Carrie and Matt McCulloch are not only husband and wife, they’re first-time business buyers and the owners of Kinected, an up-and-coming pilates studio in NYC. I had the pleasure of sharing a speaking panel with Carrie (along with Terri Coffel, CPA, of Citrin Cooperman and Sally Anne Hughes of Hughes Klaiber LLC) on the subject of “Buying a Business: New Opportunities in Today’s Environment.”
For those who find themselves on the entrepreneurial path–whether by choice or by circumstance–buying a business can provide a wonderful alternative to building one from scratch. If you do your due diligence right, you can inherit a steady customer base, workable space and predictable cash flow. A nice contrast to the often hardscrabble road of starting from Square One. Still, you do need to make sure that you’ve carefully reviewed your finances–as well as the business opportunity itself–to make sure that you’re not purchasing a pig in a poke.
It helps to have a solid team of advisors, as Carrie and Matt did: a business broker to help review the deal, accountants to go through the financials and attorneys to protect your downside. They also had experience in the pilates field and in running pilates studios, which made them savvy scouters of the right opportunity. Put all that together, and you have a beauiful business that’s also a center of wellness! Check out this video clip that gives a little insight into Carrie and Matt’s philosophy and approach.