Nikonomics - The Economics of Small Business

26 - The Truth About Financing Your First $3M Business with Brian Seeling

Jul 3, 2024

Brian Seeling, owner of a commercial kitchen appliance repair company, shares insights on financing, due diligence, and negotiation in purchasing a business. The episode covers challenges in deal closing, navigating bank delays, bringing on investors, and scaling the business. It offers real-life experiences and practical advice for aspiring entrepreneurs.

40:52

Episode guests

Brian Seeling

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Progress financing, due diligence, and negotiation simultaneously to avoid deal delays.

Engage consultants for smooth financing and negotiation processes in business acquisitions.

Plan meticulously for operational transitions post-acquisition to enhance efficiency and avoid disruptions.

Deep dives

Significant Business Acquisition Process Insights

The episode delves into the detailed process of acquiring a business, highlighting key components from the LOI negotiations to the importance of due diligence and financing. It emphasizes the need for these elements to progress simultaneously to avoid hindrances in closing deals, presenting a practical insight into the less glamorous side of business acquisitions.

Intro

2min

Commercial Kitchen Equipment Repair and Maintenance Services

2min

Transitioning from IT to the Food Service Industry

3min

Comparing Digital Distribution Businesses to Hands-On Local Businesses

2min

Navigating Business Acquisitions and Financing

18min

Insights into the Size and Operations of a $2.8 Million Business

2min

Challenges and Growth in Entrepreneurship

12min

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Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Brian Seeling, the owner of a commercial kitchen appliance repair company.

Brian recently purchased this business, and while we usually dive into the specific economics of a business, this episode took a fascinating detour into the cadence of a deal, covering everything from the LOI to closing.

Brian provides invaluable insights into the three main areas of the deal process: financing, due diligence, and negotiation. He explains how these elements must progress simultaneously to avoid delays in closing. This conversation offers a genuine look at the complexities and challenges of buying a business, far from the glamorized versions often seen on social media.

Whether you're interested in buying a business or simply intrigued by entrepreneurial journeys, this episode is packed with real-life experiences and practical advice. Stick around to the end to learn about Brian's hands-on approach to transitioning into his new role and his plans for scaling the business.

If you enjoyed this episode, please like and subscribe. You can follow Brian on 𝕏 at https://x.com/bseeling.

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00:20 Introduction

01:46 Brian's Business Journey

02:20 Understanding the Commercial Kitchen Repair Business

04:52 Brian's Background and Transition

09:26 The Search and Acquisition Process

15:02 Challenges in Deal Closing

20:48 Navigating Bank Delays and Investor Cadence

22:48 Bringing on Investors: Process and Challenges

24:37 Early Experiences with Investors

27:02 Business Operations and Surprises

29:16 Administrative Challenges and Solutions

34:47 Future Plans and Rapid Fire Questions

38:41 Reflections on Buying vs. Running a Business

Remember Everything You Learn from Podcasts

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Nikonomics - The Economics of Small Business

26 - The Truth About Financing Your First $3M Business with Brian Seeling

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Significant Business Acquisition Process Insights

Challenges and Learnings in Deal Cadence and Financing

Operational Surprises and Transition Challenges

Future Business Expansion Plans and Advisory Insights

Advice on Business Acquisitions and Strategic Planning

Remember Everything You Learn from Podcasts