Plumbing Acquisition Gone Wrong | Josh Key Interview

Описание: "Trust but verify." The words that today's guest will
live by going forward. It was the eleventh hour in Josh Key's acquisition of a small plumbing company, and his SBA lender springs on him that they want to see a master plumber on the cap table. He found a man through his church with a plumbing license to partner with. Flash forward: the business has been run into the ground, and Josh has had to file for Chapter 7. And much of this fiasco he attributes to his — now ex — partner. If you're partnering with someone you don't really know, you need to diligence that individual just as thoroughly as you diligence the business you're buying. As with other Acquiring Minds guests who share their stories of acquisition-gone-wrong, we thank Josh for his courage to come on stage here so that others might learn from his travails. Here he is, Josh Key, former owner of a small plumbing business in Dallas-Fort Worth.

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00:00:00. Josh's background
00:04:59. Josh decides to buy a business
00:10:34. Josh finds the plumbing company
00:14:23. Role of the seller
00:22:31. Finding a partner with a plumbing license
00:32:08. Transitioning to ownership
00:34:35. Failing to research his partner
00:44:20. The winter freeze in Texas
00:47:01. Signs of trouble with his partner
00:51:29. Partner refuses to leave business
00:56:37. Business and partnership deteriorates
01:03:45. Business close and bankruptcy
01:10:34. Advice for searchers looking at plumbing
01:16:52. Plans for his next business endeavor
01:21:50. Emotionally handling the business failure

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

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