Acquiring Minds A Cautionary Tale of Buying Too Small
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Dec 20, 2021 JD Klein, a seasoned entrepreneur who navigated the ups and downs of owning a Minuteman Press franchise, shares his cautionary tale of small business ownership. He discusses the hidden risks associated with seemingly low-risk acquisitions. JD emphasizes the importance of hiring a financial planner and adapting strategies to overcome unforeseen obstacles. He also explores the printing industry’s unique challenges, the effects of urban disruption on local businesses, and the value of resilience and community support in tough times.
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Avoid Buying Too Small
- Avoid buying very small businesses unless you have a strong financial cushion.
- Small businesses bring higher risk, limited margin, and require personal financial support to survive.
Early Revenue Growth and Financial Struggles
- JD Klein bought a print shop with $175,000 revenue, doubling sales to $350,000 in the first year.
- Despite growth, take-home pay was insufficient to cover living expenses, forcing tough financial decisions.
Use State Healthcare Assistance
- If financially strained, consider government health programs for yourself and family.
- Don’t let ego prevent seeking available state healthcare support during tough financial times.