Complaint Review: NAABB - Hampstead N. Carolina
NAABB Scott Radin Set Up to Fail Hampstead N. Carolina
*Author of original report: Quit Lying Scott.
*REBUTTAL Owner of company: From Scott Radin
*Consumer Comment: more informaiton
*UPDATE EX-employee responds: Beware of Scott Radin
Don’t do this unless you already to have experience in this field! Or, consider joining an existing moral business broker in your own hometown!
I went to the bank to get a loan and paid Scott Radin $20,000 with two cashiers checks to buy the right to represent two area codes in the state of Illinois under his company umbrella, two days of training, promotional materials and paperwork templates, the right to post listings on bizbuysell.com, to be part of the annual conference held in Biloxi Mississippi in April 2019, and for the representation for my company on social media via his office staff.
My biggest complaint is that he (actually his partner at that moment in the training), trained ONE way to value a business. ONE simple cut-and-dried way to muddle through tax returns and value a business. I received leads via his companies robo-calls and I worked very hard to list two very nice businesses and his staff posted them on bizbuysell.com.
Both businesses were valued incorrectly and both listings received zero inquiries. The price of the businesses didn’t make sense with their actual cash flow I later learned. But when I went to have them posted, neither Scott nor his partner said anything about the disparate numbers.. They just let my listings sit there with zero calls about them.
I did make attempts to call people on my own who may be interested in buying the businesses with no success. In April 2019 the annual conference was held in Biloxi Mississippi where one of our successful brokers brought up that the way we were taught to value a business with NAABB is not correct. That valuing a business is an art not a science, and there are many variables to consider and you have to know what you’re doing.
The other experienced businessman agreed. The reply by Scott's partner was that it is the only way we value a business at NAABB, and it was successful for her. Scott wasn't at the conference due to health issues. The inexperienced brokers such as myself left the conference bewildered and frustrated. I went home from Biloxi to tackle my listings to re-value them.
My listing sellers would not return my call and I lost my listings. I went to Bradley University's entrepreneurial business school to get help on valuing business and I tried to continue on to get and list new businesses. This all takes time. (By the way, you can forget his offer to pay you $200K if you jump through his quarterly required hoops and don't make a sale.
They're impossible) In the meantime, in September 2019, (one year from my buy-in), I get an email from Scott Radin curtly telling me that he will not be renewing my territory agreement. That’s it. It’s over. I’m done. He gets my $20,000. No refunds.
Now, I can see that money was spent for him and his partner flying to Peoria to train me for two days as well as costs to set up and maintain my webpage and share business templates with me (which were already in existence, I just had to replace my name and number and I helped correct the numerous grammatical errors on them), and the cost of the seven robo-dial lead blasts I received.
But I doubt that was $20,000 worth of expense. So he pockets the rest. As a result, I STRONGLY advise against buying into NAABB to become a business broker. You’ll be set up to fail and you won’t get your money back, even when Scott Radin sells your territory to someone else… again.
This report was posted on Ripoff Report on 10/10/2019 03:05 PM and is a permanent record located here: https://www.ripoffreport.com/report/naabb/hampstead-n-carolina-scott-1486211. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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