Quote:
Well, Katy I am certainly glad to hear that you have everything under control, good for you. But, some us can not get our situations under control. It depends on what line of Business you are in also.
We were New Construction Plumbers, and I'm sorry if no one is building new houses, then I can't keep things going. Everyone has to buy food, thus the need for businesses such as yours, but not everyone can build a new house anymore. So, there is a big difference between our Businesses, so you can not compare one business to the next.
For heaven's sake, the MAJOR Dealerships are filing Bankruptcy. So, where did they fail? Because...... the Economy? No one can afford to buy new vehicles anymore. So, therefore, they are in trouble. They were asking for Bailouts! Some Major Companies got bailouts and the others did not.
You can eat your crops and survive and lesson your grocery cost per month, I can not eat plumbing fixtures. I have 3 children to make sure I get fed and a roof over their head, and if that means filing Bankruptcy, then that's what I will do. Because, I'll be dam*** if they go hungry.
You call it whatever you like, but don't judge us as people because our Business failed. That is unfair. You just might end up in that Cop Out stage, so I wouldn't count your chickens until they have hatched.
We will never end up in bankruptcy court. I can safely say that. We have never operated "in debt" which is where people get in trouble. We pay our bills off monthly. If we needed something we waited until we could pay cash for it, whether it was a different tractor or a different grain truck. I'm not being mean or trying to make the OP or anyone else feel badly because they've been hit with hard times. My whole point has been if people planned ahead more and saved for a rainy day like people used to there would be far less people in financial trouble.
I never thought I'd end up there either, but I am here, so I never say never! I did save for rainy days, as a matter of fact I had at any given time between $40,000-$60,000 in my account. But, when our General contractors failed to pay what we were owed, when the Economy went down, there was no where near enough to pay all the material cost, payroll, insurance and so on. We were not paid over $150,000 and our Plumbing Material cost out of that was a little over $116,000.00. It takes a lot of money to run a Plumbing Company. There isn't that much profit per job, like everyone thinks there is.
It takes time for a business to become debt free, if it ever does. Which, I highly doubt that anyone can run a business debt free. But, maybe you are doing it. Maybe, you don't have employee's that you have to worry about, I don't know. It's kind of hard to buy Plumbing Trucks and equipment when you start a Company if you do not already have that kind of money. So, you have to have credit and make those monthly payments. I would have had to of had
We didn't buy lavish things. We have a $49,000 home, that needs tons of work. We lived and still live very modestly. My kids have what they need, but they have never been spoiled with tons of gifts, because it took everything we made to keep the Company running.
Honestly, we lived better when my Husband managed someone else's Plumbing Company, but when they went out of Business, we started our own. At the time, we thought that was the best way for us to go.
I truly hope that you never have to go through it.
