We recently connected with Ben MacMinn and have shared our conversation below.

Ben, thanks for joining us, excited to have you contributing your stories and insights. What’s the backstory behind how you came up with the idea for your business?

As an over generalization, StartUP Columbus is an entrepreneur support organization (ESO) and business incubator in Columbus, Georgia. As you are likely well aware, ESO’s are not a unique business idea. Further, the organization is only four years old, meaning we were not even early adopters in the industry. What we have found, though, is that ESO’s tend to thrive when they are at a local level. This means that whether we were an early adopter or late to the game, getting started was all that mattered. When we started StartUP Columbus, we looked at other communities to try an figure out what was working for them. We found an array of offerings across the country: incubators, accelerators, venture capital, mentorship, training, conferences. It was at this point we looked back and learned of all the offerings we already had in Columbus, Georgia. We decided what we need to do is to re-cultivate a culture of entrepreneurship that our community has seen to be so successful in the past. Our goal was to do this through the creation of a hub of entrepreneurship that would cultivate a thriving entrepreneurial ecosystem through programming, mentorship, office space, and entrepreneurial networking opportunities; thus, StartUP Columbus, Inc. was formed.

Ben, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?

Professionally, I have only been in the entrepreneur support industry for the past four years, however, I have had an entrepreneurial spirit since my teenage years. Before being old enough to get a “real” job, I would push a lawn mower around the neighborhood asking anybody and everybody if I could cut their grass for them. I knew that all I needed was to get one yard cut, I would have enough money to buy gas for the next yard and make some promotional material to leave with my neighbors. As I got into my later teens, I started to buy and sell cars. I would buy a 1990 something car that needed a little bit of work, invest a few hundred dollars, and sell it for a profit. I would then use that money to purchase a new car with a higher value and opportunity for profit. By the time I was 20, I had bought and sold over 25 cars. As I continued to grow, I continued to develop myself and my passion. I received a Bachelor’s Degree from LaGrange College and my Master’s in Executive Leadership from Liberty University. Working to become an entrepreneur and business owner myself, I apprenticed under a business owner to learn what it takes to start and run a venture. While the information I learned through this time was important, what I learned about myself was even more critical.
What I learned was that I was motivated by helping others achieve success. Each and every day, I find purpose in providing what resources I have to others to help them reach their goals and dreams. This was my passion. Combining this passion with my knowledge and work in entrepreneurship, StartUP Columbus was a no-brainer. This is why our organization is focused on the entrepreneur, not the venture. Our vision is for business ownership to be an option for all residents in our region instead of focusing on creating the next Tesla.

Let’s talk M&A – we’d love to hear your about your experience with buying businesses

Not only do I get the privilege of working with individuals purchasing a business, but I have personally had the opportunity to go through the acquisition process myself. For anybody that is going through the process, the first piece of advice I would give is to have somebody to consult with through the process. The University of Georgia Small Business Development Center is an incredible resource in Georgia that is free for consultation. Beyond somebody to support, you and the seller need to come to terms in a written, contractual agreement in your first steps. Getting a business loan can take 6-months to a year; you do not want to go through all the work for nothing. After both buyer and seller are in agreement of their intentions, a valuation of the business needs to be agreed upon. My recommendation is to always hire a third-party firm to conduct this valuation. Once terms and value has been identified, hire an attorney to draft a purchase agreement.
One of the most important pieces to acquiring a business is truly knowing the ins-and-outs of the business. If you are getting a business loan, your lender is going to ask you for specifics, but beyond this, you need to know everything you can as you want to be aware of what your risks are, how to sustain the business beyond an acquisitions, and if it is a good fit for you. What problem are you solving (what does your business offer to the market), who your customer base is, who the competition in your market is, what are your distribution channels are, are only a few of the questions you need to know when getting into a business (whether buying or starting from nothing).

More importantly, when buying a business, you need to know the financial information as if it is your own, personal finances. My recommendations is to ask the seller to provide financial statements from the past three years of business. Not only will this allow you to see historical data for the business, but it will help you in preparing your financial projections. This step is where having UGA SBDC as a consulting service will truly prove invaluable.
While there are hundreds of considerations in acquiring a business, the last piece that is a top priority is the lender. When looking for a lender, you want to find one that you can create a lasting, business relationship with. The lender will not only be working with you over the next six months on your application process but also over the next ten years as you pay it back.

What do you think helped you build your reputation within your market?

Building your reputation within your market for both yourself and your business is a huge task. In my experience, the best way to cultivate a reputation is through relationship building. Four years ago when I started, not only did nobody know who I was, but there was no brand identity or recognition of StartUP Columbus. The way I decided to turn this around was by joining as many civic groups, volunteer organizations, and networking opportunities as possible. I joined our Rotary Club, two Board of Directors, Leadership Columbus, Young Professionals, and our Chamber to list a few. But more importantly than just joining, I made it an intentional effort to be very involved in each organization that I volunteered my time with. This meant attending the networking events, volunteering at the projects, joining in a leadership roles, all while making intentional efforts to get to know everybody involved. One of the interesting pieces I learned from this is that, generally, it is the same group of community leaders that are also involved in these different organizations. Of course, this process is not as easy as it sounds. So how does one network with the intent of building reputation? While I could dedicate this entire article to this topic, all I need to do is to point you to Dale Carnegie’s book, “How to Win Friends and Influence People.” This book is one of the most powerful books I have read in regard to creating influence in those around you.

While four years ago, we had no reputation, StartUP Columbus has become a highly recognized brand in our community. Further, I have personally had the privilege to create valuable relationships and friendships that have proven critical to the success of our organization.

Contact Info:

• Website: https://startupcolga.com/
• Instagram: https://www.instagram.com/startupcolga/
• Facebook: https://www.facebook.com/StartUpColGa/
• Linkedin: linkedin.com/company/startupcolga/
• Twitter: https://twitter.com/startupcolga
• Youtube: StartUP Columbus Georgia

Image Credits
https://www.instagram.com/treywalkerstudio/ https://www.instagram.com/kelseymacminnphotography/