Good luck to you Jack and keep at it! I'm glad to hear you plan to focus on building the law firm and pay down debt. My impression following your journey is that the steam cleaning business has been a kind of "paying tuition" in the school of becoming a business owner. The fact that you mentioned you don't have much interest in it is telling, and I sincerely hope you keep that in mind for future opportunities. I'm sure you've heard the saying that concentration builds wealth and diversification protects it - I think you have a potential great opportunity with the law practice so it would behoove you to keep that the main thing and pour into that vs. being distracted with other things. With that said, since you already bought the steam cleaning business I understand you wanting to see what you can make out of it. And you probably learned countless lessons and built up some mental fortitude from going through that acquisition/startup in 2023, which I hope will pay off with the law practice. Onward!
I feel like buying small-medium sized small businesses is extremely risky and he didn't fully consider how reliant those businesses are on 1-2 employees (usually the owner) & the amount of fraud in the books.
Love this series!! Hope you keep it going into the new year. Pay down 400k in debt in one year! You must be watching some Dave Ramsey content 😂 For real tho best of luck on your law firm. Might still use y’all for something
Thanks - and no Dave Ramsey, just wanting to consolidate and take some risk off the table. We'll be having kids in the coming years, so better to start cleaning up sooner rather than later!
Jack, Would you be willing to take on an inexperienced partner for the steam business, based on sweat equity agree? With probably a small salary, and more incentives through equity gain and expanded partnership?
I'm currently searching for someone with some more experience, but, yes, I'm looking to offer a significant equity package for getting the business to profitability. In hindsight, I probably should have looked to offer an equity stake to a manager from the very beginning to align someone more clearly like an owner.
Bro - You need to watch and listen to your own video. DUMP THE STEAM CLEANING BUSINESS. It's losing you money, you don't want to put the work into it, and you have a growth beast on your hands with the law firm (and that is what you want to do). If you keep the steam cleaning business you are limiting the growth of the law firm. Sell it. Put the time into law and take care of your employees and clients - that seems to be where the dividends are. Best of luck to you and may you have a prosperous 2024.
I just brought on a new manager in an effort to turn it around. The business needs someone in the trenches and I believe I've found someone willing to try and grind it out. And to the reply comment, no it's not "worthless" as there is equipment to sell in the event of a true liquidation. I'd be giving up a big chunk of equity if the new manager turns it around, and I won't be spending very much time on it myself (frankly I haven't been for months anyways). I'll give this experiment a little more run time at least as we're only a year in and I've learned a lot in the process that's helped the law firm hiring efforts in turn. We'll see either way!
I don't think it was "awfully" misguided. I did seem to underestimate the amount of active effort the previous owner put into it, and I didn't incentivize an operator effectively to replace that effort. And we're only one year in, and a lot can still change! Just gotta prioritize better next time.
My goal last year was have my first $100k+ year working for IATSE, and buying a house. Which was going so great, and then my whole industry went on strike for 6 months and completely blew up my plans for buying anything. Hilarious
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Good luck to you Jack and keep at it! I'm glad to hear you plan to focus on building the law firm and pay down debt. My impression following your journey is that the steam cleaning business has been a kind of "paying tuition" in the school of becoming a business owner. The fact that you mentioned you don't have much interest in it is telling, and I sincerely hope you keep that in mind for future opportunities. I'm sure you've heard the saying that concentration builds wealth and diversification protects it - I think you have a potential great opportunity with the law practice so it would behoove you to keep that the main thing and pour into that vs. being distracted with other things.
With that said, since you already bought the steam cleaning business I understand you wanting to see what you can make out of it. And you probably learned countless lessons and built up some mental fortitude from going through that acquisition/startup in 2023, which I hope will pay off with the law practice. Onward!
I feel like buying small-medium sized small businesses is extremely risky and he didn't fully consider how reliant those businesses are on 1-2 employees (usually the owner) & the amount of fraud in the books.
Sorry to hear about carpet cleaning business but appreciate how honest you are being. All the best for 2024 Jack
Thanks, James!
Best of luck for the year, Jack!
Thank you, my good sir!
This has been very insightful. I wish more TH-camrs take the time to create quality content like this. Thank you for sharing this take. Keep it up!
Much appreciated!
Good progress, been binging these videos
Thanks for watching!
Nice video! Looking forward to seeing how your law firm turns out. Best of luck.
Off to a good start! It's a fun and challenging project
Good luck on 2024! Looks like it will be a very interesting year!
Thanks! And, yes, I think so!
Thanks for the videos and transparency. May 2024 be better than 2023!
Right on!
Good luck to you amigo.
Thank you!
Love this series!! Hope you keep it going into the new year. Pay down 400k in debt in one year! You must be watching some Dave Ramsey content 😂
For real tho best of luck on your law firm. Might still use y’all for something
Thanks - and no Dave Ramsey, just wanting to consolidate and take some risk off the table. We'll be having kids in the coming years, so better to start cleaning up sooner rather than later!
Jack,
Would you be willing to take on an inexperienced partner for the steam business, based on sweat equity agree? With probably a small salary, and more incentives through equity gain and expanded partnership?
I'm currently searching for someone with some more experience, but, yes, I'm looking to offer a significant equity package for getting the business to profitability. In hindsight, I probably should have looked to offer an equity stake to a manager from the very beginning to align someone more clearly like an owner.
Bro - You need to watch and listen to your own video. DUMP THE STEAM CLEANING BUSINESS. It's losing you money, you don't want to put the work into it, and you have a growth beast on your hands with the law firm (and that is what you want to do). If you keep the steam cleaning business you are limiting the growth of the law firm. Sell it. Put the time into law and take care of your employees and clients - that seems to be where the dividends are. Best of luck to you and may you have a prosperous 2024.
The business likely isn't worth anything anymore since he ruined it.
I just brought on a new manager in an effort to turn it around. The business needs someone in the trenches and I believe I've found someone willing to try and grind it out. And to the reply comment, no it's not "worthless" as there is equipment to sell in the event of a true liquidation. I'd be giving up a big chunk of equity if the new manager turns it around, and I won't be spending very much time on it myself (frankly I haven't been for months anyways). I'll give this experiment a little more run time at least as we're only a year in and I've learned a lot in the process that's helped the law firm hiring efforts in turn.
We'll see either way!
@@JackDuffley sounds like you have a plan! Best of luck to you. Keep on keeping on!
Buying a business just to buy a business sounds awfully misguided. Would love to see you pursue your TH-cam’s passions or a niche law practice
I don't think it was "awfully" misguided. I did seem to underestimate the amount of active effort the previous owner put into it, and I didn't incentivize an operator effectively to replace that effort. And we're only one year in, and a lot can still change! Just gotta prioritize better next time.
My goal last year was have my first $100k+ year working for IATSE, and buying a house. Which was going so great, and then my whole industry went on strike for 6 months and completely blew up my plans for buying anything. Hilarious
Happens to the best of us! Best of luck!