Story Time: I’ve Made Over $600k in the Past Year…

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Metadata

Author: Amanda Goetz
Full Title: Story Time: I’ve Made Over $600k in the Past Year…
Category: tweets
Summary: Amanda Goetz made over $600 k l a s t ye a r, b u t h ercre d i t score d ro pp e d t o 450 d u e t o ami s t ak e a f t erse ll in g h er b u s in ess . S h e a ss u m e d t h e n e w o w n ers w o u l d p a yo ff t h eco m p an y^{'} s d e b t, b u tt h eys t o pp e d makin g p a y m e n t s, l e a v in g h er p erso na ll y l iab l e f or$ 80k. Amanda hopes sharing her experience will help others avoid similar mistakes in business transactions.
URL: https://x.com/amandamgoetz/status/1914280817209041214/?s=12&rw_tt_thread=True

Because everyone was operating in good faith in the beginning and making the credit card payments ($80k in credit card debt)…… I didn’t prioritize the “change of authorizing officer” on the Chase business accounts. (View Highlight)
So I’m stuck with $80k of debt I’m personally liable for. (View Highlight)
I either have to
1. go after the new owners and pay a ton in legal fees Or
2. settle the debt and take the credit hit (View Highlight)
I should have made this priority #1 during the deal but I had never sold a company before and genuinely thought I was protected legally through the transaction docs. (Which said I no longer owned the company nor the debt) (View Highlight)
Business is like a marriage. You never think it will get contentious when you are in love until you go through a divorce. (View Highlight)