I graduated with a BBA in Finance in 1981. For 30 years I worked in the banking business as a commercial lender. I learned how to analyze businesses in many industries. I worked for a locally owned community bank, American Bank-Corpus Christi. It was owned by George Hawn and Frank Scanio. For years, I was able to sit in meetings and listen to accomplished business owners involved in banking, oil and gas and real estate development. That was an education in itself.
In 1995, I was able to buy a local wholesale building material distribution business. I did not have much money and used an SBA guaranteed loan product. It is a very successful company which has changed my life and my family’s life and will continue to for future generations. My exit strategy: I hired a young man to train to take my place. I will make some ownership available to him over time.
This may not qualify as a startup, but take it from an ex-banker most startups fail. Look for a successful business to buy. Baby boomers are getting older and we are looking for the next generation of owners. Go Horns!