The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Extremely successful Corp. America burnout looking for freedom. Let's talk about it!

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
So I am literally chapter one of the Millionaire Fastlane book. I went to college, got a degree, got a good job, got another degree, and started climbing the corporate ladder. I am really thankful for the career I have had and by all accounts I have done extremely well. I'm in management at a very large company... I'm responsible for $100 million in assets and about a $20 million per year business and dozens of folks... I know I am on a list of people who the higher-ups believe can make it into executive leadership one day... My salary is way into the six figures, house is paid off, everything is paid off, have a pretty good amount in the 401k.

But I'm miserable. First of all, things are very slow and laborious at big corporations. Without going into a lot of detail, I had managed to carve myself out a niche and more or less created my own business unit... it was fast paced and great, it pushed all of my entrepreneurial buttons as I had nearly full control and I got to do it with other people's money. I had always wanted to start my own business, so initially I viewed the job as the training wheels for that, but as time went on I found myself very content with the work because of the circumstances. Then one day everything changed. So they don't really explain this to you when you go into corporate America, but literally one day you can come in and find that your entire management chain has been let go or reorganized and you've been pushed into a new division with new constraints and new goals, all by people who may not have any knowledge of what you do whatsoever. That basically happened to me, and it was just soul-crushing. All of the connections I had made, the relationships I had fostered, the way we did business... gone in an instant. It was a real eye-opener to me... it reminded me that I had gotten complacent, that my goal has always been to own my own business so that I had ultimate freedom, and what happened at work was just a reminder that freedom was something I did not have and was but a mere illusion in Corporate America. So, I'm a survivor... I'm that guy you cannot keep down. I slushed through the mess and fought to restore sanity for myself and my team... I forged new alliances and in the process coming out of this mess, I think there will be newer and better opportunities for my team than ever before. I can see light at the end of the tunnel. But I want out... the last year has been a real eye-opener. I'm ready to own my own business.

I could really use some encouragement and positive feedback though. The reason being I am just so... exhausted and burnt-out. I can't explain the level of busy a job like mine makes a person. I literally have no time at all during the day to check email or maybe not even to check a text message I get. My current job is totally and completely consuming. Maybe there are some high level managers or executives out there that have a cushy job, but that is definitely not me. It's hard work. It's a grind. I get home and with the one or two hours I have left before I lose consciousness from the exhaustion I just don't have the energy to look into my own gig. I'm trying to do exactly that on the weekends when I have a little more time.

So two things... first, if you ever needed convincing corporate America might not be for you... just re-read this post, lol. Second, on that topic of burnout... I am fairly well convinced I can run just about any business at this point in my life. My problem is just a total lack of creativity... I used to have tons of ideas, but my current work is kind of zapping my brain and soul. I'm trying to get back into the groove by listening to tons of audio books, reading magazines, and things like that. I have considered that maybe I should just try to buy an existing business that is floundering but has a solid concept... I make enough that I could probably save up and do so. I don't know.

So anyway that's who I am and where my headspace is at. I've been lurking here for some time... are any of you or were any of you in a similar position to me when you joined-up here?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
One more thing... I should mention that several of my friends are in high-level positions at other companies... what I've described is the same everywhere. One of those friends quit his corporate job last year and started his own business. Almost immediately he was successful and started making a profit, in fact this year he may end up making or beating his last corporate salary. He's visibly so much happier... if anything seeing him venture out on his own and really kill it has helped me realize I need to stop wanting and just go make it happen.
 

Solrac

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
145%
Jul 6, 2014
255
370
Florida
Welcome to the forum!!!!!!

You've seem to have had some awesome experience in the corporate world, almost sounds like it was fun.

I would say that you have all the skills you need to run your own thing, especially the creativity skills. Being creative is an intentional act, not something that you are born with or without so you gotta work that muscle. I (and a lot of other people) found that writing 10 ideas a day (stolen from James Altucher) helps kickstart that creativity again since it forces you to...well...be creative right!!

I'd probably start looking at ways to reduce your time needed at work. I know you said it's a grind, but is there anything you could hire a personal assistant to help you with? You seem to be pretty high up at your company so maybe there is a way to delegate? I don't know, I'm just throwing things out there.

But I would ultimately say, you seem well connected and you seem to have the ability to grind, maybe even push through the grind!! If you have so many connections, it probably will makes things much easier.

Regardless, again welcome to the forum and I wish you much success in your endeavors.
 

lifeNchoices

Contributor
FASTLANE INSIDER
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
248%
Nov 13, 2016
27
67
42
Welcome, Since you were already running a business unit you should have a good idea of what the needs are of your industry, but i don't have to tell you that, you seem like you get it. Welcome aboard.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Welcome to the forum!!!!!! You've seem to have had some awesome experience in the corporate world, almost sounds like it was fun.

Hey thanks for the warm welcome. Actually yes, most of it has been a lot of fun. I created a product that our company didn't exactly care about because they thought it was small potatoes, and customers didn't exactly know that they needed. I was told "no" a lot. I took a few pages from the Steve Jobs playbook and with the right team created a flashy (somewhat) functional prototype and gave a heck of a presentation a few dozen times or more... the response was intense and profound. It allowed me to go off and hire folks, grow a business, create all sorts of spin-off products, and so on. It generated millions in sales and created an "ecosystem" of sorts where there is revenue almost in perpetuity now. It's exactly what I would want to do with my own company. Honestly it makes me proud to be able to type that.

I would say that you have all the skills you need to run your own thing, especially the creativity skills. Being creative is an intentional act, not something that you are born with or without so you gotta work that muscle. I (and a lot of other people) found that writing 10 ideas a day (stolen from James Altucher) helps kickstart that creativity again since it forces you to...well...be creative right!!

Thanks, I really like this idea. You know I had read this somewhere else recently and I remember thinking at the time I was going to start doing this, but it just slipped my mind. You have motivated me to start doing exactly that!

I'd probably start looking at ways to reduce your time needed at work.

Yeah, you are spot-on. I have been trying. I have been delegating a lot more recently than I normally would, and am using it as a development opportunity for a few folks who want to try and move up, but the problem is there are certain things I cannot delegate. The other part that is killing me is I can't hire right now per a decree from above; it has to do with that reorganization that I mentioned in my first post.

But I would ultimately say, you seem well connected and you seem to have the ability to grind, maybe even push through the grind!! If you have so many connections, it probably will makes things much easier. Regardless, again welcome to the forum and I wish you much success in your endeavors.

Hey thanks, I appreciate it. I'm really looking forward to reading about what businesses folks are starting out there and what works and doesn't work for them. I'm just really fascinated by that sort of thing.
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Welcome, Since you were already running a business unit you should have a good idea of what the needs are of your industry, but i don't have to tell you that, you seem like you get it. Welcome aboard.

Thanks I appreciate it! I didn't mention this in my intro, but one complication is that it would be difficult for me to leave my job and open my own company up in this same industry. I would most likely have to enter a new market industry. But, what I do is kind of tech related so that is entirely possible. But that is the crux of the issue... a new market means new people and customers that I don't currently know, maybe an entirely different product, and so on. I know it is possible though.
 

Ubermensch

Platinum Contributor
Speedway Pass
Jul 7, 2008
1,034
3,920
Chicago
I'm in management at a very large company... I'm responsible for $100 million in assets and about a $20 million per year business and dozens of folks.

You might be sitting on a gold mine.

What type of company do you work for? Fortune 1000, or smaller?

What type of "assets" are you "responsible" for? What does "responsibility" entail? My immediate guesses are that you're in facility management, property management, procurement, purchasing, or some type of financial advisory role.

$20,000,000 per year in business... what does that mean? Eliminate the vagueness please.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Eliminate the vagueness please.

I'm being deliberately vague "for reasons" as they say.... I will say it is a Fortune 500 company. Nope, I direct the development of a series of products, decide what goes in and what does not, get them to market, and we then sell them. Most industries would probably lump me into an "operations" category. What my team and I are doing is currently generating top-line revenues of about $20 million.
 
Last edited:

Curtis Randolph

Determined Problem Solver
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
145%
Sep 25, 2016
42
61
65
Reno, NV
Hi GO,

You might be in the perfect place to formulate your exit strategy from your current burnout project.

I have been in a somewhat similar situation where I was making really good money, loving my contribution to growing a significant company and really making a difference - or so it seemed. I was also flirting with burnout and read books that helped me like "Power of Full Engagement" and "Tired of being tired" - perhaps they will resonate with you as well. I "solved " my burnout crisis by acquiring a small business and leaving the other company that I had been one of the C level execs.

Had the time of my life for several years, made good money again and wondered why it took me so long to make that change. Then my lack of control in the business that I bought came home to roost and I REALLY learned what burnout was (I think that was about 2008, think "The Big Short") and went back to the day job realm to lick my wounds. I currently have several projects ongoing ala Neil Patel's book "Hustle: The Power to Charge Your Life with Money, Meaning, and Momentum" his is the only book I have ever seen that encourages folks to have several "hustles" going at the same time. Good read - I recommend it.

Be careful where you go next and make sure that you use the teachings here to the best of your ability. The fellow that mentions that you might be sitting on a gold mine has a point too. It took me about a decade to go from almost burnout C level exec to burned out entrepreneur and at about that 10 year mark, the company that I left was bought out by a large multi-national for about 40MM - makes me wonder what might have been had I stuck it out for that 10 years.

If only we could know the future.. ;-)

That said, I feel that had I known about this TMF book and absorbed it, I might have made different/better decisions sooner.

Hope that helps.

Onward and upward, Curtis
 

OldFaithful

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
159%
Mar 11, 2016
648
1,031
54
Northwest Indiana
Hi @GameOver and welcome to the forum. It's a great place to be and we're glad you are here!

I'm going to go out on a limb and guess that you are working "with" your team instead of "on" your team. I'd guess you feel intimately connected with the ins & outs of the business unit and don't believe it would work as well without your continued input. If I'm wrong, then just ignore the following (particularly #2), but if I'm right you will find yourself in the same situation in your own business:

I believe your current predicament of intense overload, is a function of your management technique. It appears to be the default in America today.
I can't explain the level of busy a job like mine makes a person. I literally have no time at all during the day to check email or maybe not even to check a text message I get. My current job is totally and completely consuming.
I also believe you are inadvertently putting yourself into a corner of your own making. You can't get out of your current job because you have to give everything to your current job.

At this point, it sounds to me like you have 2 options available to get you where you want to go.
1) Quit the high paying JOB. You might want to wait a while and save an appropriate nest egg to live on while starting your own business. You might also want to save enough capital to purchase a business, since you mentioned that option. Either way, it's a "continue as you are" scenario and then you make a clean break for your own venture. It's do-able.
2) Intentionally change your management technique, with the long term goal of freeing up your time & your mind. Then you have the available energy to start your own venture while still working at your current JOB, if you wish. The added benefit is that you are then in a unique position to achieve freedom while running your future business. This is obviously the segment to ignore if I'm way off base. Either way, let me know and I'll expound on this if it's appropriate.

One thing to remember: You are communicating with complete strangers on the internet, and paying nothing for the feedback you receive here. Sometimes you get your money's worth. ;)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

G-Man

Cantankerous Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
544%
Jan 13, 2014
1,992
10,838
I can't explain the level of busy a job like mine makes a person. I literally have no time at all during the day to check email or maybe not even to check a text message I get. My current job is totally and completely consuming.

Been there. On the phone all day, then waking up in the middle of the night because something got caught in customs... walking behind my wife in the supermarket on Sundays on rapid fire text conversations.

Then one day I walked into my boss's office, put my phone and keys on his desk and walked out. They started calling/texting/ having other people reach out to me to try to arrange a meeting. I turned my phone off. I didn't listen to my voicemails or read my texts. It was the most free I've ever felt in my life.

I didn't have a paid off house or a 401k, and I still haven't been able to re-create the income I had from that job. All that said, my life is 10x better.

I know that right now I'm sowing seeds for future sustainable income separate from my time because I have the energy to think creatively, instead of having every waking moment consumed with a neverending influx of emails and texts.

Good luck, man.
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Had the time of my life for several years, made good money again and wondered why it took me so long to make that change. Then my lack of control in the business that I bought came home to roost and I REALLY learned what burnout was (I think that was about 2008, think "The Big Short") and went back to the day job realm to lick my wounds.

Hey thanks for the email, I find yours particularly interesting. This is an interesting comment. I have read that a lot of folks who leave their company to start their own business, because they are tired of working for someone else, often report that in the end they feel they are simply working for their biggest customer, the bank, or are employed at the whim of market forces. I don't think I would ever feel that way... curious if you did in the end?

I currently have several projects ongoing ala Neil Patel's book "Hustle: The Power to Charge Your Life with Money, Meaning, and Momentum" his is the only book I have ever seen that encourages folks to have several "hustles" going at the same time. Good read - I recommend it.

I haven't heard of that one, I'll check it out. You know I have read several books recently where the author was stressing the importance of multiple income streams... a friend of mine and I have been talking about this very thing and sort of creating a "portfolio" of businesses... maybe different markets but in some way feeding off one another. It is interesting to think about. I agree and think there is something to be said for that.

Be careful where you go next and make sure that you use the teachings here to the best of your ability. The fellow that mentions that you might be sitting on a gold mine has a point too. It took me about a decade to go from almost burnout C level exec to burned out entrepreneur and at about that 10 year mark, the company that I left was bought out by a large multi-national for about 40MM - makes me wonder what might have been had I stuck it out for that 10 years.

I keep thinking about Mark Cuban's famous quote, I don't remember it specifically but to paraphrase it is something like "better to work 80 hours for yourself than 40 for someone else." It really resonates with me... I do think on balance I would be happier working more hours and making less if running my own business vs. more at someone else's company. Of course I might change my mind quickly if that was the situation I found myself in I don't know, lol. Were you ever in this situation and what was your feeling at the time?

If only we could know the future.. ;-)

If only!
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Hi @GameOverI'm going to go out on a limb and guess that you are working "with" your team instead of "on" your team. I'd guess you feel intimately connected with the ins & outs of the business unit and don't believe it would work as well without your continued input. If I'm wrong, then just ignore the following (particularly #2), but if I'm right you will find yourself in the same situation in your own business:

Thanks for the message. This is a good guess - in fact when I first started managing this was exactly me. After a while I learned to focus on hiring good people, making sure there was an appropriate process in place that allowed good decisions to be made and people to excel, and transitioning to doing the thing I am best at... growing business and increasing efficiencies. Just before the reorganization I had a pretty sweet gig, having gotten it to this point of completely trusting everyone on my team.

I don't really want to go into detail, but what is happening to me at the moment is more to do with bureaucratic overhead being directed down upon me as a result of the changes at my company, and me personally having responsibility to answering to it. I think that is part of what I find most frustrating....

1) Quit the high paying JOB. You might want to wait a while and save an appropriate nest egg to live on while starting your own business. You might also want to save enough capital to purchase a business, since you mentioned that option. Either way, it's a "continue as you are" scenario and then you make a clean break for your own venture. It's do-able.

I've always had a long-term plan to start my own business. Yeah I am one of those crazy people. I am about two years away from the departure point I had previously planned. There were financial and other goals baked into that decision point. I'm so close now I keep telling myself I need to find a way to ride it out... there are days I am not sure if I can do that though. I've thought about leaving and moving to a new company, but a big change like that would drive a lot of work on my part to get a handle on the new situation to really know what I am doing... which worries me I'd be even busier than I am now if I did that. I could shoot for an easier job but that might push my jumping off point 4 or even 8 years further down the line. Ugh... I think I like that even less.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
444%
May 27, 2013
3,639
16,159
United States
I have considered that maybe I should just try to buy an existing business that is floundering but has a solid concept... I make enough that I could probably save up and do so.

For most people, I would not recommend this path, but for you, I think it has potential.

Buying a business makes the most sense when it's undervalued and has large potential that can be unlocked by the skillset that you're bringing to the table. And you have a hell of a lot of skills, that could probably sky-rocket a number of small businesses that don't have their processes down.

The biggest barrier here is extreme due diligence. You can't assume any listed detail of the business is correct. You gotta put in the work to verify every fact, every number. Assume that the person selling the business has an ulterior motive, and figure out what it is.
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
I didn't have a paid off house or a 401k, and I still haven't been able to re-create the income I had from that job. All that said, my life is 10x better. I know that right now I'm sowing seeds for future sustainable income separate from my time because I have the energy to think creatively, instead of having every waking moment consumed with a neverending influx of emails and texts.

This may be the most inspirational thing I have read in the last few days - thanks for that.
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
For most people, I would not recommend this path, but for you, I think it has potential.

Buying a business makes the most sense when it's undervalued and has large potential that can be unlocked by the skillset that you're bringing to the table. And you have a hell of a lot of skills, that could probably sky-rocket a number of small businesses that don't have their processes down.

The biggest barrier here is extreme due diligence. You can't assume any listed detail of the business is correct. You gotta put in the work to verify every fact, every number. Assume that the person selling the business has an ulterior motive, and figure out what it is.

Oh my gosh you are so right - I'm a pretty above-board individual but I'm not naive I know that goes on in our world - but I am so shocked at some of the things I have heard from a friend who has tried to go down this path multiple times. Either through incompetence or downright deception probably 80% of the businesses this friend of mine considered buying fell into this category. We have talked about being the second set of eyes on each-others possible purchase the next time one of us thinks about doing this.

The undervalued comment - that is along the lines I have been thinking. There are so many businesses that have a solid customer base but haven't modernized in recent years... maybe a brick and mortar that could go online or just a basic business that could benefit from an injection of technology and rethinking of what their actual core competencies are... I know there have to be opportunities like this out there.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
444%
May 27, 2013
3,639
16,159
United States
Either through incompetence or downright deception probably 80% of the businesses this friend of mine considered buying fell into this category. We have talked about being the second set of eyes on each-others possible purchase the next time one of us thinks about doing this.

This is a good idea. Also, consider using a business broker to buy. They've vetted the business and the seller, and you may end up paying more than for a privately listed business (as the broker's gotta get his cut), but there's a little more assurance there. I'm currently working on selling an ecommerce business through a broker, and I'm really enjoying the process.


The undervalued comment - that is along the lines I have been thinking. There are so many businesses that have a solid customer base but haven't modernized in recent years... maybe a brick and mortar that could go online or just a basic business that could benefit from an injection of technology and rethinking of what their actual core competencies are... I know there have to be opportunities like this out there.

This is exactly the type of thing I'm talking about.

There is an old call in the INSIDERS portion of this forum with @snowbank, who at one point was buying a lot of ecommerce and online businesses. I think he bought an off-line pie shop, figured out how to ship these pies nationwide, and really grew the business. Something like that.
 

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
444%
May 27, 2013
3,639
16,159
United States
Either through incompetence or downright deception

Also, sometimes everything presented may be accurate, but the ulterior motive is hidden in an omission of certain facts or INSIDERS knowledge.

I'm selling my business, and am motivated to do so for a number or reasons that I will not disclose to the buyer related to my predicted future market trends, and some more personal reasons, unless directly asked in due diligence. I'll let them attempt to discover these things for themselves on their own.

I have my listed reason for selling the business, which is legitimate, but then I have my other reasons for selling the business.

I'm not going to attempt to dissuade someone from buying the business by presenting them with every fear or concern I have about it's future down the road. I'll let the P&L speak for itself, and let them make up their own mind. I am cashing my chips in while I am ahead.

You just never really know why someone is selling.
 

Curtis Randolph

Determined Problem Solver
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
145%
Sep 25, 2016
42
61
65
Reno, NV
Hey thanks for the email, I find yours particularly interesting. This is an interesting comment. I have read that a lot of folks who leave their company to start their own business, because they are tired of working for someone else, often report that in the end they feel they are simply working for their biggest customer, the bank, or are employed at the whim of market forces. I don't think I would ever feel that way... curious if you did in the end?
I have never left a job because I was tired of working for someone else per se, I do find it challenging to do work that I do not enjoy or for someone that I do not respect, though. I have always been clear that we always work for customers, internal customers and external customers. Unless of course you achieve the fastlane goals and work because you want to work - not for the monetary compensation but for other kinds of compensation. ;-)

I keep thinking about Mark Cuban's famous quote, I don't remember it specifically but to paraphrase it is something like "better to work 80 hours for yourself than 40 for someone else." It really resonates with me... I do think on balance I would be happier working more hours and making less if running my own business vs. more at someone else's company. Of course I might change my mind quickly if that was the situation I found myself in I don't know, lol. Were you ever in this situation and what was your feeling at the time?
Good question. I find that I do not get happy just because of the hours that I work. With me it is primarily about how I manage my energy. I am happy to work lots of hours but it is not sustainable long term. What I have tried to do - repeatedly - is to work like a maniac and build a business and then have some equity in what was built and benefit from that intense effort. It is really fun to build an Inc 500 company - totally engaging. Easier said than done though in my limited experience. I like the combination of having several projects ongoing, some for my own enterprise, some for others, that is probably my current preference. (until I accomplish the fastlane goals of course, then we will see)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
Also, sometimes everything presented may be accurate, but the ulterior motive is hidden in an omission of certain facts or INSIDERS knowledge. [...] You just never really know why someone is selling.

About a year or two ago I looked into buying a local brick-and-mortar because it was just such a value buy. I thought maybe the owner just wanted to retire, which was the stated reason, but in the end something just didn't feel right and I didn't do it. I walked away wondering if that was the one I could have taken online. Six months later it turned out the city decided to completely destroy the street in front of them and rework it... the project is behind schedule... it has been going on something like two years now. I heard recently that business is going out of business. Unstated rationale indeed. I lucked out, but at the same time it helped me understand that any due diligence I do should also include legal records searches, city council and planning commission searches, and all sorts of out of the box things I probably would not have considered before.
 
Last edited:

amp0193

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
444%
May 27, 2013
3,639
16,159
United States
Six months later it turned out the city decided to completely destroy the street in front of them and rework it... the project is behind schedule... it has been going on something like two years now. I heard recently that business is going out of business.

This is exactly the kind of thing I am talking about.

Should the seller have disclosed that the street in front of it's shop was going to be destroyed?

That's a moral debate that would divide the members of this forum.


Me personally... I wouldn't have included that in the sales description of my business either. And I would make sure I had the legal language in the sales contract to protect me in the event the buyer wanted to seek recourse.
 

vinylawesome

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
276%
Aug 11, 2012
253
698
This may be of interest to you. It's a podcast interview about a small manufacturing business acquistion told from the perspective of the acquirer. The woman who purchased the business was a Six Figure earning mid-level executive at NBC Universal. Essentially, she told the story of the acquisition, her background, and why she felt her skillset made her want to purchase a profitable business versus starting one from scratch. The interview was done one year after the business was purchased and she has increased revenue and profit.

http://www.tropicalmba.com/soldfollowup/
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

JWelch

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
246%
Aug 12, 2016
160
394
Arizona
About a year or two ago I looked into buying a local brick-and-mortar because it was just such a value buy. I thought maybe the owner just wanted to retire, which was the stated reason, but in the end something just didn't feel right and I didn't do it. I walked away wondering if that was the one I could have taken online. Six months later it turned out the city decided to completely destroy the street in front of them and rework it... the project is behind schedule... it has been going on something like two years now. I heard recently that business is going out of business. Unstated rationale indeed. I lucked out, but at the same time it helped me understand that any due diligence I do should also include legal records searches, city council and planning commission searches, and all sorts of out of the box things I probably would not have considered before.
It may be worth it to save all that money to acquire a floundering business and just identify where they are lacking and put them out of business.
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
This may be of interest to you. It's a podcast interview about a small manufacturing business acquistion told from the perspective of the acquirer. The woman who purchased the business was a Six Figure earning mid-level executive at NBC Universal. Essentially, she told the story of the acquisition, her background, and why she felt her skillset made her want to purchase a profitable business versus starting one from scratch. The interview was done one year after the business was purchased and she has increased revenue and profit.

http://www.tropicalmba.com/soldfollowup/

Thanks, I am always interested in a good podcast and especially one that goes into some detail about things of this nature. I'll give it a listen!
 

GameOver

World Domination
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Mar 11, 2017
53
94
USA
It may be worth it to save all that money to acquire a floundering business and just identify where they are lacking and put them out of business.

Yep that certainly has crossed my mind as well. My favorite business strategy is "second mover" strategy and actually it is what I have been doing recently in my current job. I've been impressed with companies like Apple (as most of the world has been) to find a product that everyone uses, is kind of crappy, and then turn it into something insanely great. Apple I am not, but there is a lot to be said about their strategy.

To me it comes down to customers... if a business is crappy but has a ton of customers, past customers, and potential customers in their database, then it might be worth it to buy that crappy business because really you are buying their customer base. If it's just as easy to identify those customers without having to buy a business then it doesn't make any sense to buy said business unless there is something proprietary about it that they have a lock on.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top