Question: What’s a good way to fund a new business?
Answer: Win the lottery, buy a Harley, sell it and use the proceeds
That’s one way to do it! Craig Daley joins me on the podcast today to talk about how we went from speed to seed, turning a winning lottery ticket into a Harley then cash to start one of his companies.
Craig has had a distinguished 30-year career in business, management and turnaround projects for hotels and distressed businesses. He managed, renovated and assisted developers in numerous operations.
Most recently, for 10 years he served as founder and CEO of Comfort Medical Supply, a nationally-accredited home medical equipment company that was a three-time recipient of the Inc. 500 Fastest Growing Privately-Held Companies in America award.
After a successful acquisition of Comfort by a private equity group in 2010, he continued his tenure with the company as Chairman and CEO until resigning in early 2013. Now “semi-retired,” he pursues fundraising and financial and business consulting services for all types of businesses on a global basis. He possesses a reputation of successfully helping startups growth as well as restructuring distressed businesses for success.
Topics Craig and I discuss on the show include:
- His background in the hotel industry and overcoming some health issues along the way
- Various things he has sold, from concrete to RVs — and how each business had similar issues
- How he got into the home medical equipment business
- What he knows about best financing options for small businesses
- Why he doesn’t like equity partners
- Some of the biggest mistakes small businesses make that cause them to fail in the first place — such as pricing, not understanding overhead (expenses, labor, etc.)
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Photo credit (Harley Davidson): PMU – Photography
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