Getting Unstuck by Buying a Business

But I talked to the owner of the business and he, I mean, I think he was honest with me. I just said, what happened here in 2008, 2009, what happened to your business? And he said, yeah, it slowed down, but it didn't slow down like it did other places because people are always moving here.

And you know that there's just a, there's just a big sort of like it helps that the government of Georgia, whether it's at the state level, at the, at the local levels, is very pro development. All, all governments of Georgia are Very pro development. They want to, whether it's Republican, Democrat, whatever.

Yeah.

And.

Well, I just want to call out a recent interview that will have aired a couple weeks, but prior to this one with Alan Lockridge, who bought a hardscaping business and in Charlotte. Outside or in Charlotte. Outside Charlotte. And said the very same thing.

Know when I asked him about because residential construction, project based construction, people's backyards would be one that people would be searchers might be very wary of. And his point was that one of the ways that he was comfortable with it is that North Carolina A continues to see a, A lot of growth similar to, similar to your neck of the woods. So two recent guests saying the same thing.…

Okay, so. So we negotiate. I made a mistake initially. I decided I was going to do an asset purchase instead of a stock purchase because that's what people said. And so I was down the road with a law firm.

We had an asset purchase agreement drafted. And then as I was sort of simultaneously doing my due diligence and understanding the business, I realized that Resolute had large contracts with very large general contractors that in some cases have been doing business with Resolute for 20 years. And they knew Resolute.

And if Christian Bateson, former Wall street guy, shows up and says, oh, I own Resolute now, but I have a different name, will you novate this contract over to me? Then their first question is going to be, well, who are you and what do you know about construction cleaning? To which I would have to answer, I don't know anything.

And then they would say, actually no, we're not going to do that. Or there was a material chance they would do that. Right? That's what I would say.

I would at least be asking questions and maybe trying to change the contract, you know, get a little squeeze, a little extra out of Christian Bates. And so about halfway through my process, I was like, I'm gonna have to do a stock purchase. Or I, I decided that it, the greater risk was not to do a stock purchase, even though it was gonna, you know, cost me more time and money and et cetera.