Hiring a CEO to Run Things (and Get Life Back)

The thought being we had some cash we could have used, but it's nice to keep some cash on hand. So there's additional interest on it obviously, but I think it's 7% interest only. That didn't feel too, it wasn't going to sink the ship. Yeah.

And that 7% you said did, did I hear you say that's when you took out the heloc. Because the interest rates were low and. You were going to be able to lock that in.

But it's basically stabilized at 7ish percent right now. Maybe 7.9. Maybe it's 8. Great. And anything to say about the.

Anything to say about the vulnerability of your house to the personal guarantee and to the lean. Anything more to say about that given that you now you kind of brought your equity in your home down to a lower level? Yeah, no, that's a great question.

I think part of the entire process and when I talk to many a would be business buyer these days, I think part of what made the decision really easy for us was what I alluded to earlier was you're young, we had a mortgage, but we didn't have much else riding on us yet. And honestly our balance sheet wasn't crazy yet.

I think we were already taking a personal guarantee for much more than we were worth anyway that the additional leverage of the house didn't seem to move the needle too much in my mind. I think Colorado has some homestead exemptions that help on house stuff. I should probably know that more confidently.

But again, the personal guarantee was basically already getting everything we had that the additional 90 grand of line of credit was somewhat meaningless there. Yeah, yeah.

And to underline what you just said about your age, much less risky to be subject to a personal guarantee when you're young and don't have a family to support. Even if it clears and you have the time, if it worse came to worse and it cleared you out, you have many more years to rebuild versus somebody halfway through their career. The effect of age on personal guarantee or the weight of age is…

It's. It really matters. And personal guarantee is a personal guarantee is a personal guarantee, but it lands on people very differently depending on age. Exactly. Yeah. We had saved well, we had invested well. But it was still just a very different math than someone that might be mid-40s, mid career and their balance sheet might be different.

Okay. Anything else to say about the, the discovery and then negotiation and acquisition of the business? I don't think so, honestly. We closed in nearly 45 days. It was a quick process.

Sellers, part of their thing was they, they actually weren't that old, which was always a big well, why aren't they retiring? But they were moving out of state legit, just needed better weather, seasonal depression, all those things. And their kids were going to be starting school soon and they really wanted to get it done before the summer ended and it allowed for a quick process, which was…