donsrods
Well-known member
Yeah, that was not fair of them to dangle that carrot in front of you. Like I said, they are family and you aren't. It all comes down to that.
Don
Don
30 yrs Gone
- Thread starter papamike
- Start date
Help Support Rat Rods Rule:
39flatback
Well-known member
Sorry to hear about your troubles. I worked for a family owned millwrighting company several years ago, the father started it and two sons took over. I didn't stay long though, could see the way things were headed with them buying themselves expensive new cars & such. They went under about a year after I left, just shut down without notice & left town.
Sounds like you've got the knowledge and skills to do well in your own business...best of luck to you.
Glenn
Sounds like you've got the knowledge and skills to do well in your own business...best of luck to you.
Glenn
Willowbilly3
A *real* tin magnet
I moved to Texas back around 2002 to work for my brother in the concrete business. By 04 it was dropping off bad and bidding got so tight there wasn't any money in it anymore so he just closed shop after 17 years in the business. I couldn't find work there and eventually moved here.
The good side is, now you have time to go to all the great swap meets you have down there. I scratched out a living buying parts at swap meets and selling them on ebay.
The good side is, now you have time to go to all the great swap meets you have down there. I scratched out a living buying parts at swap meets and selling them on ebay.
We just had a huge swap meet sat-sun at the Bell co expo but i didnt buy anything because i was afraid to spend any money and every time i would see something i liked my wife would remind me i didnt have a job. I was looking at some weather stripping for the 64 2 door wagon and the man offered to buy it when i showed him the picture but i aint hungry yet.
He even offered me a grand over what i paid for it.
He even offered me a grand over what i paid for it.
Rat'l Trap
Well-known member
I've been at the same company for going on 31 years. We seem to keep getting work, but now our customers are not paying in a timely manner. I'm in charge of purchasing but have to be very careful because of no cash flow. We are owed over a million dollars but cant pay our bills.
Mike, do what Don said and stay in the habit of your normal routine time-wise. And dont blow anything off because it isnt enough money or in a different field. I would think seriously about changing fields if I could make ends meet. I've been in the same industry since 1968 and I get bored easily now. Bored is different than broke, and right now I cant afford to leave. Someone else made the decision for you so take advantage of it. You never know. Good luck.
Mike, do what Don said and stay in the habit of your normal routine time-wise. And dont blow anything off because it isnt enough money or in a different field. I would think seriously about changing fields if I could make ends meet. I've been in the same industry since 1968 and I get bored easily now. Bored is different than broke, and right now I cant afford to leave. Someone else made the decision for you so take advantage of it. You never know. Good luck.
donsrods
Well-known member
Rat'l Trap, it sounds like your company needs a strong Credit Manager to control those outstanding bills. That is what I did for the biggest portion of my life, I was an Industrial Credit Manager. Whoever is doing that job at your company right now needs to be replaced.
One company that I went to work for had 30 day terms but their average turnaround was 96 days when I started. Things were way out of control. I had to convince them that they were going to lose some customers but that they didn't need customers who were not going to pay them or pay months late. They reluctantly gave me full control and within a year our average turnaround time was 28 days.
Your company needs to make the same hard decision, if not, they really run the risk of not being able to sustain those kinds of losses. You can have all the sales in the world, but if your customers are not paying you that doesn't really matter.
Hope they change their ways for you and all your fellow employees sake.
Don
One company that I went to work for had 30 day terms but their average turnaround was 96 days when I started. Things were way out of control. I had to convince them that they were going to lose some customers but that they didn't need customers who were not going to pay them or pay months late. They reluctantly gave me full control and within a year our average turnaround time was 28 days.
Your company needs to make the same hard decision, if not, they really run the risk of not being able to sustain those kinds of losses. You can have all the sales in the world, but if your customers are not paying you that doesn't really matter.
Hope they change their ways for you and all your fellow employees sake.
Don
ssimpala
Well-known member
Construction jobs are booming here in W. Texas because of all the oilfield work. You can't even find an apartment or motel room in Midland/Odessa and it's starting to get that way in San Angelo. Your idea about your own remodeling business sounds like a good one. Best of luck, Bill.
Rat'l Trap
Well-known member
Don, you are preaching to the choir. Unfortunately, the owners are both from sales backgrounds and are petrified that the customers will go somewhere else. My reply is like yours: Good! Maybe the rest of them will pay on time. HOWEVER, most of the 7 figure receivables are fairly current. At least that is what I have been told...
Rat'l Trap
Well-known member
Mike--I just opened an email from a financial planner I know, and he is fairly upbeat on Real Estate. Check this out:
REAL ESTATE
The numbers that mean the most in this sector were strikingly positive. October data
from the National Association of Realtors showed existing home sales had improved
10.9% from a year before with an 11.1% increase in the median sale price ($178,600).
The Census Bureau noted a 17.2% annual rise in new home sales. (For the month of
October, existing home sales were up 2.1% while new home sales were down 0.3%;
NAR had pending home sales up 5.2% to the highest level since March 2007.) The
S&P/Case-Shiller Home Price Index had showed eight straight months of gains as of
September; housing starts rose 3.6% in October to a five-year high, and builder
confidence (as measured by the November National Association of Home Builders
Housing Market Index) reached a six-and-a-half year peak. At the end of October,
the supply of existing homes on the market dropped to a ten-year low, and the new
home inventory was close to a 50-year low
Dont give up! Beat the bushes and something will turn up for you.
REAL ESTATE
The numbers that mean the most in this sector were strikingly positive. October data
from the National Association of Realtors showed existing home sales had improved
10.9% from a year before with an 11.1% increase in the median sale price ($178,600).
The Census Bureau noted a 17.2% annual rise in new home sales. (For the month of
October, existing home sales were up 2.1% while new home sales were down 0.3%;
NAR had pending home sales up 5.2% to the highest level since March 2007.) The
S&P/Case-Shiller Home Price Index had showed eight straight months of gains as of
September; housing starts rose 3.6% in October to a five-year high, and builder
confidence (as measured by the November National Association of Home Builders
Housing Market Index) reached a six-and-a-half year peak. At the end of October,
the supply of existing homes on the market dropped to a ten-year low, and the new
home inventory was close to a 50-year low
Dont give up! Beat the bushes and something will turn up for you.
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donsrods
Well-known member
That was exactly the scenario at that company I mentioned. The President was in charge of sales and the VP was in charge of operations. The President fought us tooth and nail about cracking down on "his" customers because they were all his friends. He never really cared much for my hardnose tactics. Luckily, I had the VP in my corner and when the money started flowing in from my collection efforts and being more selective about extending credit, he had to admit we were right. Whenever they went to the bank to borrow money for expansion the bankers couldn't believe how much better our financial picture was now.
Sorry to temporarily hijack the thread.
Don
Bamamav
Well-known member
Not unusual for folks to wait until after the new year starts. Our freight has allready slowed down. I think next year will be good for you. Good luck!
sgtpontiac
Older, Wiser and Still Buildin'
A lot of this crap going around....
Sounds like you are headed in the right direction.....who knows, this might be the best thing that could happen.....it's always tough to get past the bad feelings, but the Lord moves in mysterious ways...keep the faith brother....this might turn something bad into a real good thing.....JMHO
Sounds like you are headed in the right direction.....who knows, this might be the best thing that could happen.....it's always tough to get past the bad feelings, but the Lord moves in mysterious ways...keep the faith brother....this might turn something bad into a real good thing.....JMHO
Did a small repair job today. Trimmed out a big rock fire place 12 ft high in a house. Then the Home owner decided he wanted a new front door installed then he went and got a new storm door. Turned into a 9 1/2 hr day. Not complaining, but i have just been pointing and barking orders the last decade. I am sore and worked my son inlaws but off. but turned a 250 dollar job into 450. Once again thanks for all the positive comments this forum is a great place to be a part of not only for cool rides but alot of caring people.
Hope im not getting too sappy. Must be time for a cat pic
Hope im not getting too sappy. Must be time for a cat pic
