Just found out about your journey via LinkedIn today - super grateful! All your big concerns and questions are what I have been thinking constantly about over the past ~year. So what you're doing really strikes a cord! A few questions about this first deal:
1. If you didn't have the ~$250k cash to buy the business would you have gone with alternate financing (if so, what?) or look for a less expensive business you could pay cash for?
2. Seems like the initial 13 vending machines were already in place, but what about the additional 10 you shipped in from the east coast? How did you decide where to place those? What did the placement deals look like (e.g., how did you convince a business to let you place a vending machine there, what makes a good location for a vending machine, etc)?
3. How do you handle inventory management? I believe some vending machines have a built in inventory management system - do you use that or some other means?
4. Do you restock the vending machines with stuff you buy in bulk from Costco or are there better ways of getting inventory?
I'm excited to follow along your journey and learn!
Super congrats buddy. That looks like an amazing first step. I can't wait to see how it goes.
That stocking room looks like a Montessori classroom! Love it! Well done Blake
Cool post Blake. The value for the kids is really going to be amazing to watch unfold over their lifetime. Great idea!
Just found out about your journey via LinkedIn today - super grateful! All your big concerns and questions are what I have been thinking constantly about over the past ~year. So what you're doing really strikes a cord! A few questions about this first deal:
1. If you didn't have the ~$250k cash to buy the business would you have gone with alternate financing (if so, what?) or look for a less expensive business you could pay cash for?
2. Seems like the initial 13 vending machines were already in place, but what about the additional 10 you shipped in from the east coast? How did you decide where to place those? What did the placement deals look like (e.g., how did you convince a business to let you place a vending machine there, what makes a good location for a vending machine, etc)?
3. How do you handle inventory management? I believe some vending machines have a built in inventory management system - do you use that or some other means?
4. Do you restock the vending machines with stuff you buy in bulk from Costco or are there better ways of getting inventory?
I'm excited to follow along your journey and learn!
That's awesome. Love how you're including your family and kids in your decisions! Also love the Roosevelt quote!