eileen

It's a sign of the times. Everybody has heard over and over it's going to get worse before it gets better. Look at the angle Donald Trump is taking since he can't pay his loan...
Trump Files Suit Against Lenders

Developer Seeks to Extend $640 Million Loan on a Chicago Skyscraper

SOURCE LINK: http://online.wsj.com/article/SB1226...djemRealEstate

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"under exposure to UV rays is as dangerous as overexposure....this is D life" eileen

eileen

Circuit City filed for Bankruptcy today. The US Postal Service is having layoffs for the first time in it's history. DHL to make cuts and close centers, AIG bailout swells to 150 billion, and GM sinks after analysts set a target price of "0".

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"under exposure to UV rays is as dangerous as overexposure....this is D life" eileen

Ezliving_Jim

tannyu, focus on your liability numbers without emotion.

Property lease ends when? Monthly amount.

List of equipment: Lease payment, # payments left, cash buyout amount.

Realistic bottom dollar value of your business. P&L. Cash burn rate.

Determine your options with the help of your lawyer and CPA.

sunsally

Thank you EZ-LIVING JIM!!


We will ignore Eileen's attempt to make this about a comment I made to her through the system that exists here to allow private comments between members. Whatever.


I am a multi-salon owner of 5 years, have sold equipment for slightly more than that, and consulted with 100's of salons all over the country. I also am the VP of Leasing for Highline as my post notes.


My advice has nothing to do with "the viewpoint of the leasing side". It had everything to do with sound legal and credit advice, and advice based on working with many, many salon owners over the years.


The poster wrote:

"OK, I know this is bad, real bad, but I'm just burned out."


From this - they thought they would walk away from their legal business obligations.


I didn't see anything about "see if anyone fed you any lies". I read:

"I've never done anything like this before and feel incredibly crappy about it, but I just don't know what else to do!! Any advice?!! Help! Thanks."


So I gave a host of advice of "what else could be done" rather than doing something that "makes them feel incredibly crappy" and in all probability -- isn't necessary.


This is the end of the slow season - a LOT of salon owners feel burnt out right now. A lot of business owners feel burnt out in the first two years of trying to start up a business - it is HARD WORK to grow something from scratch!!!! It is why MOST new businesses FAIL in the first two years!


It is also a time when some sound advice or a little "kick in the pants" or a "motivational talk" might shake off the doldrums and get you back in the driver's seat for the reason you started this in the first place and sunk in the money and effort you have so far!!!!!!!


What is happening to DHL or Circuit City or anyone else doesn't have anything to do with YOUR business! I know salons that are doing GREAT right now - growing, expanding, having their best year yet!

I also know some throwing in the towel.

This isn't a post office job. You made a choice to be AN ENTREPRENEUR. To RUN YOUR OWN BUSINESS. BE YOUR OWN BOSS. Those things aren't easy. Nobody hands it to you on a platter. It is 24/7/365 and more sometimes. But those that WANT IT ENOUGH -- can make it happen.


As Jim says -- first step --- get out your numbers. If you don't already know them backwards and forwards - that is your first mistake. If you aren't out there AGGRESSIVELY FIGHTING to SAVE and GROW your business --- then the only one you can blame is yourself.

YOU and you alone control your destiny! Anyone can make it work - if they want it badly enough.

Feel free to call and I'll gladly talk to you about the specifics of your situation.

Mojave Tan

Go to your landlord and start their.
Your rent may be over priced and easily reduced for 6-9 months then raised back at that time.
Most landlords do not want a vacancy.
Especially one that is drawing traffic into their parking lot.

eileen

^ Excellent advice.

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"under exposure to UV rays is as dangerous as overexposure....this is D life" eileen

excusemesir

Observation...tannyu hasn't contributed feedback since yesterday, post #5. Either he/she doesn't really care what everyone thinks or all the "personal crap" posts sent them packing. While I'm just a lowly occasional poster here I'm over it myself. You guys really need to work out your differences or find something else to do. You're making this site a real bummer. And let's face it, the last thing this site needs is engfant with "superpowers".

Mojave Tan

Thanks Eileen.

sunsally

Your FICO score may go up, but I guarantee you that MANY lenders look not just at the score, but the history. A BK will be an automatic "decline" for many, no matter your current score. Ditto evidence of collections accounts. And "credit cleanups" that are done are now registered with a "code" on your report so that while they may not be able to see WHAT was "cleaned up" - they know it happened. Again, a red flag that many will just use to decline credit.

Before you declare BK, lenders can go after you for civil judgments - which stand post-bankruptcy I believe.

Also,sometimes you have other guarantors involved (spouse,parents) and unless they ALSO declare BK - they can be held responsible.


The bottom line is, there is no "free pass" to decided to take money from people for stuff that you want and later saying "hmmm - I don't feel like paying it back now -- sorry."

Not far from stealing in my opinion.


Regardless -- see an attorney and/or CPA for the best advice. But if the poster is just "burned out", there are a lot of ways to resolve that besides embarking down this destructive a path.

Jeff762

What kind of leased equipment do you have?