When Nicole Ackers and Terry McIntyre handed over $250,000 to buy a Michel’s Patisserie franchise in 2006, they thought their dreams had come true.
Terry would be able to scale back from his arduous job as semi-trailer driver to spend more time with Nicole and their two two children.
Nicole would be able to work in the shop, watch the money roll in and plan for their retirement.
But now their future is shattered and they are among the thousands of Australians who suffered financial ruin courtesy of franchising.
“We sold an investment property at Cairns to buy our way in in October 2006,” Nicole said.
“We had to walk away and do the lot.
“We still owe the bank $90,000.”
She said the business earned at least $1000 a week behind the “worst-case scenario” profit schedule promised by Michel’s.
Not Everyone Makes Money Buying A Franchise: Des Houghton
May 13, 2008 by Mark | 1 Comment
In Franchises, Startup, Basic Guidelines, Law & Agreements
Investment » Not Everyone Makes Money Buying A Franchise: Des Houghton on May 13th, 2008 at 4:04 pm
[…] Mexico | Vacation Packages | Travel Site | Mexico Travel wrote an interesting post today on Not Everyone Makes Money Buying A Franchise: Des HoughtonHere’s a quick excerpt“We sold an investment property at Cairns to buy our way in in October 2006,” Nicole said. “We had to walk away and do the lot. […]