Key Points From the Interview
ou know that one of the classic criteria to look for in a business to buy is that it provide a non-discretionary service.
You want to offer a service that your clients really need, not merely want.
Well, today's episode sheds light on how owning such a business can actually look.
Matt Bauer & Chris Hartman bought a weighing business.
American Scale Company sells, distributes, and services scales for industrial applications.
Clients need to be able to weigh things for their businesses to work.
Which means that Matt & Chris get calls when the scales need service — and during storm season that happens often, and often in the off-hours.
End result: the business is 24/7. A grind.
Matt & Chris are veterans, high pain tolerances. But 5 years of running a scale business weighed on even them.
Happily, they successfully doubled the business during their tenure, professionalized it, digitized it, and there was a willing buyer.
So this story takes you through the full cycle of 2 self-funded searchers who bought a gritty business, grew it, then exited to a strategic.
But I think you'll agree that the biggest takeaway is the need to really understand what running your target business will look like, will feel like.
Are you buying a lifestyle business? Or a "bad lifestyle" business?
Enjoy this interview with Matt Bauer and Chris Hartman, former owners of American Scale Company.