About the Show:
"I think there's a lot of opportunities here in Northwest Arkansas for businesses, especially outdoor businesses, to collaborate and grow.”
- Justin Macedo
Have you heard the myths about buying an existing business versus starting from scratch? That it’s too expensive, that you’ll be inheriting too many problems, or that it’s simply not a viable option? Don’t worry, Justin Macedo is here to dispel the myths and reveal the truth about the pros and cons of buying an existing business for entrepreneurs exploring business ownership options.
At just 23 years old, Justin Macedo exemplifies how dedication and ambition can lead to success in the world of business ownership. While studying at the Sam Walton College of Business, Justin discovered the advantages of acquiring an existing business with an established customer base and revenue stream. Under the mentorship of his professor, Mark Zweig, Justin learned about seller financing and how it could facilitate his dream of becoming an entrepreneur. When the opportunity arose, Justin took the leap and acquired Uncle Sam's Safari Outfitters, proving that age and experience are not the only factors that determine success in the entrepreneurial world.
What you will learn in this episode:
- Discover the advantages and drawbacks of purchasing existing businesses compared to starting one from scratch.
- Learn about solutions for making outdoor activities more accessible in Northwest Arkansas.
- Grasp the significance of fostering relationships and maintaining transparency in the growth of small businesses.
- Become familiar with the various resources and assistance available to budding entrepreneurs in Arkansas.
- Gain insights into the ongoing community development and future expansion potential in Northwest Arkansas.
Starting or Buying an Existing Business in Northwest Arkansas 101:
- Consider the benefits of buying an existing business versus starting one from scratch, including the potential for a steady source of income, established relationships, and easier access to financing.
- Explore opportunities in small business management and entrepreneurship by enrolling in courses or programs at a local college or university, such as the Sam Walton College of Business.
- Attend guest speaker events or participate in classes focused on leadership, financial planning, and business development to gain confidence and knowledge in running a business.
- Identify potential businesses for sale in your area by networking with owners, conducting research online, or connecting with local business brokers.
- Assess the financial performance and potential growth opportunities of a potential business acquisition before making a decision to purchase.
- Develop a business plan for the existing business, outlining potential improvements, growth strategies, and financial projections.
- Secure financing for the purchase of the existing business, either through personal savings, loans, or partnerships with investors.
- Negotiate the terms of the business purchase agreement with the current owner, including the sale price, payment terms, and any contingencies.
- Complete the necessary legal paperwork and due diligence to finalize the business acquisition.
- Implement your business plan and improvements upon taking ownership of the acquired business, leveraging your skills and knowledge gained through education and experience.
All this and more on this episode of the I am Northwest Arkansas podcast.
Important Links and Mentions on the Show*
Email Uncle Sam's Safari Outfitters
Website for Uncle Sam's Safari Outfitters
Uncle Sam's Safari Outfitters on Instagram
Uncle Sam's Safari Outfitters on Facebook
Website for Sam Walton College of Business
This episode is sponsored by*
Signature Bank of Arkansas "Community Banking at its Best!"
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Northwest Arkansas Council - "Life Works Here!"
*Note: some of the resources mentioned may be affiliate links. This means we get paid a commission (at no extra cost to you) if you use that link to make a purchase.
Connect more with I am Northwest Arkansas:
Thank you for listening to this I am Northwest Arkansas podcast episode. We showcase businesses, culture, entrepreneurship, and life in the Ozarks.
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Mentioned in this episode:
NWA Daily Version 2
Try NWA Daily Today!
IANWA Signature Bank Commercial GH
Signature Bank of Arkansas "Community Banking at its Best!"
NWA Council Commercials Skills Training (revised)
Northwest Arkansas Council - "Life Works Here!"
