Claim OwnershipBusiness Buyer Diaries: the Reality Before, During, and After
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© 2024 Business Buyer Diaries: the Reality Before, During, and After
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Welcome to the Business Buyer Diaries. My name is Nathan Platter, I’m a full-time employee, and I bought a business! I did everything right from finding the deal, handling due diligence on 63 different opportunities, and ultimately buying a profitable gym, and boy was I in for a surprise as a new owner! I chronicle everything in real time, including the biggest wins to the stressful nights at 2am. I’m sharing my journey without sugarcoating anything, so you don’t repeat the same mistakes I do.
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207 Episodes
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Send us a Text Message.Unlock the secrets to franchising success as we peel back the layers of marketing strategy, agency collaboration, and the art of delegation. Our latest episode offers a front-row seat to the dynamic world of franchise marketing where several of our peers share their journey of working with one remarkable agency. They've seen impressive ROAS and overall investment impact, but not without facing the nuanced challenges of onboarding, maintaining unique brand identities, an...
Send us a Text Message.Ever felt like you're waging war against your own inner critic, especially when taking on the entrepreneurial battleground? Buckle in for a tour through the labyrinth of self-doubt and the specter of future uncertainties that loom over business ventures. We delve into the nitty-gritty of ethical quandaries and how to combat them with integrity, alongside a frank discussion on the possible fates of my studio business — from the brink of bankruptcy to the pinnacle of prof...
Subscriber-only episodeSend us a Text Message.Facing a harrowing $30,000 abyss where profits once stood, I take you through the trenches of small business warfare, where every decision feels like a high-stakes chess move. This episode is a raw narrative of the financial distress that blindsided me, and the relentless quest to resurrect my venture from the ashes. The candid confessions include tough calls like salary cuts and the impact of losing a key sales rep, all while maintaining crucial ...
Send us a Text Message.Ever wondered how small dietary tweaks can lead to massive wellness wins? Join us on an invigorating ride as we chart the course of a business's revival and the electrifying launch of a new challenge that's redefining member engagement. We kick things off with a candid chat with our accountant, plotting a path to financial health and strategizing growth. Then, witness the buzz as an outstanding number of participants rally to kickstart their lifestyle transformations—fu...
Send us a Text Message.Navigating the unpredictable tides of financial management in a newly acquired business is no small feat; it's a journey riddled with tough decisions and strategic pivots. This episode is a raw and real look at the hard-hitting changes we've made to ensure the survival and future success of our venture. We've crunched the numbers with our accounting team and faced the stark reality of monthly losses head-on, prompting a significant overhaul from staffing to sales strate...
Send us a Text Message.Every day presents its own set of challenges and opportunities, and I've always believed that the secret to success lies in how we handle them. That's why this episode is all about adopting a pragmatic approach to life and business—tackling today's tasks with vigor while keeping an eye on the horizon. We delve into the essentials of strategic planning, from improving the onboarding process for newcomers to crafting high-value sales experiences that exceed client expecta...
Send us a Text Message.Embarking on the exhilarating yet daunting adventure of turning from a salaried employee to a self-reliant business owner, I've walked the walk through the intricacies of tech and fitness entrepreneurship. I pull back the curtain on this transformation, offering a play-by-play of my own journey, from the nuts and bolts of establishing an LLC and EIN to the more nuanced dance of building a network and positioning myself as a credible authority in this space. As I recount...
Send us a Text Message.Imagine stepping into a new business only to find a tangled web of compensation issues and vendor contract surprises waiting for you. That's the story I'm peeling back layer by layer, revealing the raw realities of acquiring Studio no 1. Join me as we navigate the complexities of owner compensation, the discovery of a partner's unrecognized sweat equity, and a CPA's unaccounted substantial work. Unforeseen payroll discrepancies and the critical examination of vendor con...
Send us a Text Message.The road of entrepreneurship is paved with decisions that can either elevate your business or lead you down a path of regret. That's why, in our latest episode, the crossroads of canceling a second studio deal takes center stage. I open up about the turmoil and relief that comes with making such a pivot, detailing the red flags that halted my progress and the sobering realization that not all opportunities are golden. As a franchisee, peeling back the curtain on this de...
Send us a Text Message.They say success whispers, but in the bustling world of franchising, one owner's triumph roared loud enough to catch the ear of the big boss. Hear how our guest, a franchise owner with a knack for innovation, not only raised the bar for his own location in December but also drew a congratulatory call from the franchise CEO himself. We explore the remarkable strategies and the marketing prowess that led to an outstanding performance, a conversation that unfolds the "secr...
Send us a Text Message.When my bonus check hit with double the digits, I faced a crossroads that many might dream of but aren't quite prepared for—splurge or save? That's the kind of monetary mayhem we unpack in this episode, as we navigate the nuances of managing unexpected financial gains in a time when an aging F-150 starts looking less like a reliable ride and more like a missed chance at a Ford Raptor. But it's not all about vehicle vanity; we dissect the influence of current events, lik...
Send us a Text Message.Have you ever considered the possibility of success being untethered from the start of a new year? This episode is all about the journey of reinvention and the untold power of beginning whenever you’re ready. We're joined by a seasoned gym owner whose wisdom transcends the hype of January resolutions, reminding us that tenacity and the courage to begin are the real game-changers. I'll take you through my own rollercoaster of managing a fitness studio, dealing with negat...
Send us a Text Message.Struggling to keep your small business afloat amidst the choppy seas of cash flow? You're not alone. I've been there, pacing the floor of my fitness center, wrestling with the realities of fluctuating sales. Tune in as I share my earnest journey towards embracing high-ticket offerings and executive transformation programs that have revolutionized the way I approach financial stability. It's a candid reveal of how switching from low-margin products to premium services ca...
Send us a Text Message.Have you ever winced at your bank account after forgetting a crucial loan payment? I sure have, and in our latest episode, I bare all about the time an SBA loan slip-up and a cascade of other costs took a serious swipe at our finances. But this isn't just about my blunders; it's about the tightrope walk of business finance management. We wade into the murky waters of revenue generation, weighing the pros and cons of two marketing tactics: one that plays the numbers game...
Send us a Text Message.Ever wondered how the strategic minds behind growing businesses make their moves? Listen up as we unlock the secrets to expanding your empire through smart networking and acquisition strategies. Jump into the deep end of business development with us, where we discuss the game-changing tactics of connecting with SBA lenders who aren't just talking the talk but are actively producing content that screams ambition. These are the folks you want in your corner. Plus, I'll le...
Send us a Text Message.When I took the leap into studio ownership, I didn't expect the financial gymnastics that lay ahead. Embark on a journey with me as I reveal the hidden costs of studio ownership, from the importance of your zip code to the surprises on the balance sheet. The reality of running a fitness studio is more than meets the eye, especially when you consider the invaluable time and effort the previous owners, who lived nearby, invested without financial compensation. Discover ho...
Send us a Text Message.Ever felt like your goals are just too lofty, like climbing a financial Everest without a sherpa? Join me as I share a game-changing perspective that's transformed my approach to ambitious goals and intimidating price tags. By slipping the simple word 'only' into the conversation about costs—whether it's a house, a program, or a membership—we can flip the script from daunting to doable. It's not just about the price; it's about the immense value you're receiving in retu...
Send us a Text Message.Ever feel like the left hand doesn't know what the right hand is doing in your business? That's the struggle we unpack as we reveal the often-frustrating ballet between the go-getters in sales and the make-it-happen crew in operations. In a raw recount of a recent management meeting, we expose the friction when enthusiastic sales promises meet the hard reality of operational capacities. We'll also navigate the tricky decision of whether to hire a dedicated sales powerho...
Send us a Text Message.Have you ever found your personal and professional worlds colliding in uncomfortable ways? Prepare to navigate this rocky landscape with us! We kick off with a candid recount of "Mary" and "Martha" crossing the line by seeking a special discount from "Nathan," outside of the professional sphere. As your host, I'm pulling back the curtain on how I handle unsolicited contacts and why it's crucial to funnel all business communication through official channels. We're gettin...
Send us a Text Message.Get ready to shatter your sales ceiling and redefine success as we unwrap the tactics behind our staggering 75% show rate and sky-high close rates during our 10-week challenge sales blitz. We're not just breaking records; we're completely rewriting the rules of the sales game. And while we're at it, let's tackle the elephant in the room: are we shortchanging ourselves with our pricing? It's a fine line between value and cost, and in this revealing conversation, we explo...
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