Acquiring Minds Tangible & Collectible: Buying a Consumer Product Company
Aug 1, 2024
Jeff Velker, a former franchisee who bounced back from bankruptcy, shares his intriguing journey of acquiring a $2.5 million pen company, Retro 51. He discusses the lessons learned from his past failures and the nuances of entrepreneurship. Velker highlights the appeal of pens in a digital world and the complexities of negotiating with sellers. He also reflects on the risks of working with overseas manufacturers and his ambitious goal of reaching $10 million in sales within a decade. His story is one of resilience, passion, and strategic growth.
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Early Entrepreneurial Spirit
- Jeff Velker showed entrepreneurial spirit from a young age, pursuing various ventures.
- His parents instilled a strong work ethic by encouraging him to earn money for desired items beyond basic needs.
Franchise vs. Business Ownership
- Franchises can sometimes feel like buying a job rather than owning a business.
- True business ownership involves creating a system that generates income without constant personal involvement.
Franchise Setback and Ethical Conduct
- Jeff Velker's franchise grew but ultimately failed due to the 2008 housing market crash.
- Despite the setback, he prioritized ethical treatment of customers, vendors, and employees.