Diving into the Unknown: How This Couple Bought Their First Business | Ep. 35

In this episode of the Before You Buy or Sell a Business podcast, host Jared Johnson sits down with long-time friends and now business owners, Brandt and Danielle Badouin.

The couple shares their journey from their respective corporate careers to purchasing a nail salon, highlighting the challenges and triumphs they experienced along the way. Jared and the Badouins delve into the nuances of transitioning from being employees to business owners, offering invaluable insights and advice for anyone considering a similar path.

The episode kicks off with Brandt and Danielle's backgrounds, outlining their extensive experience in their respective fields—Brandt's in telecommunications and fitness, and Danielle's in health insurance and project management.

Their transition into business ownership wasn't planned, as Jared introduced the opportunity to them unexpectedly. This serendipitous event set off a chain of decisions and actions that culminated in them owning a profitable nail salon. Throughout the episode, Brandt and Danielle discuss the importance of researching, assessing risks, and maintaining a balance between their existing careers and new responsibilities as business owners.

Key Takeaways:

• Preparation and Research: The importance of thoroughly researching and understanding the business you're planning to buy cannot be overstated.
• People Management: Retaining and understanding the existing workforce is crucial for a smooth transition.
• Working Capital: Having sufficient working capital helps in managing unexpected expenses and stabilizing the business during the initial months.
• Mentorship and Guidance: The value of having mentors and trustworthy advisors to guide you through the process of buying and running a business.
• Balancing Act: How to maintain a balance between your existing job and new business responsibilities for initial stability and long-term success.

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If you have questions for Jared, visit JaredWJohnson.com

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.