The Bridlebrook Group


Country United States
City Broomall
Address 2801 West Chester Pike # 300
Phone 6103257066
Website www.bridlebrookgroup.com

The Bridlebrook Group Reviews

  • May 5, 2014

This company is a business brokerage. They have been in business for ~12 years. Although Jeff MacAdam, their “vice president” was courteous and seemingly professional, he is incompetent and should not be trusted with your money or with your future well-being in a business transaction. If you are considering buying a business, find another broker or find someone else to represent you. Jeff through his firm represented a seller who is a FRAUD and Jeff did not accurately assess the seller's financials or uncover the ways in which the seller lied about his business performance. Jeff’s incompetence and the seller’s lies have ruined me financially and I have lost my life savings as a result of numerous, egregious misrepresentations of the previous owner’s business that were kept out of his financial disclosures to the broker and me.

Background:

In 2012, I bought a business from an individual who hired Jeff and the Bridlebrook Group to represent him. I spent my life savings on the down payment, took on a 2nd mortgage to meet the 25% equity position that the SBA requires, and borrowed over $1.2MM from the largest bank in the US to finance the purchase. My bank put a lien on my home in order for me to secure the loan. I did this because I conducted a seven week, $10,000 due diligence with a very reputable forensic accountant and I was confident that the broker did his job and that the seller was telling the truth (the seller signed documents as part of our transaction stating that he was telling the truth and that his business made over $700,000 in the year prior to my purchase of it). These were all baseless claims that he fabricated by hiding expenses and inflating invoices that never existed. In other words: Lies.

After the transaction was completed and within TWO weeks of operating the business with the previous owner’s assistance, I uncovered new expenses from normal operations that the previous owner did not disclose to me, but that I later learned were cash expenses that he was hiding from his income statements. These expenses were massive enough that the Jeff MacAdam should have probed to understand how the margins could have been as good as the seller represented. Jeff should have known to ask and assess before representing the business for sale. Profit margins were nothing close to what was represented in the seller’s disclosure statements and in fact they were non-existent. As part of our purchase agreement (the contract) the seller stayed on with me for 90 days to provide a smooth transition; and in that time the business not only made nothing; IT LOST MONEY!

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