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  #101  
Old 02-21-2011, 02:16 PM
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Wright48 Wright48 is offline
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DONT BUY WHAT YOU CANT ******* AFFORD, JESUS DOESNT ANYONE READ A BASIC BUSSINESS TEXT BOOK, EVEN IF ITS MATERIAL CUSTOMERS AND CLIENTS WILL ALWAYS **** YOU EVEN IF YOUVE KNOWN THEM FOR YEARS !!!!
I GET 65% DOWN BEFORE I DO ANY BIG WORK. BESIDES SNOW AND THERE ALL LEAGAL DOCUMENTS THAT HAVE TO BE SIGNED BEFORE WORK STARTS
The only way i take a loan is if i know that half way threw the season ill be able to pay it off. the hell with credit.
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  #102  
Old 02-21-2011, 02:23 PM
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93Chevy 93Chevy is offline
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So what I'm getting is that it's the bank's fault and Wall Street's fault and the rich Republicans' fault that you failed to make good cash flow decisions?

You have more balls than me to try that twice, I'll give you that much. I'm in the process of failing now, still trying to decide what to do, but that's another story.
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  #103  
Old 02-21-2011, 02:24 PM
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torotorotoro torotorotoro is offline
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Quote:
Originally Posted by Wright48 View Post
DONT BUY WHAT YOU CANT ******* AFFORD, JESUS DOESNT ANYONE READ A BASIC BUSSINESS TEXT BOOK, EVEN IF ITS MATERIAL CUSTOMERS AND CLIENTS WILL ALWAYS **** YOU EVEN IF YOUVE KNOWN THEM FOR YEARS !!!!
I GET 65% DOWN BEFORE I DO ANY BIG WORK. BESIDES SNOW AND THERE ALL LEAGAL DOCUMENTS THAT HAVE TO BE SIGNED BEFORE WORK STARTS
The only way i take a loan is if i know that half way threw the season ill be able to pay it off. the hell with credit.
that is what he is doing now if you can read. im willing to bet his sales in one month are more then your sales all year. he took out lines of credit that got paid off every month or two. please lets not keep going over the lines of credit.he said he would do things differently. hind sight is always 20/20
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  #104  
Old 02-21-2011, 02:29 PM
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DLCS DLCS is offline
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i thought it was common practice to atleast get the cost of materials paid for up front before a project starts. i rarley do any big projects but thats the way i have always done it. I want at least 50% up front and full payment at the time of completion. years ago my dad had a local contractor do a large landscaping project for him ( long before I was in business) and when the job was complete my dad paid the remainign 50% of the bill. The guy was paid 100% before he left the property. So thats the way i always do it for large jobs, when I do them. I know commercial doesn't like to do it this way but they will pay at least 50% up front or cost of materials at signing.
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  #105  
Old 02-21-2011, 02:46 PM
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AI Inc AI Inc is online now
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You guys with the large deposits, thats nice and all, but probably not legal. In Mass one can ask for no more then 1/3 down. Check your local laws.
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  #106  
Old 02-21-2011, 02:54 PM
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Wright48 Wright48 is offline
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mo money mo problems
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2003 Chevy Silverado 2500HD
7x14 enclosed trailer for lawn maintenance crew
7x20 heavy equipment trailer for hardscaping crew
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Concret mixer

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  #107  
Old 02-21-2011, 02:57 PM
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torotorotoro torotorotoro is offline
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Quote:
Originally Posted by AI Inc View Post
You guys with the large deposits, thats nice and all, but probably not legal. In Mass one can ask for no more then 1/3 down. Check your local laws.
it is allways good to get as much down as possible laws permitting.from the customers point of view put down 0 or as little as they can.that is where negotions begin.it wasnt poeple not paying that messed him up. he was very confident that he would get paid and he was right.floating the materals and labor 45 days or so wasnt the downfall. counting on one bank was.why would he turn down a certain payday.
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  #108  
Old 02-21-2011, 03:04 PM
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JDUtah JDUtah is offline
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I'm split. While I find this thread(s) interesting and informative I can't decide if I should feel pity or the thought that you kind of asked for it. I know this is blunt but it my honest take on this situation.

I feel bad you are in the situation you are in and I agree with others that you are not on your own even though you may feel like it. You sound like a good guy and I have no doubt that you have what it takes to make it again. Learn what you need to and carry on as an even better man than you are now.

The conflict comes when you start to talk like it was other peoples fault that you 'lost it all'. You mention you used credit like it was supposed to be used. That may be true, but had you ever thought that even though you used the tool correctly it wasn't the right tool for the job?

In reality you never owned the stuff you thought you did. Think right now about all the material and fiscal things you are scared of loosing (or have lost). Home, car(s), cash reserves, your business. Being scared of loosing those things is a sure sign that you don't own them in the first place. Yes, you didn't own your cash reserves. You gave that away when you leveraged debt.

The problem with America isn't that lenders let people borrow more than they could "afford". Or that the government has bailed the lenders out. The problem with America is two fold.

First, our lifestyles are so off base. We think need the huge homes that cost too much to heat/cool. The nice cars that we can be proud of owning. The conveniences (aka expenses) of things like 'tivo' and a cell phone for every child. The ease of buying pre-distorted food that you can pop into the microwave, oven, or even worse... comes 'hot and ready'. We have grown to expect things like facebook, youtube, lawnsite; things like air fresheners, makeup, and in style cloths. We think that living the life means that when people find out who we are they say you own that company? The first problem with America is that we are too focused on pointless material things.

The second problem with America is that in order to fill our off base desires for cotton candy we have grown accustomed to borrowing these items instead of earning them. We have the mentality that we worked hard, we sacrificed, we made lots of money, that we did earn these things. The truth is, we did all that for the chance to borrow those things. That's it. all that work just to borrow something to look good or to make life a little more convenient. That is the truth UNLESS we flat out bought them. If we leveraged time at all (IE went into debt) we did not earn them, we just earned the right to borrow them. No if's ands or buts.

The solution America needs is a return to what really matters. Family, character, moral principles. We need to get off this addiction to instant gratification, presentation, and ease of life. Sure those things are nice but we have grown to expect them, and expect them right now. We need to remember and be grateful that we have family, friends, and that there are people who care out there. We need to STOP working to borrow material things and start working to earn them. We need to get a grip and pull our heads out of the clouds. We need to remember that it isn't the governments, or the banks job to get us the nice things in life. It is ours, and ours alone.

Anyways soap box almost over. IMO you have shown that you have tenacity, intellect,and and an ability to perspire. IMO you simply misdirected yourself into thinking (like most everyone else) that you actually had the things you thought you did. Now learn what you need and use your qualities to chase the right things. You still have your family. They are healthy. Now work to actually earn those nice things in life that you used to borrow in the past.
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  #109  
Old 02-21-2011, 03:37 PM
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MarkintheGarden MarkintheGarden is offline
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The tone of this thread has taken on an interesting twist. Procut1, I agree with your last post when you suggest that our nation's culture is sour. When a guy is on top, people will rush to bolster him up so they can stand in the glow of success, and when that same guy comes tumbling down from his fame and fortune, he is suddenly untouchable.

I am not going to tell my story, but it is not much different. The difference is I have come to think that my mistake was not chipping away at my debt before the interest rates hit the roof, and not sticking to a savings plan. When we use credit, we need to do things to become self sufficient and gradually turn things around so that our profit margin increases when we are the ones who bankroll the projects.

Someone once told me that there are different kinds of profit, Gross profit, net profit, and true profit. True profit is the money that you put away and keep long term.

If I am not building savings or liquid assets, I can not honestly consider myself successful.
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  #110  
Old 02-21-2011, 05:02 PM
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jkilov jkilov is offline
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I have read both part 1 and 2.

I still can't believe such large companies credit outgoing expenses. It's horrible business practice to work on money that isn't there, gambling liquidity.

The only way out is downsize immediately, sell whatever equipment it takes to have cash on hand for existing and at least one future business.
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