Acquisition of Art Framing Business Falls Through

About The Guest:

Tommy Speigner is an experienced IT professional with a background in sales and technical knowledge. He has worked in various industries and has a passion for entrepreneurship. Tommy is currently based in Las Vegas and is actively looking to buy a business.

Summary:

Tommy Speigner, an IT professional with a background in sales, shares his experience of trying to buy an art framing business in Las Vegas. He discusses his background, how he ended up in the business world, and his decision to buy a business instead of starting one from scratch.

Tommy talks about the art framing business he was interested in and the potential for growth in the industry. He explains the negotiation process, due diligence, and the challenges he faced when the deal fell through. Despite the setback, Tommy remains optimistic and is looking forward to finding the right business opportunity in the future.

Key Takeaways:

• Tommy Speigner decided to buy a business instead of starting one from scratch, realizing the potential for growth and the benefits of acquiring an established business.
• He identified opportunities for growth in the art framing business, such as offering delivery and installation services and expanding into digital art.
• The negotiation process involved adjusting the valuation based on updated numbers and the impact of the lease on expenses.
• Due diligence was a learning experience for Tommy, as he gathered and analyzed information to understand the business's financials and operations.
• The deal fell through due to a significant increase in expenses, including labor costs and lease terms, which affected the business's profitability.

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DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.