Bad business

Remember I said I was buying a business? Well, that's now looking highly unlikely. The due diligence exercise turned up more than a few snags including an outstanding lawsuit, a highly restrictive lease on the business premises and a number of previously undeclared liabilities.

I've got a meeting with the current owners tomorrow evening. Boy, is that going to be fun! I get to tell them their company isn't worth a tenth of what they're asking for it and, with their current management in place, I don't expect they'll survive the recession.

As things stand, the only way I'd get involved now is if they gave me a controlling interest in the company (for an entirely nominal sum). Unfortunately, I don't think they'll want to proceed on that basis, even though it's most likely their best chance of realizing some money on their shares in the longer term.

Ah well, I probably didn't need the hassle anyway.