Any veterans out there who have experienced buying businesses?

2017-10-04T17:24:25-04:00

Response by MAJ Private RallyPoint Member made Oct 4 at 2017 5:27 PM

2017-10-04T17:27:03-04:00

I do. Private message me.

Response by SGT Jim Arnold made Oct 4 at 2017 5:30 PM

2017-10-04T17:30:36-04:00

started one but didn't buy one

Response by Maj John Bell made Oct 4 at 2017 5:54 PM

2017-10-04T17:54:42-04:00

When I got out I purchased a failing Temp Agency Franchise. It was a blue collar temporary agency in the DC metropolitan statistical area. I did two years of research prior to buying and getting out of the military. A competitor dominated the market. And the corporate strategy was aimed at factory work, and unskilled construction labor. Not as a big pie to fight over as you might think in DC.

I did two years of homework before I bought. I went after the hospitality industry (mostly high end hotel and convention center staff) which was almost completely unserved. I went after the high hotels and convention centers that needed a core staff of their own, but a fluctuating reserve based on convention business. I went from 16 laborers per day average when I bought it, to 500+ per day when I sold the agency 3+ years later. I had to be willing to work with the unions and eat the losses if I put in laborers that couldn't meet the turn rates high end hotels demand. Plus I developed a fluctuating reserve of about 60 skilled co-axial cable and fiber optics cable pullers.

The corporate office exercised its' option to buy me out. The price was determined by a franchise agreement formula , with a based on revenues and profits, I was not complaining. The three plus years set me up to be independently lower middle class for the rest of my life.

Response by LT John Chang made Oct 4 at 2017 6:40 PM

2017-10-04T18:40:36-04:00

Years ago, I worked with owners in buying / selling businesses. Currently, I'm reviewing a friend's book on selling businesses (mostly on the M&A level). Someone who I'd recommend for his buy side resources would be Richard Parker of Diomo. Probably the best way to connect is via LinkedIn - https://www.linkedin.com/in/jycmba/

jycmba

Response by COL Mikel J. Burroughs made Oct 4 at 2017 6:59 PM

2017-10-04T18:59:17-04:00

Never bought a business, but I've started two and working on building a large non-profit right now SPC Thanh Nguyen All can be very challenging!