Max Steiner – The Mid-Life Entrepreneur – “Short Interview”

Max wasn’t looking for a full-time job for himself; he was looking for an investment

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“When I looked at Sola Salons, the investment was considerably more than I was prepared for. I thought, yeah, wow, this looks great – but I can’t afford this.

And that’s when Andy Nieb told me, ‘Well there is a way that you can fund it with your retirement money. And you’ll be able to do it yourself.’

My wife and I talked about it; and we decided it was worth pursuing.

I had the opportunity to speak with Bill Seagraves and then thought yeah, this is something we could do, and that got the ball rolling for us.

Being able to roll over the 401k money that I’d built up over the years (I had a considerable retirement fund) was the key. Without that, there is simply no way. And I say no way – but I probably could’ve gotten that [a loan] but it’s not what I wanted to do at this stage of my life. I didn’t want to get committed and tied down to a huge commitment that way.

And plus I was looking for a salary – if I could do it with my own money, especially the first store – then I could draw a salary and not worry about servicing debt. And that was a big plus.

You’re kinda rolling the dice in a sense, but you’re rolling the dice no matter what you do. The thing about doing this [401k funding], is that I’m investing in myself. I’m risking it no matter what I do – let’s risk it somewhere I can at least have a hand in what happens to it.

It was great working with CatchFire; they basically did everything for me and it just seemed to fall into place. I can honestly say that we wouldn’t have done it – or couldn’t have done it – if it hadn’t been for finding CatchFire.”