08-20-2013, 11:09 AM
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Member
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Join Date: Mar 2013
Location: Overland Park, KS
Posts: 95
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Quote:
Originally Posted by TwinTurboGTR
I mean, Ive done my best with the company. The last 2 years have been just straight hustling and it had proven to be lucrative, but when companies are asking you to finance their projects, being 180 days late on their invoices, or just straight filing for chapter 11 and then ask me to get in line as a creditor... its just well... a lot. All of the contracts that I have secured are 10+ year contracts which is good... so this will give my pop time to figure out what he wants to do. Whether he wants to sell the company off or find someone to take it over and run it. Either way, the way the company sits now.. its in a good position, just not with me in it.
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Do you not have security agreements as part of these contracts? If you're getting purchase-money security interests in whatever products you're making, and filing the appropriate financing statements, then you should be in a much better position if and when your customers do get into financial trouble.
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