Thanks. I appreciate the kind words. I am trying my best. As far as getting banks involved, my goal was to self finance my new project and not involve any loans. This way once the company does do well as I start it small... then I will get a credit line to either finance bigger items into the business or for emergencies. So really not looking to get a loan.

As far as security agreements... they really arent heard of in the manufacturing portion of aviation. I mean before I even took over the shop, my father would send out the invoice, the companies would pay within 30 days and everything would be good. It wasn't until around '98 when some companies would start to get lazy on paying on time. It would extend to 45, 60, 75, 90 days. Now most are at 90 days and some are at 180 days. Companies also used to purchase their own material, send it to us and then we get to work. Now we are responsible for purchasing material. Our business has a fairly high overhead to begin with. Right off the bat, our overhead is anywhere from 25 to 30% because of tooling. A lot of times we need to purchase new crush rolls for jobs and they are $10K and the job may only be a $40K job. Now crap like that I start working into the bids. So if I go into our inventory room and don't see the appropriate tooling, I will work the tooling into the bid.

These financing statements never stick anyways. My first year I did that. I contacted the 3 companies and drafted out a new policy that invoices needed to be paid within 30 days or we would yank the serial numbers and certification from the parts until parts have been paid. Basically after that statement had gone out... the companies just stopped paying all together and stopped requesting us for bids. Hence why I hauled a$$ and obtained other contracts and kept them all on a tight leash on payment. As soon as they are late, I remove their jobs from the line and drop them to the end of the line until they pay. Once they pay, then they must wait their turn again to have the machine retooled for their particular job, which in turn I charge them for 2 set up fees. So this has worked out well. But the 3 companies are the companies bread and butter. I recently stopped doing bids for DoD and the Department of the Navy because they have invoices that haven't been paid since 1991. The inventory accumulated from DoD and Navy is insane and most of the parts are no longer in use. So basically lost money.

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2011 E70 50i M Sport