And that's that we, we have exclusive. Contract with Home Depots in the New York City area and northern New Jersey area where we do installation work for the window treatments that they sell through this course and also blinds.com which is a part of Home Depot. So they, they sell all these window treatments.
Acquiring Minds
Building Trust as New Owner of a $3m Business
Excerpts · 392 segments · ~1:24:41 long
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We provide the installation and measurement services for them.
I have to say that sounds and feels like a different business than a workroom where you're fabricating things versus just going into, you know, mounting stuff on the wall. Not to, not to diminish the technical skill required in that, but it feels very like a very different beast. It is. And, but there is a natural transition. To everything we make in our workroom we install as well.
Our own teams install. So essentially it's the same installation skill set that we have expanded out to. Grow that part of the business, which.
Is like a third facet of the business that is related but not the same. Okay, let's return to the deal, the finder's fee.
These other searchers. So how did you. What was the finders fee? Finder's fee can come into like you. Would have deal terms and deal structure, right?
Finder's fee. There's no one size fit all solution. It could come in multiple ways. If the searchers or people you're paying finder's fee to broker whoever they need to be continued to be involved in the business, they might seek some equity probably or equity plus a payout of.
Some sort of, in my case, the. Searchers who was handing off the deals to me, they just wanted to be devons, just wanted to offload it. They did not want to stay involved.
They didn't have capacity to stay involved. So we negotiated a 1% success fee on a success fee basis only, by the way. So only if the deal closes, they get paid.
But that's the fee. There was no equity, nothing. There was some negotiation around it. Initially they wanted one.
But I've always been taught protect your equity. So I was like, no, I'm not. Giving away equity if you want a little bit more.
So initially it was some equity plus half a percent. I'm like, I'm going to give you a point, but I won't give you any equity. Well, asking for equity seems a bit rich.
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