Plumbing Acquisition Gone Wrong | Josh Key Interview

"Trust but verify." The words that today's guest will live by going forward. It was the eleventh hour in Josh Key's acquisition of a small plumbing company, and his SBA lender springs on him that they want to see a master plumber on the cap table. He found a man through his church with a plumbing license to partner with. Flash forward: the business has been run into the ground, and Josh has had to file for Chapter 7. And much of this fiasco he attributes to his — now ex — partner. If you're partnering with someone you don't really know, you need to diligence that individual just as thoroughly as you diligence the business you're buying. As with other Acquiring Minds guests who share their stories of acquisition-gone-wrong, we thank Josh for his courage to come on stage here so that others might learn from his travails. Here he is, Josh Key, former owner of a small plumbing business in Dallas-Fort Worth. ❤️ Enjoy this interview? SUBSCRIBE for more: https://bit.ly/42hLnN0 00:00:00. Josh's background 00:04:59. Josh decides to buy a business 00:10:34. Josh finds the plumbing company 00:14:23. Role of the seller 00:22:31. Finding a partner with a plumbing license 00:32:08. Transitioning to ownership 00:34:35. Failing to research his partner 00:44:20. The winter freeze in Texas 00:47:01. Signs of trouble with his partner 00:51:29. Partner refuses to leave business 00:56:37. Business and partnership deteriorates 01:03:45. Business close and bankruptcy 01:10:34. Advice for searchers looking at plumbing 01:16:52. Plans for his next business endeavor 01:21:50. Emotionally handling the business failure 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