Sometimes the walk up to the starting line takes a while….4+ months that started with a series of exploratory conversations with some accomplished pro’s turned into an acquisition of a Food Company.
Buying a business is a bit like training for a marathon. Lots of preparation, long runs, and the lead up to a massive test of endurance. Not an easy process, and one that requires skill, and like most things in business, a great team is critical.
I have been privileged to work with a great Private Equity team that worked tirelessly on the deal and will continue to add value over the years ahead. In life, who you surround yourself with is one of the life’s greatest difference makers, and the team I worked with are nothing short of life’s A-Players. Can’t say enough good things about my partners at Salt Creek Capital.
With this acquisition comes a series of life events
- Moving back home to NJ after 8+ great years in Memphis
- A transition of company and roles: From CMO of Monogram Foods, to the new role of President/CEO for a niche manufacturing company.
- More to follow on specifics and how this business will continue to do great things and new things in months ahead….
What else comes with acquiring a business and assuming the top role?
RISK. Putting your name and every financial resource you have on the line. The banks call it a Personal Guarantee (of the debt).
Over a year ago I started Hustle or Bust. I loved the name, and it came to me quickly.
If forced to describe my career, and maybe life in ONE word, HUSTLE would be that word.
Hustle is 100% controllable, it’s a choice. I’ve always believed that you either Hustle, or BUST. Unless you’re an absolute genius, lucky, or born with a silver spoon, Hustle is mandatory.
Now for the BUST part: Back to guaranteeing debt, RISK.
First, RISK is present in everyday life whether you sign your name to it or not. It’s why we have emergency funds.
What’s the worst thing that can happen to someone in a job? You get fired.
That’s risk, you just didn’t sign your name to it. It happens to very talented people, sometimes without cause.
Is risk scary? Yes. Is it manageable? Usually.
Becoming an entrepreneur is not for everyone. When you sign personal guarantees you are basically saying that you are comfortable with the worst possible financial outcome. Not many can stomach that kind of risk.
Life and careers are about a series of choices. Weighing the scales of what is important, understanding risk, and how that risk compares to reward. And a host of intangibles always factor into the process.
Today marks a turning point in this blog. When a life event or transition happens, it fundamentally changes your point of view, outlook and perspective on things. Having the good fortune to lead a company, the responsibility, risk and opportunity to build something great……I would say that qualifies as a defining “life event” that is sure to change my outlook and view on the world.
I hope you join me on this journey and share your insights and comments as well.
Here’s wishing all of you success on YOUR journey.