Small Business Thread - Advice for Navigating Covid-19

Discussion in 'The Mainboard' started by dallasdawg, Mar 18, 2020.

  1. NYGator

    NYGator Degen from Upcountry
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    Again you are exaggerating. The amount I have personally spent on bourbon wouldn’t touch one of my payrolls. You are just being a dick. Why, I have no idea.
     
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  2. Oranjello

    Oranjello Well-Known Member
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    You’ve posted more than a few times about expensing overpriced bourbons. Not being a dick, just telling you what you’ve said in the past.
     
  3. NYGator

    NYGator Degen from Upcountry
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    Yes, I’m awful. I care enough to take huge loans out so that 60 people can go home and support their families. I’m a shitty person, because I spent money on bourbon a few times.
     
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  4. NYGator

    NYGator Degen from Upcountry
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    And as I explained it was for a company event. I was collecting a bunch of bourbons, some of which I overpaid for, because it was part of a bonus I promised my employees at a company party.

    and oh by the way, the bonus was for them helping doctors save lives.
     
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  5. Oranjello

    Oranjello Well-Known Member
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    I’d venture to guess the amount of abated rent you’ve requested probably isn’t far off from what you’ve blown on your own indulgences. Or maybe it has. Either way, my point is you requesting a rent abatement is shocking
     
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  6. AHebrewToo

    AHebrewToo Albino Hebrew Extraordinaire
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    I'm pretty sure he's like a 5th year associate.

    He's in for a rough time when he considers how much he blew woo'ing summers last year when his firm does lay offs in a couple of months.
     
  7. DirtBall

    DirtBall Who Cares?
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    My staff (and myself) are generally fucked. Between throwing up tonight I’ve debated slicing my wrists. Yes wish I was joking. I feel awful.
     
  8. Oranjello

    Oranjello Well-Known Member
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    Says the accountant masquerading as an attorney
     
  9. Oranjello

    Oranjello Well-Known Member
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    Don’t do that. It’s not worth it, and things will actually work out. As someone who just lost someone close to them, keep in mind your family and close friends.
     
  10. NYGator

    NYGator Degen from Upcountry
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    I get it. You are butt hurt for some unknown reason that I spent money on bourbon. Somehow that has something to do with gigantic corporations using govt tax cuts to buy back stock even though I run a small to midsized business that didn’t benefit in any way from said tax cuts. But yes, I spent a few thousand dollars on bourbon for a company party and we asked our landlord for a temporary rent reduction on a property we can’t use because we are shelter at home, but somehow that is shocking. Again, my goal is to keep people paid. The said corporations, fired their employees. Yes, it’s the same.
     
  11. DirtBall

    DirtBall Who Cares?
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    Dude, it’s awful. So many families counted on me and here we are, no capital available. Can’t pay for anyone’s insurance. Just awful.
     
  12. NYGator

    NYGator Degen from Upcountry
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    Hang in there. We are all going through this and it all sucks. We will come out of this. Yes, it’s painful right now, but you’ll get through this. People care.
     
  13. Oranjello

    Oranjello Well-Known Member
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    If they counted on you in the past, think about how lost they’d be if you were gone. I promise you that shit sucks but what you’re thinking isn’t worth it. Use it as a chance to better yourself and help them. Inflicting the feeling of loss on someone close to you is not worth it for you or them.
     
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  14. NYGator

    NYGator Degen from Upcountry
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    Sorry, I can only imagine. That is what we are all fighting to prevent. Just take a deep breath. Nothing is going to be solved overnight. You can only do so much.
     
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  15. DirtBall

    DirtBall Who Cares?
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    Thanks friends
     
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  16. NYGator

    NYGator Degen from Upcountry
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    Seriously though, a lot of people care. Please talk to someone. You are not alone. So many people are going through this right now. I know that doesn’t make it better, but these are not normal times, and there will be different options to get through this than are normally available. The govt will provide assistance to your employees.
     
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  17. Wendel Clark

    Wendel Clark Gambling God
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    keep your head up buddy. I got a good friend of the family who has a mortgage company. And when the crash hit in the later 00s, he lost basically everything. Had to let go of everyone, his wife had to get a job. Now they’re back to living the life they were before the crash.
     
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  18. DirtBall

    DirtBall Who Cares?
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    Again, thank you for the kind words. When you go to sleep tonight remember you made one t-mbers life better tonight.
     
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  19. Wendel Clark

    Wendel Clark Gambling God
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    Lord if he knew how much I spend on cigars a year. Here the crash is coming and I’m smoking away $30 a night
     
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  20. DirtBall

    DirtBall Who Cares?
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    Thank you so much man, hearing good stories means so much right now.
     
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  21. NYGator

    NYGator Degen from Upcountry
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    And I’ve been drinking more bourbon than usual. I would be smoking cigars but I am afraid that if I get the virus it will hurt my lung capacity.
     
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  22. Wendel Clark

    Wendel Clark Gambling God
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    That’s what we’re here for. We all may differ in life from politics, to sports, to everything. But I’m the end we are all humans. I’ve learned a lot a young age and having friends, even if their internet friends that you’ve never met, is what you need in a time of crisis.

    I still remember my lowest point when the person I loved left me. I thought I found my soulmate and we were going to live happily ever after. I thought my life was over and all my friends always said the most cliche things. You’ll find another one, you’re too good for her, we’ve all gone through it etc. At the time, you think your story is different and nobody understands. But in the coming months you’ll realize everything in life happens for a reason and you’ll be looking back laughing and smiling about what you thought at the time.

    To try and make you laugh, If she never left me we would have this fantastic gif

    :bro:
     
  23. Wendel Clark

    Wendel Clark Gambling God
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    I figured since I probably smoke 20 cigars a week at least, my lung capacity is already fucked so who cares
     
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  24. NYGator

    NYGator Degen from Upcountry
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    Fair point.
     
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  25. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    hang in there DirtBall thats what this thread is for
     
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  26. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    it’s not for whatever is up Oranjello ’s ass though. cut that shit out dude. NYGator clearly has his head on straight
     
  27. DirtBall

    DirtBall Who Cares?
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    Thanks friend, been a rough 24
     
  28. DirtBall

    DirtBall Who Cares?
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    Thanks for the kind words tonight friends. I’ve legit been between tears and puking since 6 o’clock tonight.
     
    NYGator likes this.
  29. Funshot Residue

    Funshot Residue Keep your dick in a vise
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    Hope you got some rest homie. You're not in this alone. Things are changing quickly right now, but there are some reasons to be optimistic. I'm trying to focus on matters of real importance, family, and health. The business side will work out eventually. Nobody sane is blaming you for this, and if they are, fuck'em.
     
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  30. Oranjello

    Oranjello Well-Known Member
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    I was simply taken aback by his request for a rent abatement in light of the fact he’s spent $10,000+ on bourbon over the last few months. Those are two contrasting positions that are hard to square with each other.

    Put yourself in the landlord’s position (who may also be a small business owner). If you knew about this guy’s bourbon hobby, would you cut him some slack this early on?

    Not trying to start a fight. NYGator does seem like a good dude. Just thought it was a bit odd to see the request coming from him.
     
  31. herb.burdette

    herb.burdette Meet me at the corner of 8th and Worthington
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    They will have to prove the virus is on their premises. I don’t know without seeing the contract though. The contracts have different language.
     
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  32. NYGator

    NYGator Degen from Upcountry
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    the landlord is not a small business owner. I work in an office building owned by one of the largest commercial real estate companies in NY. I did not spend 10s or thousands of company money on bourbon. Again, you jumped to an amazing set of conclusions and did not listen to any of my explanations. The most important one being that I took out tremendous loans to keep 60 people paid whereas the corporations you referred to cut employees after taking massive tax rebates and buying back stock.

    this kind of feels like the “if you only didn’t go to Starbucks and have that latte every day” conversation.
     
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  33. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    receipts
     
  34. Oranjello

    Oranjello Well-Known Member
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    This is silly and going in circles. Best of luck to you all.
     
    NYGator likes this.
  35. NYGator

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    Yes, it was silly and unnecessarily and wrongfully judgmental. Thanks, be safe.
     
  36. Mix

    Mix I deserve to be blown before the Jacuzzi
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    Everyone should be asking for rent breaks. The market price is already lower than any of us signed for.
     
  37. NYGator

    NYGator Degen from Upcountry
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    Especially since the building is closed. Not that I want to stick to anyone, but it is a balancing act. The building has much more access to capital than I have, (but bourbon).
     
  38. Deuce

    Deuce Well-Known Member
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    If you haven't talked to your bank about a payment deferral and you need it I would do so. Most banks are doing them for 90 days (3 payments) and it is basically a no questions asked for smaller loans.

    Also, best advice I can give you for working with your bank, be very transparent and telegraph everything. It is generally much easier for them to help you before you miss a covenant, past due etc if they know it is coming.
     
  39. Tiger Tiger Woods Y'all

    Tiger Tiger Woods Y'all Putting big balls in little holes, circa 1995
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    I have furloughed or reduced hours on the majority of my 100+ employees. We are open for business 9a-12p. We've seen a 500% increase in cancellations and no-shows.

    Hope to be open for another two weeks, if nothing changes we may be shuttering for the length of the pandemic.

    We have millions in equipment loans. Only hope is that they get deferred and we have trailing AR to keep us alive.
     
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  40. NYGator

    NYGator Degen from Upcountry
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    100% agreed. I spent over 2 hours on the phone with my banker talking through everything over the past couple of weeks.
     
  41. NYGator

    NYGator Degen from Upcountry
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    Good advice. Don't let technology be an excuse to not be connected.

    Talk, talk, talk – and then talk some more. Humans are not designed to think their way out of things (strategies, depression, fear, ideas); we need to talk – I explain why in my latest white-paper which can be downloaded here: https://scalingup.com/advice-from-verne/

    Therefore, like daily steps, I strongly suggest your #1 KPI this week is how many minutes of talk time (not texting) you get with colleagues, advisors, friends, and extended family each day – dramatically up your talk time. You’ll do them and yourself a huge favor. We all need a lifeline right now – so “phone a friend.” You’ll feel better connecting vs. hiding – and sleep better as well – it literally kills us to hold things in.

    This is important work. Some leaders are still playing defense; others moving to offense – and the way to figure all of this out is through talk time!! It powers up our “reason” centers.

    And remember the 5Fs – Faith, Family, Friends, Fitness, and Finances – those are the top 5 priorities this week (and always). Let the love flow through the resonance of your voice. Namaste

    Verne Harnish, CEO

    Scaling Up
     
  42. NYGator

    NYGator Degen from Upcountry
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    DirtBall how are you doing today? I had a meeting with 20 other CEOs today, and lots of them in the same position. Not sure what type of staff you have, but the govt. compensation package is looking to be a more comprehensive unemployment insurance coupled with $3k per family. That should go a long way to helping them. I also have to believe that a lot of healthcare bills will be written off in the near future. Not saying it doesn’t suck but these are different times. Take care of yourself. You can’t help others unless you take care of yourself first. Good luck!
     
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  43. gowolverines8

    gowolverines8 Well-Known Member

    My brother talked to one of the biggest sba online lenders today. A month ago they said no problem we do sbas all the time with people in the mid to high 600s. Today they said with all that’s going on 740 is their minimum cut off right now. This is a big part of whats fucked with the sba program. Sba provides a ton of funding then the banks want super high requirements and only increases them when they are most needed. The sba is smartly trying to do the disaster relief loan plan directly to prevent stuff like this but they don’t have the infrastructure to do it in a timely manner.
     
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  44. NYGator

    NYGator Degen from Upcountry
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    That is ridiculous.
     
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  45. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    740 is really fucking good credit for someone with a small business. that’s insane
     
  46. CUAngler

    CUAngler Royale with Cheese
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    740 is really damn good.
    I sit in the 800’s and feel like I’m an extreme outlier.

    I’ve been in the low 700’s with what feels like a better financial situation than I am in now.
     
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  47. Wendel Clark

    Wendel Clark Gambling God
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    I think the high schools should really teach you about credit score and how important it is for the rest of your life and not to fuck it up.

    Thats a whole other conversation though
     
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  48. NYGator

    NYGator Degen from Upcountry
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    So this $350 Billion in small business loans will apparently convert into grants if you demonstrate that you are holding onto your staff. Looking forward to what metrics and info will be required to prove that, but sit tight on any decisions on staffing until you know how this pans out.
     
  49. dallasdawg

    dallasdawg does the tin man have a sheet metal cock?
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    payroll taxes i guess?
     
  50. NYGator

    NYGator Degen from Upcountry
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    I am trying to look for the summary, but the question is what are they considering the same. I mean if I have an employee who sucks, do I have to keep them employed simply of this to be a grant or what is the allowable change in order for it to remain a grant.