A good recipe is not a business plan. Austin Johnson, founder of The Springs Bagel Company, built the business in Colorado Springs and later sold it. In Episode 73, he and Chris Seegers explore what founders learn when a plan meets real costs, real customers, and the prospect of a sale.
Do the Pro Forma Before You Spend
Austin urges food founders to test the numbers before committing to a truck, storefront, or other major expense. He uses an $80,000 food truck and a $200,000 storefront as examples of decisions other founders might face. Those amounts are not The Springs Bagel Company’s debt. Austin says his business was built with less than $40,000 of debt.
Stop Gatekeeping the Work
When only the owner can make the product or close the sale, the company depends on that owner being present. Austin talks about wearing many hats, handing off work, and building a business that can keep operating without him doing everything.
Let the Business Model Respond to the Numbers
Austin originally kept The Springs Bagel Company wholesale only. He later concluded that the model needed retail as well. The shift is a reminder to test an early assumption against the business’s actual economics.
Lead With Curiosity
Chris shares a leadership example about asking why an employee was struggling before deciding what to do. Understanding a childcare constraint led to a hybrid schedule while maintaining the same performance standards.
The Market Sets the Number
A founder’s attachment to a business does not determine its sale price. Chris and Austin discuss enterprise value, what a buyer will pay, and the identity shift that can follow a sale. Chris and his team were part of the sale of The Springs Bagel Company.
Listen or Watch
Listen to Episode 73 with Austin Johnson on Spotify, or watch the full conversation on YouTube.
Connect and Explore
Learn more about The Springs Bagel Company. Explore more podcast conversations and follow the Exceptional Companies Podcast on LinkedIn.
Thinking about selling your business now or in the next few years? Book a conversation with Exceptional Business Advisors.
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.
