Buying Out Another Business Thay Is Going Under

Lanny just mentioned that he recently bought out 2 competitors in the Question Of The Month Thread and I was wondering how easy or how difficult it can be.

Case in point:

What if the other company is already out of business?

What can you do to scoop up their name and telephone numbers and websites?

Ed>>>

Starting your own business under your own legal name is always the best option to get involve to whatever kind of business. Buying one may require big responsibility and obligations and that also you are require for any type of transfer documentation. Even the old business that is no longer existing, you still need to acquire their brand licenses including trademarks. I would rather build my own brand and use the best possible marketing strategy to make my own brand competitive and succeed. By the way, with the help of some branding firm, they are manned with expert naming team.

builderr Said: How would you answer someone elses phone if you got their number without their approval? How would you handle customer complaints and collections for their calls?

Hi there!!! You have reached The Roofing Company. What can we do for you today?

As for the complaints, I would inform them that we have have taken over the company phone number and not their liability, but we would gladly perform an inspection for a small fee and if either approved or they choose to have the necessarily recommended work done at such and such a fee, we could provide them the balance of their warranty, since we have already been in business for over 25 years, unlike the company who could not survive and is not out of business.

We gladly look at your future business relationship with our company.

Would an appointment for this Wednesday afternoon be convenient or would you prefer Friday morning?

Ed>>>

There's a company up here that recently closed their doors, and are re-organizing. They unfortunately went out of business before their internet marketing seeds bloomed fruitful. Now their defunct website and phone bill are on almost every google search page that I open. Of course, service magic, respond.com, contractor.com, and improve.net are always usually ahead of them, especially in the home improvement fields. With most advise columnists recommending that service buyers search in the oldest phone book that they can find to assure themselves of a long-term local company, and not some "storm-chasing" related entity, I would think a real steal would be a number that has been around for a while. As far as internet stuff....a while back...thru godaddy.... I registered HomeDepotSiding.com, and it went thru. I spoke endlessly with tinner about his thoughts about it's value, and despite the obvious possibilities that might have been, the real possibility of retaliation from HD for pirating were enough for me to back off....neither selling it or using it.

How would you answer someone else's phone if you got their number without their approval? How would you handle customer complaints and collections for their calls? >>>

We had a HUGE roofing company go under about three years ago after they screwed their customers on their bogus hurricane warranty. State actually shut them down after so many suits were filed. What has happened is one of the salesmen stole the customer list and they're contacting the previous company's customer base offering them a "new" warranty after a free inspection and "tune-up" is done (at the customer's cost naturally). The "tune-up" runs from $2500 up........great scam if you can get away with it. Personally I wouldn't touch an existing roofing business, WAY too much exposure warranty wise. Now, I WOULD buy their phone number, that's another matter.

JET>>>

I would find out why they went out of business. Did they retire and have a good customer base or did they go broke and leave town with people's deposits and not paying thier bills?>>>

Looking at mostly phone numbers and websites.

Ed>>>

Why buy a competitor that's going out of business? After they are gone, pick up the pieces.>>>

only if the liability is secured by the assets, as well as any other debt that might be secured by the asset. You can't sign over a vehicle title if it's not clear, and you can't assume his car payments without bank approval.....but company name is an easy thing... phones are assignable and transferable, and web related equity can be assigned.... Phone #'s and outstanding phone bills go hand in hand...you can't use the number without paying the bill....and if it remains unpaid too long...they let it go.....if you know someone in a phone store, they might be able to get that number for you...but your asking someone for a really big favor. You also will be assuming the contract for phone book and internet related advertising. I bought an existing home improvement company one time for a sum price paid over twelve months, including vehicles, customer list, phones, good will and 10 year non-compete clause. If the eqipment is worth the asking price, then you can't go wrong....Full disclosure of the balance sheet of the selling company would give you all the information that you need to make a determination. >>>

if you buy ther assetts dodn't you also buy there libatalies>>>

sole proprietorship and partnerships= written agreement LLC, subchapter S, and corp= little more complicated>>>