Going from COO to Laid Off to 7-Figure Comp + Equity | Let's Buy A Business | Mar 03, 2023

Heyo,

I spent the week hanging out with bankruptcy attorneys at a business auction. The assets and IP of a business were auctioned off on a zoom call.

Here are a few things I learned about bankruptcies this week.

1. Most bankruptcies don’t ever get sold. There isn’t any value left for a new owner or not worth the hassle. They go off into the abyss…

2. There isn’t much of a central information or database to help with all information across all the states. The US Federal Government has a system (built on Linux) that is archaic and difficult to use.

3. It’s an extremely small world in the legal BK world. In Salt Lake City, there are only a handful of BK attorneys and even in LA, maybe 20-35 total. It’s a small world.

4. The last piece is that they are extremely busy right now. 2010-2020 was a stellar decade for growth while 2021-now has been quite rough.

We’ll start to see a lot more business BK’s in the near future.

Short story of a former COO in his 50’s getting laid off and turning a good opportunity into potential generation wealth.

Joel (seller) and Tyler (buyer) are on the podcast at the same time. Joel and his partner built Copper Pearl and then sold it to Tyler who has continued the legacy.

Joel sold a perfectly good business that was exploding in growth while Tyler moved his family across the states and took on a huge personal guarantee.

We dive into trust and how the buyer/seller relationship is not a one-time transaction. You can’t replace rapport and trust in any transaction.