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Tony_SS 04-10-2012 10:40 AM
Quote:
Originally Posted by andrewb70 (Post 406853)
I would like to make a point, but please know that I have never met any of the parties involved, nor have I purchased any products from them. What I am about to say should not be seen as defending anyone.

It is not uncommon for a company to announce new ownership prior to the actual legal standing of "ownership." Many companies do this to facilitate a smooth transition because changing ownership is not like flipping a switch. It is also entirely possible that once a potential buyer digs deeper into the workings of a business, they realize that things are not as they were initially presented to them. Thus, in any deal, be it the sale of a car, house, or business, it is not done, until it is DONE! Intent to purchase is not the same as the act of purchase.

Andrew
"Companies" perhaps, but as two individuals, it sounds like Travis is very green and eager while Jon was being deceitful. His old business partner Justin even passed on the deal! Sounds like Jon was hiding a mountain of debt with outstanding orders in that company and he tried playing hot potato with it. As soon as Travis announced 'ownership' I bet he got flooded with 'where's my order??' calls and bailed. ! :willy:

I could be wrong... but I doubt either one will set the record straight since the courts are involved now.

onevoice 04-10-2012 11:19 AM
Quote:
Originally Posted by novanutcase (Post 406878)
Most companies that understand how business is SUPPOSED to be will NEVER introduce any change in ownership until it is LEGALLY transfered. Sounds like our boy jumped the gun. I don't have a dog in this fight but it sounds to me that maybe Jon "overstated" some of the virtues of the company and when Travis got in there and was able to really see what was going on he backed out.

My question is why would you even get close to closing a deal and announcing that you are the new owner without having audited the books in a way that would confirm moving on with closing said deal? Obviously the ownership change was done prematurely although there are certain disturbing timeline issues that don't bode well for Jon.



John
Not trying to defend this fiasco but this just isn't true in the real world. In 1998, Martin Marietta was in the process of buying a division of Northrop Grumman. Obviously both huge companies. All the announcements had been publicly made, even the name was changed on my building, and the whole deal fell through. Big companies occasionally get it wrong, and the small businesses that make up the vendors we deal with are even more susceptible. Doing due diligence on a small business is always somewhat of a crapshoot, because many non-public companies do not have accountants on staff, nor truly audited books. A previous owner could have been hiding things that would not be found until a new owner delved into the actual workings of the business.

Flash68 04-10-2012 11:30 AM
Quote:
Originally Posted by musclecarjohn (Post 406867)
You can say that again...the foundation of this community is very fragile about now.
Completely the opposite... the fat is being trimmed. The foundation here is rock solid.

Quote:
Originally Posted by novanutcase (Post 406878)
My question is why would you even get close to closing a deal and announcing that you are the new owner without having audited the books in a way that would confirm moving on with closing said deal?
That's a reasonable question but these people are kids. Maybe not with respect to age but with respect to any business acumen whatsoever.

And so this unfolding is not that big of a surprise to me.

I do agree with barraza's post about sometimes needing to take over a business before ownership is transferred and the sale consummated. I've done that before and it was a little rocky, but it worked out and was the best way to transition the sale.

But still, these guys just didn't know what the fock they were doing.

Tony_SS 04-10-2012 12:15 PM
Quote:
Originally Posted by Flash68 (Post 406887)
Completely the opposite... the fat is being trimmed. The foundation here is rock solid.



That's a reasonable question but these people are kids. Maybe not with respect to age but with respect to any business acumen whatsoever.

And so this unfolding is not that big of a surprise to me.

I do agree with barraza's post about sometimes needing to take over a business before ownership is transferred and the sale consummated. I've done that before and it was a little rocky, but it worked out and was the best way to transition the sale.

But still, these guys just didn't know what the fock they were doing.
I think Jon knew exactly what he was doing... criminals are brazen like that.

badmatt 04-10-2012 03:30 PM
Looks like im not going to be purchasing a set of Chambers anytime soon.

tones2SS 04-10-2012 05:11 PM
Quote:
Originally Posted by musclecarjohn (Post 406867)
You can say that again...the foundation of this community is very fragile about now.
To say I'm shocked would be a huge understatement...
Quote:
Originally Posted by Flash68 (Post 406887)
Completely the opposite... the fat is being trimmed. The foundation here is rock solid.
I would completely agree with you Dave.

Flash68 04-10-2012 05:49 PM
Quote:
Originally Posted by Flash68 (Post 406887)
That's a reasonable question but these people are kids. Maybe not with respect to age but with respect to any business acumen whatsoever.

And so this unfolding is not that big of a surprise to me.

I do agree with barraza's post about sometimes needing to take over a business before ownership is transferred and the sale consummated. I've done that before and it was a little rocky, but it worked out and was the best way to transition the sale.

But still, these guys just didn't know what the fock they were doing.
Quote:
Originally Posted by Tony_SS (Post 406898)
I think Jon knew exactly what he was doing... criminals are brazen like that.
I was not speaking about criminal or fraudulent intent, only their business acumen and abilities to operate, and in this case transfer, a business.

This was not unlike a ponzi scheme at the end -- newer buyers were likely funding the orders for previous buyers... and on and on. I am not saying it was a ponzi from the start, but at some point, out of necessity and survival, this is what happens.... and it happens often in a business going under.

out2kayak 04-10-2012 07:08 PM
My question is, after all the dust settles, are you going to still start-up / acquire a business?

Yes, what has been done is done, but hopefully you will take the opportunity to dust yourself off, look in the mirror, and chase that dream of a successful business that provides all that you promise.

Here is hope for a better tomorrow. :thumbsup:

:cheers:

novanutcase 04-10-2012 07:42 PM
Quote:
Originally Posted by barraza (Post 406886)
Not trying to defend this fiasco but this just isn't true in the real world. In 1998, Martin Marietta was in the process of buying a division of Northrop Grumman. Obviously both huge companies. All the announcements had been publicly made, even the name was changed on my building, and the whole deal fell through. Big companies occasionally get it wrong, and the small businesses that make up the vendors we deal with are even more susceptible. Doing due diligence on a small business is always somewhat of a crapshoot, because many non-public companies do not have accountants on staff, nor truly audited books. A previous owner could have been hiding things that would not be found until a new owner delved into the actual workings of the business.
Hmmmm...strange...I've never heard of a company announcing they're the owners until they are but then again I don't know it all so you're probably right. Just doesn't seem sensible to me.

John

Ron in SoCal 04-10-2012 08:56 PM
Quote:
Originally Posted by out2kayak (Post 406980)
My question is, after all the dust settles, are you going to still start-up / acquire a business?

Yes, what has been done is done, but hopefully you will take the opportunity to dust yourself off, look in the mirror, and chase that dream of a successful business that provides all that you promise.

Here is hope for a better tomorrow. :thumbsup:

:cheers:
Nice Joe! Michael Jordan once said he never learned anything from winning six Championships. He learned how to win them from losing during the early years....:cheers:

Edit: I meant in no way to condone what has happened and the wreckage left behind. I only was cheering Joe's message of hope for those that may have struck out once on their road to success.


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