In the complex world of business acquisitions, success often hinges on meticulous due diligence and transparent collaboration. However, recent events surrounding the acquisition of the convenience store and gas station at 333 Broadway in South Portland, ME, have shed light on the consequences of failed due diligence, questionable practices, and potential legal breaches.
What began as a straightforward acquisition of a convenience store and gas station quickly turned into a tumultuous ordeal marked by missed deadlines, lack of transparency, and breaches of contract. Led by Aroma Joes CEO, Loren Goodridge, the acquisition was riddled with challenges from the outset.
As the acquisition neared its conclusion, Goodridge’s team failed to secure essential documents for due diligence in a timely manner, casting doubt on the transparency of the transaction. Additionally, their team faltered in the critical task of coordinating the phase-out of the Subway franchise within the station and securing a lease, leaving crucial loose ends less than two weeks before the scheduled closing date.
Furthermore, concerns were raised about the unauthorized use of WI-ME Inc’s name for utilities over a period of 60 days beyond the cancellation of the contract, highlighting potential ethical and legal breaches. This egregious act is tantamount to theft and fraud, and Goodridge will be prosecuted to the fullest extent of the law.
In a shocking revelation, Loren Goodridge himself reportedly admitted to entertaining a backup offer, in direct violation of the exclusivity agreement while the property was already under contract. This breach of trust and integrity undermined the integrity of the entire transaction and called into question the ethical standards of those involved.
In light of these concerning developments, it is my firm opinion that doing business with Loren Goodridge, AMG (Acadia Management Group) Investments LLC, or Sub Builders INC (MaineSubway.com) is fraught with risk. Furthermore, I would caution anyone considering becoming a franchisee of Aroma Joes to carefully evaluate the integrity and ethical standards of the leadership team before proceeding.
In conclusion, the failed acquisition of Broadway One Stop serves as a stark reminder of the importance of diligence, transparency, and ethical conduct in business dealings. It is imperative that all parties involved uphold the highest standards of integrity to avoid similar pitfalls in the future.
Note: This blog post reflects my personal opinion based on the provided information and should be verified for accuracy.