on securing lender confidence despite the business's cyclicality, while Kristen talks about the emotional toll of entrepreneurship and their goal to create a supportive workplace for their family.
Gabe and Kristen's decision to buy a business stemmed from their desire to create wealth and provide for their children's future.
Kristen's entrepreneurial journey highlights the challenges women face re-entering the workforce after raising children, leading to personal fulfillment.
The couple's successful acquisition of a refrigeration company showcases the importance of strategic planning and assessing market conditions.
Deep dives
Balancing Family and Business Decisions
The decision to buy a business should include considerations for one's romantic partner and family dynamics. Gabe and Kristen Perez faced professional dissatisfaction, with Gabe disillusioned by corporate life after layoffs and Kristen ready to return to work after a decade at home with their four children. The motivation to build wealth for their kids and provide for college expenses led them to explore business acquisition, even though their chosen business was three hours away. The couple’s story highlights how entrepreneurship can provide autonomy and fulfillment, allowing families to break away from traditional corporate paths.
Navigating Career Transitions
Kristin Perez’s journey reflects the challenges many women face when re-entering the workforce after time spent raising children. Despite having a business degree and relevant experience, she encountered limited job prospects and felt undervalued by the job market. Her eventual embrace of the entrepreneurial path alongside Gabe became a new source of fulfillment, providing her the opportunity to shape the company’s culture and create a significant impact on employees’ lives. This shift from traditional employment to business ownership allowed Kristin to leverage her skills while prioritizing her family commitments.
Understanding Risk in Business
Gabe's transition from a corporate career to business ownership involved confronting the inherent risks associated with both paths. After experiencing layoffs within his healthcare career, he recognized that traditional corporate jobs might not be as secure as they seem. His decision to explore entrepreneurship came with the realization that owning a business could offer potentially greater control and stability. This perspective shift encouraged both him and Kristin to pursue business acquisition with confidence, despite initial doubts and societal expectations.
Strategizing the Business Acquisition
The acquisition of a small refrigeration construction company required strategic networking and due diligence for Gabe and Kristen. They explored local companies but found limited options, eventually discovering a promising lead three hours away. The business performed well, boasting high gross margins and repeat customers, which motivated their decision despite the distance. Their acquisition journey showcased the importance of carefully assessing market conditions, competitive dynamics, and the prospective growth potential of the target business.
Building a Family Business Culture
Since acquiring the refrigeration company, Gabe and Kristen have successfully navigated the transition while fostering a strong family business culture. Kristin has taken on significant responsibilities, including HR functions and payroll, allowing her to contribute meaningfully while remaining flexible for family obligations. Their involvement has opened opportunities for their children to engage with the business, deepening their understanding of entrepreneurship. The couple’s journey exemplifies how shared goals and values can unite a family while simultaneously building a thriving business that positively impacts employees and the local community.
