Acquiring Minds Buying a Business to Build a Life
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Oct 31, 2024 Dan Drake, owner of Industrial Applied Electric, shares his journey from CPA to entrepreneur, emphasizing family and community ties in Bend, Oregon. He dives into negotiation strategies, including seller-financed deals and the intricacies of bundling real estate with business acquisitions. Dan discusses overcoming challenges like sales dips and improving inventory management. He highlights the significance of understanding customer needs and maintaining a strong connection with the community, embodying the lifestyle change they sought through their business investment.
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Bend Relocation
- Dan Drake and his wife aimed to relocate to Bend, Oregon, from Seattle.
- Prioritizing lifestyle, community, and flexibility, they sought a business acquisition in Bend.
From CPA to ETA
- Dan's passion lies in value creation and investing, not traditional accounting.
- Real estate investing provided experience and confidence for entrepreneurship through acquisition.
Search Criteria
- Dan prioritized Bend as his location and the industrial/construction supply chain as his industry.
- His target purchase price was up to $2 million, ideally with an SDE of around $300,000.
