Before You Buy or Sell a Business Surviving the First 90 Days: Mistakes & Lessons from Buying a Business | Ep. 34
Welcome back to another episode of the "Before You Buy or Sell a Business" podcast, host Jared Johnson engages in an insightful conversation with Jeanise Hatcher, a dynamic entrepreneur who transitioned from a corporate career to owning a Pilates studio in Austin, Texas.
Initially stumbling upon Pilates during her recovery from a dance injury, Jeanise found a new passion that she decided to transform into a business venture. She candidly shares her journey of acquiring the studio, the challenges she faced, and the lessons she learned along the way.
Jeanise details the rigorous process of buying a business, from exploring Best Buy's listings to working closely with a lawyer and broker to navigate due diligence effectively. She emphasizes the importance of understanding the business operations, engaging with the community, and preparing financially for the acquisition.
Her honesty about power struggles with the previous owner and the unexpected challenges she encountered provides a realistic perspective on purchasing and running a business. This episode is a goldmine for aspiring entrepreneurs, especially those looking to invest in the fitness industry.
Key Takeaways:
- Preparation is Key: Jeanise stresses the importance of thorough due diligence and preparing financially before taking over a business.
- Understand Seasonality: Recognizing and planning for the seasonal nature of fitness businesses can help manage cash flow and ensure sustainability.
- Navigating Power Dynamics: Handling the power transition smoothly, especially when the previous owner stays involved, is crucial for maintaining business operations.
- Blending Passions: Jeanise talks about integrating her interests in holistic wellness and motivational speaking into her Pilates studio to create a unique business model.
- Professional Guidance: The indispensable role of having a knowledgeable lawyer and a supportive broker during the acquisition process.
Resources
- Zenergy Pilates - Jeanise's Pilates Studio
- Boutique Fitness Solutions - Mentioned by Jeanise for mentorship and consulting
For more on Jeanise's journey and valuable advice on buying and managing a business, tune in to the full episode.
Stay tuned for more enlightening content from "Before You Buy or Sell a Business" podcast!
In this episode:
0:00 | Blending Spiritual Readings with Pilates and Motivational Speaking
3:08 | The Overlooked Physical Toll of Dance Compared to Other Sports
7:02 | Supply Chain Management at Major Tech Companies
8:07 | From Dance Studios to Pilates: A Journey of Diversification
10:35 | The Importance of Due Diligence When Buying a Business
15:22 | Navigating Business Purchase Agreements and Lease Negotiations
21:38 | Challenges of Taking Over a Pilates Studio
26:48 | The Reality of Buying and Running a Business
27:42 | Transitioning Leadership and Overcoming Challenges in Business Ownership
30:21 | Navigating Power Struggles During Business Transitions
33:22 | Integrating Sound Healing and Spirituality into Pilates
35:18 | Jeanise Hatcher's Journey to Business Success and Future Aspirations
______________________________________________________________________
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.
______________________________________________________________________