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Published May 11, 2023

How to Survive Buying a Business When Sales Plunge 95% | Jess Safir Interview

Dive into the resilient journey of Jess Safir as he tactically navigates the challenges of acquiring a business in the printing industry amid a 95% sales plunge during COVID-19, offering invaluable insights and practical advice for aspiring entrepreneurs.
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  • Strategic Decisions

    shares his approach to strategic decision-making in business acquisitions, emphasizing the importance of understanding client needs and industry dynamics. He highlights how ABG Print has carved out niches in finance and corporate sectors by aligning their services with client-specific use cases rather than traditional sales pitches 1. Jess explains, "We try to reference everything in terms of the use case and product and vocabulary that our clients would use," which helps them stand out in a competitive market.

    We try to reference everything in terms of the use case and product and vocabulary that our clients would use.

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    This strategic alignment has been crucial in maintaining relevance and fostering long-term client relationships 2.

       

    Deal Structure

    The deal structure for acquiring ABG Print was carefully crafted to align with long-term vision of owning multiple businesses. He initially planned a buy-and-hold strategy for 5 to 10 businesses, though the first acquisition faced unexpected challenges 1. Jess acknowledges that while the timeline for achieving this goal has shifted, his commitment to the strategy remains firm. "The plan was always to buy 5 to 10, buy and hold strategy and hold them forever," he states, underscoring his dedication to this vision.

    The plan was always to buy 5 to 10, buy and hold strategy and hold them forever.

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    This approach reflects his belief in the potential of strategic acquisitions to build a sustainable business portfolio 3.

       

    Business Challenges

    Facing a 95% drop in sales due to COVID-19, embraced the challenge as an opportunity for growth and learning. He reflects on the intense period as a crash course in operational management, gaining "20 years of operational experience in one year" 4. Jess believes that overcoming such adversity has strengthened his resolve and confidence in managing future acquisitions. "I feel far more confident now than I ever have since owning the company," he asserts, highlighting the resilience developed through these trials.

    I feel far more confident now than I ever have since owning the company.

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    His experience underscores the importance of adaptability and perseverance in the face of unforeseen business challenges 5.

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