A New Chapter-We Bought a Business!

Over a year ago, Tami and I were having conversations about what we wanted to do with our lives. You can read through this blog to get the details, but the short version is we wanted to travel the United States and see everything our country has to offer. Getting from that conversation to making it happen has taken a little time, but in that year we sold almost everything we owned, paid all debt off, and moved into a 5th wheel RV, the vehicle we will be seeing the US in. The next issue was how we would finance this new life style. We figured we could go a few years making nothing if we needed to, but in order for this to be a long term venture we needed revenue. So the conversations started again, this time about how we would make money. We talked about our own skills and figured I could consult in the human resources field, and Tami could consult in the educational field. We had some other business ideas that we actually started pursuing, but the last option was to buy an existing business. I started working with business brokers that sell all kinds of businesses. I was reviewing prospectuses and P&L statements from businesses that ranged from children’s products to adventure products. I needed something that was mainly E-commerce, but I wanted something that worked with our traveling lifestyle. Then we came across a business that sold RV products. This seemed cool since we lived in a RV. I started doing some due diligence and had a few conversations with the owner. It was intriguing enough that I felt I needed to see the business in action. The business was going to be at a trade show in Los Angeles so we booked a flight to go meet with the owner. The owner is from England and has a great life story. He started this business from nothing and has built it into a major player in the RV products space. Certainly the business could sustain our travels, and then some. Of course, buying a business with instant income comes at a cost, and I was evaluating the balance between the price of the business and what it would mean for our future. After some long nights of discussing this business, Tami and I decided to make an offer. In the end, we worked out a deal and signed the papers with the broker at the beginning of April 2015, and we planned to close the deal in mid-April. We then traveled to South Carolina to start training with the new owner and finish picking up inventory. Good news is the company has a warehouse and when orders come in they fill them, and I don’t have to touch it. This is a very cool business and we are very excited.

So today was the big day! Tami and I closed on the business today, April 17, 2015. We are the proud new owners of www.technorv.com. Go check it out! Looking forward to revamping the website soon and putting our own personality to it.

Phil training us in TechnoRV's systems during our trip to South Carolina.

Phil training us in TechnoRV’s systems during our trip to South Carolina.

  1 comment for “A New Chapter-We Bought a Business!

  1. Max Woolsey
    April 24, 2015 at 10:37 pm

    Discussions with Max seem to have been omitted here! Ha! Best of luck to you both!

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