The Truth About Financing Your First $3M Business

This episode 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.
Join me, Nik (x.com/CoFoundersNik), as I sit down with Brian Sealing, the new 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.
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 x.com/bsealing.
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

[@Aaron0317]

Good one. Love to see another tech guy transition out of that space and still find success.

[@NikonomicsPodcast]

Where did you transition from?

[@Aaron0317]

@@NikonomicsPodcast I left my full time role at big tech (Salesforce) last Wednesday to pursue search full time!

[@NikonomicsPodcast]

🤯 congrats! How’s it going?