Investors and potential franchise owners beware
There currently is a judgment in the State of Michigan for 100's of thousands of dollars against Schooley Mitchell Telecom Consultants.
Http://dockets. Justia.com/docket/michigan/miedce/2:2010cv12591/250090/
This judgment was entered by a group of Territory Developers from a prior edition of this franchise ended in bankruptcy for non-payment of commissions.in addition, Dennis Schooley currently owes a recently exited Territory Developer $75K and a remaining one over $100K for unpaid expenses, commissions, and salaries.
The judgment if processed will direct all royalties from franchisees in the State of Michigan to the plaintiffs until such time as the debt is recovered. There are a number of other debts owed which amount to a considerable pressure on the system.
If considering investing in this model, do yourself a favor and investigate the history and current financial condition.in the event you are not given current Balance Sheet and/or P L's certified by a reliable accounting firm, I suggest moving to another opportunity. Remember, due diligence is your responsibility and ask to speak to current franchisees, both past and recently exited as well. Force the franchise to share the facts regarding exited franchises. For example, there were four franchises in the State of Virginia as 2010. Today, there are none according to their website. Check out their website.
As they say in Texas, "El Paso" on this opportunity.
0 comments