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My friend sold his commercial roofing company for $5.2mm with a $1.2mm seller note
Buyer had NO roofing experience
18 months later the bank seized all the assets (he never had a chance at running a roofing co)
Seller paid the guy PG’d his house - married with kids
He had a buyer at $2.5mm before everything for seized. Now that buyer took all the staff, went and spent $250k on equipment and stood up a new business taking all the old accounts
I bet this is happening far more than we hear about.
Buyer had NO roofing experience
18 months later the bank seized all the assets (he never had a chance at running a roofing co)
Seller paid the guy PG’d his house - married with kids
He had a buyer at $2.5mm before everything for seized. Now that buyer took all the staff, went and spent $250k on equipment and stood up a new business taking all the old accounts
I bet this is happening far more than we hear about.
