Chandler Reed, an educator who has guided over 200 aspiring entrepreneurs through his SMB Bootcamp, shares eye-opening insights about purchasing a first business. He discusses the challenges and lessons from his own acquisition journey, including negotiating deals and the realities of operating a small business. Chandler highlights misconceptions about entrepreneurship and explains his decision to buy a job rather than just a business. Listeners gain practical advice on minimizing risk and understanding that the post-purchase landscape can be tough.
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question_answer ANECDOTE
Finding the First Deal
Chandler Reed, initially unfamiliar with SMB, found his first business through a tweet from his future partner.
The tweet sought someone with real estate experience in Tampa, perfectly matching Reed's background.
insights INSIGHT
Green Energy Niche
Reed's business, Get Green NOI, focuses on green energy projects for commercial real estate, starting with lighting.
Despite appearing simple, the business involved significant turnaround effort and financial structuring.
question_answer ANECDOTE
Growth and Downturn
Get Green NOI experienced rapid growth, tripling its revenue in its second year due to favorable market conditions.
However, rising interest rates in 2022 caused a significant downturn, forcing Reed to adapt and learn valuable lessons.
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Join me, Nik (https://x.com/CoFoundersNik), and Chandler Reed (https://x.com/ChandlerReedSMB), as we discuss the realities of buying your first business. Chandler, who has taught over 200 people through his SMB Bootcamp, shares his journey of acquiring his first company, the challenges of buying a "sweaty" business, and why he chose to buy himself a job.
We get into the details of how Chandler found and negotiated his first deal, why the purchase process isn't all rainbows and butterflies, and how operating the business can be harder than the acquisition itself. If you’re thinking about buying your first business, this episode will give you an honest look at what it truly takes to go from buyer to operator.
Questions this Episode Answers:
How did Chandler find and negotiate his first business acquisition?
What are the biggest challenges of buying a small business?
Why did Chandler choose to buy himself a job, and what did helearn from it?
What are some misconceptions about owning and operating a business?
How can you structure a deal to minimizerisk while buying a business?
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Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts. __________________________
00:00 Introduction to Chandler Reed and His Business Journey 00:19 Chandler's First Business Deal 00:44 Challenges and Lessons in Business Operations 01:04 Overview of Get Green NOI 01:43 Chandler's Entrepreneurial Beginnings 04:20 Business Growth and Market Challenges 06:24 Financial Struggles and Recovery 09:05 Newsletter Promotion and Business Insights 09:38 Business Structure and Deal Negotiation 13:14 Project-Based Business Model 15:56 Leveraging Utility Providers for Rebates 17:04 Introducing the Aquamizer: A Game-Changer in Water Efficiency 18:03 Cold Call Campaigns and Customer Acquisition 18:55 Exploring Business Opportunities and Margins 20:03 Navigating Market Trends and Challenges 22:46 Lessons Learned and Future Strategies 29:22 Rapid Fire Questions and Personal Insights 31:16 Conclusion and Where to Find More
Nikonomics - The Economics of Small Business