Thanks Jamil, to answer your question the most unexpected challenge was and continues to be how much longer it takes to implement plans, specifically for us, the previous owner did not have any kind of system in place for anything, so just figuring out what we need is step 1, then implementing step 2 and so on... takes a lot more time than we thought! Operations are managed day to day by my partner who is there M-F sometimes Saturday, we are on calls every day at least 1 hour or more... We retained good employees but are training them on what we expect and creating SOPs as we learn what works and what doesn't, so far so good, now it's just a matter of executing our business plan... Overall awesome experience would absolutely do it again. The 1st and 2nd lesson I would take into my next deal would be patience and as you hear often budget 2x as much as you think you need for cap ex ect... hope this helps..

My partner did 👍And yes you are correct, not an absolute requirement but it definitely helps...

Hi Chris, The part about buying a business with a strong team in place, solid financials and recession proof is definitely possible(a well run plumbing business is a good example), as far as not operating, that will be a challenge depending on how you plan to finance the deal. From my experience in from dealing with the SBA they require you to be involved in the operations. That being said there are other ways to acquire a business as an investor with partners in a JV where you will still have a role but not necessarily have to operate the day to day... or with private lenders if you have those relationships. Happy to continue the conversation...

@Christopher Martin as far as the SBA goes, your down payment will determine what you will qualify for among other factors like your PFS and credit history. After that it's pretty much a DSCR concern. The business you are targeting has to comfortably cover the debt service.

Glad to be here!