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Old 07-01-2013, 03:26 PM
Buildit452 Buildit452 is offline
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Join Date: Jul 2013
Location: Monticello, IN
Posts: 2
I'm glad to be back!

After losing our business of 17 yrs to the economic crash a few years ago, I decided to re-engage to be able to help other lawn care and landscape professionals keep their sanity. I would like to help owners have the balance in their lives that I never had when I ran my company. I let it consume me. I gave my heart and soul to my business and, unfortunately, my life, my health, and my family all suffered. There is way more to life than our businesses. Don't judge me for my failures, judge me for what I learned along the journey and how I can help others now. Not looking to get paid, just hear to help.
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Old 07-01-2013, 03:31 PM
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Patriot Services Patriot Services is online now
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Join Date: Jul 2006
Location: Tampa FL
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So exactly what went wrong? Many of us, myself included adjusted and actually grew not only in spite of but with the recession.
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Old 07-01-2013, 05:17 PM
Buildit452 Buildit452 is offline
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Join Date: Jul 2013
Location: Monticello, IN
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First, we were too naive to think that our sales would decline. After having growth years since we started the business and growing to 1M in sales, I had an ego. I thought that we could sustain a flat year, and I was wrong. When the housing market crashed here, our large projects stopped because people were now upside down in their homes. At 1M in sales, we had a decent debt/equity ratio....until our sales were cut in half with the decreased demand for large projects. At that point we were over leveraged and were in trouble. Nothing we did fixed it fast enough. Those troubling years were also compounded by a Federal IRS audit followed by a sales tax audit, which was certainly distracted me from focusing on sales. Learned lots of hard lessons about business.
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Old 07-01-2013, 08:16 PM
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Patriot Services Patriot Services is online now
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Join Date: Jul 2006
Location: Tampa FL
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So did you get whacked for back taxes on the audit? I would of had a fire sale. Trimmed it right down to minimum equipment and family only. Sometimes rising from the ashes is the best outcome. I fought growing until the economy tanked and I had family looking to me for help. Took them on, stopped turning down work and doing great ever since.
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Old 07-01-2013, 08:28 PM
larryinalabama larryinalabama is online now
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Join Date: Jan 2008
Location: Ragland Al
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Thanks for the post Buildit, Ill tag along.
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Old 07-01-2013, 10:42 PM
Armsden&Son Armsden&Son is offline
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Join Date: Jan 2013
Location: adirondacks, NY
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It takes a lot to come on L.S and be honest about real life shiz..... Definitely subscribed and hope to learn something....
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  #7  
Old 07-03-2013, 07:16 AM
32vld 32vld is offline
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Join Date: Feb 2011
Location: LI NY
Posts: 3,011
Quote:
Originally Posted by Buildit452 View Post
At 1M in sales, we had a decent debt/equity ratio....until our sales were cut in half with the decreased demand for large projects. At that point we were over leveraged and were in trouble.

Care to explain in more detail about your debt equity ratio?

Why you were over leveraged?

On this forum there are a lot of people that say avoid debt, save and pay with cash.

A lot say can't grow without credit so charge away.

A lot say use credit smart. As when there is 0% interest. Providing the cash is there in case business go down so the loan will be paid. Or if you lost half of your income yet still will be able to make the payments on time.

A member, Procut, had a thread here where he went into the why, when, where, who, what, and how his business failed. He was forth coming and honest. It was a great thread.

In short he relied on lines of credit to run his business. When the economy took a big dump the bank recalled all of his loans, took all of the cash from his accounts. He was then left with no money to operate.

It would be great if you could start a thread and share your whole story.

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