ETA·BRAINa Katyella project

Acquiring Minds

From $1m to $25m in 6 Years

Excerpts · 708 segments · ~1:55:50 long

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And, and before you established the relationship with the bank that you're about to tell us then, or just did tell us that they walked away. But before having the relationship at all, you were using seller notes, you said to do a lot of your acquisitions.

Were those like 100%? What was the kind of the typical shape and feel?

I have to remember there are so many different deals, Will. Right.

So in the, in 20. Let me tell you, in 2020, I'll tell you exactly 2020, the big location in Arizona, it was about 60 or 70% owner carry over a five year note. Okay.

The California ones was zero down and it was a five year note for those. Actually, I think that bank was a two year note, but those weren't very expensive. It was 50 grand purchase price for each of the two locations and one was 150.

So they weren't huge, but I think those were, they might have been. I think the 250 grands were two year notes and the 150 was a five year note. But I negotiated no payments for six months.

Right. I'm like, guys, you gotta let me get this. We don't. We're gonna open. Right. And so I, I did pretty well. And you know, they were happy to get out of it.

Right. And I ended up paying both those notes early, by the way. But yeah. And then in 2021, do we. I think 2021 actually is when we started using bank financing.

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