4th Time's the Charm: 3 Broken Deals to Buy a Great Business

It's just prepayment. So what you have to. So from that perspective, it really makes good financial sense.

What you have to be sure of in your own mind is that, in fact, you will close because if you don't close, then that is just lost money out of pocket, not going toward anything. And which is what you just articulated, that you knew you were committed to doing this and therefore it made sense. You were going to buy a business no matter what sort of thing.

the and then the that fee that the five thousand dollars a month goes to their commission is not insignificant that's also a big chunk i don't i don't you also don't want to say their prices but i think it's roughly layman scale something something like that yeah something like that but not insignificant but that can be rolled into that can be financed as part of the acquisition that's correct…

Correct. In the sense that it was financed and then the business is helping you pay down your loan. Correct. Okay, great. And you happen to be in their home in the same place.

You're in Grand Rapids. I'm in Grand Rapids, Michigan. Yes.

Is that how you ended up working with them or is that just a total coincidence?

Yes. I had a couple of friends of mine that have their own mortgage business. We have lunch all the time, and so I told them what they were doing, and they recommended Calder pretty highly, actually, and they know a lot of people in town, so I valued their recommendation and did my own research. found the same thing to be true that as I, as I started to run the idea past other people, I trusted…

So, and we're looking outside, looking in, we're really fortunate to have that resource in our backyard. Um, cause you know, Grand Rapids, we're not, we're not New York or Chicago, you know, we're, we're Grand Rapids. So. it's nice to have that type of resource right here in our hometown.

Great. Okay, Brian, tell us about what you found in terms of the businesses that you looked at that you went down the path with. Sure.

So... The first thing you have to decide is, you know, what type of business do you want? What's your geographic range? You know, there's all those those standard questions.

And from a geographic standpoint, I was looking for a one hour radius from where I lived or less from a from a drive standpoint. I really wasn't too limited on the type of business simply because I'd worked in and with enough businesses to know that the fundamentals of business are pretty similar across all sorts of markets and types, whether it's service or manufacturing or whatnot.