Sona MedSpa Franchisee Buys Company
BREAKING NEWS: Sona MedSpa Chain Sold to North Carolina Operator
CHARLOTTE, N.C. (Blue MauMau) - Byron Ashbridge, who operates five Sona MedSpa franchise centers in North Carolina with business partner, Joe Pitt, has purchased the franchisor company for an undisclosed amount. The information was confirmed by his center manager today. Pitt had previously been with Carousel Capital, a financial partner of CEO Heather Rose and father Jim Amos, when they purchased the Sona MedSpa franchise in 2004. Ashbridge had also headed the Franchisee Advisory Council for the company.
According to his office, Ashbridge was unavailable for comment today, as he was away for the weekend.
The Sona MedSpa system has been in the news repeatedly this year, as the company fought legal action brought by franchisees. Last July the company was found guilty of negligent misrepresentation in an arbitration brought by Kempton Coady, and was ordered to pay $400,000.
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I had a partner whose grandpa was one of the original spindletop wildcatters way back in the early part of the 20th century.
My partner inherited an absolutely obscene quantity of productive assets plus a mountain of liquid assets, but, since he is also brilliant, he quadrupled the value in ten years.
Not all of the members of the "Lucky Sperm Club" as he referred to himself are stupid, but most of them are.
I once represented one such, whose grandpa had been one of the founders of General Motors, all of which fortune my client had managed to fritter away. He thought he was an entrepreneur, and every shark in Detroit delighted in taking advantage of him. I managed to bail him out of a few scrapes, but he was hell bent for total destruction.
One of his predators was a law school classmate of mine who is now under indictment in Nevada for felony shystering. Cross examining an old drinking buddy is a wierd experience. He had a notorious reputation in Oakland County, Michigan, and when word got around the courthouse that he was being roasted on the stand, the courtroom quickly filled to overflowing with gleeful spectators. I kept him up there for a day and a half trip into degradation before he simply capitulated.
Hence the expression, "Shirtsleeves to shirtsleeves in three generations". The fortunes of brilliant men seldom last beyond three generations. The inbecile grandchild or great grandchild eventually gets back to zero.
Richard Solomon
www.FranchiseRemedies.com
Richard Solomon, FranchiseRemedies.com, has over 45 years experience with franchise litigation and crisis management. He is a graduate of The Citadel and The University of Michigan Law School
It doesn't matter who "the man" at the helm is, eh? If he's at the helm, he's the enemy. Silly.
You forgot to mention that the key to the Nazi's success in using "kapos" (Kapo was the Nazi term derived from French for corporal, not "capo") was that they, the Nazis who were clearly still at the helm of the death camps, looked for thugs and hoodlums to make the Kapo positions work. Kapos had privileges for a time, but the Nazis still felt the need to routinely murder and replace them with a new batch before they got too wise. Although there were perks, it wasn't a very good long-term career. (See Wikipedia)
The new CEO is not in a concentration death camp. He doesn't have Nazi overlords. It's not World War II. He isn't French. He isn't a thug. And he is hardly a low level corporal.
I have no idea how much of a saint or devil the new guy is. The Sona franchisees can pipe in about that.
But who has the most at stake here? The man with the most franchises to lose, right? If the old leader didn't understand the operations, who better to understand the day to day operations and get it right? The franchise guy, right? Who's the guy who will instinctively concentrate on the operating business and less on selling franchises before he gets it right? The franchise guy, right?
Come on -30-. You can do better.
So we see he can make a list of franchises and indicate they are of poor investment quality, but when will he list five franchises that are worthy of at least consideration by prospective franchise buyers?
The Item 20 Ranter has no credibility. He despises all of franchising without exception. Heck he has had numerous opportunities to prove that there are at least a few franchises that are good potential investments. The Item 20 Ranter is so consumed by his UPS Store failure that he wants to forever prove his victimhood and blame franchising/FTC/IFA/SBA/FranData/AAFD.
The Truth Shall Set You Free!
TIF
The Truth Shall Set You Free!
TIF
Have you no shame? You compare Nazi death camps to franchise contractual relationships. You dishonor the victims of genocide and insult franchisors.
Again I ask you have you no shame?
The Truth Shall Set You Free!
TIF
The Truth Shall Set You Free!
TIF
And false intellectualism and pedanticism is not at all becoming. You have insulted, you have done harm and you should apologize.
The Truth Shall Set You Free!
TIF
The Truth Shall Set You Free!
TIF
Sorry 30. I dare say that you lost most of us with the Nazi metaphor and psycho-babble a while back.
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