Build Wealth By Buying Businesses | Jeff Schulmeister

Jeff Schulmeister spent decades behind the scenes of some of the biggest manufacturers in the country, building engineering databases for Siemens and BorgWarner, while running side businesses on his own time. A limousine company. A laundromat. A home health care company.

Now, Jeff’s buying companies; he walks through the exact math on why buying a cash flowing business can outperform the stock market, and why he'd rather fire an owner on day one than trust them to stick around.

In this episode we covered:

→ How Jeff financed his first limousine with no money down at 20 years old

→ Getting laid off from Siemens and hired the same day by the guy he trained

→ Why the laundromat business almost went bankrupt before it worked

→ Buying Omni Home Health Care

→ What Jeff learned about financing acquisitions through SBA loans

Thanks Jeff for making the time to sit down and share the whole story. Glad to have you here man!

Chapters

00:00 - Intro

01:08 - Financing his first limousine with no money down

04:38 - Driving for Aretha Franklin's parties and Motown connections

06:54 - Teaching himself AutoCAD to break into design

09:43 - Laid off from Siemens, hired the same day

11:28 - Costing Siemens $800,000 out of pure revenge

19:11 - Building a laundromat out of an old dry cleaning plant

22:47 - Nearly bankrupt and the hundred dollar bill that changed it

25:45 - Buying Omni Home Health Care and the money the last owner missed

34:45 - Why buying a business beats investing in the stock market

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