#127: Buying a Company for $5,500 and Selling It for 6 Figures within 4 Years

Colin Engstrom is my guest today. Colin is the former owner of a Bozeman, Montana commercial cleaning company. He bought the company off of Craigslist and took a disassembled business and grew it to forty-three employees.  He also made some crazy profits with the company.

Colin and I discuss how he grew the company and the goals he had at the beginning. He explains why he sold the company and what he learned from the process. Colin is genuinely curious about entrepreneurship and asks some great questions. He has learned some helpful lessons and he is still willing to learn more, this was a really fun interview.

What you will learn:

• Colin’s move to Bozeman.
• How Colin found his cleaning business on Craigslist.
• How buying from Craigslist worked.
• Colin’s goals for the business in the beginning.
• How he structured his company.
• How Colin grew the business.
• Colin’s ideal employee.
• How Colin dealt with clients.
• Why Colin decided to sell the business.
• Why he didn’t try outsourcing.
• Why Colin wishes he hired a broker.
• What he would have done differently.
• The factors Colin will consider with his next deal.
• Should you tell the employees?
• Colin’s advice to the audience.

Takeaways:

If you know you want to sell, know your exit options, growth possibilities, financial targets., and how to maximize your company. Then hire the right people to make it happen.

Links and Resources:

GEXP Collaborative
617-710-1660 — Colin’s phone number
Colin’s email

About Colin:

Colin Engstrom is the previous owner of Elite Commercial Cleaners in Bozeman, Montana. He purchased the company in 2014 and sold it in 2018.  Colin studied finance at Bryant University and is continually learning more about entrepreneurship every day.