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More than a decade ago, Tim Delaney bought his first small business, a fifty-year-old wine and liquor store in Buffalo, NY, with almost no experience and very little cash down. Today he owns that store and the plaza it sits in, and he helps other people do the same. In this episode, Tim joins Chris to walk through exactly how he structured those two deals, why the current wave of retiring baby boomer business owners makes this one of the best windows in years to buy an existing business, and the mindset shift it takes to go from employee to owner.
- How Tim went from the Peace Corps and international development work in Ethiopia to buying a 50-year-old wine and liquor store back home in Buffalo
- The real numbers behind his first deal ($200,000 plus an estimated $150,000 in inventory), and why the seller’s rough, pen-and-paper inventory count worked in his favor
- How he later bought the plaza his store sits in with 90% seller financing, and negotiated the interest rate down from 6% to 4%
- Using one business as leverage for the next: how he financed a $120,000 roof replacement when the plaza alone couldn’t qualify for a bank loan
- Why an estimated 5 to 10 million small businesses will change hands or close in the US over the next five years, and what that means if you’re looking to buy
- The mindset shift Tim says matters more than the money when it comes to buying your first business
Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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