Episode Details

In this episode, Barbara and Joshua discuss:
*How the SBA loan works
*Common Mistakes Business owners make in Financing
*The Seven Accelerator Company- Joshua Kim’s Company

Key Takeaway:
” The more organized you can be with your financials, the better.” –Joshua Kim.

Connect with Joshua Kim

Website: https://www.7accelerator.com/
LinkedIn: https://www.linkedin.com/in/joshuaekim/
Instagram: https://www.instagram.com/joshuakim702/
Twitter: https://twitter.com/joshuakim702
Facebook: https://web.facebook.com/7accelerator/

Connect with Barbara Hales:

Twitter:   @DrBarbaraHales
Facebook:   facebook.com/theMedicalStrategist
Business website: www.TheMedicalStrategist.com
Show website:   www.MarketingTipsForDoctors.com
Email:   Barbara@TheMedicalStrategist.com
YouTube: TheMedicalStrategist
LinkedIn: www.linkedin.com/in/barbarahales

Books:
*Content Copy Made Easy
*14 Tactics to Triple Sales
*Power to the Patient: The Medical Strategist

TRANSCRIPTION (099)

Dr. Barbara Hales:    Welcome to another episode of Marketing Tips For doctors. I’m your host, Dr. Barbara Hales. Today, I would like to welcome a great person to learn from, by the name of Joshua Kim.

Joshua started from nothing. He had a desire to purchase a small business. Even at a young age, he discovered the world of SBA financing and after much trial and error, he was able to finance his first business purchase with an SBA loan of $1.2 million at 19.  Without family, money, connections, or an insider at the bank approving the loan. Subsequently, he was able to get two more loans totaling another $1.3 million to purchase two more businesses.

Welcome to the show, Josh.

Joshua Kim: Hi, how are you? Glad to be here.

Start in Entrepreneurship

Dr. Barbara Hales: Before we get into a number of questions, I’m going to expose the elephant in the room. And that is $1.3 million to a 19-year-old, and he didn’t know anything. Wow, I need to sit up and listen to this. I mean, this seems really far-fetched, but I promise you, we will get into this. So, tell us how did you get your start in entrepreneurship.

Joshua Kim: So, I got my start in entrepreneurship, with small businesses and ventures that I had run, e-commerce, various online things prior to getting into the world of acquisitions and SBA financing.
I realized that while those businesses are nice, there are obviously limits on how much you can grow one of those. And so, I wanted to get into a business that I could do bigger stuff with, and just frankly, have a higher ceiling. That’s really what I found in the world of SBA financing and acquisitions. There’s a lot more upside. There are a lot bigger things you can get done with it. That’s what intrigued me, and that’s what got me into it.

Securing the Loan

Dr. Barbara Hales: How did you manage to secure that kind of money as a 19-year-old?

Joshua Kim: A lot of people, when they hear that, they’ll say, “that’s impossible, blah, blah, blah.” The way that I had the deal structured is, I had a business that was already operating for over 12 years. The business has been operating for that long, it’s a lot safer, the bank size, right? Because the