12 May How 1 Couple Bought 2 Businesses
The original plan was not that both wife Lindsay and husband Kevin would buy businesses. At first, the idea was that buying a business would be the path Linsday Buckheit took out of corporate. Recognizing that this goal would be a serious commitment, Kevin Black decided to ride along with his wife as support. For a while, not much happened. 8 months came and went, they were both still working in W-2’s, and progress was elusive. That changed when they decided to work with a buy-side advisor group. Not only did the search accelerate, their plans changed. Kevin too would end up with a business. In addition to working with a buyside advisor, other key themes to listen for in today’s interview are key man risk and how to structure a deal with a forgivable seller note to protect against declining revenues. Here are Lindsay Buckheit & Kevin Black, owners of Collective Creative Outdoors and Holdsworth & Nicholas.
