Chis Edwards - Buying, Growing, and Selling A Flooring Business
Nov 6, 2024
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Chris Edwards, a successful entrepreneur who recently sold his thriving flooring business in Steamboat, Colorado, shares his journey of rapid growth, achieving a 50% revenue increase and doubling EBITDA in just 3.5 years. He discusses the challenges of financing an acquisition, navigating operational improvements, and key growth strategies. Chris reflects on the emotional transition post-sale and the resilience required in business ownership. His insights on effective processes and team management offer valuable lessons for aspiring entrepreneurs.
Chris Edwards successfully transformed a struggling flooring business by implementing modern operational systems and focusing on team culture.
His journey illustrates the challenges and rewards of acquisition entrepreneurship, culminating in a profitable sale after significant growth.
Deep dives
Transition from Employee to Business Owner
The journey of becoming an entrepreneur begins with a significant life change, as Chris made the decision to quit his job during the pandemic to search for a small business to acquire. He narrowed his focus to the flooring industry and quickly acquired Affordable Flooring Warehouse within a few months of starting his search. Transitioning to this new role was challenging; Chris had to learn about the flooring business from scratch and implement systems to stabilize the existing operations. His efforts paid off, resulting in significant growth in revenue and EBITDA during his ownership.
Operational Transformations and Growth
After acquiring Affordable Flooring, Chris encountered a disorganized and outdated business structure that lacked modern processes. He implemented new operational systems using tools like Notion and introduced an offshore team to streamline various business functions. These changes not only improved day-to-day operations but also significantly enhanced the company's market position, leading to increased customer satisfaction and word-of-mouth referrals. Over three years, Chris successfully doubled the business's EBITDA and positioned it for a profitable sale.
Navigating Challenges and Key Employee Dynamics
Chris faced several challenges during his ownership, including dealing with a key employee who held significant power in the company and was resistant to change. This employee's eventual departure, along with starting a competing business, posed risks but ultimately led to positive growth for Affordable Flooring. By focusing on building a strong team and reinforcing positive company culture, Chris was able to stabilize and grow the business despite external pressures. This experience highlighted the importance of resilience and the ability to pivot when faced with unanticipated challenges.
Selling the Business and Future Opportunities
After about three and a half years of ownership, Chris decided to list Affordable Flooring for sale, feeling that he had maximized its potential within its market limits. The sale process was smooth, leading to a successful close earlier this month, marking a significant transition in his life. As he transitions away from the business, Chris is excited to explore new opportunities, possibly considering another acquisition or starting a fresh venture. This experience reinforced valuable lessons and established a strong foundation for his future endeavors in the entrepreneurial landscape.
Chris Edwards recently sold his flooring business in Steamboat, Colorado. He bought the business just 3.5 years prior then quickly grew revenue 50% and grew EBITDA 100%. He's an amazing example of what's possible in acquisition entrepreneurship. Our conversation dives into the hard lessons, growth levers, and his decision to sell.
Chris Edwards on X: https://twitter.com/toph_edwards Chris Edwards on LinkedIn: https://www.linkedin.com/in/chris-edwards-44664052/ Clint Fiore & Bison Business: https://bisonbusiness.com/ Patrick Dichter & Appletree: https://appletreebusiness.com/
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