Olman J

Eating tacos and doing AppSumo things

[Olman J @OlmanJ]

5 things I learned buying a Med Spa:

1) Pay more attention to the equipment

2) Thoroughly asses outstanding gift card sales

3) Recurring memberships are everything

4) Not announcing ownership change was a great move

5) Seller financing is worth more than just the loan

🧵

[Olman J @OlmanJ]

@KUTnathan Just read your article. I own one of the businesses planned for relocation (wild and beautiful 500 w 38th St) and this news is devastating.

[Olman J @OlmanJ]

@bateman20007 @Codie_Sanchez Memberships make them loyal. We went from 57 members when we bought the spa to now over 600. That's guaranteed MRR

[Olman J @OlmanJ]

@jamesbohanpitt @Codie_Sanchez Half our revenue comes from skincare, which is an excellent funnel into injectables but we're not dependent on just botox. Our best treatments are actually natural

[Olman J @OlmanJ]

@Obirealestate @Codie_Sanchez Thanks!

[Olman J @OlmanJ]

@Thdelli1887 @Codie_Sanchez It wasn't easy but it wasn't hard either. Profitable from day 1 when you buy vs build

[Olman J @OlmanJ]

@Codie_Sanchez Hey that's me 🫡

[Olman J @OlmanJ]

@cathrynlavery I have my hearing next week. Doing the same 🤞

[Olman J @OlmanJ]

The 5 Levels of Wealth: Food Edition

1) Hunt for food
2) Order takeout
3) Eat at the best restaurants
4) Personal chef
5) Hunt for food

[Olman J @OlmanJ]

@Patticus It's the buy 19 gas stations and move to Puerto Rico for me 😂

[Olman J @OlmanJ]

There's so much more to buying a business than these 5 but I went in prepared with an amazing CPA, lawyer and lots of help from the super knowledgeable @Codie_Sanchez who actually told me the equipment due dilly item I didn't listen to.

Always happy to share any insights :)

[Olman J @OlmanJ]

5 things I learned buying a Med Spa:

1) Pay more attention to the equipment

2) Thoroughly asses outstanding gift card sales

3) Recurring memberships are everything

4) Not announcing ownership change was a great move

5) Seller financing is worth more than just the loan

🧵

[Olman J @OlmanJ]

5) As much as the owner tells you they'll be there to help during the transition, they won't. It's a nagging process. But having seller financing has helped keep the seller in line on the bigger things and easier to collect claw backs.

[Olman J @OlmanJ]

Expanding on each:

1) Equipment out of warranty or not bought directly from the manufacturer can cost you more when it breaks. Outdated equipment that made money last year may not be popular today. Lesser known brands require more marketing from your end to educate patients.

[Olman J @OlmanJ]

@aymanalabdul I'm not unfollowing. Love the focus.

[Olman J @OlmanJ]

Can we all agree that Messi playing in the MLS is the equivalent to LeBron playing in Australia's National Basketball League? #MiamiFC

[Olman J @OlmanJ]

@RealSkipBayless Skip really had a chance to go against the grain and be right for once and blew it