What would you do with a slow paying customer who's a friend?

[Abdullah71601]

Originally Posted by amg55

Sadly, the day I've been dreading arrived yesterday. One of his creditors pulled the trigger and has started legally winding up his business. It's all very complicated with a few layers of trusts involved. To his credit, he did come and see me to explain in person what's happening. I guess now it's in the hands of the lawyers and insolvency accountants to sort out. I don't expect to see much of out of it after the big boys get their cut first. Lesson to self... never let friendship cloud one's judgement when it comes to business. It can be rather disastrous. Fortunately, I can absorb this loss but a loss still hurts regardless of the size.

Bad news, but news you were expecting...

More accurately, never let emotions cloud one's judgment in business. Money and emotion make poor bedfellows.

[Etschell]

Originally Posted by amg55

Sadly, the day I've been dreading arrived yesterday. One of his creditors pulled the trigger and has started legally winding up his business. It's all very complicated with a few layers of trusts involved. To his credit, he did come and see me to explain in person what's happening. I guess now it's in the hands of the lawyers and insolvency accountants to sort out. I don't expect to see much of out of it after the big boys get their cut first. Lesson to self... never let friendship cloud one's judgement when it comes to business. It can be rather disastrous. Fortunately, I can absorb this loss but a loss still hurts regardless of the size.

does he have any sheltered assets, personal assets, you could negotiate taking? even if you put a mortgage on his house. i mean anything.

[amg55]

Originally Posted by Abdullah71601

Bad news, but news you were expecting...

More accurately, never let emotions cloud one's judgment in business. Money and emotion make poor bedfellows.

Agreed totally.

[Sperry]

A cousin who did really well in his masonry business told me that he learned early on,
"Business is business. Friendship stays on another level".

[swils8610]

That's to bad. Think of it as being fortunate that you can afford to take the loss...it's a bad situation for sure.


Sent from my iPhone using Tapatalk Pro

[Kyle13]

I was always told since I was young.....you have business friendships and personal friendships...rarely let the two mix. Sorry about the loss. Thankfully you can absorb the hit.


Sent from my iPhone using Tapatalk

[austinp]

Originally Posted by Kyle13

I was always told since I was young.....you have business friendships and personal friendships...rarely let the two mix. Sorry about the loss. Thankfully you can absorb the hit.


Sent from my iPhone using Tapatalk

Couldn't agree more.

Sent from my SM-G935P using Tapatalk