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How to Deal with the Aftermath of "Fleecing"
Tim Sorrentino - 10:49 am
Q: I just started my new home construction business with 0 employees 3 years ago. I had 2 informal partners that I relied on to do marketing and financing. They "fleeced" me and now I'm left with less than $9000 and no customers. Suggestions?
Q: I just started my new home construction business with 0 employees 3 years ago. I had 2 informal partners that I relied on to do marketing and financing. They "fleeced" me and now I'm left with less than $9000 and no customers. Suggestions?
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Replies to This Discussion
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Permalink Reply by Jayme Broudy on -
Without knowing all of the details, my gut tells me this is a case of hindsight being 20/20. The word that stands out to me is "informal partners". You may be getting a hard lesson reminder that getting formal agreements in writing helps clarify agreements and make them binding. I don't see this as untrusting, but actually the opposite, helps to preserve relationships in the long run.
What to do now? If $9000 is all the capitol you have, that leaves you in a very tough situation. I am assuming a housing market in your area that is like the rest of the country - a bit dry right now. I'd be looking at my existing contacts and the quickest way to rebuild my capitol. Do you have any solid contacts/past revenue streams that could be reactivated to rebuild ?
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