Unfortunately I took the homes of a crabber, and a principal timber management firm last year. Next week I will own another house, car wash and a defunct casino, or at least my bank will. I may end up taking a few more things this year, based on what I am seeing right now.

One business failed as the result of the death of a principal (no life insurance).

Another due to a dysfunctional partnership. (know and trust who you get into business with.)

Finally, the others were brought down by changes in regulation, (smoking ban) that tanked the person's primary income source and took down their pet businesses. Had they banked their earnings instead trying to leverage them in pet businesses they would have been able to get rid of an number of items in a timely manner, and they wouldn't have had so much debt. Pet businesses are a distraction and a killer of primary businesses. If something is working for you, concentrate on that and nothing else.

Sad thing is that these aren't nameless faceless individuals. These are people I've known for 10-15 years. One of them offered me a cup of coffee and shook my hand when I went over to pick up the keys.