Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Hello, hello.
So we're going to do an updatetoday, both on the business
being purchased by the new ownerour personal bankruptcy
scenario and just aneconomic-wide thing, for
bankruptcy Just is aninteresting learning.
So first off, with the gym,it's been bought by the new
owner, kind of just an odd twist.
(00:23):
So when I shut the place downand corporate said they'd handle
the chargebacks and stuff, theyasked me to refund everything I
possibly could so that theycould handle everything.
I said sure, sounds good.
So I wired them all the fundsand was taken care of.
I heard from the new buyer thisweek like hey, I'd like to buy
some of the equipment.
It looks like you, nathan, yourLLC currently owns the assets.
(00:44):
Hey, I like to buy some of theequipment.
It looks like you and nathan,your llc currently owns the
assets.
I like to buy those um.
And then he pitched a lowballoffer.
That was kind of surprising, um, but he said he's also saddled
with having to pay for thechargebacks that I wasn't able
to reimburse.
So that was just kind ofinteresting.
Um, corporate had told me theywere going to handle it and it
looks like they're having thefranchisee handle it.
(01:05):
So that was.
I was unfortunate for the newbuyer.
Uh, that should not be theirresponsibility in my opinion,
but anyhow, uh, apparently thenew buyer is taking that on.
So there they go.
Um, what else, what else?
Uh, going back and forth.
So tech, it's weird.
So I part of my timing, for whenI closed the studio was because
(01:27):
my lender was saying hey, ifyou're 90 days late, uh, if you
don't make payments, we willstart seizing assets.
Like I thought, hey, we'regonna do it in the next like
couple days, and it happened tobe the start of the month, so I
thought it was pretty goodtiming all around.
And lo and behold, to this day,like, assets have not been
seized, and it's been a monthand a half since I closed the
studio and shut the businessdown.
(01:48):
And the bank is saying hey,nathan, these assets are still
yours.
We would like you to make asale to the buyer and then we'll
figure out whatever you sellthem for.
Like, you can write a check tous for that.
So that was weird.
I thought I was done with allthe assets, and now the bank
wants me to sell the assets,which are technically still mine
(02:09):
, and then, like they wouldfigure it out.
And so it's just weird.
At one one moment they'retelling me they're gonna seize
assets and liquidate and it'sbeen 45, almost 60 days and they
haven't followed through.
So uh, kind of surprised Ididn't realize it would have
gone that much slower, slower,so that was a little strange.
But right now, right now, it'skind of goofy.
(02:32):
So the sellers asked me hey,nathan, can you write up the
purchase agreement for what I ambuying from you?
And I told him, like, well, no,like, you're the buyer.
When you buy a house I'mthinking when you buy a house
the buyer writes up the purchaseagreement.
When you make an offer to buy abusiness, the buyer writes up
the offer and the sellerapproves it or not.
And right now the seller isasking me to write the purchase
(02:55):
agreement.
Well, no, sorry.
He asked the uh, uh, the buyerof the franchise, which I guess
it's now up and running.
Uh, he's trying to buy it fromthe bank and the bank has asked
me to write up the purchaseagreement.
Which is kind of strangebecause I don't think they
(03:15):
realize my incentive to beinvolved in this.
And here's where it sits If Ido nothing, the bank seizes the
assets and it takes no time oremotional investment on my part
to do anything.
So my cost of doing nothing iszero because I'm going to lose
all the assets anyways.
But if I spend time and energyand I, let's say, I draft the
purchase agreement and the buyersigns it and then we send it to
(03:39):
the bank because the bank hasto approve it, the bank says
nope, we don't like that, tryagain.
I'm now spending my time, myenergy writing up somebody
else's purchase agreement forsomething that I have zero gain
from, and so the buyer doesn'twant it.
The buyer doesn't want to writeit up, the bank doesn't want to
write it up.
I don't want to write it up.
So I think I'm just going tosit around and not write it.
(04:01):
Like if I do nothing, the bankis going to seize the equipment.
If I spend a lot of time andenergy on this, then the buyer
buys it, the bank seizes theequipment and then they go sell
it.
So I'm kind of confused as towhy I'm involved in somebody
else's thing.
Like the bank has to approvethis before it can even go
through.
So everyone else is kind ofsitting on their hands.
(04:24):
Like I'm not going to write thepaper, you write it.
And I told him like no buyer,you need to write this.
And he asked.
He asked the bank to do it.
Bank has asked me to do it, soit's like everyone else do it
besides me, so I'm not sure.
That's just kind of a weirdthing.
So that's where that's it.
Um, I guess, technically, theowner is using my equipment and
they've bought no equipment andthey're complaining about the
(04:44):
equipment and it's just weird.
So that's where that's at.
With the bankruptcy hearing Lastweek we had the hearing.
Apparently, you get threestrikes or you're thrown out,
and this was our second attempt.
The bankruptcy trustee said hey, I have all your papers.
Everything looks good.
We did the whole thing.
Raise your right hand.
Are you telling the truth, thewhole truth, anything but the
(05:09):
truth.
Are these all your assets?
Yes, are you hiding anything?
No.
Uh, did you list everything?
Yes.
Do you have you ever done this?
No, no.
And it's just all these thingsthat they go through.
And so the way it finished up,it was about she spent like 30
seconds confirming we're good togo and then asked us like 20
minutes of questions andbasically, at the end we have
like some collectibles, somethings of value that we would
(05:30):
rather turn over and give awayas part of our estate, I guess,
rather than try to hang on to it.
And so the trustee said okay,um, we're going to tie that up
as part of your seizable assets.
I'll send you my address andthen just please drive it to my
office across town, it's like 45minutes away.
She said can do, will do, andhaven't received her address yet
(05:53):
.
And it's been like a week, weekand a half.
So that's kind of strange.
Our attorney says yeah, Ihaven't heard anything either.
Just hang tight, eventuallyshe'll send it over.
So apparently we're all done.
Our hearing is over, our verdictis done.
There's no follow-up, is whatit seems like.
So now we just wait and we'lldeliver some valuables and then
(06:15):
we'll write a check for whateverestate we owe to the courts and
then I guess that'll getdispersed to the bank, to the
seller finance note, toeverybody, and so for now we
just hang tight and wait forthat.
It's not going as quick as Ithought, but that's fine, that's
okay.
Uh, anything else did you see?
(06:35):
That's it for the closing.
It's it for the bankruptcy side.
Um, day job is going fine.
Um, oh yeah.
And then economics, whiteshopping.
So I hope I've told this storybefore.
I don't think I hope I have.
If I haven't here it is.
So back in college I actuallyworked at a car dealership here
in the twin cities and it wasgreat.
I loved that job.
(06:55):
I was one of the guys thatmoved the vehicles whenever they
need to move to a differentpart of the the parking lot cars
going on the show floor, offthe shore floor.
I was like the car mover theycall it like a lot runner, l-o-t
, and on occasion I signed upactually to drive people back
home if their car was going tobe maintenance for a long while,
(07:17):
and so it was a very fancydealership.
I won't drop the brand, but itwas a very fancy dealership.
And one time they said hey,nathan, you know it's end of day
, this guy's car is not readytill tomorrow.
Can you drive him home?
I said, sure, no problem, Ilike doing that.
So, um, I carved my choice.
I picked the.
They told me to use a nicerbrand, nicer model of the
(07:39):
vehicle brand, and so that wasan odd thing.
Uh, pick up the customer.
He's probably 70 years old,very nice gentlemen, uh, and we
hop in the car and start drivingback.
We just talk a little bit, makechit chat and we get to a very
nice neighborhood.
It looks like the neighborhoodfrom home alone.
It was kind of strange.
So I asked, like you know whatline of work are you in?
He said I'm a business owner,like a c-level type person.
(08:01):
So I asked like, oh cool, whatkind of business?
And he said, well, and he toldme a company name.
I couldn couldn't remember it.
He said, basically we were the,we are the competitor to party
city, and we weren't able to.
We weren't able to beat him andso, uh, after a while they
ended up having to close thedoors, declare bankruptcy and
(08:22):
shut the business down.
It's like, oh man, I'm so sorrythat must've like he must've
lost everything.
How'd you get back up to whereyou are now?
So I didn't lose anything.
It was a corporate bankruptcy.
I was not personally invested.
The company went under.
I still got my salary and mycompensation and I just moved on
.
And I was surprised that acompany can have a failure and
(08:44):
the people managing or evenowning I think it was just like
a CEO or a CTO.
He was a C-level, I guess, if Iremember correctly, and he did
not personally suffer becausethe business failed and that was
my big takeaway.
And he lived in a very nicehome.
It looked like the next doorhouse to the home alone house.
(09:05):
That was just a surprise to methat that was even a possibility
.
Loan house Um, that was just asurprise to me that that was
even a possibility.
And just like two or three daysago in the U S?
Um party city, like the numberone balloon and party event
planning retailer, they shutdown and like they were the only
like retailer to really do that.
And people are saying, becauseof Walmart and Amazon and other
(09:27):
things, party City is gettingshut down.
And so that blew my mind thatthat was even possible.
And so all I have to say justto take away, like 12 years ago
I guess this guy did not failbecause the business he was
leading failed and he's justfine.
And seeing today like PartyCity is done, that was just
(10:00):
surprising.
So I mean, right now there issomeone who's driving around
town and they were theleadership of party city and
they're gonna be okay, theemployees will be okay, the sea
levels will be okay, um, butit's just a business failure.
Uh, here we go all right.
(10:21):
So I had to put the phone downfor a minute.
So that was just surprising, um, and it just happened to be
that party city folded.
So in this phase of life wherewe are personally declaring
bankruptcy and in a lot of waysfeel like personal failures,
it's a reminder that that's notnecessarily true.
It's okay to have aprofessional failure.
(10:42):
It doesn't mean it's a moralfailure or a personal failure,
and it's easy to say now becauseof all the time of working
through it, but in the heat ofthe moment it feels like
everything about you is afailure.
So I just want to encouragepeople that is not the case and
do not impose more depression onyourself because you messed up
(11:05):
in one area.
Now it's possible to fail inmultiple areas all at once.
That is absolutely possible,especially if you're a scammer
or a crook.
You can have a business failureand a personal failure.
It's not like you can only failin one area at a time.
But all that to say, uh, it wasjust the time of our personal
bankruptcy and party citybankruptcy and I'll just I'll
(11:30):
never forget that conversation.
There's probably five or sixthings I saw, or memories that
are core memories that happenedat working at the dealership
that just blew my mind and justchanged my perspective on the
world now is one of them.
That was one of the five.
So interesting in general,because of the time of things,
we're just going to stop theretoday.
(11:51):
Lots of stories, lots of things.
I don't know if there's goingto be a whole lot more.
I'll probably do a couple moreepisodes, but I think we're near
the tail end of the bankruptcystory.
And I guess for the podcast,it's crazy.
When I wrote the intro for it Idon't know why, but I'd call it
the reality before, during andafter buying a business and it
(12:13):
just rolled off the tongue andafter the fact I realized, like,
am I like preaching doom overmy future?
And no, I'm not.
I just flowed and it was likeit was my second take recording
the intro and it was just toofluid to redo and so I kept it
and I didn't realize that thebusiness would actually close.
(12:34):
I truly thought I was on my wayto five studio, five gyms
within five years, and we're onour track to zero gyms after one
year, which is pretty crazy.
Um, so that's where we're atright now.
God is good, life is good andwe're going to take on the day
(12:55):
and we'll just stop there.
So that's where we're at,that's where we're going.
Let's rock and roll.
We'll finish off this podcaststrong.
Hello, hello.
So we're going to do an updatetoday, both on the business
being purchased by the new ownerour personal bankruptcy
scenario and just aneconomic-wide thing, for
bankruptcy Just is aninteresting learning.
So first off, with the gym,it's been bought by the new
owner, kind of just an odd twist.
(00:23):
So when I shut the place downand corporate said they'd handle
the chargebacks and stuff, theyasked me to refund everything I
possibly could so that theycould handle everything.
I said sure, sounds good.
So I wired them all the fundsand was taken care of.
I heard from the new buyer thisweek like hey, I'd like to buy
some of the equipment.
It looks like you, nathan, yourLLC currently owns the assets.
(00:44):
Hey, I like to buy some of theequipment.
It looks like you and nathan,your llc currently owns the
assets.
I like to buy those um.
And then he pitched a lowballoffer.
That was kind of surprising, um, but he said he's also saddled
with having to pay for thechargebacks that I wasn't able
to reimburse.
So that was just kind ofinteresting.
Um, corporate had told me theywere going to handle it and it
looks like they're having thefranchisee handle it.
(01:05):
So that was.
I was unfortunate for the newbuyer.
Uh, that should not be theirresponsibility in my opinion,
but anyhow, uh, apparently thenew buyer is taking that on.
So there they go.
Um, what else, what else?
Uh, going back and forth.
So tech, it's weird.
So I part of my timing, for whenI closed the studio was because
(01:27):
my lender was saying hey, ifyou're 90 days late, uh, if you
don't make payments, we willstart seizing assets.
Like I thought, hey, we'regonna do it in the next like
couple days, and it happened tobe the start of the month, so I
thought it was pretty goodtiming all around.
And lo and behold, to this day,like, assets have not been
seized, and it's been a monthand a half since I closed the
studio and shut the businessdown.
(01:48):
And the bank is saying hey,nathan, these assets are still
yours.
We would like you to make asale to the buyer and then we'll
figure out whatever you sellthem for.
Like, you can write a check tous for that.
So that was weird.
I thought I was done with allthe assets, and now the bank
wants me to sell the assets,which are technically still mine
(02:09):
, and then, like they wouldfigure it out.
And so it's just weird.
At one one moment they'retelling me they're gonna seize
assets and liquidate and it'sbeen 45, almost 60 days and they
haven't followed through.
So uh, kind of surprised Ididn't realize it would have
gone that much slower, slower,so that was a little strange.
But right now, right now, it'skind of goofy.
(02:32):
So the sellers asked me hey,nathan, can you write up the
purchase agreement for what I ambuying from you?
And I told him, like, well, no,like, you're the buyer.
When you buy a house I'mthinking when you buy a house
the buyer writes up the purchaseagreement.
When you make an offer to buy abusiness, the buyer writes up
the offer and the sellerapproves it or not.
And right now the seller isasking me to write the purchase
(02:55):
agreement.
Well, no, sorry.
He asked the uh, uh, the buyerof the franchise, which I guess
it's now up and running.
Uh, he's trying to buy it fromthe bank and the bank has asked
me to write up the purchaseagreement.
Which is kind of strangebecause I don't think they
(03:15):
realize my incentive to beinvolved in this.
And here's where it sits If Ido nothing, the bank seizes the
assets and it takes no time oremotional investment on my part
to do anything.
So my cost of doing nothing iszero because I'm going to lose
all the assets anyways.
But if I spend time and energyand I, let's say, I draft the
purchase agreement and the buyersigns it and then we send it to
(03:39):
the bank because the bank hasto approve it, the bank says
nope, we don't like that, tryagain.
I'm now spending my time, myenergy writing up somebody
else's purchase agreement forsomething that I have zero gain
from, and so the buyer doesn'twant it.
The buyer doesn't want to writeit up, the bank doesn't want to
write it up.
I don't want to write it up.
So I think I'm just going tosit around and not write it.
(04:01):
Like if I do nothing, the bankis going to seize the equipment.
If I spend a lot of time andenergy on this, then the buyer
buys it, the bank seizes theequipment and then they go sell
it.
So I'm kind of confused as towhy I'm involved in somebody
else's thing.
Like the bank has to approvethis before it can even go
through.
So everyone else is kind ofsitting on their hands.
(04:24):
Like I'm not going to write thepaper, you write it.
And I told him like no buyer,you need to write this.
And he asked.
He asked the bank to do it.
Bank has asked me to do it, soit's like everyone else do it
besides me, so I'm not sure.
That's just kind of a weirdthing.
So that's where that's it.
Um, I guess, technically, theowner is using my equipment and
they've bought no equipment andthey're complaining about the
(04:44):
equipment and it's just weird.
So that's where that's at.
With the bankruptcy hearing Lastweek we had the hearing.
Apparently, you get threestrikes or you're thrown out,
and this was our second attempt.
The bankruptcy trustee said hey, I have all your papers.
Everything looks good.
We did the whole thing.
Raise your right hand.
Are you telling the truth, thewhole truth, anything but the
(05:09):
truth.
Are these all your assets?
Yes, are you hiding anything?
No.
Uh, did you list everything?
Yes.
Do you have you ever done this?
No, no.
And it's just all these thingsthat they go through.
And so the way it finished up,it was about she spent like 30
seconds confirming we're good togo and then asked us like 20
minutes of questions andbasically, at the end we have
like some collectibles, somethings of value that we would
(05:30):
rather turn over and give awayas part of our estate, I guess,
rather than try to hang on to it.
And so the trustee said okay,um, we're going to tie that up
as part of your seizable assets.
I'll send you my address andthen just please drive it to my
office across town, it's like 45minutes away.
She said can do, will do, andhaven't received her address yet
(05:53):
.
And it's been like a week, weekand a half.
So that's kind of strange.
Our attorney says yeah, Ihaven't heard anything either.
Just hang tight, eventuallyshe'll send it over.
So apparently we're all done.
Our hearing is over, our verdictis done.
There's no follow-up, is whatit seems like.
So now we just wait and we'lldeliver some valuables and then
(06:15):
we'll write a check for whateverestate we owe to the courts and
then I guess that'll getdispersed to the bank, to the
seller finance note, toeverybody, and so for now we
just hang tight and wait forthat.
It's not going as quick as Ithought, but that's fine, that's
okay.
Uh, anything else did you see?
(06:35):
That's it for the closing.
It's it for the bankruptcy side.
Um, day job is going fine.
Um, oh yeah.
And then economics, whiteshopping.
So I hope I've told this storybefore.
I don't think I hope I have.
If I haven't here it is.
So back in college I actuallyworked at a car dealership here
in the twin cities and it wasgreat.
I loved that job.
(06:55):
I was one of the guys thatmoved the vehicles whenever they
need to move to a differentpart of the the parking lot cars
going on the show floor, offthe shore floor.
I was like the car mover theycall it like a lot runner, l-o-t
, and on occasion I signed upactually to drive people back
home if their car was going tobe maintenance for a long while,
(07:17):
and so it was a very fancydealership.
I won't drop the brand, but itwas a very fancy dealership.
And one time they said hey,nathan, you know it's end of day
, this guy's car is not readytill tomorrow.
Can you drive him home?
I said, sure, no problem, Ilike doing that.
So, um, I carved my choice.
I picked the.
They told me to use a nicerbrand, nicer model of the
(07:39):
vehicle brand, and so that wasan odd thing.
Uh, pick up the customer.
He's probably 70 years old,very nice gentlemen, uh, and we
hop in the car and start drivingback.
We just talk a little bit, makechit chat and we get to a very
nice neighborhood.
It looks like the neighborhoodfrom home alone.
It was kind of strange.
So I asked, like you know whatline of work are you in?
He said I'm a business owner,like a c-level type person.
(08:01):
So I asked like, oh cool, whatkind of business?
And he said, well, and he toldme a company name.
I couldn couldn't remember it.
He said, basically we were the,we are the competitor to party
city, and we weren't able to.
We weren't able to beat him andso, uh, after a while they
ended up having to close thedoors, declare bankruptcy and
(08:22):
shut the business down.
It's like, oh man, I'm so sorrythat must've like he must've
lost everything.
How'd you get back up to whereyou are now?
So I didn't lose anything.
It was a corporate bankruptcy.
I was not personally invested.
The company went under.
I still got my salary and mycompensation and I just moved on
.
And I was surprised that acompany can have a failure and
(08:44):
the people managing or evenowning I think it was just like
a CEO or a CTO.
He was a C-level, I guess, if Iremember correctly, and he did
not personally suffer becausethe business failed and that was
my big takeaway.
And he lived in a very nicehome.
It looked like the next doorhouse to the home alone house.
(09:05):
That was just a surprise to methat that was even a possibility
.
Loan house Um, that was just asurprise to me that that was
even a possibility.
And just like two or three daysago in the U S?
Um party city, like the numberone balloon and party event
planning retailer, they shutdown and like they were the only
like retailer to really do that.
And people are saying, becauseof Walmart and Amazon and other
(09:27):
things, party City is gettingshut down.
And so that blew my mind thatthat was even possible.
And so all I have to say justto take away, like 12 years ago
I guess this guy did not failbecause the business he was
leading failed and he's justfine.
And seeing today like PartyCity is done, that was just
(10:00):
surprising.
So I mean, right now there issomeone who's driving around
town and they were theleadership of party city and
they're gonna be okay, theemployees will be okay, the sea
levels will be okay, um, butit's just a business failure.
Uh, here we go all right.
(10:21):
So I had to put the phone downfor a minute.
So that was just surprising, um, and it just happened to be
that party city folded.
So in this phase of life wherewe are personally declaring
bankruptcy and in a lot of waysfeel like personal failures,
it's a reminder that that's notnecessarily true.
It's okay to have aprofessional failure.
(10:42):
It doesn't mean it's a moralfailure or a personal failure,
and it's easy to say now becauseof all the time of working
through it, but in the heat ofthe moment it feels like
everything about you is afailure.
So I just want to encouragepeople that is not the case and
do not impose more depression onyourself because you messed up
(11:05):
in one area.
Now it's possible to fail inmultiple areas all at once.
That is absolutely possible,especially if you're a scammer
or a crook.
You can have a business failureand a personal failure.
It's not like you can only failin one area at a time.
But all that to say, uh, it wasjust the time of our personal
bankruptcy and party citybankruptcy and I'll just I'll
(11:30):
never forget that conversation.
There's probably five or sixthings I saw, or memories that
are core memories that happenedat working at the dealership
that just blew my mind and justchanged my perspective on the
world now is one of them.
That was one of the five.
So interesting in general,because of the time of things,
we're just going to stop theretoday.
(11:51):
Lots of stories, lots of things.
I don't know if there's goingto be a whole lot more.
I'll probably do a couple moreepisodes, but I think we're near
the tail end of the bankruptcystory.
And I guess for the podcast,it's crazy.
When I wrote the intro for it Idon't know why, but I'd call it
the reality before, during andafter buying a business and it
(12:13):
just rolled off the tongue andafter the fact I realized, like,
am I like preaching doom overmy future?
And no, I'm not.
I just flowed and it was likeit was my second take recording
the intro and it was just toofluid to redo and so I kept it
and I didn't realize that thebusiness would actually close.
(12:34):
I truly thought I was on my wayto five studio, five gyms
within five years, and we're onour track to zero gyms after one
year, which is pretty crazy.
Um, so that's where we're atright now.
God is good, life is good andwe're going to take on the day
(12:55):
and we'll just stop there.
So that's where we're at,that's where we're going.
Let's rock and roll.
We'll finish off this podcaststrong.
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Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.