Welcome back to another episode of Before You Buy or Sell a Business. Today, I talk with Erik Fike as he shares his experience of buying a business while still working in his current role.
He discusses how he found the right business, the challenges he faced during the transaction, and the lessons he learned along the way. Erik provides valuable insights into the due diligence process, the importance of finding the right lender, and the need for mentorship and guidance in the acquisition process. He also highlights the significance of having experience in running a company and the motivation behind his decision to pursue business ownership.
Key Takeaways:
Notable Quotes:
"You really should have a mentor. I definitely have, and I also recommend peer groups for that same kind of thing. It's been great too." - Erik Fike
"The best-case scenario with a bunch of recurring revenue is awesome. This is not one of those businesses. This is a big project-based business." - Erik Fike
IN THIS EPISODE
00:00:00:00 | Introduction, Erik Fike's Background
00:04:02:10 | Emerging ETA Space & Social Media
00:17:37:01 | LOI, 9 Revisions, and Addressing Key Issues Upfront
00:20:11:13 | Experienced Lender vs Unexperienced Lender
00:27:06:20 | Unexpected budgetary issue in California affecting contracts
00:31:03:08 | Seller Note Forgiveness and Customer concentration
00:36:04:12 | Stability and Experience with Project-based Revenue
00:38:05:04 | Erik Fike Answers: Do You Have a Mentor?
00:39:30:02 | Erik Fike Answers: What Motivates You?
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If you have questions for Jared, visit JaredWJohnson.com
DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
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