Home Forums Hunting & Shooting Hunter's Campfire Any Small Business Owners Here?

Good luck you guys!!!
Mean it too.

JM, you are living in a very small world.

This is why politicians drive me off the deep end.
We are already getting reports as to the sort of thing the left are burying into the fine print.
I expect it takes more than a CPA to figure out.. I imagine were it not for the lockdowns, there would be all sorts of conferences filling hotel conference centers to discuss the impacts to small (and large) business.

Jackmountain its clearly taking the safest path. We have already seen several unconstitutional actions by the left, some of which have already been reversed.

This election just became far more important to small business.
I foresee years of tax adjustments tied to this.

On the Brightside ? there will be all sorts of professional conferences and lobbying to figure out effects and develop tactical and strategic plans..
Yikes!

2 companies in 2 states. Business is up a decent amount in both. We are in an industry that can help mitigate virus problems, so we are fortunate there. We have great staffs and pay them well. Hopefully, this will pass quickly with as little damage as possible. Restaurants and the hospitality industry are taking a beating.

There are also sooooo many situations that don't, yet folks choose to go that route. Brand new trucks, brand new equipment, new offices, unnecessary office staff etc...

Lean, mean and never think too highly of yourself to pay someone to do work you deem "beneath" you. I've used loans from banks and personal financiers plenty of times, but always short term (1-4 years) and was actually weeks away from a substantial loan to finance a development. More often though, I've brought in private money as a partner in ventures, making less profit, but along with it, a lot less risk.

Im not sure I agree with the living in a small world comment... I would agree the norm is to grow too quickly which usually requires over leveraging which is a recipe for disaster during downturns, especially sudden ones like we're facing now. We're extremely diverse running General and Subcontract crews, commercial, residential and historical renovation, build contract and speculative, and in all things self perform as much labor as possible. 3M-4M in gross revenues the last 4 years running and expect to do at least that this year even with this set back. I wear a lot of hats which means my normal work hours are close twice the average, but it allows me the security of reserve capital.

Most guys I see in this business overextended are borrowing because they're too lazy to put in the necessary hours, too impatient to grow at a sustainable rate, or too stupid to understand the business they've chosen to compete in.

Our business is 90% food for restaurants, primarily Seattle. We’ve been skewered. But I’m zigging and zagging and holding above water for now. We’ll see what the CPA has to say on Monday.

Try to hang in there Dutch, I hope to God some of this relief package makes it to folks in your position that actually need it and it doesn't get squandered on folks that technically qualify for it but don't really need it

Just make sure your not out spreading the kung flu past 8 at night.

My business was marked as Essential so we have our office manager working from home for her safety and we are sending out spray trucks daily from two locations with helpers following in separate vehicles.We run very lean and are blessed to be able to give our guys and gals 35/40 hrs per week during this mess..Thankfully, we will NOT be taking advantage of any loans no matter what the terms....However I'm certain there are those companies who desperately need the help.

Damn...Long Island. Be safe and I hope the best for your continued success.

Got 6, sent them home with a paycheck and promise of 2 more if necessary. After that To Be Determined. Meanwhile on my Full time Job still, so far, consider essential and going in business as usual.

Mike

Thanks JM

Very blessed to sell out when I did a year or so ago. Good luck and Godspeed to all of you guys still fightin' the good fight. Small business is the backbone of America, so kudos to you.

She knows how to play her cards don't she..........

Thinking about you bud...

Appreciate it. We're going to make it, its just how much hair will I have left at the end? I might look like Jud.

JM, I hesitate to even respond but assume you have 11 crews on 11 jobs and 8 of those jobs are shut down. There's also engineers, superintendents, truck drivers, mechanics, etc. No income coming in. Payroll well over $100k per week, The owners new truck payment (as you say) is $700 per month, not even 1% of weekly payroll. Also assume the business was purchased and there is large buyout payments. The company has no choice but to lay off the employees not working.

Are you saying a company like this should NOT take the stimulus deal and lay off employees?

this to me would be the first that our government finally helped the real working tax paying people of America,i hope its not a loan and i hope no one cheats there workers also. i think there is a better way but the government won`t do this but should > instead of this government check do this no taxes fed or state for year 2020 and no salaries for state or federal for any elected officials ?

We'll most likely need some help in ours, down over 50% March-20 vs. March 19, laid 6.5 of 9 off late last week and asked them to hold off on unemployment[where possible] until we know what this bill will offer.
As the owner operator I'm here every day working although laid off.
By mid next month we'll be closed at this rate.
We outlasted the two box stores[Staples/Office Max] as they both closed stores here after 10-15 years and are learning ways to compete with Amazon as best we can but with margins where they are these days 50% isn't going to cut it.
Our payroll runs $6-7K weekly normally. This week was $1,300[net] for 1 salary, 1 part time hourly and bookkeeper working 1/2.

She is a good gal.....but don't cross her lol