Complaint Rating:

Company information:
MasterPlans
United States
masterplans.com

I recently signed a contract with a company in your state called Master plans. The company defrauded me of $3850 to draft a business plan. The condition of their delivery was that I had to pay $1925 at the time of sign up and remaining $1925 before the delivery of their first draft. Basically, I ended up paying 100% prior to seeing my product.

I waited for their first draft delivery – which was of extremely poor quality. It was missing any and all valuations information. So, I sent them an email asking them to provide me that information.

On that night I started reviewing all the documents that they had provided to me. I realized that they had made some significant errors in calculating and they were showing my company profits to be above 90%.

I showed that to them and asked them that this was not correct. I sent them a different sheet, which they merely copied into their plan and sent it back to me and showed me that their review 1 was done.

The valuations were still incorrect. After talking with them, it was clear that they had absolutely NO idea about valuations. Their assumptions were completely incorrect, their valuations were totally wrong.

I then worked over 16 hours and worked out a valuations table based on VC requirements. They still did not do anything and showed me their own version of valuation table that was nothing but expected rate of return for investors. At that point, I still had multiple issues with their CF statement, their P&L statement – Their first year P&L statement showed that my first year revenues increased almost by 300% but the expenses remained same throughout the year. So then I set down again and worked out 5 year monthly P&L statements and assumption tables and I sent it to them. I asked them to review my numbers and challenge me but all they did was copied that numbers and returned back to me. This time they added a column for valuations. Obviously, incorrect one. Per their table, my projected revenue for year 5 is over 10, 000, 000 dollars. However, their projected valuation for the company for year 5 is 8+ million dollars.

From this experience, I know for sure that these guys have no idea about finance. I even doubt that the person who is modeling the numbers has finance or accounting degree – even less - an MBA as they claim to have.

This is just finance sections. The strategy sections were basically copied, cut and pasted. If you like, I can show it to you. It's poor quality at its best.

We have had some heated exchanges and they have told me that there's absolutely nothing that I can do at this point in time.

Not only that, the person I was talking to, Christian, told me point blank that even suing is not going to work as they have made me sign the contract that requires me to pay for their attorney fees and they will absolutely hire the most expensive attorneys and by the time I get done, I will be owning them more than $15000 dollar. The guy asked me to try it.

I just think that this is absolutely bad. Their work was really poor. They are robbing me under the contract and now they are challenging that I cannot do anything.