Dennis Goedheid
speaker
265 appearances
1 recordings
1 series
first heard Sep 2025
last heard Sep 2025
Dennis Goedheid’s voice in public audio — every appearance, attributed to the second.
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Because again, at the closing, just like last time, you're supposed to get a check from the uh from the seller, which sometimes in my case.
Almost every time it's larger than the price that you pay for the business.
But you want to make sure that you have all those monies accounted for, that you know exactly what they already received and what they still have to receive, so that you're not out of pocket anywhere.
What we also usually do is we we pay a big chunk at closing and
And we keep a part in what we call escrow.
So let's say if if you agree on paying $100,000 to buy a set of management agreements, you're gonna pay, for example, $70,000 at the closing, and then $30,000 is kept in case that these owners would leave your company within a certain amount.
of time.
So that can be three months, can be six months, whatever you agree on.
So you want to make sure that you don't buy like 20 agreements and that they're all gone within uh within a few weeks.
Um because you never know what's what's really going on, right?
These owners may already have cancelled and that's why that business thought, okay, let's sell those contacts real quick so that we can make a backup then and then they're all gone.
So
Um that's something we we we didn't want to do.
So we always have uh um usually 70, 30 uh in in escrow and um during that that three or six months uh period the seller always has the option to replace um agreements that we lost.
So if they still have clients that they've been working on and they want to join and they refer them to us and they lose another agreement, then we can
offset their lost uh um their lost contract with with a new one but also always keep something in escrow that also keeps the um seller motivated to assist you with with uh the transition because what you don't want to have is that they uh um when you sign and you you pay them the money and that they're gone and that you cannot reach them anymore for any um information that you need
about an owner or a home or a payment or a future booking.
So you wanna keep them motivated and and having that the escrow part is is usually a a very good uh driver for their motivation.
Um what else uh would I uh advise?
So yeah, communication is also key at that point in time.
Showing 121–140 of 265 · page 7 of 14
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