
Business Buyer Diaries: the Reality Before, During, and After
<p>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.</p>
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Business Buyer Diaries: the Reality Before, During, and After
371. Studios is closed up and locked down, now everyone knows
All right, well, it's done. Yeah, it's really, really real. Took me about two hours to do everything, maybe three hours actually. But one thing that was really great was my wife and I had a checklist from top to bottom, the right order of what should be happening. So I don't know if I'll reveal each bullet point, because there was like 15 bullet points of what we did, but the gist of it was making sure that all communications stay bottled so that things didn't have a chance to get explosive.
Speaker 1:Um, so, like the face, the private Facebook group for all the members, the instructor's page, the staff page, like the cleaners page, like everything got paused and archived so that someone couldn't start ranting and raving and going bonkers about the gym. So that was the gist of it isolating damage, because I'm gonna assume that people are gonna go crazy about the studio closing. I also wanted to have all the messaging go out at the same time so that one person didn't get it before another. So we use a email platform for, like, email blasts, and so I had a list for key holders, a list for manager or what was it, a list for customers, a list for key holders and a list for, like, vendors, and so I had like my three email blasts all synced up, with one person being in only one of those three groups and everyone gets an email at the same time and, depending on what team you're in, it's very intentional and very coordinated. Um, now that I think about it, kind of like company layoffs actually, everyone gets the same message, everyone's been pre-done, and like it's kind of weird. Like the thing that I stumble into like a best practice is kind of what companies do for best practice.
Speaker 1:Um, so I went through, took video evidence of like what I'm leaving behind. Uh, I changed the lockbox code and asked my key holders to return their keys to that slot as well, so I know exactly who has access to that spot. And if someone were to enter the building, I have cameras set up to record it and I am going to be proactive and not reactive on anything happening. I also deactivated my Facebook account, so now if people try to tag me or whatever, like I'm not even identifiable, it's like I don't, I don't exist, uh, so that's going to be something on on ice for a while, so I'll I'll lay low for a bit.
Speaker 1:Um, and then my how, my wife so technically my wife was like the business admin for a lot of our accounts and so she removed everyone from the business pages and just anyone who had an idea of flirting with shenanigans. And it's weird, but like I see how much work is to do cleanup instead of just preventing it from happening in the first place, and it's such a distrusting way to view something and I don't like that. But like there's 800 members in that group, let's pretend that five decide to go toxic. You now have 795 people who get rubbed the wrong way, have a bad taste in their mouth and they remember having a bad experience after the fact because of these five people and it's nothing you did, but it's something that these less like 1% of the bottom 1% of people did to ruin it for everyone and for better or worse. That's how I'm running things to put bumpers on everyone because of the crazy five. And I'm just picking the number five, um, and so I'm learning like, okay, well, how can I? And I'm just picking the number five. And so I'm learning like, okay, well, how can I show that I'm a trustworthy person, to not get default templated by the crazy outliers. And maybe you can, maybe you can't, but anyhow it's all wrapped up.
Speaker 1:I suppose I have key access to the studio because I know the lockbox code so I could go in if I tried to, I guess. Um, but there's a sign in the door. There's a sign walking through an area that the business is closed, effective so-and-so day. Um, in my message to my key holders I told them like any access without supervision of the property manager could be viewed as trespassing. This is not feral, this is not like a feral territory area, and so it's just the way I'm doing it. There might be a better way to do it. There might be a kinder way to do it, there might be a smoother way to do it. Kind of would be nice to have my enforcer I don't know who, who that would be but like a bad guy to do all of this for me. Um, I don't know who that would be, but there are folks that I'm sure make a living off of conducting layoffs or handling bad news or dealing the punches, so that I can focus on the stuff that's more naturally enjoyable. I don't know what that would look like, but anyhow, right now it's all that it's cracking up to be. It's up to other people if they're going to do as requested or if there's any consequences for that.
Speaker 1:I've put up the bumper as I can and that's where it's at. Put up the bumper as I can and that's where it's at. Um, so now it's just time to go home. It's 9 50 at night. I got there at like six so, yeah, that was three and a half hours.
Speaker 1:I didn't realize it would take that long. Just for, and I had like a punch list. I knew exactly what I was going to do, but I didn't realize, like, how long it would take to actually do it and to make sure. Make sure that it was all done, because the last thing you want to do is it took me a while. One thing I didn't realize here's a free promotion. So we use Google for our Google Drive, our Gmail, all that stuff, and it's Google is really good about passwords and security.
Speaker 1:So just even adding my number as a second two-factor authentication and then getting it switched over, and then kicking other people out of their devices, adding my, my cell phone, and then, like my studio, having the admin permissions that the studio does, like Google, you make it hard, like I don't. I wish you could make it a little easier, but I'm glad you make it so hard, um, so anyhow, all that to say, uh, just wild man. Uh, that probably took them an hour, half hour, to do. Um, but yeah, there's no shame from doing this decision. I wish I, I wish I did it earlier in the day that I wish, cause then I don't want to get this mess. I wish I did it earlier in the day that I wish, because then I don't want to get this email sent out at 9 o'clock at night and people wake up in 7 hours for their first class. I hope people don't wake up at 5 o'clock in the morning to have all of this. So, anyhow, that's where we're at.
Speaker 1:I'm at peace about the closure. Next few days are going to be a little rocky, I imagine, because it's a surprise people don't like it. I'm just gonna, I'll pause here like I think I'm tired, I think I'm overthinking things and what's done is done. There's nothing we could have done to save the business and whether we stopped activity or the bank did or the landlord did, someone was going to do it and I'm emotionally invested and that's why I feel so distraught by it all. That's where we're at. That's where we're going. Let's go home, get a snack, go to bed. Tomorrow we have a day job to do. Let's rock and roll.