My Way Storage Goes Out Of Business

Mlive.com:

An East Grand Rapids entrepreneur’s venture into mobile storage units is out of business just two years after its launch.

Founder and President Bryan Houck has resigned and his five My Way Storage franchisees are trying to figure out to how to stay in business, according to Grand Rapids attorney William Heritage Jr.

While the struggling economy played a role in the company’s demise, internal issues played a bigger part, he said.

“The failure started at the top with the franchiser not being well-run or well capitalized,” said Heritage, who represents company investors, which includes franchisee owners.

Houck couldn’t be reached for comment.

Heritage said there is no bankruptcy filing. He is separating the franchiser’s debts from the franchisee holdings. The local franchisee is at 2356 Turner Ave. NW in Walker and in Pittsburgh, Kansas City, Baltimore and St. Louis.

“They are assessing whether they want to relaunch the business plan with a new entity, ownership and management,” Heritage said.

In the meantime, the franchisees continue to maintain their clients’ moveable storage units, he added.

MyWay Storage, Inc. — which includes MyWay Franchises LLC and MyPod Storage, the profit-sharing trust for employees — stopped operating Oct. 23. The former company, headquartered at 15 Ionia St. Suite 230, owes more than $450,000 to about 100 creditors — along with back taxes — but has no assets to liquidate, Heritage said in an Oct. 29 letter to creditors. Heritage is discouraging creditors from pursuing claims, saying there is no money left.

Logo from MyWay Mobile Storage.

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