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Daily Deals
Business Buyer Diaries: the Reality Before, During, and After
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Content provided by Nathan Platter. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Nathan Platter or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Welcome to the Business Buyer Diaries. My name is Nathan Platter, I’m a full-time employee, and I bought a business! I did everything right from finding the deal, handling due diligence on 63 different opportunities, and ultimately buying a profitable gym, and boy was I in for a surprise as a new owner! I chronicle everything in real time, including the biggest wins to the stressful nights at 2am. I’m sharing my journey without sugarcoating anything, so you don’t repeat the same mistakes I do.
Join the Business Buyers Club!
https://businessbuyersclub.com/memberships
Enter code 070499
Learn Due Diligence for yourself!
https://dealacademy.app.clientclub.net/courses/offers/75e59f69-9746-4b94-a6cd-562bcc9347d1
Enter code
SanterMedia, my goto Gym Marketing Agency
https://go.santermedia.com/nathan
Tell them Nathan sent you!
360 episodes
Share
Mark all (un)played …
Manage series 3564764
Content provided by Nathan Platter. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Nathan Platter or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Welcome to the Business Buyer Diaries. My name is Nathan Platter, I’m a full-time employee, and I bought a business! I did everything right from finding the deal, handling due diligence on 63 different opportunities, and ultimately buying a profitable gym, and boy was I in for a surprise as a new owner! I chronicle everything in real time, including the biggest wins to the stressful nights at 2am. I’m sharing my journey without sugarcoating anything, so you don’t repeat the same mistakes I do.
Join the Business Buyers Club!
https://businessbuyersclub.com/memberships
Enter code 070499
Learn Due Diligence for yourself!
https://dealacademy.app.clientclub.net/courses/offers/75e59f69-9746-4b94-a6cd-562bcc9347d1
Enter code
SanterMedia, my goto Gym Marketing Agency
https://go.santermedia.com/nathan
Tell them Nathan sent you!
360 episodes
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Business Buyer Diaries: the Reality Before, During, and After
1 359. Helped an interested buyer evaluate another opportunity for sale 14:15
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Play Later Play Later Lists Like LikedSend us a text Ever found yourself teetering on the edge of financial chaos, struggling to maintain a balance between personal peace and business demands? Join me in this episode as I share my personal journey through the unpredictable world of managing both household and business finances with my sale-savvy yet frugal wife. We confront the harsh realities of unexpected expenses that push us into overdrafts and the looming specter of bankruptcy, all while preparing for a crucial corporate meeting. The emotional rollercoaster of entrepreneurship is laid bare, showcasing the difficult decisions and resilience required when financial insecurity hits home. Shifting gears, let's unpack the allure and realities of so-called "boring businesses," often overshadowed by glamorous entrepreneurial success stories. I explore why asset-based ventures, like owning rental properties or equipment, offer a stability that many fast-paced businesses lack. Learn from my insights on networking and leveraging others' experiences to steer clear of common pitfalls. Resilience and continuous learning in entrepreneurship aren't just buzzwords—they are survival tactics. This episode promises a candid exploration of the mental challenges that entrepreneurs face and offers a road map for staying motivated amidst adversity. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 358. If there’s nothing more I can do then I’ve done it all, choosing to live today worth repeating 6:34
6:34 Play Later Play Later Lists Like Liked6:34
Play Later Play Later Lists Like LikedSend us a text What happens when your interim gym manager is out of town, and you're left juggling multiple roles? Join us for an engaging session as I recount the hustle of covering shifts, prepping for an upcoming fitness challenge, and managing my daily grind in the corporate world. Discover the art of distinguishing between tasks that need a quick fix and those that require a more thoughtful, documented approach. I share my strategy for showcasing effectiveness and efficiency, ensuring that, regardless of how busy life gets, progress is consistently made and recognized by the right people. Listen in as I reflect on the rollercoaster journey of owning a gym, offering a peek into the world of fellow franchisees grappling with tough decisions. Curious about gym ownership? I unravel the joys and challenges, providing advice to aspiring owners without overshadowing their dreams with my experiences. This episode promises a heartfelt exploration of problem-solving, decision-making, and the delicate balance of sharing expertise without imposing a narrative. Whether you're an entrepreneur or a multitasker in today’s fast-paced world, gain inspiration and practical tips from someone who's been there and done that. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 357. Upskill your coworkers and make yourself obsolete and that will get you job security 8:36
8:36 Play Later Play Later Lists Like Liked8:36
Play Later Play Later Lists Like LikedSend us a text Unlock the secrets of proactive employment and discover how cultivating a workforce ready to take on executive roles—even without the executive paycheck—can transform your business. Imagine a world where every employee is empowered to lead, manage, and innovate, ensuring seamless operations even when key leaders are absent. Through candid anecdotes and real-world challenges, we highlight the critical need for delegation, upskilling, and fostering an environment where knowledge-sharing is not just encouraged but celebrated. You'll learn how creating a culture of empowerment can pave the way for greater organizational success and long-term employee retention. Reflect on the frustrations of being thrown into makeshift leadership training without preparation, and why having a well-prepared team to step up is non-negotiable. We discuss the pitfalls of hoarding knowledge for job security and flip the script on traditional views of irreplaceability. If you're in a managerial role or aspire to be, this conversation is packed with insights on how sharing knowledge and empowering your colleagues can make you an invaluable asset to any organization. Join us and reimagine what it means to lead from every chair in the room. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 356. Quarterly team training and what I’m talking optimistic during downtimes 5:35
5:35 Play Later Play Later Lists Like Liked5:35
Play Later Play Later Lists Like LikedSend us a text What if the key to thriving in business is mastering the delicate balance between transparency and optimism? In our latest episode, we unravel the complexities of leadership as we take you behind the scenes of our instructor training event. With the success of our recent challenge, surpassing our goal with 39 participants and nurturing 64 promising leads for the next round, we delve into our strategic approach to convert these leads into new challengers. Gain insights into our forecast as we set our sights on 42 participants, navigating the balancing act of openness and the potential for misinterpretation. Join us as we discuss the forthcoming standardization of membership pricing and packages ahead of corporate’s visit in November, ensuring a seamless operation. As the staffing situation stabilizes with new management team members, explore our goals and strategies to streamline scheduling and operations. Listen in to understand our approach to maintaining transparency while safeguarding optimism, and how we're steering our business through an ever-evolving landscape with confidence and foresight. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 355. Worked the night shift, the past due letters are beginning, don’t invest in stress 8:19
8:19 Play Later Play Later Lists Like Liked8:19
Play Later Play Later Lists Like LikedSend us a text Struggling to keep your business afloat or thinking about pivoting in your career? Meet Nathan, a gym owner grappling with the harsh reality of being $12,000 short this month, as he faces the daunting process of closing his gym. Share in his candid reflections on financial hardship and tough decision-making, as Nathan talks about juggling debts and crafting a strategic exit plan with his attorney. His gym might be on the brink of bankruptcy, but Nathan’s outlook remains pragmatic and focused on what lies ahead, rather than succumbing to anxiety over a plummeting credit score. Nathan invites us into his world of resilience, drawing parallels between his current challenges and his past academic journey, where a shift from pre-med to economics redefined his path to success. Through his story, Nathan highlights the importance of recognizing when it's time to pivot and how personal growth often emerges from adversity. If you're navigating a similar storm or seeking inspiration to embrace change, Nathan's story offers insights and perhaps a bit of comfort, demonstrating that sometimes, the best way forward is to let go of fear and invest in the next chapter of life. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 354. The business was dying from Day One so I feel no shame being unable to rescue a dying one 5:57
5:57 Play Later Play Later Lists Like Liked5:57
Play Later Play Later Lists Like LikedSend us a text What's truly at stake when you're fighting to keep a business on life support? Join us as I share a Sunday drive to the studio, a time typically spent planning for the week and finding a little joy in the Minnesota Vikings radio broadcasts. Yet, amidst the familiar routines, the weight of running a struggling business looms large. Conversations with my unwaveringly supportive wife offer a poignant reflection on the ethical responsibilities and the emotional turmoil of feeding hope in uncertain times. Together, we navigate the storm of keeping doors open when the odds seem stacked against us, and ponder the unjust blame similar to a failed rescue from an unavoidable shark attack. In this heartfelt episode, we explore what it truly means to put in the sweat equity, even when success isn't guaranteed. Like athletes who pour their all into a game with no promise of playoffs, the commitment to do right by our team and community remains steadfast. Listen as I reconcile the guilt of unmet expectations with the moral satisfaction of knowing we did our best. And for fellow entrepreneurs, I sprinkle in a practical tip about choosing an efficient printer—a light-hearted close to an episode filled with raw honesty and determination. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 353. The present is always a snapshot and doesn’t last forever, that’s why we must be grateful 8:37
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Play Later Play Later Lists Like LikedSend us a text What if revisiting a beloved place from your past could stir a whirlwind of nostalgia and unexpected emotions? Join us as we embark on a heartfelt reflection of a journey that unexpectedly took us back 15 years to a pivotal moment in our lives. Our conversation starts with the high energy and engagement of a memorable event marking the end of a 10-week adventure. We dive into the poignant reminder of life's fleeting moments, filled with relationships that have shaped our path. As we share our personal story, a trip down memory lane brings us face to face with the Jimmy John's that once symbolized our humble beginnings, only to find it has vanished, leaving us with a sense of closure and renewed appreciation for the journey. Through the lens of our past struggles and triumphs, we candidly discuss the reality of living on a tight budget during our college years and the relentless pursuit of dreams. We recount the grit it took to stretch every dollar while working and studying full-time, and how something as simple as day-old bread became a lifeline. This episode is a tribute to perseverance and the growth spurred by challenges, capturing a sense of closure as we look ahead to the future with gratitude for the lessons learned along the way. Join us for an emotional rollercoaster filled with laughter, sentimentality, and a deep appreciation for the journey that has brought us here. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 352. Test out for the 10 week challenge, interim GM and outgoing GM 9:01
9:01 Play Later Play Later Lists Like Liked9:01
Play Later Play Later Lists Like LikedSend us a text How do you keep afloat when the financial tide is pulling you under? This episode delves into the raw realities and intense pressures of owning a boutique fitness studio, especially when you’re an absentee owner. Join me and a fellow franchisee, as we candidly share the ups and downs of our entrepreneurial journeys. We discuss the mounting financial struggles and the intense competition from both high-end health clubs and budget-friendly gym chains that squeeze the middle market. Discover the shared experiences that unite us, and the profound insights gained from moments of vulnerability and openness. Tune in to hear how we are navigating these challenging times, exploring strategies to manage stress and expectations amidst financial turmoil. We explore the importance of community and the essential counsel we rely on when contemplating tough decisions like bankruptcy. This conversation is a testament to the strength found in camaraderie and mutual support, a reminder that no one should endure the journey alone. Listen to learn from our experiences and discover why seeking support is crucial in times of adversity. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 351. Last normal workday with my GM, feeling at peace that the business must close down 6:25
6:25 Play Later Play Later Lists Like Liked6:25
Play Later Play Later Lists Like LikedSend us a text What if closing a business felt more like liberation than failure? Join us for an eye-opening conversation where we unravel the emotional complexities of shutting down a studio amid financial turmoil. Our journey begins with the refreshing energy of a morning workout surrounded by a community that shares similar values and beliefs. This stark contrast highlights the burden of keeping a business afloat amidst stress and uncertainty. Yet, the surprising decision to close brings a newfound sense of optimism and relief, a testament to the power of embracing change. Together, we navigate the emotional rollercoaster of letting go and discover the unexpected freedom it can bring. As the episode unfolds, we confront the harsh realities of business closure, from tackling persistent rumors to managing delicate membership issues within the studio. Legal insights into bankruptcy unravel the maze of financial decisions, addressing personal credit scores and strategic car purchases. Listen as we share vital advice for anyone facing similar challenges, focusing on resilience and financial planning. Throughout, we emphasize the unwavering strength found in community support, offering a raw and authentic perspective on the end of one chapter and the beginning of another. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 350. 24 hours ago asked a friend to tag along their side hustle, just finished my 2nd shift lol 8:43
8:43 Play Later Play Later Lists Like Liked8:43
Play Later Play Later Lists Like LikedSend us a text When life's financial stresses mount, sometimes the most unexpected paths lead to the light at the end of the tunnel. Picture this: a casual chat at the studio turns into a side hustle adventure that balances late-night shifts at photo booths with the real-world challenges of credit counseling and budgeting during bankruptcy. This is a story of resilience, where the pursuit of opportunity amid financial hardship transforms into a rewarding journey. Through this personal tale, we uncover the unpredictable nature of side gigs and how they can become a beacon of hope during daunting times. Tune in as I share how an impromptu call led me to vibrant events and late-night drives, juggling responsibilities with a day job and family life. This episode isn't just about finding new income streams; it's about the shift in mindset from despair to possibility. Join me as I navigate the world of spontaneous shift work, with the unwavering support of family, and explore the surprising benefits of staying open to unanticipated opportunities. Whether you're facing financial challenges or simply curious about the twists and turns of side hustles, this episode offers a candid glimpse into the power of perseverance. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 349. My departing found a job paying 3x, pumped for him! 6:19
6:19 Play Later Play Later Lists Like Liked6:19
Play Later Play Later Lists Like LikedSend us a text What happens when a key team member lands a dream job, leaving you to face the harsh realities of a struggling business? Join us on an emotional journey as we reflect on the impact of our employee's exciting new role at a local car dealership and what it reveals about the state of our own endeavors. As business owners, we're confronted with tough decisions regarding transparency and the balance between sharing too much and too little with our team. This episode is a raw exploration of the challenges of leadership, where the stakes are high, and the emotions are real. Navigating the choppy waters of business closure, we debate the merits of giving notice versus making a sudden exit, drawing from advice and personal experience. We wrestle with the notion of being open with our staff about financial struggles and the unintended consequences it may bring. This candid conversation sheds light on the responsibility of owning a business and the relentless pursuit of maintaining one's integrity and values amidst adversity. Listen in as we ponder how to keep a heart in business, even as we face decisions that weigh heavily on our conscience. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 348. Telling the subway guy how to become a General Manager fast 5:00
5:00 Play Later Play Later Lists Like Liked5:00
Play Later Play Later Lists Like LikedSend us a text After a spirited day at a children's birthday party, I stumbled into an enlightening conversation with a Subway employee about the trials and triumphs of new business ownership. This episode is a treasure trove of insights into how a simple chat over sandwiches can reveal the unsung heroics behind a smooth business transition. If you've ever wondered about the secret sauce that makes employee-owner relationships thrive, you're in for a treat. We unpack the critical role of communication and how small, supportive gestures can transform workplace dynamics for the better. Join us as we share personal stories from the front lines of owning a gym, drawing parallels that span industries and illuminate core business truths. Learn how you can become an invaluable asset to your boss by offering insights that go beyond the surface, ensuring the business runs like a well-oiled machine. This episode is all about cultivating a culture of trust and collaboration, where employees and owners align their visions and work towards shared success. Listen to real-life anecdotes and practical advice that can help you become the go-to person in any workplace, setting the stage for a thriving and supportive work environment. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 347. If you’re paying a professional then do what they tell you to do 4:12
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Play Later Play Later Lists Like LikedSend us a text Navigating the choppy waters of financial transitions can be daunting, especially when unexpected changes catch you off guard. This week, we share our own story of navigating a major shift in our professional and personal finances. After receiving significant news that reshuffled roles within our team—including the appointment of an interim GM alongside our current GM who is transitioning out with severance—we found ourselves reevaluating our financial strategies. Join us as we candidly discuss the emotional and psychological challenges of adjusting to a more constrained budget, sharing insights into how we're simplifying our entrepreneurial ventures and practical steps for managing our finances effectively. Our journey isn't just about cutting costs; it's about confronting discomfort and adapting to new financial realities while staying true to our frugal roots. Despite our pride in minimal spending and maintaining a stellar credit score, we've received advice urging us to fully utilize our budget, even if it means stepping outside our comfort zone. From sending a long email to our attorney with essential documents to reassessing our modest lifestyle—which includes swapping phones every few years and driving rusty vehicles—we explore how balancing familiar financial principles with new strategies can lead to stability. Tune in to hear our thoughts on embracing the discomfort necessary for financial growth, and perhaps find some inspiration for your own financial journey. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 346. Be crystal clear on words, impact, practical next steps, and security 4:37
4:37 Play Later Play Later Lists Like Liked4:37
Play Later Play Later Lists Like LikedSend us a text Understanding the nuances of business terminology can be more critical than one might imagine, especially when words like "redacted" can spark unnecessary panic. Picture this: a miscommunication about document edits between myself and the GM had me envisioning blacked-out contracts, akin to scenes from a spy thriller. In this episode, I recount the importance of ultra-clear communication, the process of transitioning sensitive documents from physical storage to a secure digital platform, and the lessons learned in handling these delicate situations. By prioritizing secure file management, I've discovered how integral it is to maintain clarity, ultimately benefiting both operations and peace of mind. Navigating the complexities of winding down a business while honoring commitments to employees presents its own set of challenges. As the GM prepares to transition out, I'm faced with financial constraints and the daunting task of balancing payroll and severance for my team. Despite the pressures, my focus remains on reducing liability and expenses, even if it means making tough decisions that offer no immediate value. This candid conversation reflects the emotional and practical realities of these transitions, as I strive to keep the business ethical and operational during these turbulent times. Join me on this journey as we tackle these hurdles with determination and a commitment to integrity. Support the show…
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Business Buyer Diaries: the Reality Before, During, and After
1 345. Just get the task done now and don’t let it become bigger later 7:45
7:45 Play Later Play Later Lists Like Liked7:45
Play Later Play Later Lists Like LikedSend us a text What happens when a seemingly routine contract dispute unravels the fabric of trust at a business? Join me as I recount the unexpected challenges of discovering altered contracts and missing keys, which raised doubts about my team’s integrity and our document management system. It all began with a member dispute that spiraled into finding redacted sections in our documents—a discovery that left me questioning both my team and the systems we rely on. As the pressure mounted, every step taken to resolve these issues revealed more layers of complexity and suspicion. This episode offers a raw and candid look at the trials of business ownership, especially when a well-oiled machine unexpectedly grinds to a halt. From experiencing the chaos of misplaced trust to the exhausting task of digitizing an entire filing system overnight, I reflect on the burdens of leadership and the unforeseen hurdles that can arise. If you've ever found yourself questioning the reliability of your systems or the people around you, you'll find my journey both relatable and thought-provoking. Tune in to explore the intricacies of trust, leadership, and the resilience needed to navigate through unexpected business challenges. Support the show…
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Daily Deals
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