Get Creative with Pace Morby Partnering for Profit: Benjamin Huang's Laundromat Acquisition
Welcome to a new episode of Get Creative! Your host, Ingryd Hernandez, is joined by Benjamin Huang, who shares his experience acquiring a laundromat business in Boston. Through his story, we'll explore the power of building relationships, understanding the seller's needs, and leveraging a thriving community to achieve success in creative business buying.
Highlights:
"The moment that we walk out of there, we're just full of gratitude and have a lot of things done, like hanging out with owner owners is the best thing that you can have for the entire world."
"The best way to approach this is actually coming from a client perspective. To engage in that conversation, they will be like, Oh, you're my client. How can I help you?"
"The surprising thing is, just because of the relationship that I have and also the value I provided to the seller, the seller actually ripped off the seller finance note at closing."
"I actually have been opening some of my time to help people look at each business. And I did realize that a lot of people were interested in the business, but didn't have a full understanding on what they're going to do with the business."
Timestamps:
01:22 - Meeting in Owners Club
01:51 - Retreat Experience in Boston
03:36 - Finding the Laundromat Deal
04:17 - Chance Connection with the Seller
07:09 - Building Trust with the Seller
11:22 - Addressing the Seller's Concerns
14:54 - Financial Details and Valuation
17:50 - Partnering with Capital Partners
22:34 - Introducing the Capital Partners
24:23 - Offering Support and Collaboration
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