How I Bought A Multi-Million Dollar Egg Carton Business For $0 | Sarah Moore | My First Million

Intro

In this episode of the “My First Million” podcast, Sarah Moore shares her incredible story of buying a multi-million dollar business with no money down. From her troubled past to her successful acquisition of eggcartons.com, Sarah provides valuable insights into the world of business buying and financing. She also discusses the challenges she faced and the mistakes she made along the way. This episode is a must-listen for aspiring entrepreneurs and those interested in alternative paths to business ownership.

Main Takeaways

Path to Business Ownership

• Sarah Moore bought a multi-million dollar business with all debt and no money down.
• Buying a business could be a better path than starting a business.
• Sarah successfully bought and grew a business with no money down.

Sarah’s Journey

• Sarah Moore’s life story is incredible, from being in and out of jail as a kid to paying someone to take the SATs so she could get into college.
• After the podcast episode about her story went viral, Netflix and others reached out to her for interviews, but she declined most of them.
• Sarah agreed to do one interview with My First Million and shared everything about buying a business, her life story, and the mistakes she made.

Business Buying Strategies

• Sarah spent a year searching through 100,000 businesses and found eggcartons.com.
• She was inspired by the concept of a search fund, which allowed her to buy a business without any money or experience.
• Sarah leveraged her network and hired interns to help her with her business search.
• They used an industry approach and sent one generic email to a huge list of people, even if they weren’t looking to sell their business.
• Finding a consistently profitable business is more important than focusing on the industry.

Financing and Negotiating

• Sarah used a seller’s note, a non-negotiable for the owner, as a substitute for getting equity and involving investors.
• Shopping around for a bank to do the deal was all about how they viewed the seller’s note, as some banks viewed it as equity and others did not.
• Success in deals often involves creative problem-solving and hustling.

Growing the Business

• Cartons.com was a wholesale distributor with proprietary products and patents in the packaging industry.
• COVID was an incredible opportunity for the business to take advantage of their capabilities and grow exponentially.
• The business is exploring other domains like machine shop trays and bath bomb cartons.
• Hiring and firing quickly is important for the success of the business.

Summary

Path to Business Ownership

Sarah Moore’s journey of buying a multi-million dollar business with no money down showcases the potential of acquiring an existing business rather than starting from scratch. By leveraging debt and creative financing strategies, Sarah was able to enter the world of business ownership without significant capital. Her success challenges the traditional notion that starting a business is the only path to entrepreneurship.

Sarah’s Journey

Sarah Moore’s life story is one of resilience and determination. From a troubled past to achieving academic success, Sarah’s unique background shaped her entrepreneurial spirit. After gaining attention through a viral podcast episode, Sarah’s story inspired others seeking advice on financing and business deals. Despite offers from major media outlets, Sarah chose to share her insights exclusively on My First Million, providing listeners with a candid account of her journey.

Business Buying Strategies

Sarah Moore’s approach to buying a business involved extensive research and leveraging her network. She explored thousands of businesses, narrowing down her search to consistently profitable ones. Hiring interns and utilizing an industry approach, Sarah was able to reach potential sellers and initiate conversations. This unconventional method proved successful, leading her to discover eggcartons.com and ultimately acquire the business.

Financing and Negotiating

Sarah’s use of a seller’s note as a financing mechanism allowed her to avoid involving investors and maintain control over the business. She navigated the complexities of securing financing from banks, highlighting the importance of finding the right institution that understands the value of a seller’s note. Sarah’s creative problem-solving skills and determination played a crucial role in negotiating favorable terms for the acquisition.

Growing the Business

The success of eggcartons.com lies in its unique position as a wholesale distributor with proprietary products and patents in the packaging industry. Sarah recognized the potential for growth, especially during the COVID-19 pandemic, and capitalized on the business’s capabilities. By exploring new domains and expanding product offerings, Sarah aims to further expand the business’s reach and profitability. She emphasizes the importance of hiring and firing quickly to maintain a successful and efficient operation.

Conclusion

Sarah Moore’s journey of buying a multi-million dollar business with no money down is a testament to the possibilities of alternative paths to entrepreneurship. Her story inspires aspiring entrepreneurs to think outside the box and consider acquiring existing businesses rather than starting from scratch. Through strategic research, creative financing, and a growth-oriented mindset, Sarah has achieved remarkable success in a seemingly mundane industry. Her story serves as a reminder that with determination and resourcefulness, anyone can achieve their entrepreneurial dreams.