Well, I. I did.
Acquiring Minds
Buying Then Losing a $2.1m HVAC Business
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You eventually did.
Well, I ended up. I needed to pick up for work, so I drove by work truck once I, like, acquired the business. But we moved there about a month before we closed. It was a very difficult time to close.
SBA was moving really slow. And my broker mentioned that was like every single one of his deals. The SBA was just a little slower at that time period. And that is what it is.
And so what were the terms of your acquisition?
So I was supposed to have the owner stay on for three months to kind of train me. We were going to have I. Because the bank was willing to fund it, and this was really stupid in my part.
In retrospect. I did a, like, all payout. He didn't carry any equity. Um, So I funded 10%, and then he walked away with a fat paycheck.
He retained the building, and I rented the building for him at was. Was like a really decent rate. So I. I was kind of there.
And like, you know, in retrospect, I've. I have a friend that's looking at acquiring right now. I was talking to, and I said, I.
If I could have held some. Something over him, that would have been really helpful because, like, two week or maybe a week before we closed, he said he was no longer gonna stay around three months. I had two weeks. But at that point, I'd moved cross country.
I'd quit my job and sold my house. And I was pretty all in. Now I should have been like, oh, no, I'll quit and walk away then, but.
But I didn't. I was like, well, that sucks. And I tried to go back and forth, but he was really solid on that. He's like, ah, my guys are fine.
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