Acquiring Minds How to Buy a Ski Resort (at Age 22)
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Jul 13, 2021 In this episode, Rick Schmitz, who at just 22 turned a struggling ski resort into a thriving business, shares his incredible journey. He recounts negotiating the price down from $1 million to $625,000 despite facing countless rejections from banks. Rick emphasizes the significance of a strong business plan and creative financing. He discusses the sacrifices made to grow his resorts and the importance of community connections. With humor and insight, Rick outlines the unique challenges and rewards of acquiring ski resorts in the Midwest.
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Buying A Ski Hill At 22
- Rick Schmitz found a ski resort listing on BizBuySell during his senior year and decided to buy it instead of taking finance jobs.
- He closed the deal at age 22 and turned the rundown Nordic Mountain into a profitable business over years.
Start Before Responsibilities Mount
- Act early on entrepreneurship while you have low personal obligations and high tolerance for risk.
- Rick credits a guest speaker's advice: start a business in college before lifestyle anchors you.
Negotiate With Long-Sitting Listings
- Negotiate hard on price, especially for listings that have languished on market for years.
- Rick lowered the asking price from $1,000,000 to $625,000 before signing an accepted offer eight days after graduation.