Not a "Boring Business": Buying a Maker of Premium Pens | Jeff Velker Interview

Описание: The specter of personal bankruptcy looms over our world of buying businesses. When you buy your first business, the loan is typically personally guaranteed, which means the bank can come after you for everything if you default. This is a possible outcome, and a chilling one. Well today's guest experienced bankruptcy before he bought his now-business. Jeff Velker was generous in his transparency with me, sharing what it was like to endure that back in 2011. But what's so optimistic about Jeff's story is that he clawed his way back, re-established his finances & his career, and about 10 years later, took another chance on himself and acquired a pen maker. Today he is the CEO and co-owner of Retro 51, a pen business that will generate $4m in revenue this year. And Jeff believes sales can grow into the 8 figures in the years ahead. Enjoy this interview with Jeff Velker, co-owner of Retro 51.

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00:00:00. Intro to Jeff Velker
00:04:20. Jeff buys into a franchise
00:06:40. The 2008 financial crisis impact
00:08:33. Jeff files for bankruptcy
00:15:14. Jeff rebuilds through a corporate job
00:21:16. Jeff finds Retro 51
00:25:45. Risks in Manufacturing
00:35:02. Defining Retro 51: a design house
00:37:32. Challenges and growth post-acquisition
00:43:54. Pen industry trends
00:48:38. Customer loyalty and brand value
00:53:04. Margins and deal terms
00:57:38. The importance of spousal support
01:04:58. The seller’s willingness to walk away.

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

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