Banks Forced His $7M Business Into Bankruptcy - How to Protect Yourself! | Sid Peddinti

The Anik Singal Show

Anik Singal

Education, Business:entrepreneurship, Business, Marketing, Entrepreneurship, Courses

4.9 • 1K Ratings

🗓️ 21 March 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

I've known Sid Peddinti for a long time, but he shared a story on today’s podcast I’d never heard before. Back before the last recession, the bank forced his $7 million a year business into bankruptcy, even though it was completely financially stable. Today, he came on the podcast and shared the strategies he shows his clients for protecting their businesses and wealth from the same type of scenario. Sid’s helped me in the past with some BIG projects, so when he talks, I listen! And you definitely want to hear his story and how you can protect yourself from the same thing! If you want to get in touch with Sid, go to https://lawandtax.com/

Transcript

Click on a timestamp to play from that location

0:00.0	All right, so you're in college, you built a $7 million
0:03.4	at your roti business, which is freaking impressive.
0:06.4	Now what happens?
0:07.4	Maybe a two months after that, I declared a $3 million
0:10.1	of business bankruptcy and a person bankruptcy
0:13.2	completely flushed screen.
0:15.0	Everything's sold, pay off business debts.
0:18.0	And so that was my graduation gift I joke.
0:21.2	Oh, dude, I just got indigestion.
0:23.7	That's horrible.
0:26.8	And I guess, I don't know, like a bank?
0:30.0	But you were doing fine.
0:31.1	You were paying your loans.
0:32.9	You were good.
0:33.8	They just decided they don't want to do business
0:35.9	in that sector anymore and pull the loan.
0:38.8	Yeah, and the banks have incredible powers.
0:42.1	If you look at the fine print of any of the contracts,
0:45.4	do these things.
0:54.9	Well, taxes.
0:57.3	And just living your personal life and protecting
0:59.6	what you have and doing it in a way that is just awesome.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Anik Singal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Anik Singal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.