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Never ever buy a business unless it has AUDITED financials and tax returns. It's extremely easy to lie and have unaudited financials. I know of a relative who sold a business for around 300k that was losing thousands a month but told them it was doing great and making 10k a month. The poor guy bought the business and it closed down like 2 years later.
Nearly everyone selling a small business LIES. Also the excuse they give as to why they want to sell the business is that they want to spend time with family. BS. They are selling the business because it's a total failure and they want someone else to take the losses.
They had another location and it closed down because it was failing/losing money while their primary location has 18% margins? Who would be so stupid to believe that? Apple stores have 50 million in revenue and their stores barely crack 25% margins.
Also I have a story of yet another relative who bought a business and the previous owner took the customer list and had checks sent directly to her!!! Yeah cashed checks under the business name well after the business was bought and ownership was transferred. Then when that was found out she started her own business and went through the entire customer list and convinced people to do business with her. Also on the first day the employees quit and filed a lawsuit. Then later a string of unpaid vendors were demanding money since they weren't paid.
Nearly everyone selling a small business LIES. Also the excuse they give as to why they want to sell the business is that they want to spend time with family. BS. They are selling the business because it's a total failure and they want someone else to take the losses.
They had another location and it closed down because it was failing/losing money while their primary location has 18% margins? Who would be so stupid to believe that? Apple stores have 50 million in revenue and their stores barely crack 25% margins.
Also I have a story of yet another relative who bought a business and the previous owner took the customer list and had checks sent directly to her!!! Yeah cashed checks under the business name well after the business was bought and ownership was transferred. Then when that was found out she started her own business and went through the entire customer list and convinced people to do business with her. Also on the first day the employees quit and filed a lawsuit. Then later a string of unpaid vendors were demanding money since they weren't paid.
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