Write The Wrongs
The story of how one
Entrepreneur columnist crashed and burned when he bought a franchise.
Tears running freely, my head fell into my hands. The steel gray
February day was fitting for the moment as Kathy (my partner,
investor and significant other) and I, after three weeks of
spirited lament and seven months of struggle, agreed to swing the
axe across the neck of Auto Exam, our franchised business.
The doors were closing for good. My pride and ego were
suffering, and my desire to continue the struggle was strong, but
Quickbooks told me a sad story: For the next year, things were only
going to get worse. Just before dusk, I called Ricky, our only
employee, and gave him the proverbial apologetic
handshake-effective two weeks later.
Publicizing this manifesto of personal failure is a bit of an
embarrassment, but the years since have healed my wounds. I've
decided it's time to help you avoid making the same
mistakes.
Content Continues Below
Todd D. Maddocks is a franchise attorney and small-business
consultant who is presently the CEO of The Worldlink Group, as well
as Entrepreneur's "Franchise Focus" columnist.
You can reach him at TMaddocks@aol.com.
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