Buying a Business With Handwritten Books - Buyer Story
Thu Feb 05 2026
About:
In this episode of the Business Sales & Acquisitions Podcast, we sit down with Everett Cook, a Philadelphia attorney who decided to diversify his income by buying a local neighborhood bar — The Shipyard — during the middle of COVID.
Everett breaks down what motivated him to pursue a second revenue stream, why a corner bar fit his schedule and skill set, and what the deal really looked like when the business wasn’t operating and the “financials” were far from traditional. He also shares how he thought about risk, asset value (including the liquor license and real estate), and what it’s actually like owning an operational business that demands attention outside of a normal workweek.
If you’re considering buying a business — or trying to understand what the process feels like in real life — this is an honest conversation about tradeoffs, financing friction, and the difference between a “cash flow play” and a long-term equity bet.
Topics we cover:
-Why Everett bought a business after relying on a law practice for years
-How buying during COVID affected price, leverage, and lender appetite
-What due diligence looks like when the books aren’t clean (or don’t exist)
-How he evaluated value using simple unit economics and realistic assumptions
-The reality of operations: time demands, unpredictability, and decision fatigue
-Thinking in terms of cash flow + equity (real estate + liquor license)
-Advice for first-time buyers: passion, risk tolerance, and control
Want help buying or selling a business?
That’s what we do at The Turn Business Advisors. Visit theturnbusinessadvisors.com to learn more.
If you know someone exploring a purchase or considering a sale, share this episode with them.
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⏰ Timecodes ⏰
0:00 - Intro
0:45 - Motivation to Buy a Business
2:21 - Everett's Buy Box
5:32 - The Deal Process
11:56 - What Everett Would Have Done Differently
16:53 - Envisioning Ownership
17:50 - Advice to Potential Buyers
22:26 - Addressing Fear of Buying
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❇️ What We Do ❇️
We help business owners understand, prepare for, and execute a successful exit from their business. Whether that means selling now, selling later, or simply understanding what their business is worth and how to improve its value.
Our role is to bring clarity to a process that is often confusing, emotional, and poorly explained.
❇️ Why Work with Us ❇️
We’ve been owners, not just advisors.
We started our first business, grew it to over $1 million in revenue, and ultimately franchised it. That experience taught us what actually makes a business transferable and attractive to buyers beyond just top-line numbers.
Because we’ve built systems, hired teams, and reduced owner dependency firsthand, I help business owners identify what needs to be in place before going to market, so they can exit with clarity, leverage, and fewer surprises.
❇️ Who We Work With ❇️
We primarily work with two types of owners:
1️⃣ Business owners considering an exit in the next 6–36 months and want to understand their options.
2️⃣ Owners who are burned out, distracted, or ready for a change, but don’t yet know if selling makes sense.
Common backgrounds of owners I work with:
-Home & Commercial Service Business Owners
-Food/Restaurant Owners
-Multi-unit or Multi-location Operators
-Franchise Owners
-Owner-operators nearing a transition point
#business #entrepreneur #businessbroker
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About: In this episode of the Business Sales & Acquisitions Podcast, we sit down with Everett Cook, a Philadelphia attorney who decided to diversify his income by buying a local neighborhood bar — The Shipyard — during the middle of COVID. Everett breaks down what motivated him to pursue a second revenue stream, why a corner bar fit his schedule and skill set, and what the deal really looked like when the business wasn’t operating and the “financials” were far from traditional. He also shares how he thought about risk, asset value (including the liquor license and real estate), and what it’s actually like owning an operational business that demands attention outside of a normal workweek. If you’re considering buying a business — or trying to understand what the process feels like in real life — this is an honest conversation about tradeoffs, financing friction, and the difference between a “cash flow play” and a long-term equity bet. Topics we cover: -Why Everett bought a business after relying on a law practice for years -How buying during COVID affected price, leverage, and lender appetite -What due diligence looks like when the books aren’t clean (or don’t exist) -How he evaluated value using simple unit economics and realistic assumptions -The reality of operations: time demands, unpredictability, and decision fatigue -Thinking in terms of cash flow + equity (real estate + liquor license) -Advice for first-time buyers: passion, risk tolerance, and control Want help buying or selling a business? That’s what we do at The Turn Business Advisors. Visit theturnbusinessadvisors.com to learn more. If you know someone exploring a purchase or considering a sale, share this episode with them. ============================= ⏰ Timecodes ⏰ 0:00 - Intro 0:45 - Motivation to Buy a Business 2:21 - Everett's Buy Box 5:32 - The Deal Process 11:56 - What Everett Would Have Done Differently 16:53 - Envisioning Ownership 17:50 - Advice to Potential Buyers 22:26 - Addressing Fear of Buying ============================= ❇️ What We Do ❇️ We help business owners understand, prepare for, and execute a successful exit from their business. Whether that means selling now, selling later, or simply understanding what their business is worth and how to improve its value. Our role is to bring clarity to a process that is often confusing, emotional, and poorly explained. ❇️ Why Work with Us ❇️ We’ve been owners, not just advisors. We started our first business, grew it to over $1 million in revenue, and ultimately franchised it. That experience taught us what actually makes a business transferable and attractive to buyers beyond just top-line numbers. Because we’ve built systems, hired teams, and reduced owner dependency firsthand, I help business owners identify what needs to be in place before going to market, so they can exit with clarity, leverage, and fewer surprises. ❇️ Who We Work With ❇️ We primarily work with two types of owners: 1️⃣ Business owners considering an exit in the next 6–36 months and want to understand their options. 2️⃣ Owners who are burned out, distracted, or ready for a change, but don’t yet know if selling makes sense. Common backgrounds of owners I work with: -Home & Commercial Service Business Owners -Food/Restaurant Owners -Multi-unit or Multi-location Operators -Franchise Owners -Owner-operators nearing a transition point #business #entrepreneur #businessbroker