76 - TOP PICK! The Reality of Buying Your First Business with Chandler Reed

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), and Chandler Reed (https://x.com/ChandlerReedSMB), as we discuss the realities of buying your first business. Chandler, who has taught over 200 people through his SMB Bootcamp, shares his journey of acquiring his first company, the challenges of buying a "sweaty" business, and why he chose to buy himself a job.We get into the details of how Chandler found and negotiated his first deal, why the purchase process isn't all rainbows and butterflies, and how operating the business can be harder than the acquisition itself. If you’re thinking about buying your first business, this episode will give you an honest look at what it truly takes to go from buyer to operator.Questions this Episode Answers:How did Chandler find and negotiate his first business acquisition?What are the biggest challenges of buying a small business?Why did Chandler choose to buy himself a job, and what did he learn from it?What are some misconceptions about owning and operating a business?How can you structure a deal to minimize risk while buying a business?__________________________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.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT___________________________This week we covered:00:00 Introduction to Chandler Reed and His Business Journey00:19 Chandler's First Business Deal00:44 Challenges and Lessons in Business Operations01:04 Overview of Get Green NOI01:43 Chandler's Entrepreneurial Beginnings04:20 Business Growth and Market Challenges06:24 Financial Struggles and Recovery09:05 Newsletter Promotion and Business Insights09:38 Business Structure and Deal Negotiation13:14 Project-Based Business Model15:56 Leveraging Utility Providers for Rebates17:04 Introducing the Aquamizer: A Game-Changer in Water Efficiency18:03 Cold Call Campaigns and Customer Acquisition18:55 Exploring Business Opportunities and Margins20:03 Navigating Market Trends and Challenges22:46 Lessons Learned and Future Strategies29:22 Rapid Fire Questions and Personal Insights31:16 Conclusion and Where to Find More