There is something about FBG purported purchase of 50% of the FFTOC site that bothers me. I looked over the FBG site for a couple of months before I finally purchased a subscription this summer. I also purchased a copy of "FBG 2006 Strategy Guide". The article by David Dodds about FFTOC (P. 113-114) intrigued me. The fact that FBG were 50% owners of the site (P. 114 "We bought a 50% equity stake in Greg Alan's FFTOC...") was enough to convince me that this was a legitimate contest and that my money was safe. Should I, or other FBG members who entered the FFTOC contest because of our trust in FBG, be worried?
I am admittedly not a businessman but I can only see three reasons why I would make 3 of 4 payments on something (or 50% of something) and not make the final payment.
1) Cash Strapped - Did not have and could not raise the money necessary for the final payment
or
2) Realized the deal I signed was so bad that I would not be able to sell my share for as much as the final payment would cost. (i.e. finally realized that I purchased a 50% share in a house on Love Canal)
or
3) Discovered that my potential partner was so dishonest or unethical that it would be cheaper for me in the long run to write off the 3 payments than it would to continue financial involvement with this person.
At the time of the printing of the "strategy guide" David thought the 50% purchase of FFTOC was a done deal ("We bought ....."). At some point between the time the magazine went to press and the time the final payment was due something major happened to sour the relationship. I wish I knew then what I know now. I would definitely have held off purchasing my FFTOC entry until I knew the FBG purchase was a done deal.
I am admittedly not a businessman but I can only see three reasons why I would make 3 of 4 payments on something (or 50% of something) and not make the final payment.
1) Cash Strapped - Did not have and could not raise the money necessary for the final payment
or
2) Realized the deal I signed was so bad that I would not be able to sell my share for as much as the final payment would cost. (i.e. finally realized that I purchased a 50% share in a house on Love Canal)
or
3) Discovered that my potential partner was so dishonest or unethical that it would be cheaper for me in the long run to write off the 3 payments than it would to continue financial involvement with this person.
At the time of the printing of the "strategy guide" David thought the 50% purchase of FFTOC was a done deal ("We bought ....."). At some point between the time the magazine went to press and the time the final payment was due something major happened to sour the relationship. I wish I knew then what I know now. I would definitely have held off purchasing my FFTOC entry until I knew the FBG purchase was a done deal.