Sixth Time’s a Charm For This Restaurant Owner
May 3, 2019 |
About this episode
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Andrew Lamppa wanted to sell his restaurant within two years of buying it, but it would take another twelve before he had something an acquirer wanted to buy.
To read a transcript of this episode, click here.
Andrew Lamppa bought the 44th Street Diner in Grand Rapids, Michigan in 2004. Within a couple of years he wanted out, but his first attempt at finding a buyer (…and his second, third, fourth and fifth) was unsuccessful.
Did Lamppa have really bad luck?
…or a business that was too dependent on him?
Find out how he was able to (finally) pull himself out of the diner’s weeds and capitalize in an area that was known to cater to “slow service, where grandparents eat” to find an enticing buyer that would ultimately purchase his restaurant.
In this episode, you’ll learn:
- How niching down drives up the value of your business
- How to scare away buyers (and avoid doing it!)
- One critical change that can impact your sale process
- Two big negotiation mistakes
In order for Lamppa to build a sellable business, he had to find a way set it apart from the local competition. The Value Builder System™ has a unique tool that can help you discover your niche and pick a point of differentiation with the power to make it irresistible to an acquirer. Get started for free right now by completing Module 1.
About Our Guest
Andrew Lamppa is the husband to an amazing wife, the father of two cherished children, and a forgiven follower of Jesus. He is a former restauranteur and is currently in the process of launching Localbites, a community-based loyalty program for independent restaurants. He loves walking alongside other entrepreneurs and also mentors at SpringGR, a non-profit training organization that helps mainly minority and female owned businesses.
