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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360 Episodes
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Send us a text Ever found yourself teetering on the edge of financial chaos, struggling to maintain a balance between personal peace and business demands? Join me in this episode as I share my personal journey through the unpredictable world of managing both household and business finances with my sale-savvy yet frugal wife. We confront the harsh realities of unexpected expenses that push us into overdrafts and the looming specter of bankruptcy, all while preparing for a crucial corporate mee...
Send us a text What happens when your interim gym manager is out of town, and you're left juggling multiple roles? Join us for an engaging session as I recount the hustle of covering shifts, prepping for an upcoming fitness challenge, and managing my daily grind in the corporate world. Discover the art of distinguishing between tasks that need a quick fix and those that require a more thoughtful, documented approach. I share my strategy for showcasing effectiveness and efficiency, ensuring th...
Send us a text Unlock the secrets of proactive employment and discover how cultivating a workforce ready to take on executive roles—even without the executive paycheck—can transform your business. Imagine a world where every employee is empowered to lead, manage, and innovate, ensuring seamless operations even when key leaders are absent. Through candid anecdotes and real-world challenges, we highlight the critical need for delegation, upskilling, and fostering an environment where knowledge-...
Send us a text What if the key to thriving in business is mastering the delicate balance between transparency and optimism? In our latest episode, we unravel the complexities of leadership as we take you behind the scenes of our instructor training event. With the success of our recent challenge, surpassing our goal with 39 participants and nurturing 64 promising leads for the next round, we delve into our strategic approach to convert these leads into new challengers. Gain insights into our ...
Send us a text Struggling to keep your business afloat or thinking about pivoting in your career? Meet Nathan, a gym owner grappling with the harsh reality of being $12,000 short this month, as he faces the daunting process of closing his gym. Share in his candid reflections on financial hardship and tough decision-making, as Nathan talks about juggling debts and crafting a strategic exit plan with his attorney. His gym might be on the brink of bankruptcy, but Nathan’s outlook remains pragmat...
Send us a text What's truly at stake when you're fighting to keep a business on life support? Join us as I share a Sunday drive to the studio, a time typically spent planning for the week and finding a little joy in the Minnesota Vikings radio broadcasts. Yet, amidst the familiar routines, the weight of running a struggling business looms large. Conversations with my unwaveringly supportive wife offer a poignant reflection on the ethical responsibilities and the emotional turmoil of feeding h...
Send us a text What if revisiting a beloved place from your past could stir a whirlwind of nostalgia and unexpected emotions? Join us as we embark on a heartfelt reflection of a journey that unexpectedly took us back 15 years to a pivotal moment in our lives. Our conversation starts with the high energy and engagement of a memorable event marking the end of a 10-week adventure. We dive into the poignant reminder of life's fleeting moments, filled with relationships that have shaped our path. ...
Send us a text How do you keep afloat when the financial tide is pulling you under? This episode delves into the raw realities and intense pressures of owning a boutique fitness studio, especially when you’re an absentee owner. Join me and a fellow franchisee, as we candidly share the ups and downs of our entrepreneurial journeys. We discuss the mounting financial struggles and the intense competition from both high-end health clubs and budget-friendly gym chains that squeeze the middle marke...
Send us a textWhat if closing a business felt more like liberation than failure? Join us for an eye-opening conversation where we unravel the emotional complexities of shutting down a studio amid financial turmoil. Our journey begins with the refreshing energy of a morning workout surrounded by a community that shares similar values and beliefs. This stark contrast highlights the burden of keeping a business afloat amidst stress and uncertainty. Yet, the surprising decision to close brings a ...
Send us a text When life's financial stresses mount, sometimes the most unexpected paths lead to the light at the end of the tunnel. Picture this: a casual chat at the studio turns into a side hustle adventure that balances late-night shifts at photo booths with the real-world challenges of credit counseling and budgeting during bankruptcy. This is a story of resilience, where the pursuit of opportunity amid financial hardship transforms into a rewarding journey. Through this personal tale, w...
Send us a text What happens when a key team member lands a dream job, leaving you to face the harsh realities of a struggling business? Join us on an emotional journey as we reflect on the impact of our employee's exciting new role at a local car dealership and what it reveals about the state of our own endeavors. As business owners, we're confronted with tough decisions regarding transparency and the balance between sharing too much and too little with our team. This episode is a raw explora...
Send us a text After a spirited day at a children's birthday party, I stumbled into an enlightening conversation with a Subway employee about the trials and triumphs of new business ownership. This episode is a treasure trove of insights into how a simple chat over sandwiches can reveal the unsung heroics behind a smooth business transition. If you've ever wondered about the secret sauce that makes employee-owner relationships thrive, you're in for a treat. We unpack the critical role of comm...
Send us a textNavigating the choppy waters of financial transitions can be daunting, especially when unexpected changes catch you off guard. This week, we share our own story of navigating a major shift in our professional and personal finances. After receiving significant news that reshuffled roles within our team—including the appointment of an interim GM alongside our current GM who is transitioning out with severance—we found ourselves reevaluating our financial strategies. Join us as we ...
Send us a textUnderstanding the nuances of business terminology can be more critical than one might imagine, especially when words like "redacted" can spark unnecessary panic. Picture this: a miscommunication about document edits between myself and the GM had me envisioning blacked-out contracts, akin to scenes from a spy thriller. In this episode, I recount the importance of ultra-clear communication, the process of transitioning sensitive documents from physical storage to a secure digital ...
Send us a text What happens when a seemingly routine contract dispute unravels the fabric of trust at a business? Join me as I recount the unexpected challenges of discovering altered contracts and missing keys, which raised doubts about my team’s integrity and our document management system. It all began with a member dispute that spiraled into finding redacted sections in our documents—a discovery that left me questioning both my team and the systems we rely on. As the pressure mounted, eve...
Send us a text Could you imagine spending years building your dream only to face the harsh reality of financial strain? Join us as our gym owner guest shares his intensely personal journey through the highs and lows of entrepreneurship. He paints a vivid picture of the emotional and financial crossroads he's facing, sharing candid exchanges with his father-in-law, a telecom CEO, who offers both wisdom and tough love. As our guest reflects on the lessons learned from injecting personal funds a...
Send us a text Feeling torn between your dreams and daily responsibilities? Join me as I share the emotional tug of war between sustaining a small business and watching coworkers indulge in personal luxuries with their bonuses. With aspirations beyond the 9-5, I recount my journey from flipping flat screen TVs to my latest venture: buying and reselling used MacBooks. It's a testament to the grind, as I strive to maintain equilibrium between personal financial responsibilities and ambitious en...
Send us a text Caught in the chaos of a Twin Cities thunderstorm, I found myself juggling unexpected challenges—from tornado sirens to an unprepared GM unsure of how to react. It's a story that highlights the importance of solid crisis management and the gaps that can appear when leadership isn't proactive. Join me as I share the frustrations and insights that come from navigating such turbulent moments at work, while reflecting on my personal journey through the book of Psalms. These daily r...
Send us a text Ever wondered if your business is still doing things the best way, or just the old way? Shake up your routine and learn how questioning established processes can lead to smarter decisions. This episode is your front-row ticket to our vibrant Superhero Day, where costumes aren’t just about fun, but a celebration of the incredible dedication of our members. With Spider-Man masks and Deadpool outfits lighting up the gym, it’s not just a spectacle but a reminder of the powerful jou...
Send us a text Ever felt like time is slipping through your fingers, yet somehow you're expected to juggle multiple roles seamlessly? Join me as I navigate the ups and downs of a jam-packed Monday that demanded all my skills, from orchestrating the first of many instructor training evenings to tackling my day-to-day challenges in data analytics. Despite a smaller-than-hoped-for turnout at the training, the commitment of those who showed up was nothing short of inspiring. I'll share insights o...
Send us a text Ever wondered how the dual perspective of being both a studio member and a manager can transform your experience in surprising ways? Join me as we unravel the intriguing dynamics of studio life with a former manager who shares her journey of transitioning from management back to membership. Her story sheds light on how interactions shift when the lines blur between customer and employee, offering insights that may change the way you view your own roles. Despite the challenges ...
Send us a textEver skipped a personal event in the hope of securing a dream team member? That's the gamble we're talking about today. Picture this: a former studio star with a wealth of franchise experience is considering rejoining our team, and the excitement is palpable. But with the stakes high, skipping my son's t-ball game is a hard decision. We're diving into the balancing act between personal sacrifices and professional commitments, and how sometimes, you just have to take that chance....
Send us a text Can the heart of a fitness business beat stronger with a change in leadership? Join us as we share our journey of reimagining staff roles in response to the evolving expectations of our members. The fitness world is experiencing a cultural shift where expertise in fitness techniques, nutrition, and injury prevention now takes precedence over traditional business skills. As we face this transformation, we confront the challenge of aligning management roles to meet these new prio...
Send us a text Have you ever wondered how leadership styles can evolve and adapt in response to community challenges? Let me take you on a personal journey inside a unique studio environment where members are both customers and instructors. Faced with the disruptive influence of a toxic few, I discovered the necessity of shifting from a libertarian, collaborative approach to a more assertive leadership style. Drawing from my own family history of softer leadership influences, I had to courage...
Send us a text What happens when you lose access to a key asset in your business? Learn from our candid reflections on a real-life experience where administrative control was mistakenly handed over to someone who left the company. The scenario became a lesson in the importance of maintaining super admin privileges and having safeguards like a "kill switch" to prevent any potential chaos. We share practical steps to ensure you always have authoritative control over your digital assets, emphasi...
Send us a text What happens when you truly listen? Discover the transformative power of active listening and engagement as we recount a day at the studio that evolved into an unexpected lesson in communication. We share insights from a meaningful conversation with a member, highlighting how the simple act of allowing someone to fully express themselves can enrich our understanding and foster a culture of respect and openness. Our discussion sheds light on the nuances of genuine engagement—lik...
Send us a text When the serene summer days in Minnesota wind down, our gym community is facing its own storm of discord and division. Have you ever wondered how gym politics can mirror high school drama? Join us as we unravel the nuanced dynamics of cliques, gossip, and mistrust that have infiltrated our sanctuary of fitness. With members and instructors alike caught in a web of miscommunication, we explore the challenges of maintaining a cohesive community. Through candid reflections, we add...
Send us a text When faced with the unsettling reality of addressing uncomfortable truths within our community, what would you do? Tune in to hear my deeply personal journey of confronting these very challenges, sparked by courageous individuals within my studio who dared to speak up. This episode explores the intricate dance of balancing discretion and responsibility when only one brave person agrees to officially document their concerns. It’s a raw conversation about the significance of writ...
Send us a text When was the last time you found yourself standing on the fine line between transparency and secrecy? Welcome to a world where the clarity of honesty meets the shadows of confidentiality. I dive into my experiences working at a major tech company, where the complexities of legal protocols, like data hold controls, create a unique web of transparency and concealment. From receiving those enigmatic emails urging us to preserve records for potential lawsuits, to the unspoken under...
Send us a text What happens when business ownership feels more like an isolated journey than a shared experience? Exploring this often lonely path, we discuss the struggles of finding peers who truly get it. Unlike other life stages where common ground is easily found, the diversity of roles and clientele can leave business owners feeling disconnected. We reflect on the invaluable role of personal friends from different industries who, despite their varying career paths, provide fresh insight...
Send us a text Discover the delicate dance of managing a thriving studio amidst change and financial challenges. We promise you'll gain insights into successfully balancing cost-efficiency with fair compensation, as we navigate the exit of a cherished instructor and the ripple effects it has on our community. Join us as we engage in thoughtful discussions about maintaining strong connections with our team and members during times of transition, and find out how these relationships are the bac...
Send us a text Waking up at 3:40 AM on a Monday isn't everyone's idea of fun, but sometimes, it's the only way to get things done. My mission? To conquer the maze of DNS records and IP addresses that stood between me and my fully functional website. Join me as I recount the early morning tech saga that proved the value of teamwork over solitary struggle. In just 40 minutes, thanks to the expertise of our Australian support guru, I managed to resolve issues that had me stumped for hours. This ...
Send us a textEver wonder why the same request can yield such different responses? Picture this: a typical day at Walgreens turns into an unexpected exploration of human behavior. As I printed photos for our new 10-week challengers, a simple question about rounding up for charity led to a curious observation. It turns out the method of payment—cash versus card—can drastically alter how often people are willing to donate. This revelation sparked a deeper understanding of how the state of mind ...
Send us a text Ever faced a problem that seemed endless, only to find that fixing one small upstream issue could make everything fall into place? That's exactly what happened when I tackled some foundational challenges in my side business, like an unverified phone number and a glitchy website. By addressing these root issues, not only did it boost customer trust, but it also led to smoother operations and a more efficient workflow. This episode dives into the power of focusing on core problem...
Send us a text What if the secret to successful sales is as simple as being human? In an era dominated by automation and digital noise, we're taking a step back to focus on the power of personal touch. Join us as we embark on a 10-week challenge, reflecting on the art of reconnecting with leads in a way that’s genuine and heartfelt. Through sharing personal stories of leaving dozens of personalized voicemails, we uncover the surprising impact of sincerity and warmth in building relationships ...
Send us a textEver wonder how a fitness club can safeguard its secrets while boosting teamwork? We've got you covered! Join us as we unravel the transformation from relying on Google Sheets for password storage to embracing a secure, centralized password management system. This shift isn't just about protecting sensitive data; it's about ensuring our team has seamless access while staying safe online. We also delve into the social fabric of our club, where understanding diverse communication ...
Send us a text What if juggling a day job, running a business, and launching a startup all at once could actually lead to a more fulfilling life? This episode reveals the unexpected lessons learned from navigating this complex terrain amidst personal and professional upheavals. Hear firsthand about the sting of a disappointing performance review and how it fuels a deeper conversation about societal pressures and the importance of redefining success beyond job titles and ratings. We confront t...
Send us a textFacing procrastination head-on, I share a personal morning journey that transformed my perspective on productivity. It began with a seemingly daunting task: setting up an LLC, securing a business bank account, and filing essential documents with the state. The initial urge to delay was strong, yet diving into the task revealed an unexpected truth – the stress resides in anticipation, not in action. Through candid reflection, I uncovered a powerful lesson: the relief and clarity ...
Send us a text Facing the fragility of life can be a profound awakening. Join me as I recount a poignant encounter with a beloved mentor who is now bravely facing a challenging health journey. His once vibrant spirit, now confined by illness, serves as a stark reminder of life's impermanence and the critical importance of cherishing every moment. Reflecting on the wisdom of Andrew Carnegie, this episode navigates the phases of life, encouraging a healthy balance between future planning and pr...
Send us a text Navigating the maze of business management while juggling life’s curveballs is no easy feat. Join me as I recount the early morning adventures of working shifts and the quest to maintain sanity amidst chaos. Discover how we unravel the complexities of membership billing, from deciphering the tangled web of member connections to ensuring each transaction is accounted for. Through relatable tales of couples sharing rooftops and the perks of swapping skilled services for gym membe...
Send us a text Get ready to master the art of balancing a hectic life with invaluable insights from our special guest, a franchise representative from corporate with a wealth of experience in managing operations and teaching thousands of classes. This episode promises to equip you with expert tips for streamlining your schedule, handling membership inquiries, and ensuring everything runs like clockwork. Our guest shares their unique perspective on maintaining smooth operations and offers advi...
Send us a text Unlock the secrets of operational efficiency with insights from our corporate business success coach, who's been pivotal in transforming our franchise locations, including ours. This week, we're shedding light on past practices that kept our team in the dark and showing how a culture of transparency can empower staff with simple, yet crucial, skills — from managing member birthdays to handling billing with ease. You'll hear firsthand how we're dismantling the unnecessary comple...
Send us a text Embracing the heartwarming moments that make life truly special, we celebrate the triumphs and transformations of our 35 challengers on their fitness journey. From astonishing body fat loss to impressive gains in push-up and sit-up counts, the energy in the room was electric as participants rejoiced in their achievements. We owe this vibrant atmosphere to our dedicated staff, whose unyielding support forms the backbone of this thriving community. Serving as your host, I've disc...
Send us a text Have you ever faced the potential loss of a key team member and thought it might derail your plans? That's exactly what happened to me, but instead of succumbing to panic, we turned it into an opportunity for growth and innovation. I found myself in a tough spot as one of my star instructors initially decided to step away, just as I was looking to expand their role. However, a surprise message led to a pivotal heart-to-heart conversation that transformed our approach to team dy...
Send us a text Feeling overwhelmed by a never-ending to-do list? Discover how transforming your approach to task management can change your work life. Imagine starting your day not with chaos, but with a clear, actionable plan. We'll guide you through a personal story of stepping into the shoes of an overworked manager and what that taught us about handling high-pressure environments. You'll learn why treating work like a marathon instead of a sprint is crucial, and how utilizing communicatio...
Send us a textEver wondered how to juggle a packed schedule without losing your mind—or your cool? Discover the secrets to mastering time management as we give you an inside look into the fast-paced world of studio management. In this episode, we break down a day filled with early starts and back-to-back shifts, tackling the challenge of keeping everything running smoothly when the team is stretched to its limits. You’ll learn the importance of setting goals and how to excel in multitasking, ...
Send us a text Firing an employee is never an easy decision, and it can lead to unexpected consequences if not handled with care. Join us as we share a personal story about the emotional toll and complexities involved in such decisions, along with a cautionary tale from a marketing agency where a slip in communication led to legal woes. This episode emphasizes the necessity of being intentional and discreet when discussing the reasons behind an employee's departure, especially in customer-fac...
Send us a text Unlock the secrets of tiered fitness experiences and business growth strategies with us as we explore how different levels of investment can impact your journey towards personal and professional success. From low-cost gyms like Planet Fitness to high-end destinations such as Lifetime or Equinox, we break down what each level offers in terms of value, support, and results. Discover how choosing the right gym can affect your fitness journey and why investing in premium experience...
Send us a text What happens when unexpected challenges shake the foundation of a beloved community studio? This episode uncovers the behind-the-scenes complexities of studio management, revealing how unapproved activities like unauthorized membership deals and unrecorded giveaways came to light. We promise you'll learn how to navigate professional conduct and transparency in the face of change. Join us as we explore the vital steps we're taking to tackle erroneous charges and unapproved trans...
Send us a text What if embracing gratitude could transform the way you experience life? Join us on a heartfelt exploration of gratitude's profound impact, beginning with the everyday blessings we often overlook. From the freedoms we enjoy to the warmth of supportive relationships, we celebrate the elements that infuse life with joy and meaning. We pause to appreciate the simple but significant comforts of modern life, such as clean water and electricity, and acknowledge the quiet strength fou...
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