David Reynolds and his sister Christina Reynolds-Grisby spent more than 25 years at the same electrical contracting company. The plan was always to buy it. They’d consulted with the bank, drawn up the legal work, and lined up the transfer of ownership. The morning the deal was supposed to close in 2023, they walked in and got introduced to the new owners. A private equity firm had bought it out from under them.

They decided to start Reynolds Electric standing in the parking lot that same morning. Three years later, they’re a residential and light commercial electrical contractor in Indianapolis, an authorized Generac and Kohler dealer, with techs in the field and an office staff behind them.

In this conversation, David and Christina get into what 25 years as employees doesn’t prepare you for. Picking a business structure. Finding a CPA. Building a brand from scratch. Christina spent six months on the van wrap. Her hair wasn’t right, the shoes weren’t sitting where she wanted them, the caricature head kept changing size. Her advice for any new founder is progress over perfection. She’ll be the first to admit she didn’t take it.

The takeaway Matt pulls out of the episode comes in two parts. Start it sooner than you think you want to. And if you’re negotiating a business takeover with somebody you’ve trusted for two and a half decades, get it in writing anyway.

Learn more about David Reynolds, Christina Reynolds-Grisby, and Reynolds Electric at https://powerbyreynolds.com. Listen to more Indianapolis Business Leaders at https://defaultprofitable.com or subscribe to Default Profitable on your favorite podcast platform.