Acquiring Minds Why Work IN the Business You Buy (Not Just On It)
Jun 20, 2024
Former crew member turned successful business owner Colin Gates shares his journey of aggressive saving, buying a commercial painting business, managing prima donna employees, bidding jobs constantly, hiring, and strategies for business growth. He highlights the importance of cash flow, not requiring deposits, and having the seller stay on as an employee.
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Choosing Industry by Fit
- Colin prefers blue-collar, tangible businesses given his background and passion.
- He avoids industries like accounting that don't match his personality and skills.
Pre-Buying Hands-On Experience
- Colin Gates worked as a painter for a month before buying the commercial painting business.
- This hands-on experience helped him understand operations and gain crew respect before becoming the boss.
Work In Business First
- To hold people accountable, you must understand the work process up close and personal.
- Don't just work on the business; work in it initially to grasp its realities.