Acquiring Minds How to Buy a $2.3m Business with $100k in Cash + Your 401k
Nov 15, 2022
01:34:20
Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth.
Topics in Burk's interview:
- Using your 401k to buy a business with ROBS
- Buying a business being the most impactful thing he's done in his life
- Realities of a C corp vs. LLC
- Teaching his kids acquisition entrepreneurship
- How it seems easier to have bought a business in 2015 than now
- The feeling of giant SBA loan repayments every month
- His business acquisition being a full send
- How he thought about the failure risk
- Why he liked PC Enclosures
- Acquisition price & numbers
- Buying a $2.6m business while only having $100k in cash
- Revenue numbers
- Handling the brutal first 6 months (and how it was healthy for the future)
- What's worse: depression or panic?
- Strong growth in the last few years
- How to think about one-off purchase vs. recurring revenue businesses
- How to think about buying a manufacturing business
- Small business ownership vs. being a consultant
- 2 new businesses that have come out of his acquisition
Links & how to reach Burk:
- PC Enclosures
- Storm Shell, Burk's outdoor TV enclosure business targeting consumers
- Backyard Snowstorm, the snowmaking business Burk started with his son
- Guidant Financial
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