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Credit Crunch Comes Home... - 10/29/2008 1:31:52 PM   
OttersSwim


Posts: 2860
Joined: 9/1/2008
Status: offline 		So I own a small picture framing business in Northern Colorado.  The business is just over a year old and doing pretty well - slower and lower than my business plan projections, but still good enough to warrant continuance.

We have all heard about how the credit crunch is affecting small business. Well yesterday it hit home when my bank, Chase, canceled a home equity line of credit that was serving as a source of credit for the business.

We never missed or were late on a payment.  They just changed the rules, revalued our home and canceled our line unilaterally.

We are now in a terrible position, operating only on cash on hand.  The economy is the worst it has been in 70 years...

Our plan included using some of our retirement accounts if the business failed - those are now below the value of the debt we incurred opening the shop.

We are in the midst of a financial "perfect storm" that will very likely wipe us out.

Protect yourselves out there friends - it is rough sailing and boats are being lost... 


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RE: Credit Crunch Comes Home... - 10/29/2008 1:38:20 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Im sorry.  Do you feel the house value came down that much?

I ask since I browse what the local market is and there are no bargains here.  tho-  a place might have value but the   buyer simply can not make the cash happen.

In light of the 'mortgage meltdown" houses should be cheap.   I am not seeing cheap.  Bank owned houses are winterized too. No utilities- as is- as is- AS IS.   who will plunk down full price for as is?   no one.  the price has to be a discount for people to buy these abandoned,locked up houses.

Anyhow- it sounds like you will have to do some planning....

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RE: Credit Crunch Comes Home... - 10/29/2008 1:43:42 PM   
SilverMark


Posts: 3457
Joined: 5/9/2007
Status: offline 		Welcome to the new reality of the economy.
As a man who owns a few retail stores I understand your plight!...it is happening to friends of mine everywhere...by no fault of your own the money stops,
the traffic in the store slows....and the worry begins. I am able to operate and make payroll etc. on the cahs flow I have at present but my worry persists and
my aprehension gows daily.
I wish you well,
M

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RE: Credit Crunch Comes Home... - 10/29/2008 5:10:16 PM   
tweedydaddy


Posts: 673
Joined: 9/1/2008
Status: offline 		I don't know if this will help but the firm I use for framing my pictures had to take the step of approaching local colleges to offer a discount for framing diplomas in order to get bulk business. I wish you all the best, hopefully with a new broom in government some of this madness will calm down.

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RE: Credit Crunch Comes Home... - 10/29/2008 7:52:06 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline 		Fast Reply:

Just wait until businesses have to start paying higher taxes.  The best is yet to come. 

< Message edited by TreasureKY -- 10/29/2008 7:54:09 PM >

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RE: Credit Crunch Comes Home... - 10/29/2008 7:54:30 PM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
Status: offline
quote:

ORIGINAL: TreasureKY

Fast Reply:

Just wait until businesses have to start paying higher taxes.  The best is yet to come. 


It's our "patriotic duty" yanno.

Firm


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RE: Credit Crunch Comes Home... - 10/29/2008 7:58:09 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: FirmhandKY

quote:

ORIGINAL: TreasureKY

Fast Reply:

Just wait until businesses have to start paying higher taxes.  The best is yet to come. 


It's our "patriotic duty" yanno.

Firm


lol... Of course it is.  But no worries... after the higher taxes and fines for not providing health care coverage for employees, we'll be poor enough to qualify for government handouts.

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RE: Credit Crunch Comes Home... - 10/29/2008 8:12:09 PM   
Sanity


Posts: 22039
Joined: 6/14/2006
From: Nampa, Idaho USA
Status: offline
Only the top 5% though.


quote:

ORIGINAL: FirmhandKY

It's our "patriotic duty" yanno.

Firm



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RE: Credit Crunch Comes Home... - 10/29/2008 8:23:49 PM   
kittinSol


Posts: 16926
Status: offline 		It's kind of shitty to hijack a personal thread like that with such blatant political propaganda, no?

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RE: Credit Crunch Comes Home... - 10/29/2008 8:25:01 PM   
MzMia


Posts: 5333
Joined: 7/30/2004
Status: offline 		Thank you for sharing OttersSwim.
I hope your business is able to survive.
We are heading towards the next depression.
The financial situation is terrible, and things are getting worse daily.
 
I have been thinking about starting a thread here about how people
are surviving during these terrible times.
Again, I hope you are able to keep your business afloat.

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RE: Credit Crunch Comes Home... - 10/29/2008 8:28:37 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: Sanity


Only the top 5% though.


Uhuh... sure. 

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RE: Credit Crunch Comes Home... - 10/29/2008 9:10:38 PM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
Status: offline
quote:

ORIGINAL: kittinSol

It's kind of shitty to hijack a personal thread like that with such blatant political propaganda, no?


kittinsol definitions:

personal thread:  a thread in which current events directly related to the politics of the day are related by the poster through a personal example.

blatant political propaganda: any political related commentary which uses that example to make a counter-political point - which kittin does not support.

hijack: to directly challenge kittinsol's political position.

Firm

< Message edited by FirmhandKY -- 10/29/2008 9:12:24 PM >

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RE: Credit Crunch Comes Home... - 10/29/2008 9:41:30 PM   
OttersSwim


Posts: 2860
Joined: 9/1/2008
Status: offline 		Thanks to all of you for your thoughtful replies...even the Republican ones.  

No worries about a hijack - this is the Off Topic forum after all.

I am honestly mad as hell, but I am not giving up.  We are going to keep the business open on shoestring and bubblegum if necessary until January 1 and then do another re-examine.


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RE: Credit Crunch Comes Home... - 10/29/2008 9:51:24 PM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
Status: offline
quote:

ORIGINAL: OttersSwim

Thanks to all of you for your thoughtful replies...even the Republican ones.  

No worries about a hijack - this is the Off Topic forum after all.

I am honestly mad as hell, but I am not giving up.  We are going to keep the business open on shoestring and bubblegum if necessary until January 1 and then do another re-examine.



I've started, sold, bought and run several businesses.

It's never easy, especially if you are under capitalized.

Good luck in your endeavors.

Firm


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Some people are just idiots.

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Profile   Post #: 14
RE: Credit Crunch Comes Home... - 10/29/2008 11:13:40 PM   
Lockit


Posts: 11292
Joined: 5/7/2007
Status: offline 		Otter, I really feel for you and anyone else in small business right now.  I had a business until 911... not too far from where you are at and most of us lost our tail ends.  I was one of the first to get out because when business slows and you have all that overhead... it eats everything up and pretty soon you are paying to be in business.  I got out, sold my stock slowly but from my garage and didn't go into more debt, but others... they went under hard. 

Remember the indoor and outdoor swap meet they built that is now an RV business?  We almost got into that place along with the other two shops... Some towards Ft. Collins are still open... could you do business from there, it would be cheaper if you have to move things.

I hope everything works out for you!

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RE: Credit Crunch Comes Home... - 10/30/2008 4:29:26 AM   
OttersSwim


Posts: 2860
Joined: 9/1/2008
Status: offline 		Lockit:  Heh, we went by that place a few times and saw some of the vendors in that RV place.  They seemed so sad and hungry as we were like the only ones there.

I am going to inform my landlord tomorrow of this occurrence and ask for an extended grace period, and a lower rent due to the circumstances.  As of today, cash is king and I am going to start more aggressively pursuing full payment rather than just a 50% deposit on orders.  I am also going to extend my hours to 6 days a week to try to catch more business.  It's game on and I am not giving up until and unless they lock me out of the building!


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RE: Credit Crunch Comes Home... - 10/30/2008 5:16:56 AM   
kittinSol


Posts: 16926
Status: offline
quote:

ORIGINAL: FirmhandKY
<snip snip snip>s


It's like this: a poster makes a genuine heartfelt thread about his real concerns for his small business, and a big shark and his girlfriend jump right in there stating ridiculous McCain/Palin talking points: not pretty .


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RE: Credit Crunch Comes Home... - 10/30/2008 5:24:08 AM   
Aileen1968


Posts: 6062
Joined: 12/12/2007
From: I miss Shore, New Jersey
Status: offline 		Next thing you know, someone will probably mention that he should get a gun or something. 

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RE: Credit Crunch Comes Home... - 10/30/2008 5:26:05 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
Status: offline
quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: FirmhandKY

quote:

ORIGINAL: TreasureKY

Fast Reply:

Just wait until businesses have to start paying higher taxes.  The best is yet to come. 


It's our "patriotic duty" yanno.

Firm


lol... Of course it is.  But no worries... after the higher taxes and fines for not providing health care coverage for employees, we'll be poor enough to qualify for government handouts.



You never know, by paying taxes you might be rich like the Germans.

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RE: Credit Crunch Comes Home... - 10/30/2008 5:35:56 AM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
Status: offline
quote:

ORIGINAL: kittinSol

quote:

ORIGINAL: FirmhandKY
<snip snip snip>s


It's like this: a poster makes a genuine heartfelt thread about his real concerns for his small business, and a big shark and his girlfriend jump right in there stating ridiculous McCain/Palin talking points: not pretty .



Typical.

You only support "free speech" when it supports your political objective.

Sweet.

Firm


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Some people are just idiots.

(in reply to kittinSol)
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