Business Owners and COVID-19

[gnuyork]

Welp, a friend of mine's family business decided to shut down for good after 33 years... lots of jobs lost, sadly.

[scarlet knight]

We need a nationwide shut down for a couple of weeks. This all is well attitude will not age well.

Time to expand hospitals, acquire ventilators. Better to be prepared and overstate the crisis.

Meanwhile, I cannot believe that some people are out and about in a business as usual attitude.

Good health to all Forum members and everyone really.

[FTX I]

Originally Posted by superdog

I just cut my salary by 50%. I will cut it completely if need be.

I am pretty determined to not lay off anyone.

Nice gesture buddy. Good karma coming your way.

[swils8610]

Family business here. 32 employees. I keep the staff updated daily. No air travel at this point and minimal local travel. We have 3 companies we deal with in Italy. We have good stock and have 2 containers on the water. They have had deaths due it corona. We have provided hand soap, Clorox wipes and lots of hand sanitizer. The staff knows if they have any concerns or issues to come to me. Trying to keep the attitudes up. As far as a shut down I’m monitoring things daily. I’ll follow whatever guidelines the CDC as well as the government sets in place. We’ll get through it as a team. We did get a bunch of toilet paper for the staff to take home if they’d like as well as soap and hand sanitizer. Keeping our staff comfortable and healthy is my top priority.


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[superdog]

Originally Posted by mountainjogger

Seth. You are a good man.

Originally Posted by FTX I

Nice gesture buddy. Good karma coming your way.

thanks guys.

not easy staying positive right now.

but that is the most important part.

[42itus]

I'm in retail and we are headed towards reduced hours at best. I don't want to have to let anyone go and so everyone agreed that they will all take a reduction in hours to share the blow. I have also taken myself off of payroll as doing so is the less costly option. My staff is too valuable and I would rather take a temporary pay cut than try to replace any of them.

[SMD]

Originally Posted by superdog

I’m noticing it already.

Two customers are putting projects on hold. One stopped looking for a new building altogether.

Was in yesterday and my customer mentioned his inbound shipments are way down.

I have no loans. And I do have a LOC if I need to.

I’ve got cash saved up for this. In fact, I put tax money for next April away already. But my hope is that i don’t have to touch it.

I will use my LOC before I touch my reserve cash.

Draw down that LOC now. When you need it it may no longer be available. Was at the bank today getting cash and they are limiting withdrawals. The bank run is starting.

[SMD]

For me we are in a unique position -- our business is pretty seasonal and starts late spring through the end of the year, and a good chunk of my workforce is season and cost structure variable. Hopefully we will have better visibility by the end of April. But I am very capital intensive and that would be an issue except that we self funded all of the new production facilities we just built so no debt or coverage ratios to maintain. Allergic to debt so that has helped. Heads up and do whatever you can to stay afloat, and sometimes that will mean laying off employees. No one wants to do it, especially given how hard it is to find good employees, but the alternative is even more people out of work.

[EEpro]

Originally Posted by SMD

Draw down that LOC now. When you need it it may no longer be available. Was at the bank today getting cash and they are limiting withdrawals. The bank run is starting.

Listen to this man. Available credit and cash are not the same thing. Today they may be but tomorrow maybe not.

I did 2 of those 3% balance transfer offers and just sent the cash to my checking account (I have no CC debt).

It's a $100 fee to borrow $10,000 for a whole year (assuming you earn 2% cash back on whatever you buy).

[breitlings]

Originally Posted by superdog

thanks guys.

not easy staying positive right now.

but that is the most important part.

Agreed. Not being sad is a job in itself.

[James5599]

not really sure how to word this without sounding like an idiot , I m a business owner and also have a full time job, London based but generally with lots of travel.

My business is a facilitator for a fairly famous hedge fund guy, so essentially I sort things out for them, it's slightly a unusual set up, but my business doesn't cost anything if it isn't doing anything, essentially I m a middle man for various services. Covid 19 has been beneficial for me thus far, what I expected to be a quiet couple of months (jan/feb) has been busy with specialist cleaning services and lots of face masks amidst the panic. I suspect the projects I ve had my eye on will be delayed though so who knows what will happen.

My day job, is for a emirates based family, and had this been a couple of years I d be more worried, I use to be on a seasonal contract albeit working most of the year, and I suspect my clients won't be travelling very much this year, they are the 'panicking' type at the best of times, that would have meant I wouldn't have a job. Now on a permanent contract I think it will just be a quiet year, or at least good few months.

its certainly going to get much worse before it gets better.

[superdog]

Originally Posted by breitlings

Yeah. Truly if I were trump, I'd legalize Marijuana and online gambling tomorrow.

Rate cuts aren't going to do it. We need to cut the red tape.

and the ladies of the night too.

just saying. gonna be a lot of people looking for companionship in the coming months.

[Blansky]

And gonna be a lot of corona babies.

[breitlings]

Originally Posted by superdog

and the ladies of the night too.

just saying. gonna be a lot of people looking for companionship in the coming months.

Originally Posted by Blansky

And gonna be a lot of corona babies.

[Travelair007]

Today, PA mandated a shutdown. So one of our businesses ceased operations. It’s going to be devastating to the employees and we may not make it if this lasts too long. My other business in DE is not far behind, reduced work week and hours. Our customers have slowed right down.

My business in CA is still booming but they just announced today that non critical clinics are shutting down so my team will have no work for the next 14 days.

Difficult to see through all of that.

[Burlington]

Originally Posted by superdog

I just cut my salary by 50%. I will cut it completely if need be.

I am pretty determined to not lay off anyone.

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

[breitlings]

Been thinking gentleman... I don't know about you but I've decided to thrive in this.

Let the pressure make me, you?, we?, diamond(s). Let me know if I can help anyone free digital marketing advice (product/messaging/pr needs to uplift and help, seamless ecomm is key now, SEO is credibility in 2020). If I can help anyone win or maintain in this I will. As for me I'm going to sideline pleasure, bad habits, thoughts actions, refocus, re-define. Define the new world, new market place, find blue ocean identify constraints and go.

[pickettt]

Originally Posted by Travelair007

Today, PA mandated a shutdown. So one of our businesses ceased operations. It’s going to be devastating to the employees and we may not make it if this lasts too long. My other business in DE is not far behind, reduced work week and hours. Our customers have slowed right down.

My business in CA is still booming but they just announced today that non critical clinics are shutting down so my team will have no work for the next 14 days.

Difficult to see through all of that.

What is considered a non critical clinic?

[Jona]

Gov of MN ordered shutdown of all restaurants dine in starting tomorrow. Schools are already shut as are amusement parks and as you know virtually all sporting events.

My son works in a foodstore and they are wiped out every day of all meat and produce. They have a pretty good pipeline for re-supply but what if it dries up? We have enough food for quite awhile, hopefully it won't come to that.

People should not panic and it just feeds the shortages.

[Runnin' Rebel]

Originally Posted by Blansky

And gonna be a lot of corona babies.

Coronials

[pickettt]

Originally Posted by Runnin' Rebel

Coronials

Living in foreclosed basements.

[bayerische]

Restaurant owner, we're still closed for the winter. Supposed to open may 1st. I'm on my toes. Our problem is that we are very well off each autumn when we close, but now we have been living off our profits from last summer for over 6 months with basically no income. So opening up in may is extremely important for us.

[superdog]

Originally Posted by breitlings

Been thinking gentleman... I don't know about you but I've decided to thrive in this.

Let the pressure make me, you?, we?, diamond(s). Let me know if I can help anyone free digital marketing advice (product/messaging/pr needs to uplift and help, seamless ecomm is key now, SEO is credibility in 2020). If I can help anyone win or maintain in this I will. As for me I'm going to sideline pleasure, bad habits, thoughts actions, refocus, re-define. Define the new world, new market place, find blue ocean identify constraints and go.

Love it.

I’m right there with you brother. Let’s do this.

[superdog]

Originally Posted by bayerische

Restaurant owner, we're still closed for the winter. Supposed to open may 1st. I'm on my toes. Our problem is that we are very well off each autumn when we close, but now we have been living off our profits from last summer for over 6 months with basically no income. So opening up in may is extremely important for us.

I very much hope you are able to open on time.

[bayerische]

Originally Posted by superdog

I very much hope you are able to open on time.

Thanks Seth.

I really hope so too. Last time Finland was under Martial Law was back in 1939 when we got attacked by the Soviet Union.

I just can't get it. No-one has even died in Finland from the Virus. I wonder how many will die from suicide when businesses start to fail quickly?!

[superdog]

Originally Posted by bayerische

Thanks Seth.

I really hope so too. Last time Finland was under Martial Law was back in 1939 when we got attacked by the Soviet Union.

I just can't get it. No-one has even died in Finland from the Virus. I wonder how many will die from suicide when businesses start to fail quickly?!

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.

[Uggi]

Originally Posted by superdog

I fear the economic impact will dwarf the medical impact.

Agree with this. The economic impact may well kill more people than the disease too, in the long run.

[CRM114]

Originally Posted by Uggi

Agree with this. The economic impact may well kill more people than the disease too, in the long run.

I'd like to hear the linkages that would make that statement true, especially for those living in societies with large safety nets for basic essentials a large swath of the world would kill to have even on a good day.

[Uggi]

Originally Posted by CRM114

living in societies with large safety nets for basic essentials a large swath of the world would kill to have even on a good day.

Great irony (assuming you meant it as ironic).

[CRM114]

Originally Posted by Uggi

Great irony (assuming you meant it as ironic).

I didn't have to be, the world itself is an ironic place.