222: Courageous Pivot From Corporate Job to Business Ownership with Aashay Kumar

🎧 Tune in to learn the realities of entrepreneurship through acquisition, from the search process to surviving economic uncertainty in the first year.  Laurie Barkman sits down with Aashay Kumar, owner of Tri-Form, Inc. Aashay shares his story of leaving a corporate career to buy an existing manufacturing business. He demystifies the process of entrepreneurship through acquisition. Listen in as Aashay reflects on his acquisition journey including stealth search process, securing an SBA loan, diligence misses, and the ups and downs of the first 15 months of ownership. 💬Quote from Aashay Kumar: "Take the approach of being a learner from day one. Always ask questions. Always do more research than you think you have to, and be humble throughout the process." ________________________________________________________________________ Key Takeaways: 💡 Why buy vs. start: The value of buying a business with positive cash flow, especially if you don't have a specific problem you are trying to solve. 👥 Independent search vs. search fund: Why Aashay chose an independent path to maintain full ownership and control, rather than being diluted by a search fund. 💰 How to finance the deal: A look at navigating SBA loans, negotiating with multiple banks, and using a seller financing note to structure the deal. 🏦 The diligence "misses" to watch for: Aashay shares what he overlooked, including the condition of the building and smaller assets like a company truck. 🤝 "Fit first, financials second": Why the cultural fit and relationship with the prior owners (and their family members in the business) was a critical, non-negotiable part of the deal. This Show Is Sponsored by The Business Transition Sherpa® Learn what every entrepreneur needs to know about building value and avoiding pitfalls! 📖 Get your FREE digital copy of The Business Transition Handbook: btsherpa.com/book   📣 Write a Podcast Review: ratethispodcast.com/successionstories Connect with Laurie Barkman:  Email: [email protected] LinkedIn: in/lauriebarkman Book: Free Download YouTube: @TheBusinessTransitionSherpa    Connect with Aashay Kumar: LinkedIn: www.linkedin.com/in/aashaykumar LinkedIn: https://www.linkedin.com/company/tri-form-inc/