The End Is Near !!

[nfinch86]

Stayin' Alive !!

Norm, you never really gave us what overhead,expenses,markets,competition,etc ,you are dealing with.If you have the expense of a shop eliminate it,if you own it.. rent it.If you get more mobile than shop work,get rid of the shop equipment ,upgrade the truck and concentrate on that market.If you have money spent on material..sell it,a guy with his own gear can be a big asset to other companies.Working for someone else can still bring in a cheque,with less headaches of running a company.You never told us how you got in the mess your in..you only told us where your too.Going down fighting is a waste of time..if your kicking a dead horse.I think a welding forum is the wrong place to look for the help you need.You don't know whose on the other end egging you on,most of us are faceless madeup names.Telling you to keep reaching for the stars will have no effect on any of our bottom lines..only yours.Ask your wife/kids/friends what you should do...least you can look them in the face and they know your real situation..

Reggie Hi;

First; I own my house and shop, so my overhead is fairly low .
Second; The competition, Two of them have either folded or retired outright,
so the that's Not a real problem.

My debts & expenses have largely been incured from starting a New Business , as I started with almost Nothing.
I like your Idea of doing Welding- Work for someone else ( Sub-contrct ) this idea is already in motion !!

Reggie, Thanks for your well thought out ideas and Input !

.............. Norm

[Big_Eddy]

http://www.indeed.ca/jobs?q=welder&l=brantford%2C+on

Some are not too far away

[MMW]

Norm, I hope today was productive & you were able to get some answers from the bank man. --- How long have you been in business & has it ever been profitable? By profitable I mean paying your bills, taking home a decent paycheck & putting away money while still buying or upgrading equipment. If you haven't been able to do all of these when the economy was good then I would have to say that your business plan is not working. Do not mortgage your house for the business!!!! Maybe rewrite your business plan & try to diversify. Maybe you can turn a wrench or do home repair stuff as well as welding. Kind of a "jack of all trades". Maybe find a job working for someone else (i know it's tough to do right now) & keep your welding as a sideline. Maybe rent out part of your shop or all of it? Best of luck!!!!!

[cruizer]

Thats what i don't get, you own a house, yet you have bills to pay most of which are likely way over due. If its a significant amount, then you get put on collections. They are ruthless and will put a lien on your house and take you to court to pay up. Now high interest credit cards can be anywhere from 8 to 18%. My line of credit is 2.4%, and my morgarge on my house is 1.8%.

Not difficult to do a 2 or 3 year morgage, and pay it off. Your credit is not completely destroyed and more money is directed at the principle, so paying it off is somewhat quicker and at an amount that is suitable for you.

Or like I mentioned, let the collections firms come after you, hope for the best,

If the government comes after you, and you still can't pay, then expect to pay it off with time served in lockup. Thats probably the easiest way, free room and board, and your fines go away.

I'd go this route but I have to go out of the country 10 times a year.

[nfinch86]

Way Out !!

Thats what i don't get, you own a house, yet you have bills to pay most of which are likely way over due. If its a significant amount, then you get put on collections. They are ruthless and will put a lien on your house and take you to court to pay up. Now high interest credit cards can be anywhere from 8 to 18%. My line of credit is 2.4%, and my morgarge on my house is 1.8%.

Not difficult to do a 2 or 3 year morgage, and pay it off. Your credit is not completely destroyed and more money is directed at the principle, so paying it off is somewhat quicker and at an amount that is suitable for you.

Or like I mentioned, let the collections firms come after you, hope for the best,

If the government comes after you, and you still can't pay, then expect to pay it off with time served in lockup. Thats probably the easiest way, free room and board, and your fines go away.

I'd go this route but I have to go out of the country 10 times a year.

Cruizer, Slow down, First I'm Not late on any bills, payments & I've Never missed a bill payment !!

We met with the bank financial advisor this morning .
We deciced to go for a Home Equity Loan.
One Low interest, Low monthly payment and Clear All our Family and Business
loans, credit card, Etc., Etc. off the books. !! This will also enable Me - My Business to have capital to function in the future !

Our new payment plan will be about 1/20 of our previous monthly payments.
No high interest credit card payments, They are a Killer !!

Well this should free up some badly needed capital, and give us some breathing room !!

Thankyou to everyone who showed concern, I Truely appreciate All your kind thoughts !

............. Norm

[cruizer]

Home equity loan, thats what its called, kinda kike a morgage but real low interest. I had to do that once years ago.

Sorry bit of a rant there with guys not agreeing on paying off your bills with your house "equity". It really helps you get by and pay off your bills in a timely fashion.

[davedarragh]

All Is Well

Hey Norm: I knew there was a way out for ya! Have a cup of Timmy's!

Dave

[nfinch86]

I'm Ready to Go to Work !!!

Thanks Guys, Cruizer, Dave, and Everyone who showed care and concern for a Weldor you have never met !!

NOW LETS GET TO WORK, YA HOOOO !!!!

............ Norm

[JSFAB]

Well,,, I hope you use it wisely, Norm. That is, you don't consider this a brand new piggy bank. My experience is, those that made mistakes previously, continue to make the same mistakes, two or three years from now, they have the same problem all over again, only compounded.

Can I ask, do you RELIGIOUSLY keep separate books, and separate bank accounts, for your business and for your personal life?????

[nfinch86]

New Lease on Life !!

Well,,, I hope you use it wisely, Norm. That is, you don't consider this a brand new piggy bank. My experience is, those that made mistakes previously, continue to make the same mistakes, two or three years from now, they have the same problem all over again, only compounded.

Can I ask, do you RELIGIOUSLY keep separate books, and separate bank accounts, for your business and for your personal life?????

Yes, I have my business bank account, and we have our joint personal bank account .

I also have a bookkeeper for my business affairs !!

............... Norm

PS. I have everything I need to run my business now, 3yrs. ago I started with Nothing, Not even a truck , welder, generator, not even a grinder !!

[reggie]

NORM..you have your name,both personal and business here on the internet.You are telling your personal/financial problems to the world.People will probably expect you to work for peanuts because you are making yourself look desperate.The only person that all this personal information can come back on negatively is you.For your own benefit(no one elses) you have to stop "spilling your guts to the world'...(no disrespect intended)..

[MMW]

I'm glad it seems to be working out for you. But as JSFAB said --use it wisely--! I know more than one person who kept dipping into equity, retirement accounts, etc. until they wind up with nothing. Even though you have a reprieve now from the bills it is still a good time to reevaluate your business & see if it is still a viable way to make a living or do you need to make some changes to make it more profitable. Good luck in whichever direction you go in!

[fjk]

We met with the bank financial advisor this morning .
We deciced to go for a Home Equity Loan.
One Low interest, Low monthly payment and Clear All our Family and Business
loans, credit card, Etc., Etc. off the books. !! This will also enable Me - My Business to have capital to function in the future !

Our new payment plan will be about 1/20 of our previous monthly payments.
No high interest credit card payments, They are a Killer !!

Norm -- glad you got a solution to your problem and I
hope it works out for you.

I'm surprised that your new monthly payment is 1/20th of the
old ones ... even if you were paying off credit card debts
which usually have huge interest rates and the montly minimum
can be less than the interest owed (the difference being added
in to the balance...). It seems like it's too big a spread... If
I were you, I'd double check all the fine print.

Anyway, if it is 1/20th, and if you were (barely) making
your earlier payments, that should give you a lot of
"free cash". If I was in your shoes, I'd use that cash to
pay down as much of the principle on the loan as fast as
you can.

Anyway, good luck
frnka

[N4ARH]

Congratulations!

Norm, glad everything is better for you. Now is the time to look at the past, and plan for the future! I know I have learned from your situation, as I bet, a large number of others have as well. I have one suggestion. Bookmark this thread so you can return and read it from time-to-time. I think it will keep you focused to remember the pain you have experienced. I still like the idea of teaching though. At my age, passing on what little knowledge I possess gives a mental boost, and could add a little to your wallet. I'm very pleased with your good fortune. warmest regards, Ray

[cruizer]

NORM..you have your name,both personal and business here on the internet.You are telling your personal/financial problems to the world.People will probably expect you to work for peanuts because you are making yourself look desperate.The only person that all this personal information can come back on negatively is you.For your own benefit(no one elses) you have to stop "spilling your guts to the world'...(no disrespect intended)..

Thats dumb, we are all out to assist one another. Norm can function fine now. Most small firms have no where to turn and no one to ask then they plumet further into debt. Now Norm has a way out and hopefully survive.

I would think that any customer would respect this, I know I would!