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

Nikonomics - The Economics of Small Business

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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.
00:20 Introduction

01:46 Brian's Business Journey

02:20 Understanding the Commercial Kitchen Repair Business

04:52 Brian's Background and Transition

09:26 The Search and Acquisition Process

15:02 Challenges in Deal Closing

20:48 Navigating Bank Delays and Investor Cadence

22:48 Bringing on Investors: Process and Challenges

24:37 Early Experiences with Investors

27:02 Business Operations and Surprises

29:16 Administrative Challenges and Solutions

34:47 Future Plans and Rapid Fire Questions

38:41 Reflections on Buying vs. Running a Business