Key Points
Chris Edwards acquired Affordable Flooring Warehouse for $1.7m. The business was doing roughly $750k EBITDA on $3.5m in revenue.
He financed 80% of it with an SBA loan and 10% with a seller note. The remaining $170k he paid in cash.
The first 6 months of ownership transition have been brutal — a “bloody knife fight”.
But the situation is gradually improving, and he’s optimistic that by the end of the year this will prove to have been a wonderful decision in his life.
Be a shock absorber — Chris’s advice to any new owner. Your job is to absorb the emotions that will inevitably flare when you step into the business.
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Key Points
Chris Edwards acquired Affordable Flooring Warehouse for $1.7m. The business was doing roughly $750k EBITDA on $3.5m in revenue.
He financed 80% of it with an SBA loan and 10% with a seller note. The remaining $170k he paid in cash.
The first 6 months of ownership transition have been brutal — a “bloody knife fight”.
But the situation is gradually improving, and he’s optimistic that by the end of the year this will prove to have been a wonderful decision in his life.
Be a shock absorber — Chris’s advice to any new owner. Your job is to absorb the emotions that will inevitably flare when you step into the business.
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