Ep 103 – Michelle Johnson – Top tips for purchasing an established business

Nov 22, 2021

Acquiring and managing established business outside your usual industry

Have you ever thought about buying an already-established business, rather than starting from scratch?

And possibly purchase something completely outside the industries you’ve had past experience in?

If yes, then today’s episode is one for you!

Michelle Johnson and her husband have done this.

And not just once. They’ve done it twice!

They’re currently owners of Fantasea Aquariums in West Gosford and Glam Hair and Beauty in Woy Woy – and had zero experience in pet shops and hair salons beforehand.

Both keen for a challenge, they’ve taken on and transformed these two businesses into thriving entities.

Keep listening to find out what they did, why they did it, and what’s next on the cards.

Let’s jump in!

ABOUT MICHELLE JOHNSON:

Michelle owns two businesses – a hair salon and an aquarium store. Without any industry knowledge for these businesses, she was able to harness the expertise of her team and add value through one-on-one coaching.

She has been able to use her skills developed in a corporate career spanning 20 years to employ and develop strong teams and is now teaching other business mums how to juggle all of the things in their life.

QUESTIONS ASKED:

• Could you please share more about your business journey?

• You bought a hair salon without any previous experience in the industry. Could you please describe your reasons why?

• How did you discover the opportunity?

• What was involved in the takeover process?

• What were your initial expectations of owning an already established business versus the reality?

• What position was the business in – compared to the position it’s in now? What did you change and what did you keep the same?

• Any tips for someone thinking of buying a business outside of their comfort zone?

And then I always ask the following:

• Which marketing method works best for your business?
• How do you take care of your health and wellness?
• How can people connect with you?

CONNECT WITH MICHELLE

Website – https://www.themindsetcorner.com/
Facebook- https://www.facebook.com/themindsetcorner