Key Points From the Interview
t didn't seem appealing at all, initially.
The wedding catering & venue business was mostly just a husband & wife team.
It was in a tourist town.
There was customer concentration.
One-off client engagements, no recurring revenue.
And it played in industries that he wanted to avoid: hospitality & food.
But at the urging of the broker, today's guest Nick Patrick took a second look at the business.
And upon closer inspection, he discovered a lot to like.
High margins. Negative cash conversion cycle. Stellar reviews. 30 years of history.
Oh, and an asking price of 1x, much of which the sellers were willing to finance.
Nick bought this business, using only $20,000 out of pocket.
And while it wasn't his initial plan, he sold it just 19 months later.
All told, he netted himself about $900,000.
A remarkable story of taking a second look, systematically thinking through risks, and going all-in.
Please enjoy my conversation with Nick Patrick, former owner of a wedding catering & venue business in Colorado.
