152 - Raising $800k to Buy an $8m Business as a First-Timer

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by a searcher from Brown University
in Arlington, VA, USA

3yrs ago

152 - Raising $800k to Buy an $8m Business as a First-Timer

My big takeaway from today's interview is how quickly someone can transform their life when they buy a business. Kevin Bibelhausen suffered a Covid-related health scare in 2021 that caused him to re-evaluate things. He'd flirted with buying a business before, but after this scare... carpe diem; he got serious about it. Today, just 2 years later, Kevin: Raised $800k from investors that he did not already know... To buy a business valued at almost $8 million... Moved from Dallas to North Carolina to take over the business... Is now owner & president of this 20-year-old wholesale fabrics business that does almost $10 million a year in sales... And is the general partner in a fund to invest in other searcher deals himself. Not bad for 2 years of work. And, Kevin was pretty much starting from a standstill. He's not former finance; he didn't have money himself when he started. Those of you who heard the recent episode of the SMBash panel will recognize Kevin; he was one of the 2 panelists on stage. And I think you'll agree he was a good choice; Kevin is forthcoming and accessible and an example of how diving in and figuring it out as you go can yield tons of progress in a short amount of time. Here is Kevin Bibelhausen, owner of Heritage Fabrics:

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