J's Business Buying Disaster- How to Buy a Business- Businesses for Sale

One of my YouTube viewers bought a business earlier this year and will soon likely be going #bankrupt.

He wrote me a couple of weeks ago:

David, 

I used to watch your videos a lot about a year ago when I was contemplating buying a business.

I should have bought your course and that is one of my biggest regret. Now I am in a big hole with [business] that I purchased.

The deal was bad for me. Now I am not making any money.

I'd like to have a phone call with you and see what my options are.

J.

I took the time to give J. a call and discuss what happened. There were a bunch of problems with the business and the way in which he was 'shepherded' through the buying process.

Many of the people he thought were working for his interests were not. He will now have to figure out how to grow fast with no further investment or start making plans for going under.

Learn more about what happened by watching this video: https://youtu.be/-CF-b7QdctQ

Stop missing my videos and other news. Get on my mailing list and choose what interests you. http://eepurl.com/brqqjb

Join the legions of small business buyers who are learning what they need to know so they can avoid a bad deal.  They’re taking my online course at www.BusinessBuyerAdvantage.com Some are learning how to get ahead of brokers with my Prepare to Buy a Business: The Next Step.  Also on the same site.

Do you have a business to sell?  Visit www.HowToSellMyOwnBusiness.com and learn how I can help you sell.  While you’re there… download a copy of my e-book; 12 Things to do Before You Consider Selling Your Business. (No, I will not put you on an e-mail marketing list)

Thank you and I’ll see you next time.

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The Invest Local Book blog is all about small business, franchises, local investing, home economics, small business systems and borrowing money for your business. It's full of great content and I look forward to seeing your feedback.  Follow me on FaceBook at www.FaceBook.com/DBarnettMoncton.

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When I made the video I had mentioned the MIC Pub in Dieppe but later edited it out because it wasn't public knowledge.  They've since closed as well.



The Invest Local Book blog is all about small business, franchises, local investing, home economics, small business systems and borrowing money for your business. It's full of great content and I look forward to seeing your feedback.  Follow me on FaceBook at www.FaceBook.com/DBarnettMoncton.

[VIDEO STORY] Muffin Lady Goes Bust (a franchise tale of woe!)

I'll put up this great little story for the weekend.

I tell the story about a woman who ran her business poorly and how the franchise company took advantage of the situation in a big way to get a new operator and profit in a big way at the expense of the woman and the bank.

Enjoy!

I reference an earlier post about head leases that you can find here: [VIDEO] Leases, head leases, master leases (franchises)