Business Collapse After Going All-In | Justin Willess Interview

Today's interview is one of those stories. An ambitious, well-meaning entrepreneur buys a business, and the whole enterprise unravels. Justin Willess spent every last dollar of his 401k to acquire the business, then inject money into it to cover payroll. Nothing worked; we hear the painful details. Now, I do want to sound a note of optimism in this otherwise shattering story: Justin sees himself doing this again at some point, buying another business. What hasn't killed him has made him stronger. Please learn from this interview with Justin Willess, former owner of a construction business in Northern Virginia.

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00:00:00. Justin’s background
00:07:00. Financial considerations before searching
00:10:46. Justin starts searching
00:15:05. Justin acquires a construction business
00:22:37. A bad first day
00:24:47. Uncovering the business reality
00:27:57. Finding financial discrepancies
00:32:54. Seller relations deteriorate
00:39:14. Seller withholds promised funds
00:46:01. Facing financial hardships
00:52:01. Sabotage and internal struggles
00:55:27. Legal battles and confession of judgment
01:00:13. The business closes
01:08:58. Improvements he made to the business
01:12:14. Aftermath of business closure
01:19:04. Lessons learned
01:23:39. The importance of character assessment
01:27:19. Future plans and seeking support

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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.

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