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

Nikonomics - The Economics of Small Business

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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?

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This week we covered:
00:00 Introduction to Chandler Reed and His Business Journey
00:19 Chandler's First Business Deal
00:44 Challenges and Lessons in Business Operations
01:04 Overview of Get Green NOI
01:43 Chandler's Entrepreneurial Beginnings
04:20 Business Growth and Market Challenges
06:24 Financial Struggles and Recovery
09:05 Newsletter Promotion and Business Insights
09:38 Business Structure and Deal Negotiation
13:14 Project-Based Business Model
15:56 Leveraging Utility Providers for Rebates
17:04 Introducing the Aquamizer: A Game-Changer in Water Efficiency
18:03 Cold Call Campaigns and Customer Acquisition
18:55 Exploring Business Opportunities and Margins
20:03 Navigating Market Trends and Challenges
22:46 Lessons Learned and Future Strategies
29:22 Rapid Fire Questions and Personal Insights
31:16 Conclusion and Where to Find More