Preview Mode Links will not work in preview mode

Law Chat with Girija


Dec 10, 2020

Our guest today went for a job interview and ended up buying that very business instead. 

 

Episode Introduction: 

In today’s Law Chat episode, we are accompanied by Megan Gillikin. Meghan is the owner of A Southern Soiree Wedding and Event Planning. She tells us about her journey from going to A Southern Soiree in hope of a job interview and ending up buying the entire business instead.

 

Episode Summary: 

Megan Gillikin walks us through her entire journey from working at the reception to being the venue coordinator for a hotel to now owning a full-fledged event company and helping others do the same. She shares with us some secrets, and what she wishes she could’ve done differently in her business and her life. The episode also consists of some golden law advice from Girija that’ll help you make an informed decision if you’re planning to buy a business.

 

Main Takeaways:

 

  • When you purchase a business, you’re also taking over its assets, liabilities, goodwill, and market reputation.

 

  • It is extremely important to do due diligence before purchasing an established business.

 

  • A smart way of getting information about a business’ position is to ask around about their reputation in their industry.

 

  • Instead of dropping off your business as every business owner does, ask your potential client what would help make their life easier. 

 

  • As industry professionals, you need to stop worrying about the new people entering the industry. There’s always going to be someone who offers more competitive prices.

 

  • Do more things that make you happy and fewer things for approval from others.

 

  • You should keep checking in on your goals and ask yourself do you still really want them.

 

  • Listen to the voices of the people you trust but don’t let them dictate every decision you make.

 

  • Girija’s top advice for when you’re taking over a business: 

 

1. Due diligence is very important. 

 

2. There should be resilience on your end.

 

3. Look at the contracts that are existing in the company.

 

4. Take a look at intellectual property and its legal aspect.

 

Fun Facts About Megan Gillikin:

 

  • Her favorite books are Dare to Lead, Building a Story Brand and You Are A Badass.

 

  • She’s disrupting the industry by creating an actionable resource for event planners and vendors who need support but cannot afford to spend on high-end business coaching.

 

  • Her favorite holiday tradition is cooking meals with her family on Thanksgiving.

 

Find Megan Gillikin:

Instagram: https://www.instagram.com/asouthernsoiree/

Website: https://asouthernsoiree.com/

The Planner’s Vault: https://www.theplannersvault.com/

Get the visual experience, watch the videocast for the episode here: https://youtu.be/220jBohlCjU

 

Connect With Girija:

Website: https://www.gbplaw.com/

Instagram: https://www.instagram.com/gbplaw/

Facebook: https://www.facebook.com/GBPLaw/

Get Ready To Use Contact Templates At: https://yourcontractbuddy.com/