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Trials & Tribulations - The drama of running a business and of life. It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.

Bought accounts this year.. think I'm getting screwed


Trials & Tribulations - The drama of running a business and of life.

It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.
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  #21  
Old 10-10-2012, 04:41 PM
TiedemanLLC TiedemanLLC is offline
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I feel for you too. I have been on both ends of almost being bought out, and trying to buy someone out too. In the end, with two different situations I walked away from the deal, it was the best decision that I ever made.

In regards to the buy out, I had it setup differently when I was trying to buy the other person out. Everything was in writing, non-compete, I was buying not only accounts, but supplies and equipment.

The buy out was going to happen over a three year phase. More or less, if I lost any clients then the next years payment would be adjusted accordingly. He would stay on as a part time manager to help with the transition, and at the end of the three years, if he actually got me more clients, then he would receive a percentage bonus (this was a little incentive so he wouldn't screw me over but actually work with me). In the end I canceled the deal because he wanted all of the money up front. I declined.

In another instance when I was going to get bought up, I was made promises and promises (this was when I first started in the business so I was a little wet behind the ears). I agreed to a buy out price that included the equipment, my accounts, and me being a manager of the company that just sat behind a desk all day.

However, after three days of no money, not being promised the qualified help, and having to work out in the field, I packed up and left.
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  #22  
Old 10-14-2012, 10:56 AM
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this is America right??
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  #23  
Old 02-26-2013, 08:18 AM
LawnBoy0311 LawnBoy0311 is offline
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Greenscape, what ever happened? How did your first year go? of those customers, how many in the end stayed?
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Old 02-27-2013, 03:03 PM
greenscaper123 greenscaper123 is offline
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Originally Posted by LawnBoy0311 View Post
Greenscape, what ever happened? How did your first year go? of those customers, how many in the end stayed?
Out of the 23 I bought, 14 stayed. It could have been worse I guess, just wish I hadn't spent so much money for them. A couple weeks ago I saw a guy on craigslist selling 54 accounts under CONTRACT for $7000. That's a $1000 less than what I paid for essentially 14 haha. I'm looking past it though, it's a new season and most of the customers who stayed on are agreeing to monthly maintenance packages and pre pay billing. I realized my depression over it last year really hindered my drive and focus to succeed. So I'm making a big push with my postcards this year and expect to be around 70 by April. Regardless of whatever money I wasted last year, if I can be in that position in my second year, I'll be happy. Wish me luck!
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Old 02-27-2013, 03:51 PM
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Originally Posted by greenscaper123 View Post
Out of the 23 I bought, 14 stayed. It could have been worse I guess, just wish I hadn't spent so much money for them. A couple weeks ago I saw a guy on craigslist selling 54 accounts under CONTRACT for $7000. That's a $1000 less than what I paid for essentially 14 haha. I'm looking past it though, it's a new season and most of the customers who stayed on are agreeing to monthly maintenance packages and pre pay billing. I realized my depression over it last year really hindered my drive and focus to succeed. So I'm making a big push with my postcards this year and expect to be around 70 by April. Regardless of whatever money I wasted last year, if I can be in that position in my second year, I'll be happy. Wish me luck!
Wow, thats still not too bad. You'll do great this year and making them full service is even better! Good luck to you!
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  #26  
Old 02-27-2013, 04:02 PM
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Quote:
Originally Posted by greenscaper123 View Post
Out of the 23 I bought, 14 stayed. It could have been worse I guess, just wish I hadn't spent so much money for them. A couple weeks ago I saw a guy on craigslist selling 54 accounts under CONTRACT for $7000. That's a $1000 less than what I paid for essentially 14 haha. I'm looking past it though, it's a new season and most of the customers who stayed on are agreeing to monthly maintenance packages and pre pay billing. I realized my depression over it last year really hindered my drive and focus to succeed. So I'm making a big push with my postcards this year and expect to be around 70 by April. Regardless of whatever money I wasted last year, if I can be in that position in my second year, I'll be happy. Wish me luck!
Best of luck. Do you have a website?
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Old 02-28-2013, 01:04 PM
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Quote:
Out of the 23 I bought, 14 stayed. It could have been worse I guess, just wish I hadn't spent so much money for them.
Looking back at the situation now, what range do you feel would have been a good price to pay? What multiple of their weekly mowing price would you pay for a customer in the future?

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I realized my depression over it last year really hindered my drive and focus to succeed
Every once in a while on here we talk about depression and how it effects are abilities to do what we want to do. Can you tell us a little about your thought on how depression factored into this business transaction and how it effected you afterwards?
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  #28  
Old 03-05-2013, 04:55 PM
greenscaper123 greenscaper123 is offline
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Quote:
Originally Posted by Steve View Post
Looking back at the situation now, what range do you feel would have been a good price to pay? What multiple of their weekly mowing price would you pay for a customer in the future?


Every once in a while on here we talk about depression and how it effects are abilities to do what we want to do. Can you tell us a little about your thought on how depression factored into this business transaction and how it effected you afterwards?
Well based on the customers that actually stayed on, which was 14, looking back I would have never paid more than 3000.

When I started the season I had so much fire. I had all these thoughts and ideas on where to go with this business and I just couldn't wait to get started. Then when people started quitting, it was like every bit of ambition I had in me was sucked out. I was skeptical dropping that much cash as it already was. I stopped advertising and basically became content with what I had. I was only working 20 hours a week and yet when I was done with what I had to do, I wouldn't even attempt to find more work. Instead I would go home and feel sorry for myself. "If I would have done this, if I would have done that" I would spend hours online trying to figure out if there was a way I could recoup my money. I would call lawyers, I would go on forums like these and ask people what I should do. Looking back, I realized what I should have been doing was going out and finding more work, calling up all my existing customers and try to up sell, network with people, create a website, work on things to improve my overall image as a business. Instead I didn't do any of that. Instead I came on here and complained about it and spent hours trying to figure out how to correct the past.

I eventually realized that if I was ever going to continue growing I needed to put it behind me and start focusing on a fresh start. It's literally impossible to focus on the future when you're stuck in the past. The past brings about nothing but depression when you dwell on poor decisions, because it's over and done with. The future on the other hand instills opportunity, which in turn creates optimism. I think that's why my ambition has finally returned.
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  #29  
Old 03-05-2013, 04:55 PM
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Best of luck. Do you have a website?
I'm working on one now actually
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  #30  
Old 03-05-2013, 06:30 PM
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Check out my site click on the banner below maybe you will get some ideas. I have one page as a request a quote page, that has been golden for me. At the bottom of that page you can click on the link to the host for it, it is free to use for up to 5 forms. I use it for job applications, quote request page, referral form and satisfaction survey.

Heres the link for it: http://www.emailmeform.com/

Its very simple to use, after you create your form, you get html code and insert the code onto your site page.
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