26 - The Truth About Financing Your First $3M Business with Brian Seeling

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Brian Seeling, the owner of a commercial kitchen appliance repair company. Brian recently purchased this business, and while we usually dive into the specific economics of a business, this episode took a fascinating detour into the cadence of a deal, covering everything from the LOI to closing.Brian provides invaluable insights into the three main areas of the deal process: financing, due diligence, and negotiation. He explains how these elements must progress simultaneously to avoid delays in closing. This conversation offers a genuine look at the complexities and challenges of buying a business, far from the glamorized versions often seen on social media.Whether you're interested in buying a business or simply intrigued by entrepreneurial journeys, this episode is packed with real-life experiences and practical advice. Stick around to the end to learn about Brian's hands-on approach to transitioning into his new role and his plans for scaling the business.If you enjoyed this episode, please like and subscribe. You can follow Brian on 𝕏 at https://x.com/bseeling.___________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or send me an email at [email protected] with your thoughts.___________________________00:20 Introduction01:46 Brian's Business Journey02:20 Understanding the Commercial Kitchen Repair Business04:52 Brian's Background and Transition09:26 The Search and Acquisition Process15:02 Challenges in Deal Closing20:48 Navigating Bank Delays and Investor Cadence22:48 Bringing on Investors: Process and Challenges24:37 Early Experiences with Investors27:02 Business Operations and Surprises29:16 Administrative Challenges and Solutions34:47 Future Plans and Rapid Fire Questions38:41 Reflections on Buying vs. Running a Business