In this episode of, host Jared Johnson interviews Daniel Cox, a serial entrepreneur who recently purchased a restaurant. Daniel shares his background and journey from construction to law enforcement to the mental and behavioral health industry. He discusses how he found the listing for the restaurant and the due diligence process he went through before making the purchase. Daniel also provides insights into the challenges and opportunities he faced during the transition and the importance of having working capital. He emphasizes the value of mentors and the need for careful planning and preparation when applying for an SBA loan. The episode concludes with Daniel discussing his plans for the future, including growing the restaurant and continuing his coaching work. Key Takeaways: Daniel Cox emphasizes the importance of having working capital when buying a business, as unexpected expenses and regulatory requirements can arise during the transition phase. Conducting thorough due diligence, including spending time at the physical location and talking to staff members, is crucial to understanding the business and identifying any potential red flags. The SBA loan process requires careful planning, understanding the eligibility criteria, and preparing comprehensive financial statements. Having a mentor and organizing personal finances can also facilitate the loan application process. Daniel highlights the significance of an operating system and technology in managing and growing a business. Implementing efficient systems and staying adaptable are key to success. Holistic success, including personal fulfillment, the well-being of the team, positive community impact, and innovation, motivates Daniel in his entrepreneurial journey. Daniel Cox's TED Talk: Elevating Expertise - How Skill Synergy Shapes Success Listen to the full episode to gain valuable insights from Daniel Cox's entrepreneurial journey and learn about the challenges and opportunities of buying and growing a business. Stay tuned for more enlightening content from the Before You Buy or Sell the Business podcast. ______________________________________________________________________ If you have questions for Jared, visit JaredWJohnson.com DISCLAIMER : The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.
