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Rick Jordan

πŸ‘€ Speaker
1017 total appearances
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Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

of EBITDA, which is their net income.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

In this industry, it's roughly like four to six times.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

You're talking three to $4 million, somewhere around there is what the company was worth in what was presented to us.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

But at the end of the day, of course, when all the liabilities, and there was more, dude, it was vendors that filed lawsuits from a year prior, which would have been like six months before we bought it, that were like 60 grand.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

All in all, it was like the damages added up truly to about $9 million on our side.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

Is it not fraud on some level?

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

There's a lot of people that have called it that, yeah.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

I know you're not calling it that.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

I'm not asking you to call it that.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

That's what it was called in our lawsuit.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

That's what was alleged in the lawsuit.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

These were the conversations that were had.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

And for anybody looking to do this, when you file a lawsuit in the multiple millions and you bought a business from people like you and I, Ryan, people like you and I, you could win.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

And this was the point of the conversations with all the lawyers I had on this.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

It's like, you could win, Rick.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

Yeah.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

And you likely will.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

You'll get somewhere in there, which will likely be several million.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

But the problem is, is then you have to collect afterwards, too.

Right About Now - Legendary Business Advice
Founder Lessons From Scaling, Going Public, and Rebuilding | Rick Jordan

Do you think they have the money?