Key Points From the Interview
fter a professional life filled with success, John Ikalowych decided to try entrepreneurship by acquiring a business.
He and a partner found what appeared to be a great opportunity, an automotive hail-repair business with $2m in earnings and selling for less than a 4x multiple.
They jumped at it.
Well the next two years would see John pounded by crisis after crisis, culminating in the decision to shutter the business — but not before John tried to save it by cutting another 6-figure check that represented a significant portion of his remaining net worth.
And yes, John had a PG — a personal guarantee, the dreaded condition of an SBA loan that says the bank will come after your personal assets if you fail to pay it off.
There is so much to learn from this interview with John, including his biggest lessons from the diligence process, what he wishes he'd done differently. It's gold.
But maybe my biggest takeaway from this interview is how to process a big business failure.
This trial forced John to confront his pride and sense of self-worth and, while excruciating, he emerged stronger, wiser, and eager to help others avoid or survive a similar fate.
I honestly found myself more inspired by John's journey than by other stories where things just go well.
See if you feel the same.
Here is John Ikalowych, former owner of HailCo:
