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Why Work IN the Business You Buy (Not Just On It)
Published 2 years, 3 months ago
Description
Register here for the webinar, How to Buy a Business & Hire an Operator at Once
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Before acquiring a commercial painting business doing around $2m, Colin Gates worked on a crew as one of its painters.
Topics in Colin's interview:
- Aggressively saving while working in private equity
- Recurring revenue is BS
- Don’t sweat getting the perfect purchase price
- Working as a painter for a month before buying
- Managing prima donna employees
- His strategy of constantly bidding jobs and hiring
- Putting in a project manager and a GM
- Why he stopped requiring deposits
- The seller staying on as an employee
- Importance of cash flow in keeping a business going
References and how to contact Colin:
- Mastercraft Coatings
- mastercraftcoatingsfl@gmail.com
Smithlist is a new job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:
Get a complementary pre-acquisition HR & PEO review for your target business:
- Contact mark@aspenhr.com or visit Aspen HR
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- Follow Will on Twitter