• Report: #222795

Complaint Review: GW Equity | Ripoff Report Verified Safe™ ..businesses you can trust. Past & current approach of GW Equity to business is focused on providing the highest industry standards for mergers & acquisitions.

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  • Submitted: Wed, November 29, 2006
  • Updated: Thu, September 12, 2013

  • Reported By:New York New York
GW Equity | Ripoff Report Verified Safe™ ..businesses you can trust. Past & current approach of GW Equity to business is focused on providing the highest industry standards for mergers & acquisitions.
399 Park Ave. New York, New York United States of America

GW Equity Scam | Complaints REVIEW: GW Equity; Claims about Company are False, all reports were filed by ex-employees, some are now competitors.Ripoff Report found GW Equity is committed to total customer satisfaction. Past & current approach of GW Equity to business is focused on providing the highest industry standards for mergers & acquisitions. Dallas Texas, Nationwide


*UPDATE: GW Equity commits to Ripoff Report Corporate Advocacy, Business Remediation and Customer Satisfaction Program. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business.

*Consumer Comment: Thank You Greg/Jim

*Consumer Suggestion: Real brokers work on contingency.

*Consumer Comment: I did not understand the relevance of the rebuttal from future employee....

*Consumer Comment: note to Future Employee

*Consumer Comment: future employee

*Consumer Comment: GW Equity article found in Inc. Magazine

*Consumer Comment: GW Equity article found in Inc. Magazine

*Consumer Comment: GW Equity article found in Inc. Magazine

*Consumer Comment: GW Equity article found in Inc. Magazine

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SPECIAL UPDATE: September 12 2013: GW Equity remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. GW Equity is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, GW Equity has made good faith efforts to resolve all complaints reported on Ripoff Report. Based on our experience, the member business has proven to be among the top members of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.

Over time and since becoming a member, GW Equity has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever GW Equity remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at editor@ripoffreport.com
 GW Equity is Rip-off Report Verified

Ripoff Report REVIEW:

Editors UPDATE: Positive Rating and Recognition has been given to GW Equity for its Commitment to Excellence in customer service.

Ripoff Reports investigation of GW Equity uncovers an ongoing commitment to total client satisfaction. This means that clients can expect the company will always work towards finding a mutually satisfactory resolution to any complaints or concerns. GW Equity listens carefully to client concerns and views them as an opportunity to learn from past experiences and become more efficient as a company.

In spite of the false Reports posted by ex-employees, GW Equity recognizes the need to provide for receptive and open communication with its clients. GW Equity strives to be proactive and avoid potential issues with its clients. To this end, GW Equity has streamlined its customer service department and added new processes in an attempt to identify and resolve issues that arise with its clients more quickly.

Because of our investigation and the sincere efforts put forth by GW Equity, LLC, Ripoff Report is is confident in giving GW Equity, LLC a positive rating. GW Equity is committed to making the strategic changes to its customer service department that are necessary to reach its goal of achieving total customer satisfaction through excellent service. GW Equity expects that this goal will be achieved by taking good care of its clients.

GW Equity understands that in order to grow as a company it must reflect on any past shortcomings and work to remedy those in the future. GW Equity has allocated necessary resources to work through these and is determined to emerge a stronger organization and create value for its clients.

In spite of all such situations, Ripoff Report is confident you have a company that is ready to serve those who need more assistance and is willing to make things right if they seem to have fallen apart.

In summary, after our investigation, which included discussions with GW Equity, Ripoff Report is convinced that the company has been and is committed to quality delivery of services resulting in total client satisfaction.

NOTE: In 2009 GW Equity rebranded their name to Generational Equity, LLC. Although rebranding is not uncommon in the financial industry, the company felt like for sake of clarity and ease-of-use, that Generational Equity is a more appropriate corporate moniker. With a new emphasis on exit strategies, as well as financial evaluations and merger and acquisitions advisory services this brand is more descriptive of their new strategies for low to middle market private companies.

We used to use initials, but initials didnt register with prospective clients, explained Tom, an Executive Vice President of Generational Equity. Then we decided to write everything out, but our name was too much for clients to get to our website. Generational Equity represents exactly the right balance for our clients. GW Equity is still in operation, however, Generational Equity better represents our goal of expediting the transfer of generational wealth and equity that is in every business for the highest and best use of each business owner.

Whatever name they use, this is truly a company we feel that can be trusted by any business.. Ripoff Report personally met with the owners and top executives of the company, and we know after a long Investigation on the company, we feel they received a bad rap for nothing.

Read more about GW Equitys Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

===================== NOW TO THE ORIGINAL REPORT THAT WAS FILED

=====================

//

Gw Equity, Citibank, Citigroup, Citi Commerce Solutions M&A / Business Consulting, paid $30,000 for an inflated analysis of my company that has yielded no results New York New York

GW Equity is actually a $120 billion dollar enterprise called Geneva Business Research that settled a $45 Million dollar class action suit in March of 2003 in Irvine California "for defrauding thousands of small businesses out of monies paid in advance".

They have changed their name to GW Equity and subsequently moved to Dallas, Texas. Without knowing the connection, I was contacted by someone who said she was a "Senior Account Manager" from GW Equity. She told me that her company was the largest Mergers and Acquisitions firm in the Country. She assured me that this was not a random call and that a "research team" had done a lot of work in qualifying company because several Fortune 400 companies that were interested in Merging or Acquiring my company. She said her and that the investors urgent and were very interested in talking to me.

She said they also happened to be in the area and my exposure to these investors was contingent upon spending an entire day with their "M & A Specialist" and a "Business Analyst" they could explain how this "offer on my company would occur and that they would explain these buyers motives." The Seminar turned out to be a cattle cal with about 15 other clueless private business owners.

I listened to their day long sales pitch and at the end they dropped the $30,000 retainer fee on me. My company's revenues are close to the $100 million mark and it sounded like a drop in the bucket compared to what they were telling me that I could actually get for my company. These figures were way above anything my CPA or attorneys calculated but GW Equity assured me that only M&A people know how to calculate the "true & future value of a company".

After paying the $30,000 I met with David Gilliland the M&A specialist and he explained that the evaluation would take about 6 months and it might be years before he could attempt to take my company to market. When I asked where the buyers were (that the initial senior account manager) told me were interested and urgent, he explained that those buyers were simply "buying into my industry and that I never had any type of guarantee that they could actually sell my business.

Essentially I paid $30,000 for an inflated analysis of my company that has yielded no results. I had the cell phone of the senior account manager who later told me that she had been fired because she had asked Steve Schreiber "of the companies we take retainers from... how many actually get sold. She was fired the next day due to lack of performance. She also explained that the investors that they claim to have in their pockets do not know that GW Equity even exists and that her call to me was a strictly random cold call from a D&B database and that there was no research done on my company at all. She was just getting paid to get me into this seminar.

After 3 years I have never seen any kind of an offer on my company and I am reminded that I was never guaranteed that they could sell my business for sure. Robert Brenner is your connection between the same scam conducted in California and was Senior Vice president there as well. Not only did I waste an entire day at some sales seminar under the premise that they had several buyers for my company, I was hit with a $30,000 retainer fee and actually learned nothing about the M&A process.

These guys are shrewd salespeople but I cannot find even one company that they have ever sold. "That is a matter of confidentiality" they say. But cannot even give me the statistics of even selling one. GW Equity is another fraud under a different name that just moved to another State.

Greg New York, New York
U.S.A.

Click here to read other Rip Off Reports on Citibank


This report was posted on Ripoff Report on 11/29/2006 03:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/GW-Equity-Ripoff-Report-Verified-Safe-businesses-you-can-trust-Past-current-approach-of-GW-Equity-to-business-is-focused-on-providing-the-highest-industry-standards-for-mergers-acquisitions/New-York-New-York-10043/GW-Equity-Scam-Complaints-REVIEW-GW-Equity-Claims-about-Company-are-False-all-reports-222795. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

Thank You Greg/Jim

AUTHOR: Joe - (U.S.A.)

I wanted to thank you for taking your time to file a lengthy and informative report on GW Equity.

I was contacted by them the same way as you have described and attended their presentation at Marriott Hotel in Irvine, California, on May 30, 2007.

I was skeptical at first but I wanted to learn more so I attended it. The whole presentation was very impressive, very shrew and crafty, and leaves little (or no) room to win a lawsuit against them after you handed them your $30,000.

During the seminar, GW equity described success fees (or commission for sale) that they charge if the sales go through, which I thought it was reasonable. But someone asked about their "success rate" of selling businesses. They gave him a run-around and won't answer him in public, but did offer to talk to him in private because "IT'S CONFIDENTIAL". I was wondering why would a number (approximate at best) be confidential?

That didn't bothered me too much. I was so excited during and after the seminar that I went home and talk to my wife about signing up with GW Equity for $30,000. But before I signed up, I decided to do a quick search on internet and found your article and a few more. Thanks to you and this website, now everything makes perfect sense. For example, why they kept saying "confidentiality is most important" because they don't want people to talk about it IN THE SEMINAR or AFTER THE SEMINAR. At the same time they can't give any statistics because it would be mis-representations if they tell anyone anything other than the truth, which I would suspect it would be "zero" or a very low number.

Also their brochure "Mergers & Acquistions" Transaction Review appeared to be legitimate business sale transactions DONE by GW Equity. Looking back at this document it is basically a report of M&A, which probably did happened but they make it looked like GW Equity was involved. Looking at it more carefully revealed that it was their "Transaction Team Experience." What does that mean? If I was the secretary working on a M&A case with my boss 20 years ago, then I can list it as an experience? Even if some of its principals have the experience, it isn't from GW Equity. It is from other legitimate M&A companies that they have worked for in the past.

Now I felt sick to my stomach because approximately 50% of the attendees left their business cards with them to talk to their "SENIOR" person in private. I guess at least 50% of that 50% (a total of 25% of attendees) probably would signed up with them.

I considered myself somewhat an intelligent person, but I almost got scammed. Thank you and this website again.

I will continue to spread the words to all my business-owner and non-business owner friends.

Sincerely,

Joe
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#2 Consumer Suggestion

Real brokers work on contingency.

AUTHOR: Mike - (U.S.A.)

This company is obviously a scam. Money up front should not be required to contract with an agent to find buyers for anything.

When you're selling your house for example, the agent doesn't get paid until after it sells. And if a potential buyer wants to evaluate the actual value of the property, the BUYER pays for the investigation. An investigation provided by the seller is worthless to a potential buyer because it is likely biased in the seller's favor.
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#3 Consumer Comment

I did not understand the relevance of the rebuttal from future employee....

AUTHOR: Thomas - (U.S.A.)

So I won't worry about "future employee" but maybe he should?

Greg, I do wonder why you would believe some fast talking nobodies' figures that were "way above anything" your [presumeably trusted] CPA had calculated ?? And I have never seen attorneys calculate values. All attorneys do is create problems. OK, and help you avoid problems.

I do wonder how you could have a $1 mil gross company and still let yourself walk into such a scam with your eyes wide shut. At a 10% margin you are making $100,000 a year. Not great in NY maybe, but definitely above minimums.
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#4 Consumer Comment

note to Future Employee

AUTHOR: David - (U.S.A.)

The link to the Forbes article is not an "article" but rather a Business Wire press release issued by GW Equity and printed in Forbes. Of course they are speaking highly of themselves.

Secondly, statistically speaking, only a small fraction of people who feel they have been defrauded actually file complaints or publish their views. This is a result of any number of factors including lack of knowledge, unwillingness to admit they have been defrauded, thoughts that perhaps the deal just didn't happen, ego, pride, etc.
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#5 Consumer Comment

future employee

AUTHOR: Lucas - (U.S.A.)

Hello- I am looking at becoming a representative for this company. I am doing some research into the company's ethics and overall validity. I have worked for several Fortune 100 companies and feel obligated to such research. I have found this article from Forbes and they praise the company
http://www.forbes.com/businesswire/feeds/businesswire/2007/01/26/businesswire20070126005420r1.html

I also have to say that if this company has defrauded so many business owners, why are there only 5 complaints? I used to work with Nextel Communications. This is a huge company known worldwide and had many many complaints on this site from consumers with percieved fraud issues. 5 is a very low number on the spectrum of things.
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#6 Consumer Comment

GW Equity article found in Inc. Magazine

AUTHOR: David - (U.S.A.)

Inc. Magazine wrote an interesting article on GW Equity (Great Western) in November of 2001 entitled "For Sale: The American Dream". You may find it at Inc's website and by searching "Great Western" within the website. It is lengthy but gives details of how the company operates.
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#7 Consumer Comment

GW Equity article found in Inc. Magazine

AUTHOR: David - (U.S.A.)

Inc. Magazine wrote an interesting article on GW Equity (Great Western) in November of 2001 entitled "For Sale: The American Dream". You may find it at Inc's website and by searching "Great Western" within the website. It is lengthy but gives details of how the company operates.
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#8 Consumer Comment

GW Equity article found in Inc. Magazine

AUTHOR: David - (U.S.A.)

Inc. Magazine wrote an interesting article on GW Equity (Great Western) in November of 2001 entitled "For Sale: The American Dream". You may find it at Inc's website and by searching "Great Western" within the website. It is lengthy but gives details of how the company operates.
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#9 Consumer Comment

GW Equity article found in Inc. Magazine

AUTHOR: David - (U.S.A.)

Inc. Magazine wrote an interesting article on GW Equity (Great Western) in November of 2001 entitled "For Sale: The American Dream". You may find it at Inc's website and by searching "Great Western" within the website. It is lengthy but gives details of how the company operates.
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