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Originally Posted by KingOtter67
I came into a little bit of money through stock options and decided to look for a business I could buy into, run itself and bring in some money.
So a friend of mine found some tanning salons for sale, pretty cheap. $30,000 for 2 of them. We got the books, we looked and it seemed like it would be pretty easy to make money there. We even divided the numbers by 4 and said ok, even if it makes 1/4th of this amount we'll be ok.
I lost everything. House... bankruptcy... nice cars... you name it. It wasn't pretty.
Sigh. I should have looked into it more, but it was extremely misrepresented.
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That's scary. One good way to evaluate a business is to verify that what they SAY they're collecting matches what is deposited at the bank.
It's not perfect, because they might be running other income through the same account, but it's often a tipoff that something's not right.
Sorry to hear about it.