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Acquiring Minds
Perils in Partnership: Plumbing Acquisition Gone Wrong
Dec 19, 2024
Josh Key, a former plumbing business owner from Dallas-Fort Worth, shares his turbulent partnership journey. He reveals the pitfalls of inadequate due diligence when partnering with a master plumber and the chaos that ensued when his partner's wife became involved. The breakdown of trust led to clients and employees leaving, and ultimately, Josh had to close the business and file for bankruptcy. His story is infused with lessons about the importance of verifying partners and maintaining emotional control in business, guided by his faith.
01:31:23
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Quick takeaways
- Thorough vetting of partners is essential in business acquisitions to prevent disastrous outcomes, as highlighted by Josh Key's experience.
- Having a solid operating agreement is crucial for clarity in business partnerships, preventing disputes and ensuring clear roles and responsibilities.
Deep dives
Importance of Partner Due Diligence
When acquiring a business, thorough vetting of potential partners is crucial to avoid significant pitfalls. The experience shared emphasizes the need to investigate not just the business but also the individuals involved in the deal. Trusting someone without properly vetting them can lead to disastrous outcomes, as seen in the case of Josh Key's partnership. He learned that verifying a partner's background and previous business conduct is as critical as reviewing the financials of the business being purchased.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode