I was contacted in approximagely October for a local Business Seminar by the March Group. I attended and most of the meeting was about how now is the best time in many years to sell your business through a "Premium" or "Strategic Sale" which would command much more money than a typical Asset or Earnings type sale and that The March Group was the best company around to handle that type of sale.
Each of the participants was invited to speak personally with Terry Stidham and based on his leading me to think I could get much more money for my business if I sold now, I scheduled a follow up appoiintment with him so he could see my business and I could provide him with some general figures to determine if it would be worthwhile to proceed with evaluating my business for a "Premium" or "Strategic Sale".
During that appointment I repeatedly told Terry that I was not interested in a small earnings based sell which might be one to three years earnings. I have had those opportunities a number of times. After anwering his questions and providing him with basic financial information, he said he thought my business would be well suited for a "Premium" or "Strategic Sale" and again buyers paid much more than the typical asset or earnings type sale. Also, he talked about an International Conference Call where they would fasttrack my business and make available to potential buyers from all over the world. The fee for this would be $39.500 but that would be a great investment since I would be selling my business for so much more.
I explained that due to the economy and an expensive divorce that I did not have the money but I was interested. The only way I could proceed would be by borrowing from my retirement. He assured me it would be a good investment and that I could split up the payments.
I completed some of their paperwork and was told that an analyst would be gathering information to create a "Business Evaluation" Long story short after paying them half of the $39,000 or $19,500, I get back an evalution of $100,000 which is less than one years earnings.
I believe that all along this was just a ploy to extract large amounts of money for very modest tasks that were contracted out to freelancers.
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