Darn Good Sock Repair - Harvey Liebermanm Ripoff Rined a disabled individuals life with lies and false promises Nanuet New York
Harvey Lieberman of Darn Good Sock Repair has ruined my life. I am a disabled paraplegic. I am in financial ruins die to this scoundrel and scam artist Mr. Harvey Lieberman. I will be evicted from my apartment on Monday, April 2, due to the fact that I am completely broke.
My dealings with Mr. Lieberman started in October of 2006. An uncle of mine died and left me a small inheritance of $50,000. Since I am disabled and living on social security, I wanted to purchase a franchise business that I thought would guarantee me a safe and sound financial future. I purchased a copy of Entrepenuer magazine and scanned the various franchises that were available in my price range. It is there that I saw an ad for a franchise called "Darn Good Sock Repair". It really interested me because so I called the number and spoke to Mr. Lieberman.
Mr. Lierbernan was very polite, informative and knowledgeable. He explained to me that the sock repair market was wide open, that were no other sock repair franchises or sock repair businesses anywhere. He told me that many people focused on the shoe repair market, and overlooked the sock repair potential. He told me that his market research indicated that the average consumer would pay betwee $20-$25 to repair a hole in their sock. I was impressed with this. I asked him what I could expect to make per year, and he told me that he had to be honest, that I would probably only make 3-5 million dollars the first year, but most likely 10-12 million in subsequent years.
I then asked him how much the franchise would cost and he asked me what I was willing to spend. I told him I would be willing to spend 200K, but I only had 50K. He told me he would see if his boss was willing to be a little flexible since I was going to be their first customer. He came back a few minutes later and told me he had great news. His boss could do 100K, and they could get me financing with their lender at 19.99% for the balance. I was elated.
So, I signed all the papers for the franchise and the financing and received my franchise. My franchise consisted of the following:
-A staple gun that was the sock repair machine. It used ordinary paper staples. Mr. Lieberman explained at my training that this was their patented sock repair method, and that the socks would never have to be repaired again.
-Marketing materials consisted of flyers that they suggested I put on car windshields at the grocery store, mall, etc.
To date, I have not gotten one order. I was only given 50 flyers and ran out quickly. I have printed tens of thousands of additional flyers at my expense and cold called hundreds of people from my local phone book. Still no orders.
I have repeatedly tried to reach Mr Lieberman, but he's nowhere to be found. I can no longer pay the 50K I borrowed and my rent, so I'll be evicted on Monday, and I'll be homeless.
Can someone please give me some advice?
Mike
Lawrence, Massachusetts
U.S.A.
5 Updates & Rebuttals
Cory
San Antonio,Texas,
U.S.A.
Donate Them
#6Consumer Comment
Fri, April 06, 2007
Do like our ex-president bill clinton did and donate them to goodwill and take the tax write off. I think he got $5 for his underwear and $2 for his socks except for pair he wore with monica. I think they went for $50,000.
Angus
Lancaster,Pennsylvania,
U.S.A.
MIKE You are not alone!!! I FELL for the Darn GOOD Sock SCAM TOO!!!
#6Consumer Suggestion
Fri, April 06, 2007
Mike:
I almost cried when I saw that someone else went through exactly what I went through. I had gone through a broker, the motivational speaker millionaire phony Richard Quick, Esq. who has a site called FranWorst.Com that promotes Darn Good Sock Repair franchise and others. I had read all of Richard Quick's books and had advanced to his Millionaire Mindset Inner Circle. He convinced me that the best franchises are those that sound stupid are actually the best, like Hair Club for Men and Starbuskj Cofe & Rop, but those were sold out in my area. He convinced me to pick another from FranWorst.Com and I picked Darn Good Sock Repair because it had a catchy name. I am a poet and a sucker for double entendres. Turns out I'm a sucker for more than that!!!
When I had asked him why people would pay $20 to repair $7 sox, they convinced me that Americans have an emotional attachment for socks that transcends the purchase price. That struck a chord with me, because I have every sock I ever owned. They also pointed out that I'd be able to repair all my own socks for free. The clincher was that Richard Quick and franworst.com said their sock repair technology was proprietary. Now I find out I could have bought the Swingline Optima Powerease online and done the whole thing without their outrageous fees!
If you see Harvey Lieberman or Richard Quick, Esq., grab your checkbook & Run!!!
Mike
Lawrence,Massachusetts,
U.S.A.
Thanks for the advice Thomas
#6Author of original report
Sat, March 31, 2007
Unfortunately, I would not pay $20 to repair my socks. However, Mr Lieberman assured me that there were millions of people that would, since the repairs were lifetime, and came with a lifetime warranty.
I repaired some of my own socks, the staples dig into my feet and make them very uncomfortable when I walk.
I have learned my lesson, and will never again get caught up in a scam like this. Many years ago, I purchased a vinyl repair kit. It was only about 20 bucks, and I did make several thousand dollars repairing naugahyde couches and jackets. So I thought for 100K, I'd be richer than Warren Buffet.
I thought wrong.
But I need to get my money back somehow.
Aafes
Viernheim,Europe,
U.S.A.
Free Advice
#6Consumer Comment
Fri, March 30, 2007
Yes, a little free advice. Don't quit your day job, comedy is DEFINITELY not a wise career choice for you.
Thomas
Anderson,South Carolina,
U.S.A.
Sad story, Mike.... I feel sorry for you.
#6Consumer Comment
Fri, March 30, 2007
But tell me: Would YOU pay $20 to have a hole in your sock repaired?
I can buy 2 pair of Scholl's 47% Acrylic 46% CoolMax 6% Nylon 1% Lycra Crew socks for $7. at Wal*Mart. Would I / Should I pay $20 to have one of them repaired?
Now some fine Merino socks from a bespoke gentleman's store will cost $60/pair, but do you think a bespoke gentleman would have his sock mended if a hole should appear?
What I am suggesting is that next time (and there may very well be a next time) ask yourself some real world questions along the line of: would YOU buy that product or service? This was the question Peter Lynch always asked himself about a company and its products or services, and he made a ton of money in great stock investments as a result.
I have read Entrepenuer magazine and it is a waste.