Have you ever been paid to eat breakfast?
Well I have, five times, in one morning.
Part of being a business broker is understanding how business works from the boardroom to the backroom or from the kitchen to the cash register.
Recently the Owner of a Northwest Arkansas bank retained me to fly to Florida and eat breakfast, or at least that’s what I did. The NWA bank had bought a package of FDIC loans that came from a failed Florida lending institution. One of the loans was to a six location restaurant chain scattered down the west coast of Florida from Tampa to Naples.
The restaurant owner was delinquent on the loan and would not pay or respond to repeated requests from the Arkansas banker. So, he sent me to covertly find out what the back story was on the loan and why it was in arrears. I flew into Tampa, rented a car and made it to five of the six locations and sat next to the cash register and ate breakfast five times and watched the cash register ring ups at each location as I slowly ate. When I returned to Arkansas and reported to the bank owner, I told him to foreclose on the loan as soon as possible. The banker asked me if business was that bad and I told him, no, it’s just the opposite. The guy is knocking it out of the park and making money hand over fist and when you serve him notice of foreclosure, he’ll pay. And, he did!
CBI brings a wealth of business knowledge and experience to every engagement. Selling over 800 businesses means we’ve looked at thousands more so we have seen the good, the bad and the ugly.
And we’ll figure out a way to help you and your business….even if we have to eat breakfast five times in one morning.
Start by contacting us at confidential@cbiteam.com or calling 877-582-5200 for a no-obligation (ok, free) consultation about selling your business.
