Business Owners and COVID-19

[Travelair007]

Originally Posted by Burlington

You’re a good guy Seth. Leadership and public spirit is needed more than ever right now.

Class act Seth! It will pay back someday! I have nothing to cut unfortunately as I draw no salaries or dividends from my businesses. At this point, if the government doesn’t help, we’re going to have to provide employees a paycheck for their well-being.

Originally Posted by pickettt

What is considered a non critical clinic?

Yes services and manufacturing. We are not clinicians. The clinicians were ordered to close so that’s our customer base disappearing for a few weeks.

Originally Posted by superdog

I fear the economic impact will dwarf the medical impact.

No matter what anyone believes about the virus, this is a very real problem with implications that will likely unfold for decades to come.

As optimistic as I am that things will get better, it’s hard not to acknowledge the potentially crippling situation we are in.

Scary times.

I would very much like to disagree with your statement but I can’t, it’s spot on!
Strange and trying times...it will test the best of us.

[excelerater]

I sold my biz 6 months ago,feel lucky about that now
because its not recession proof and the new owner is feeling
the pain

[andWatson2]

Restaurant owner here. I was in the process of beginning selling out to my partner.
Two weeks ago I reached out to you all for help in my situation, valuation, advice. You guys are awesome. Big thanks...
Obviously with restaurants being forced to close, the ‘deal’ is on the shelf for now.

It’s funny how petty disagreements, gripes and pissing matches are put into their proper perspectives when something like this happens that affects EVERYone .

We are meeting to discuss if doing larger order ‘family-style’ to-go food is an option in the short term to get rid of product and feed community. Unemployment is now available for all industry workers affected by virus in this state.
I have no idea how this will play out, but I have some hope it could help heal a partnership—and maybe eventually bring all of us a little closer.
Good luck to everyone and take care!


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[mimo5000]

Good luck all!!

I too am a co-owner of a business. luckily we can have everybody work from home as it's a software automation company.
That said, our customers and projects will be thinning out quickly no doubt, as a companies put anything non-critical on hold.
We can ride it out a few months if we have to, but, long term, there needs to be changes to the entire economy and how people purchase.

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[AK797]

I was thinking for anyone in the food business then home delivery is a good way to keep people employed and money coming in as there will be a huge spike in demand for this, I see already online deliveries from supermarkets has gone ballistic and now really should be rationed for the elderly only, but restaurants, cafes, sandwich shops etc should all be trying to add home deliveries where they can.

[superdog]

Curious of opinions of you fellow business owners:

I just got the first email from a customer saying they are freezing all A/P and even some of their payroll. Also sounds like they have laid off a few people.

The payable in question is just shy of 5k. And they were already past their terms.

How would you handle? I am not 100% sure. They were not rude, but they are also not an easy customer.

I ask about this specific customer but this won't be the last time. I need to create a response for when this happens. I have an idea of how I am going to handle it. However, I would love to get your feedback.

[FTX I]

Originally Posted by superdog

Curious of opinions of you fellow business owners:

I just got the first email from a customer saying they are freezing all A/P and even some of their payroll. Also sounds like they have laid off a few people.

The payable in question is just shy of 5k. And they were already past their terms.

How would you handle? I am not 100% sure. They were not rude, but they are also not an easy customer.

I ask about this specific customer but this won't be the last time. I need to create a response for when this happens. I have an idea of how I am going to handle it. However, I would love to get your feedback.

I'd understand and politely reply with my acceptance but I'd set another payment date in like two or three months so they don't take advantage of me or this whole situation.

[EEpro]

Originally Posted by AK797

I was thinking for anyone in the food business then home delivery is a good way to keep people employed and money coming in as there will be a huge spike in demand for this, I see already online deliveries from supermarkets has gone ballistic and now really should be rationed for the elderly only, but restaurants, cafes, sandwich shops etc should all be trying to add home deliveries where they can.

Exactly. Black box meats is doing just this in Vegas. The strip is closed so they are delivering (or free pickup) bulk wagyu and filets

Even they are sold out now for tomorrow pickup so that must be better for business than shutting down.

[RWH]

Originally Posted by superdog

Curious of opinions of you fellow business owners:

I just got the first email from a customer saying they are freezing all A/P and even some of their payroll. Also sounds like they have laid off a few people.

The payable in question is just shy of 5k. And they were already past their terms.

How would you handle? I am not 100% sure. They were not rude, but they are also not an easy customer.

I ask about this specific customer but this won't be the last time. I need to create a response for when this happens. I have an idea of how I am going to handle it. However, I would love to get your feedback.

How about splitting and doing a payment plan? If they're already past their terms that could be a bad sign. If you can work out a payment plan say over 6 or 12 months, at least if they go under you will have partial recovery versus nothing at all.

[austinp]

Originally Posted by superdog

Curious of opinions of you fellow business owners:

I just got the first email from a customer saying they are freezing all A/P and even some of their payroll. Also sounds like they have laid off a few people.

The payable in question is just shy of 5k. And they were already past their terms.

How would you handle? I am not 100% sure. They were not rude, but they are also not an easy customer.

I ask about this specific customer but this won't be the last time. I need to create a response for when this happens. I have an idea of how I am going to handle it. However, I would love to get your feedback.

I would tell them that you value their business and understand their situation. We look forward to this difficult situation coming to an end.

It's times like these that you get a good read on the business relationships you have built. We will need these customers when the dust settles.

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[mariopepper]

I've lost some shops in my city because of self-isolating period in here. So only hope for online shops with delivering option

[superdog]

btw:

this was the message I sent out to our entire community.

At "our company" we have always seen ourselves as a Service Provider, as a Solutions Provider.

In this challenging time, that does not change. We are still here ready to do everything we can, for everyone we can. We want to be available as we realize that distribution and logistics is now likely more important than ever. We believe our role in building and servicing Distribution Centers is now critically important.

Please know, that we are following all of the direction provided by our local and national leaders. We will not take any chances with the health of our team members or our customers.

• We have offered each and every team member the ability to stay home and continue receiving a paycheck.
• We have instructed all team members that it is mandatory to stay home if they are not feeling well.
• We have made it clear to our team that will not be laying off anyone during this time.
• All team members, such as sales and admin, with the ability to work from home are now doing so.
• Every team member has received instructions on Social Distancing and proper etiquette on how to stay safe and keep others around them safe.

That all said, while we are following all local mandates and requirements, we are staying open as long as we are permitted to do so.

We see it as our duty to stay open and support our community, and we will do so until it is deemed a health risk.

Courage is not a lack of fear. Courage is standing tall in the face of fear and still doing what needs to be done. Our offices were destroyed during Hurricane Irene and then again during Hurricane Sandy 18 months later. Both times we faced extreme challenges and both times we succeeded and thrived.

Nothing will stop us. Nothing will keep us down. And this virus is no different.

I ended it with my personal cell phone and an offer to help in any way. Even if I am moving their product in my own pick up truck.

[Travelair007]

Originally Posted by superdog

btw:

this was the message I sent out to our entire community.

At "our company" we have always seen ourselves as a Service Provider, as a Solutions Provider.

In this challenging time, that does not change. We are still here ready to do everything we can, for everyone we can. We want to be available as we realize that distribution and logistics is now likely more important than ever. We believe our role in building and servicing Distribution Centers is now critically important.

Please know, that we are following all of the direction provided by our local and national leaders. We will not take any chances with the health of our team members or our customers.

• We have offered each and every team member the ability to stay home and continue receiving a paycheck.
• We have instructed all team members that it is mandatory to stay home if they are not feeling well.
• We have made it clear to our team that will not be laying off anyone during this time.
• All team members, such as sales and admin, with the ability to work from home are now doing so.
• Every team member has received instructions on Social Distancing and proper etiquette on how to stay safe and keep others around them safe.

That all said, while we are following all local mandates and requirements, we are staying open as long as we are permitted to do so.

We see it as our duty to stay open and support our community, and we will do so until it is deemed a health risk.

Courage is not a lack of fear. Courage is standing tall in the face of fear and still doing what needs to be done. Our offices were destroyed during Hurricane Irene and then again during Hurricane Sandy 18 months later. Both times we faced extreme challenges and both times we succeeded and thrived.

Nothing will stop us. Nothing will keep us down. And this virus is no different.

I ended it with my personal cell phone and an offer to help in any way. Even if I am moving their product in my own pick up truck.

Wow. This gave me chills!!
All the best to you and your team!!

[superdog]

Originally Posted by Travelair007

Wow. This gave me chills!!
All the best to you and your team!!

Thank you, my friend.

Part of what I need to do is keep everyone as positive as possible.

Even when I am feeling down, I have a job to do.

[capital]

Superdog, I dont know you but you earned my respect.

On my side, not rosy at all.
1) My country is in quarantine.
2) I'm the co-owner of a business where we had to lay off 5 people yesterday. I hope it will be temporary and will rehire them back as soon as possible.
3) I'm the co-owner of a second business where a 6 digits order was cancelled today.
4) I've incorporated a third company 2 months ago. We were supposed to start selling as from April. No way we will achieve it.
5) I'm about to step away from a massive investment in another company. LOI already signed but everything falls apart in such circumstances.

On the bright side, my family is safe, fridge is full, and I'm purchasing as much as I can on the stock market.

Keep safe everyone.

[BroncoOne]

Consolidating locations, cutting costs (more possible now that consumer expectations are drastically lowered) and protecting cash positions. Cash gives you options.

Avoiding dips into the market (not selling holdings, just pause on adding to conserve said cash positions).

Lobbying to to not be on the losing side of the new laws coming (there is always at least one).

Prayer.

[pickettt]

Thus far, I've decided to keep all staff on...so long as they bring their own toilet paper.

[Travelair007]

One of our businesses just launched services at home. We’ll advertise it and manage the schedule for the employees but all proceeds will go to employees. Only idea I’ve come up with so far to keep my team from running out of money. I hope it works.

[brandrea]

Originally Posted by superdog

btw:

this was the message I sent out to our entire community.

At "our company" we have always seen ourselves as a Service Provider, as a Solutions Provider.

In this challenging time, that does not change. We are still here ready to do everything we can, for everyone we can. We want to be available as we realize that distribution and logistics is now likely more important than ever. We believe our role in building and servicing Distribution Centers is now critically important.

Please know, that we are following all of the direction provided by our local and national leaders. We will not take any chances with the health of our team members or our customers.

• We have offered each and every team member the ability to stay home and continue receiving a paycheck.
• We have instructed all team members that it is mandatory to stay home if they are not feeling well.
• We have made it clear to our team that will not be laying off anyone during this time.
• All team members, such as sales and admin, with the ability to work from home are now doing so.
• Every team member has received instructions on Social Distancing and proper etiquette on how to stay safe and keep others around them safe.

That all said, while we are following all local mandates and requirements, we are staying open as long as we are permitted to do so.

We see it as our duty to stay open and support our community, and we will do so until it is deemed a health risk.

Courage is not a lack of fear. Courage is standing tall in the face of fear and still doing what needs to be done. Our offices were destroyed during Hurricane Irene and then again during Hurricane Sandy 18 months later. Both times we faced extreme challenges and both times we succeeded and thrived.

Nothing will stop us. Nothing will keep us down. And this virus is no different.

I ended it with my personal cell phone and an offer to help in any way. Even if I am moving their product in my own pick up truck.

Kudos to you to your team brother

[capital]

Do a lot of people live paycheck to paycheck in the US?

[EEpro]

Originally Posted by capital

Do a lot of people live paycheck to paycheck in the US?

Exclusively.

[encarter13]

I posted this in another COVID-19 thread, but it is applicable here:

My business is still operating as if all is well and normal. We have too much work to slow down.

More importantly, none of my customers/jobs/projects has closed so they expect me to meet all of my deadlines.

However, I will add that I am worried about my customers not paying in a timely manner. I am worried about my receivables.

[superdog]

Originally Posted by encarter13

I posted this in another COVID-19 thread, but it is applicable here:

My business is still operating as if all is well and normal. We have too much work to slow down.

More importantly, none of my customers/jobs/projects has closed so they expect me to meet all of my deadlines.

However, I will add that I am worried about my customers not paying in a timely manner. I am worried about my receivables.

I am worried about this as well.

And this creates a cycle. Will you be paying all your vendors on time? Knowing you, I am sure you will.

But others will likely stop. Similar to hoarding TP, people are going to hoard cash.

[Duey]

With Nevada shutting down ALL casinos, basically everything else too, for 30 days the trickle down is going to be massive in all sectors really fast.

[sokoloka]

Originally Posted by encarter13

However, I will add that I am worried about my customers not paying in a timely manner. I am worried about my receivables.

Originally Posted by superdog

I am worried about this as well.

Count me in. This is the boogeyman I see knocking on the door 30 days from now for my business.

[EEpro]

Originally Posted by Duey

With Nevada shutting down ALL casinos, basically everything else too, for 30 days the trickle down is going to be massive in all sectors really fast.

We are probably screwed in Vegas. At least Wynn is paying its 15,000 employees for 30 days.

[Tmac478]

My business is in the bay area. We are contractors and install network cabling and infrastructure. Most of our customers are tech companies in the Silicon Valley. For us, everything has come to a grinding halt. I'm in the middle of a few jobs that have been halted and our area has a shelter in place order. It's like a ghost town out here. I've sent our employees home until further notice. I've never been through anything like this before and I suspect this could go on for months. I'm going to try to create some make-work next week for our guys. They all get medical coverage and I'll make sure to keep that going as long as possible. Long term is a big question mark. Weird, scary times!

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[r8t3d_M]

Small business owner here in NYC and it's been business as usual so far. I can't say the same for some of my neighbors unfortunately.

[superdog]

Originally Posted by brandrea

Kudos to you to your team brother

thanks brother.

I feel it is my responsibility to lead through this. this is where character is highlighted.

and to me, we have a choice as to what our character is.

[Token74]

Originally Posted by superdog

btw:

this was the message I sent out to our entire community.

At "our company" we have always seen ourselves as a Service Provider, as a Solutions Provider.

In this challenging time, that does not change. We are still here ready to do everything we can, for everyone we can. We want to be available as we realize that distribution and logistics is now likely more important than ever. We believe our role in building and servicing Distribution Centers is now critically important.

Please know, that we are following all of the direction provided by our local and national leaders. We will not take any chances with the health of our team members or our customers.

•We have offered each and every team member the ability to stay home and continue receiving a paycheck.
•We have instructed all team members that it is mandatory to stay home if they are not feeling well.
•We have made it clear to our team that will not be laying off anyone during this time.
•All team members, such as sales and admin, with the ability to work from home are now doing so.
•Every team member has received instructions on Social Distancing and proper etiquette on how to stay safe and keep others around them safe.

That all said, while we are following all local mandates and requirements, we are staying open as long as we are permitted to do so.

We see it as our duty to stay open and support our community, and we will do so until it is deemed a health risk.

Courage is not a lack of fear. Courage is standing tall in the face of fear and still doing what needs to be done. Our offices were destroyed during Hurricane Irene and then again during Hurricane Sandy 18 months later. Both times we faced extreme challenges and both times we succeeded and thrived.

Nothing will stop us. Nothing will keep us down. And this virus is no different.

I ended it with my personal cell phone and an offer to help in any way. Even if I am moving their product in my own pick up truck.

And that my friend is why you’re a success


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