I mean, I just kind of came in and met the team, and the owner had flew in from Florida to spend a week with me and just kind of, you know, handing things over. It was on her end. Not a whole lot that really needed to be done. We were just changing names over, you know, calling all the utilities, vehicle registration, cell phone accounts.
Acquiring Minds
Buying a $1.6m Business for the Inventory Value
Excerpts · 336 segments · ~1:20:59 long
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She didn't really have to train me on much. She was just kind of there for moral support while the other employee was remote. And in Florida, this employee was still working behind the scenes for me on a 1099 contract basis.
So she flew in for two weeks after the prior owner left, and her and I, that's when we really got into the nitty gritty. Where I was actually taking over was in that second to third week of my training and kind of just taking over the systems, the email accounts, the social media, anything and everything that I needed, obviously, to transition into new ownership. So I did spend. We closed. We…
So I was spending Thanksgiving with my family getting employees onboarded into our payroll system. That just happened to be where we landed. So your family, meaning your mom?
Yeah, me and my mom. Yeah. But I mean, we. I mean, basically our Thanksgiving meal was a write off. You know, we were onboarding new employees and getting our.
Just getting everything transitioned over into our QuickBooks and into our payroll system and sending out our offer letters. So that was a lot. Just I had no idea what to expect and I just reactively handled it. After closing. How did the team react to you?
The prior owner, she. Once we officially got the notice from our bank that we were closed and my fiance and I had gone into the building to sign all of our paperwork. We jumped on a Google Meet the next morning with the entire team and were able to finally release, you know, here's the new owner.
And so I met them all remotely first and got a chance to let them know how excited I was. And they were all very excited for new ownership. They expressed that.
And pretty simple transition as far as it came to the team knowing that, you know, a new owner was coming in. Word had gotten out through the whole due diligence process that that was happening. So let's close out by hearing how you have grown the business.
You told us that it you. It was a million doing a million six when you bought it, and you're on track now to hit maybe even exceed 2 million this year.
So say more. You said you've made some investments in growing the inventory. The actual furnishings that you stage with that you've been hustling after trying to fill everybody's calendar. So expand on that, please.
Yeah, I mean, ultimately when I took over, I had a hard time saying no to contracts and to revenue.
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