Why Your Food Business Will Fail (And How to Fix It)

A good recipe is not a business plan. Austin Johnson, founder of The Springs Bagel Company, built the company in Colorado Springs, sold it, and says the pro forma is what tells an owner whether they are getting into the right thing. In Episode 73, Chris Seegers and Austin talk through the lessons after the sale. They cover gatekeeping the work only the owner still does, why a wholesale-only model became a trap, what it takes to let go of a business you built, and why the market sets the number. They also get into personal leadership, building with less than $40,000 of debt, and the books Austin listened to while he handled every bagel. MORE FROM EXCEPTIONAL COMPANIES PODCAST Watch or listen to more episodes: https://excoadvisors.com/podcast/ Subscribe on YouTube:    / @exceptionalcompaniespodcast   Follow the podcast on LinkedIn:   / exceptional-companies-podcast   ABOUT AUSTIN JOHNSON Austin Johnson is the founder of The Springs Bagel Company in Colorado Springs. He started the company in 2022, built it, and later sold it. Chris and his team were part of that sale. The Springs Bagel Company: https://www.thespringsbagel.com/about CHAPTERS 0:00 Do the pro forma first 0:29 Exceptional Companies Podcast intro 0:48 Meet Austin Johnson 1:59 How The Springs Bagel Company started 4:01 Stop gatekeeping the work 6:51 When the owner is the business 7:20 Sequence the work 9:23 Wholesale only was a bad idea 10:33 Personal goals, business goals, and wealth 11:59 Stories from the bagel company 13:08 Take care of the person in front of you 16:30 Ask why before you fire 18:12 Enterprise value and the long plan 19:01 Built with less than $40,000 of debt 19:51 The storefront decision 21:46 Your identity is more than the company 24:09 Letting go after the sale 26:54 A valuation is not a feeling 28:36 The market sets the number 29:57 Questions for a founder 31:00 Do the pro forma before you spend 33:21 Books that shaped the journey 35:06 Where to find Austin 35:30 Exceptional Companies Podcast outro DISCLAIMER This conversation is for educational and informational purposes only. It is not financial, investment, legal, tax, or business advice. Debt levels, valuations, and sale outcomes vary. The figures in this episode are Austin's account of his own company, not a forecast for another business. HASHTAGS #BusinessLeadership #Entrepreneurship #ExceptionalCompaniesPodcast