Key Points From the Interview
ne thing that draws a lot of entrepreneurs to search is the low multiples, the compelling economics.
But while enticing, those low prices are low for a reason, as searchers quickly learn. It's very hard to find a small business you'd actually want to own.
Today's guest had this realization about a month into his search, but he didn't stop at search; he and his partner kept following their noses, kept networking, having conversations, kept their minds open.
And where they arrived was:
Doing a franchise seemed like a better use of their time & resources than doing self-funded search.
Jacob Lee and his partner ultimately signed up to build out 10 locations of the young dog-grooming franchise Scenthound over 4 years.
So far, so good: their first location, opened in February, is exceeding all expectations.
So today's interview is about the journey of an entrepreneur and his partner who were very drawn to doing a self-funded search, but later decided that there was a more optimal path to get to $1m in EBITDA over the next few years.
And even if you disagree or don't like the idea of a franchise, this conversation will help you stress test your own approach to search.
I so love learning about the many different ways entrepreneurs build fulfilling and financially rewarding lives for themselves.
Today's guest Jacob Lee is the latest example: