08 Feb Acquiring Minds: First-Timer Turns $20k into $900k in 19 Months | Nick Patrick Interview
It didn’t seem appealing initially. The wedding catering & venue business was mostly just a husband & wife team. There was customer concentration. One-off client engagements, no recurring revenue. And it played in industries that he wanted to avoid: hospitality & food. But at the urging of the broker, today’s guest Nick Patrick took a second look at the business. And upon closer inspection, he discovered a lot to like. High margins. Negative cash conversion cycle. Stellar reviews. 30 years of history. Nick bought this business using only $20,000 out of pocket, then sold it 19 months later — along the way netting himself about $900,000.
