Business Collapse After Going All-In | Justin Willess Interview

Today's interview is one of those stories. An ambitious, well-meaning entrepreneur buys a business, and the whole enterprise unravels. Justin Willess spent every last dollar of his 401k to acquire the business, then inject money into it to cover payroll. Nothing worked; we hear the painful details. Now, I do want to sound a note of optimism in this otherwise shattering story: Justin sees himself doing this again at some point, buying another business. What hasn't killed him has made him stronger. Please learn from this interview with Justin Willess, former owner of a construction business in Northern Virginia. ❤️ Enjoy this interview? SUBSCRIBE for more: https://bit.ly/42hLnN0 00:00:00. Justin’s background 00:07:00. Financial considerations before searching 00:10:46. Justin starts searching 00:15:05. Justin acquires a construction business 00:22:37. A bad first day 00:24:47. Uncovering the business reality 00:27:57. Finding financial discrepancies 00:32:54. Seller relations deteriorate 00:39:14. Seller withholds promised funds 00:46:01. Facing financial hardships 00:52:01. Sabotage and internal struggles 00:55:27. Legal battles and confession of judgment 01:00:13. The business closes 01:08:58. Improvements he made to the business 01:12:14. Aftermath of business closure 01:19:04. Lessons learned 01:23:39. The importance of character assessment 01:27:19. Future plans and seeking support CONNECT with the Acquiring Minds podcast, socials, etc. 🎧 Podcast on Spotify: https://open.spotify.com/show/2vZrl0u... 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast... 👉 Get notified of new interviews: https://acquiringminds.co 👉 Follow host Will Smith on Twitter:   / whentheresawill   👉 Connect with host Will Smith on LinkedIn:   / willsmithsf   ABOUT Acquiring Minds Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week. #business #acquisitions #buyingbusiness