How to Buy a $2.3m Business with $100k in Cash + Your 401k
How to Buy a $2.3m Business with $100k in Cash + Your 401k  
Podcast: Acquiring Minds
Published On: Tue Nov 15 2022
Description: Burk Adams tapped his 401k to buy a business that reinvented his career, gave him back time, and catapulted his wealth. Topics in Burk's interview:Using your 401k to buy a business with ROBSBuying a business being the most impactful thing he's done in his lifeRealities of a C corp vs. LLCTeaching his kids acquisition entrepreneurshipHow it seems easier to have bought a business in 2015 than nowThe feeling of giant SBA loan repayments every monthHis business acquisition being a full sendHow he thought about the failure riskWhy he liked PC EnclosuresAcquisition price & numbersBuying a $2.6m business while only having $100k in cashRevenue numbersHandling the brutal first 6 months (and how it was healthy for the future)What's worse: depression or panic?Strong growth in the last few yearsHow to think about one-off purchase vs. recurring revenue businessesHow to think about buying a manufacturing businessSmall business ownership vs. being a consultant2 new businesses that have come out of his acquisitionLinks & how to reach Burk:PC EnclosuresStorm Shell, Burk's outdoor TV enclosure business targeting consumersBackyard Snowstorm, the snowmaking business Burk started with his sonGuidant FinancialLinkedInGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on Twitter