Absolutely.
Acquiring Minds
8-Figure Exit After 5 Years
Excerpts · 362 segments · ~1:21:19 long
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In many.
Yeah. And not to be critical, they probably know way more about taxes than I do. But in many ways, the, the, the tail wagged the dog of, on, on their decisions when it came to taxes. Taxes made most of the decisions, and I, I just approach it slightly different.
But in this case, I think it was a win win. I think it worked well for them. And so, so that became then, you know, 50% of it, then figuring out the other 40.
Well, other 50%. Another great thing that kind of fell in the lap with me taking over the business is they had a great, great relationship with the, with their banking that had been with them since day one. And so very early on, I asked for an introduction to their banker and had a great introduction who was more than welcoming and more than excited to try to figure out how they could fund. And…
And because they knew the business, they'd been with them through thick and thin. The down payment, they were comfortable with just a 10% equity stake. And so they, they funded 40% of it with so 50 seller financing, 40% SBA, and then just 10% equity from my side and money down. So.
And you'd already put in five, and.
I'd Already put in five. That's correct. And so you had, yeah, that was, that counted towards it.
So you had to bring another 5%.
That's right.
And so you came out of pocket fully half a million in cash for this.
Yeah, I would say we, I, I did pull in a few partners at that time. Not for the money but for strategic. There was someone that was, I, I knew that was a double E and and MBA as I knew this business would somehow have to transition and somehow and sometime to ev charging as as you know eventually petroleum will go away.
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