I consult in the restaurant industry and 75% of the new ones will shut within 2 years. When I walk into a new place, I can typically see when the owner is either inexperienced, cheap, or both, and can typically call it. I look around and thinkn.o myself. "Wow.this person just RUINED their life and they don't even know it". Warning to all aspiring business owners: the first 5 years, you will be working 15 hour days, 7 days a wwek. Sometimes, 20 hour days. Employees can be a real liability. Things will break. The municipality may hit you with some unexpected fines, or demand you make changes that are VERY expensive so that you can remain in operation. I could go on, but do NOT open a business without acccepting that it may fail (through not fault of your own) and ask yourself: "Can I financially withstand this outcome?" If not DON'T DO IT.

This lady isn’t interested in paying down her debt. She is just trying to find a way out

Id like to just get a 30k raise because Dave told me im worth it lol

Can't replace your 100k job so you borrow 200k plus from the sba to start a business you know nothing about , run it into the ground, lose your franchising rights and then tell Dave your husband loves his 70k job. Dave hit that mute button so fast lol. Dave is right. Never mess with an sba loan. My mortgage went up on my commercial mortgage 11 times.

They don't even know what they bought.

The both of you need to get your income up. Immediately. God bless the both of them.

It's annoying when callers don't even know their business or numbers.

As someone who worked for franchise salons for years, never open a franchise. Ever. I’m opening my own independent salon. I answer to no one. The buck stops with me.

A moving company doesn't take 200k to open. You can buy a truck and hire a crew and do it for under 25k. They paid for someone else's name and expected it to result in immediate wealth.

At only $48k a year theres no reason why Dave wasn't insisting on her making more money too.

Anyone else feel this is more than just a business that ran into some bad luck? As in, the caller and her husband might have gotten scammed by a "business" and just don't want to admit it? I think she might be leaving something out. EDIT: Maybe it wasn't a scam, they were just in over their heads. But it still seems like she's not telling the whole story.

I live on the outskirts of Denver. I commute into Denver. I get that they got their butts kicked, but it's not that hard to commute into the city where the work is. 😑

You inspire people so much

At his next interview the guy should just say what Dave Ramsey says his salary should be during the negotiation.

Beans and rice have gone up in price due to Dave mentioning it always

Enterpreneurship 101: DONT BORROW TO START A BUSINESS! (Most businesses fail!)

David always assumes that he knows more about a person’s job than they do.

I didn't know there was brand recognition in a moving company to constitute franchising

What turns so many people off to Dave is the way he treats callers. Cutting them off, not letting them finish their sentences and being rude. He often quotes Proverbs. He needs to read the Proverb that says a soft word turns away wrath but a harsh word stirs up anger.

This is why buying franchises is a horrible idea...even the ones people think are turnkey and safe because of the name brand. When you are being marketed to and pursueded to buy in, you get the royal treatment. Soon as they have your money and the business starts failing...you are 100% on your own...always..with EVERY "buy in" business model. Franchises are just a way for big businesses to exit and smaller businesses to grow capital. You buy into a franchise, ask yourself this simple question....would I buy this much stock in this same company right now? What does the buy in price breakdown to per share? Again, they will promise the world until your numbers start failing. No different than mlms, Ponzi's and pyramid schemes.

The worst thing about this situation is that they've both knew what they were getting themselves into, knowing it was a high risk, but they took the chance anyway. They should've followed their instincts because, a person doesn't get bad vibes about a situation for nothing. Usually, it's a warning sign that's telling you not to do it.

I have to somewhat disagree with Dave here. I've worked for big corporations for almost 30 years and am no better for it. I now work for a privately owned business and I have to say, It's the best job I've ever had and yet it doesn't pay even close. Sometimes life is worth more than money.

That sounds like a super low price for a moving franchise anyway, which tells me the business was already in dire straits and they thought they could turn it around. Sounds like when covid hit the moving business took a vacation due to the work from home movement because no houses were being bought or sold.

You need at least 5 years to get a business off the ground. A minimum of 3 years. It took me 3 years to get my business off the ground.. It's a lot of work, but you need to stick with it.

"Retirement is not an age, its a financial decision".

WHYYYY!????! o.o as soon as dave said that... I jumped up lol

I find it hilarious that Dave just thinks its so easy to apply and get a six figure job. Like they giving them out like candy lol

Dave: No I don’t think, I know. 😆

You could literally make your own moving company with $1,000 for Instagram ads. Crazy that the bank even approved that loan!

Anything secured against you personally always counts. LLC means you lose what you already put into it because the liability is limited. If you are an Owner/director of a company that goes bankrupt it goes against your reputation as a fit and propper person to hold those positions and as the owner it affects your credit worthyness. Everything in finance is double entry because there is a second half to a transaction. Screw up, there is a consequence.

“You are what your record says you are.” - Bill Parcells Let’s apply this here “You are worth what a company is willing to pay you.” Bottom line he isn’t worth 110K. He was let go from a previous job making 110K probably because he was overpaid. He needs to stay where he is. By the way, what company would hire him after being somewhere else after such a short time?

She doesn't want to answer questions.

I'm still amazed how Dave can get to the root cause so fast on a call

Sounds like they thought their franchise would be automatically successful without really trying because it was already running, but really they needed to market themselves and probably didn't know how to if this is their first business.

Unfortunately 70,000 isn't a great income these days..

Lit ep

Should have listed it on loopnet

Actions or lack of have *CONSEQUENCES*

It's really sad what has happened to our workforce. Many of these companies that "restructured" were overpaying employees to begin with because they had tax exemptions. The extra salary was essentially subsidized by tax payers. Now many people have been hit with serious wage drops. I think the caller needs to work really hard with her husband to figure out what the best steps are to make him a more attractive job candidate (negotiations, leadership skills, interview skills, tech efficiency). Also, it would definitely help if she can figure out a job that bumps up to 65k. In 5 years they could be debt-free on a tight budget if they work their income up.

These are the types of people that would buy bridges off the internet.

Kudos to the guy who sold a sinking ship for $200k

Hmm I would maybe settle for less with a good lawyer depends on the interest as well.also I wouldn’t buy a failing business with no inventory either

Pretty direct (not harsh) response to the caller, but lots of truth. Maybe they could have explored the use of an attorney to review the Franchise Agreement and/or the allowance of expansion by another franchisee into the region. Seems they should have been entitled to some amount of payment unless possibly the caller and husband forfeited due to closure.

They have a lot of debt, it doesn’t matter how much he enjoys it he’s gotta level up that income soon (or she has to).

They found a buyer with you guys.

Dave said “when I was a lot younger and arrogant.” Sorry for the reality check Dave but you still are. Also, Dave acts like there are people pounding at your door begging to take there 6 figure job. He is so out of touch when reality up there in Nashville with his 788 million dollar business.

Dave: “ I don’t think. I know”. Yes, Dave is correct. He doesn’t think.

I like when Dave and Jade are together. They have both walked THE walk. It is not just talk to them. Sadly, I cab not relate to the other hosts. They just seem to be parroting what Dave says. Christina was another favorite- she KNEW how it was to be low income. It wasn't just a story mom and dad shared but her life. And, these are the folks I want to learn from.

he was a little wishy washy - so they were probably very indecisive when running the business. He was the risk taker - she wasn't.

What happened to the money from the sale of the assets? I'm surprised Dave didnt ask that.

Bankruptcy is the best option. "Because the SBA is a federal agency, many people mistakenly believe that SBA loans are not dischargeable in bankruptcy. On the contrary, with the exception of student loans, most government loans including SBA loans can be easily discharged in bankruptcy."

Their income is fine. Sell the house, down size to a studio apartment, and tackle that debt. Should be able to get rid of it in 3 years.

Don't know what the caller does for a living, but why can't she get HER income up? Why does it fall on the man all the time. Point two is that if he is skilled in logistics, just why did the moving business fail?

Should have put in in an LLC. The company won't buy back a license. They would write in the contract that say's that you can't sell it. Dave thinks everyone can just make 6 figures?

This guy has got to get out there and slay some dragons. There is opportunity out there.. you MAKE the opportunity happen 💪😎👍

She and her husband can just sell the house but we all know debt slaves not going to do that.

It’s amazing the gullibility of people to really mess up their life.

I CANNOT believe there are people who really go into school debt all for a degree that puts them into a job like “supply chain.”

Dave thinks is super easy to make 100k

Or never pay em a penny.

Would bankruptcy be an option here? I'm not necessarily advocating for it. I'm just curiuos how it would work.

Did either of them bother to look in the ‘yellow pages’ of the internet or beyond to see how many companies were out there for competition? 🤦🏻‍♀️

When callers are answering salary, are they saying what they are getting net after tax?

Great input from Jade! Really showing her value here

Excuses excuses excuses

Please what 5 high income skills will you recommend for someone looking to make 10k - 50k a month as a freelancer?? 🙏🙏🙏🙏🙏

know someone who at 23yrs, fresh grad, got a logistic job paying $140k!

How did they get that huge SBA loan?? You need to cover 80% of your loan amount with collateral. What did they pledge?!?!?!

Sounds like he made an emotional decision paying too much right when interest rates started to rise and people stopped buying and selling homes and moving.

Yeah well we’ll yeah well

What does Dave mean SBA is like student loans lol? The SBA EIDL Loans can be declared in a Ch 7 bankruptcy I know ppl who did it

Dave says he's been where they are but doesn't recommend what he did to reset his screw up (i.e. file Bankruptcy)? Obviously it comes with it's own pain, but the odds of them paying the $223k business loan off shorter than 7 years sounds unlikely.

There is so much demand for moving companies in the Tampa area this woman sucks at running a business

Is this a franchise or a MLM company?

Wait a minute, why doesn't she up her income, and why buy a franchise when you can by a house? Or rental? 😳🤷‍♀️

Like how every call is the same everytime , tells the guy they need to do more and get better income even tho he’s almost double her income no he ignored that he needs to do better instead of telling her if she got to his income they be making 150 a year

She keeps saying "yeah but". He is clear. They need to make more money when they owe 223K. Or you slowly pay it offer the next 10 years.

If all debt is bad debt, then the long-term perspective of the US economy isn’t looking so good since every company in the S&P 500 carries some sort of debt. Would this mean Dave’s investment advice is poor?

Probably a two men and a truck Franchise. When those pass hand hands all the other franchises around swallow up the work

I don’t like Dave’s sales pitch at the start of each video recently. The excitement of watching a new upload and hearing the intro jingle interrupted by an advertisement is disappointing

I know Dav hates bankruptcy, but you can discharge an SBA loan on a bankruptcy

I hate the new intro...

This woman really sounds averse to hard work.

Sorry, they're going through this. I hope she knows that shes an amazing wife and support. Shes giving him room to grieve the loss (as she does as well) and he needs to be the one calling to know what to do. You can do this!

Can't they do some type of bankruptcy? Like Dave did.

Really well articulated; I wish I had more time for trial and error, but I'll be 56 in August and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have at least $1 million by the age of 60.

"Debt only works when debt works and that's never" This is the most ridiculous thing I think I've ever heard him say. There are millions of small and large companies that produce revenue off of assets that were bought with debt. Honestly it's getting to the point that he's just reckless and doesn't care what he says. And ignorant people eat this up like it's the last piece of nutrient rich financial information on this earth.

Two guys and a van. Man wife and a bankruptcy. The franchiser will find another fool doesnt want it out there. Dave thinks everyone is underpaid these businesses just dont want to pay.

It is incredible to me that people would take on this incredible debt in tihs economy. People do not have the disposable income anymore like they once did. She is delusional and is making up excuses. people do not wnat to make the hard decisions. They just hope and pray things work out

Guarantee there not going to throw 1 penny at there debt. Not judging. Just obvious Dave's speech is falling on deaf ears

Sell the husband

oops

file bankruptcy

✝️🙏

Smh.... always start a business small and with your on capital

David Ramsey was more arrogant before the bankruptcy? That's an interesting picture haha

This lady is lying about something

It's one thing to fail a business. Business is difficult and there are so many variables, entrepreneurship is difficult It's another thing to fail a business that you bought on money you didn't really have. You were never a business owner truly, but if you fail you're spiritually a slave to whoever you thought you were gonna pay pack.

Fantastic contributions by Dave's co-host in this call. He can definitely safely retire and leave the show in the hands of his colleagues!

I'm worth $210k