Bought a small business that provides services to people with pets. There is a lot of debt that I took on and personally guarantee but it is such a great business. 50% pre-tax profit margins, lots of people getting pets due to covid, and historically it has earned quite a bit and is growing.The county it is located in is experiencing decent population growth and after inspecting all of the competitors in a 10 mile radius I think this is the best quality service provider.Transaction closed today and I ended up putting about $50k down and took on $1.1 million of debt after being approved for an SBA loan (25 year amort at 4.25% interest). The banker believes the government will make my first six months of payments for me with the passage of the latest covid relief bill which blows my mind.Met most of the employees formally as the new owner today and my first day is tomorrow. I had met several of them previously disguised as a customer and think they have great customer service.This will be my first time as the boss of a group of people, but there is an experienced full time manager already in place and the former owner was absentee so I think as long as I set the vendors, payroll, and other stuff properly it shouldn't be too hard to handle.Jumped off the ledge and we'll see where I land in a couple months! Any advice or words of wisdom? If this location performs well, I might want to buy a second one in about six months. see hubwealthy.com/wealthy
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