Making millions on nothing but a handshake
When a deal goes bad
Lemonis recalls a deal he made with a business that was set to close its doors last Christmas Eve. He wrote a $125,000 check so the owner could make payroll and settle with its vendors.
"Four days later, they sent me an email and said, 'We don't know what you're talking about. We don't know you. Don't come to our business anymore.' "
Such an occurrence is rare, Lemonis said, and he refuses to let it ruin future deals, saying some people are just bad.
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"At the end of the day you have recourse, but it's expensive and time consuming, and it's just bad energy," he said."What am I going to do? Spend $100,000 chasing $100,000?"
Don't be misled: Lemonis takes such an event seriously and stresses that no one should confuse his kindness with weakness. He just realizes that no one is right 100 percent of the time. Rather than dwell on the deals that went wrong, this deal junkie finds it best to move onto the next one.
"Karma's a bitch. And if you go the wrong way in life, at some point it will come back to bite you."
Watch Marcus Lemonis take charge to turn around struggling businesses in "The Profit," Tuesdays, at 10 p.m. ET/PT on CNBC Prime.