In this video, I talk about the things I learned from buying and selling a 7 figure food distribution business. The sale was a distressed situation and I had to make a lot of sacrifices, but I learned a lot in the process.

93 episodes in I am still trying to get the audio right.

SHOW NOTES:

00:00 Intro

00:33 Mike's Origin Story - the push to Acquisition Entrepreneur

02:05 What type of investors backed him

02:55 The Offer from the FO

05:03 Sacrifices to be Acquisition Entrepreneur

07:17 Did seller present a factual distressed situation or were they being unscrupulous

09:09 Sharks circling

10:51 Losing accounts

12:17 What happens to business when seller is loses passion

13:00 Sweaty Startup Twitter

13:32 Due Diligence - how he should have structured the deal

15:39 When 80% of revenue from 20% of customers - RISK

16:44 Reality sets in - TRIAGE & Recap Time - Pivoting

19:18 Where did the new idea, to save the company, come from?

21:43 How long to turn around plan take?

22:57 What did end goal margins, ROI look like?

24:01 What food products did you focus on?

25:34 Scrapping and Clawing back to profitability

26:33 The sacrifice and transformation

27:25 2 Acquisitions and Selling the Business

29:20 Selling to a Strategic

31:33 What was nature of relationship with FO?

32:10 New Role: Investment Banker Restructuring Learning from Stupidity

34:00 Did you think about quitting - what to tell yourself



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