Episode 170: Buying Out a Partner with Ashley Mak
Today we are joined by Dr. Ashley Mak of Hudson River Fitness. Ashley recently bought out his partner and transitioned to sole ownership of the gym.
In this podcast, you'll learn how he navigated every step of the process from creating an exit strategy, negotiating a fair buying price, working with lawyers and absorbing his former partner's responsibilities.
Don’t forget about the 2019 Two-Brain Summit, June 8-9 in Chicago! This year we have some amazing topics and guests for both you and your coaches. Click here to register and sign up now!
Links:
Simple Numbers
"How to buy out your partner guide": In the episode summary here:
https://twobrainbusiness.com/episode-170-buying-out-a-partner/
Contact:
ashley@hudsonriverfitness.net
https://www.hudsonriverfitness.net/
https://www.hudsonriverathletics.com/
https://www.linkedin.com/in/ashley-mak-35332991
https://www.facebook.com/amakpt/
Timeline:
1:35 – Introduction to Ashley Mak
3:49 – Starting a gym with a healthy partnership.
9:03 – Determining a fair purchase price.
12:22 – Lawyers and contracts: Navigating the legalities.
16:44 – Developing an exit strategy with a business partner.
19:53 – Financing a buyout.
21:30 – The importance of having a good lawyer during business acquisitions.
23:22 – Conveying an ownership change to gym members
26:13 – Being a sole owner: Stressors and perks.
29:32 – Deciding when to buy if the business isn't profitable.