Quote:
Originally Posted by Forkbeard
Well, and also in tough times businesses can just flat fail. Even honest businessmen wind up owing money sometimes.
I know what it feels like to be a small businessman who can't meet payroll. Sucks. Sucks even worse to be the unpaid creditor, been there a lot more times.
A few of those times I felt I was deliberately ripped off. But most of them, it was just bad business; sometimes, it was just bad luck or a bad economy.
That's why the "unilateral payment holiday" thing is a red flag for me. Negotiating with creditors for more time is one thing; just taking it is quite another. I can stand being owed money, if the guy who owes me is up-front and trying to work things out. But I can't stand being told "I've decided I don't actually owe you the money for another thirty days." That's a sign that the debtor does not take his obligations seriously. You want to minimize your exposure to guys like that. They are not your bros, and you do not want to be theirs.
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Exactly, everyone is going to start with that hack "bro" bullshit, including some people that always seem to show up in these types of threads, but the fact remains that Madison Avenue was run by a guy with an excellent track record in this business, and you would have been justified in feeling that this company was going to be a success, too.
In my mainstream expediting business I have a stack of unpaid invoices from small businesses that my company ran routes for, and most of them used to pay like clockwork. Unfortunately times got tough, and I'm left hoping that I'll eventually get paid, even after I've already paid my contractors that ran the routes for me. I seriously doubt any of those small businesses set out to rip me off, they just fell on tough times in a tougher market. It sucks that people probably won't get paid, but saying that Marc Womack is "stealing" money is utter bullshit...