8-Figure Exit After 5 Years

Risked it significantly. And I was, I, I said yes. And about a month later moved, moved, moved the family down.

And was the compensation, the salary going to be comparable to what you were walking away from?

But yeah, it was about a half of what I was making prior to. But I mean the way I looked at it was my end state was to figure out how to make this work with the company. So that was it. But I also looked at, okay, if it didn't work out, it's not a resume killer.

It looks good. I could, I could sell that what I, what I was doing and, and you know, took over as, as, as CEO. So I, I didn't see a lot of downside. And frankly, I think the company that I was with probably would have taken me back.

And to your point about the seller and their risk that they were taking on. Yeah, you didn't have any skin in the game yet. You were a hired gun and if you ran things into the ground you could hand, you know, walk away from. Right.

That, that is true. There was so some of the things that they put in place, which was smart on his side, so give me some skin in the game is they did ask me to acquire 5% of the business based on the LOI purchase price. So I think it was, you know, roughly $250,000 that I, that I cut him a check for. So, so there was that.

Now if I run it into the ground, you know, certainly they had a lot more to lose than I did, but I, but at that point I did have, have skin in the game and it also gave them some confidence that I, I did have capital behind me in order to, to fund the business. So yeah, that was, that was smart and a good plan on, on his end as well, I thought.

Yeah, no, I, I, yeah, I mean I didn't catch this in the pre call, but now that we're talking about it again from their perspective, a quarter million bucks and uprooting your family and moving them to St. George, those two things together and, and their belief that you're going to like this business. Yeah, yeah.

That you're, you're going to want this thing and that it's growable and you could get in there and likely grow it and they're going to keep the purchase price the same as as, as from when you start day one, when you started it starts to, to make more sense. Um, but yeah, clever and, and good, good all the way around. Why do you think they wanted you so bad, Adam?

Because to, to your point, the, even though it's a quote construction business, it's, it's still a great multiple. Pretty great, pretty good multiple. I shouldn't say great, but it's a good Multiple.

And St. George, you know, Utah, as you said, it's, it's a growing state. There's a lot of economic activity. I would have thought they would be able to find other buyers that they wouldn't be kind of so, so desperate for you.