The Art of Transition: How Eric and Joy Rose Successfully Took Over a Restaurant

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by a lender from University of Redlands
in Fort Worth, TX, USA

2yrs ago

The Art of Transition: How Eric and Joy Rose Successfully Took Over a Restaurant | Ep. 23

In this episode of Before You Buy or Sell a Business, Eric and Joy Rose share their journey of buying a sushi restaurant in Salt Lake City. They discuss their backgrounds, including their experience working for the federal government and living overseas. They explain how they decided to buy a restaurant and why they chose a sushi restaurant. They also talk about the negotiation process and the challenges they faced in securing financing. Despite the obstacles, they were able to successfully close the deal and are now running the restaurant. About The Guests: Eric and Joy Rose are the owners of a sushi restaurant in Salt Lake City. Eric has a background in international relations and Russian language, and has worked for the federal government for nearly 20 years. Joy has a background in humanities and English secondary education, and is a licensed acupuncturist. Key Takeaways: • Eric and Joy had a desire to own their own business and found a sushi restaurant that aligned with their interests. • They had to navigate the negotiation process and secure financing to purchase the restaurant. • The seller was willing to work with them to restructure the deal and make it more favorable for both parties. • Building relationships and trust with the seller and the staff was crucial in the transition process. CHAPTERS: 00:00:00 Introduction 00:00:17 Background and interest in owning a business 00:02:50 Attempted to start a computer services company 00:04:27 Joined the federal government and lived overseas 00:08:18 Joy's background and adventures 00:11:46 Talking about family connections to Procter Gamble 00:16:49 Lender picks sushi restaurant before working with buyers 00:24:01 The purchase price was a million with a seller carry of 150,000 00:28:16 Differences in SBA lending at different banks 00:32:06 Brokers representing sellers vs. buyers 00:35:18 SBA policy change benefits buyer 00:42:02 Building relationships with sellers was key 00:53:46 Mentors: Chaos Lawyer group, Cody Sanchez. 00:59:11 Find the fun in what you're doing. 01:02:33 Buyers outlook and closing remarks __________________________________________________ DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.

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