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Surly Thread of Business Owners/Managers, Etc. & Current Business Climate

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On 3/25/2021 at 12:20 AM, Frieda’s Boss said:

Anyone else have first round of PPP forgiveness sitting with the SBA for months?  Our bank can’t tell us anything other than “we have a lot of clients in the same position”. 

Yeah, same thing here. Honestly though I haven't really chased it that hard. I'm operating under the same general assumption that Cheeseweasel said, that government is slow and it'll get forgiven eventually since I did everything right. I'll probably call and harass the lender if I don't have it by tax day. I'm not stressing on it yet.

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  • Spaulding Smails
    Spaulding Smails

    Subscribed.  I've posted in two of the other threads, but I have a construction (residential and commercial) and facility maintenance company in Austin.  65 employees currently.  80% of my workforce c

  • MaclovioBrown
    MaclovioBrown

    CaboWabo and I run a small bank in South Texas with low workload on PPP approvals. PM if stuck in big bank queue and at risk of missing first tranche of funding. We can get you an SBA loan number in a

  • VABuckeye
    VABuckeye

    Bam! We were just awarded the Federal Reserve project we bid back in February.

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double post.. and not even on tapa this time. 

 

I'll use this space to brag that with a deal signed today my company now has two years of forward running money including all payroll/benefits/retirement/expenses. That's been a goal of mine since I started the business about seven years ago, when I started it with about two months of running money. Feelsgoodman.

Edited by BradInATX

13 minutes ago, BradInATX said:

double post.. and not even on tapa this time. 

 

I'll use this space to brag that with a deal signed today my company now has two years of forward running money including all payroll/benefits/retirement/expenses. That's been a goal of mine since I started the business about seven years ago, when I started it with about two months of running money. Feelsgoodman.

Leonardo Di Caprio Movie GIF by Sony

  • Author

Grats.  That must feel great.  We are working hard to position ourselves in a similar position.

  • 3 weeks later...
double post.. and not even on tapa this time. 
 
I'll use this space to brag that with a deal signed today my company now has two years of forward running money including all payroll/benefits/retirement/expenses. That's been a goal of mine since I started the business about seven years ago, when I started it with about two months of running money. Feelsgoodman.
We are busier than ever after a terrible 2020, but now our biggest issue is access to capital. The next banker that asks me what happened in 2020 gets punched in the dick.

what do you need capital for (Specifically)? 

what do you need capital for (Specifically)? 
Payroll. We have to pay our employees before we get paid. Depending on the client, we have to be able to float 60-75 days. We could triple in size in the next 60-90 days if we had the capital.

Where are y'all in your life-stage of the company?  Ever done any fundraising rounds before this year?

Where are y'all in your life-stage of the company?  Ever done any fundraising rounds before this year?
There's the rub. We don't want partners, we want debt. We are very profitable, we have great margins, but i don't want to give up equity at a low valuation. I'd rather grow slower and get debt.

It's hard to borrow against that scenario you described.  But obviously you know that.  You ever look at a mezz option?  

It's hard to borrow against that scenario you described.  But obviously you know that.  You ever look at a mezz option?  
We aren't starving for capital, we just haven't found what we want yet for the growth that is out there. I have not looked into mezz. If you know some companies that do that, I'd love a PM.
1 minute ago, Chewbacca said:
6 minutes ago, Lobo said:
It's hard to borrow against that scenario you described.  But obviously you know that.  You ever look at a mezz option?  

We aren't starving for capital, we just haven't found what we want yet for the growth that is out there. I have not looked into mezz. If you know some companies that do that, I'd love a PM.

Actually I know somebody who'd be right in your wheelhouse.  Their shop is here in Austin.  They prefer only Texas companies.  Shop is run by two Longhorns (one's a former football player).  

Well after all this time, finally got out PPP forgiveness letter in the mail today.

Actually I know somebody who'd be right in your wheelhouse.  Their shop is here in Austin.  They prefer only Texas companies.  Shop is run by two Longhorns (one's a former football player).  
We are based in CO but most of our operations are in TX and my business partners are in TX.
Max loan amount not high enough, unfortunately.
$500k not big enough loan. That's a hell of a payroll nut you must have for a few months if that doesn't cover it.
$500k not big enough loan. That's a hell of a payroll nut you must have for a few months if that doesn't cover it.
Yep.
18 minutes ago, Chewbacca said:
21 minutes ago, Lobo said:
Where are y'all in your life-stage of the company?  Ever done any fundraising rounds before this year?

There's the rub. We don't want partners, we want debt. We are very profitable, we have great margins, but i don't want to give up equity at a low valuation. I'd rather grow slower and get debt.

Have you guys ever looked at riding the factoring tiger?  It's pricey, but if you have the profit margins and the growth story as a track record -- it may be a good next step to getting a history that will  move y'all towards establishing a more traditional asset-based lending arrangement at the next level.  Good luck.



Have you guys ever looked at riding the factoring tiger?  It's pricey, but if you have the profit margins and the growth story as a track record -- it may be a good next step to getting a history that will  move y'all towards establishing a more traditional asset-based lending arrangement at the next level.  Good luck.


Can't. Our clients prohibit it.
4 minutes ago, DalTxHornFan said:

Have you guys ever looked at riding the factoring tiger?  It's pricey, but if you have the profit margins and the growth story as a track record -- it may be a good next step to getting a history that will  move y'all towards establishing a more traditional asset-based lending arrangement at the next level.  Good luck.

Fucking Algebra nerds.  

chewbacca-PM sent on that thing.

Edited by Lobo


Can't. Our clients prohibit it.

Good. Factoring takes a good haircut and leads down a path it is hard to get off.

I see many of my larger deals involved in factoring. PE tries to get out of it ASAP by mezz or going to one of their banking partners for LOC at a lower rate.
9 hours ago, DalTxHornFan said:

Have you guys ever looked at riding the factoring tiger?  It's pricey, but if you have the profit margins and the growth story as a track record -- it may be a good next step to getting a history that will  move y'all towards establishing a more traditional asset-based lending arrangement at the next level.  Good luck.

Screw factoring, it’s about like using a payday loan place as an individual. I understand their is a need for it, but it better be your last ditch only option before you go that direction. It’s hard to extract yourself from it and you also have to have solid margins just to float the cost which then brings the question of why you need factoring in the first place. Sure, it’s to cover the 60-90+ day float from buyers, but is that worth the double digit percentage cost? We just took two large clients out of factoring deals and back to traditional banking arrangements and to say it was difficult to find a bank that wanted to get involved is an understatement. Their factoring arrangements were like Scarlet A’s on their chest even though both had rock solid financials at this point.

2 hours ago, Brew said:

Screw factoring, it’s about like using a payday loan place as an individual. I understand their is a need for it, but it better be your last ditch only option before you go that direction. It’s hard to extract yourself from it and you also have to have solid margins just to float the cost which then brings the question of why you need factoring in the first place. Sure, it’s to cover the 60-90+ day float from buyers, but is that worth the double digit percentage cost? We just took two large clients out of factoring deals and back to traditional banking arrangements and to say it was difficult to find a bank that wanted to get involved is an understatement. Their factoring arrangements were like Scarlet A’s on their chest even though both had rock solid financials at this point.

Yeah, even if we could do it, I doubt I would.  The terms are borderline predatory and you lose a huge chunk of your profits to a middleman.

13 hours ago, Chewbacca said:

We are busier than ever after a terrible 2020, but now our biggest issue is access to capital. The next banker that asks me what happened in 2020 gets punched in the dick.

Is it safe to assume you bank with a local company? If not, you should be on a first name basis with a local banker. 

7 minutes ago, Cheeseweasel said:

Is it safe to assume you bank with a local company? If not, you should be on a first name basis with a local banker. 

Yes.  I'm on a first name basis with many bankers.  Very few of them are willing to look at 2021 without putting more weight on 2020.  I'd like to pull all the fees they made from PPP loans out of their financials and see how their 2020 looks.  Smug fuckers.

51 minutes ago, Chewbacca said:

Yes.  I'm on a first name basis with many bankers.  Very few of them are willing to look at 2021 without putting more weight on 2020.  I'd like to pull all the fees they made from PPP loans out of their financials and see how their 2020 looks.  Smug fuckers.

Next banker I meet who isn't a chickenshit coward will be the first.

  • Author

Hiring new employees right now is a bitch.  I could double or triple my business immediately if I could just find labor and then have them actually show up on day one for work.

16 minutes ago, VABuckeye said:

Hiring new employees right now is a bitch.  I could double or triple my business immediately if I could just find labor and then have them actually show up on day one for work.

Truth. The unemployment numbers are a lie. If you can walk & chew bubble gun right now, you can have a job.

  • Author

We hired a new guy on Monday.  He followed up and filled out his paperwork which is a big plus.  Fingers crossed that he shows up on May 3rd.

Had an interview setup for 11 am yesterday.  He no showed and didn't answer his phone or respond to texts.  People suck.

On 4/20/2021 at 1:53 PM, Cheeseweasel said:

Truth. The unemployment numbers are a lie. If you can walk & chew bubble gun right now, you can have a job.

But you, as an employer, have to provide the bubble gum and walking shoes.  
 

And $300K / year, company vehicle, full benefits, day 1 vesting in company PSP and a corner office.  

24 minutes ago, deadshank said:

But you, as an employer, have to provide the bubble gum and walking shoes.  
 

And $300K / year, company vehicle, full benefits, day 1 vesting in company PSP and a corner office.  

"I want to go from entry level to management in 3 months or else I'm actively looking to leave."

On 4/20/2021 at 11:34 AM, Chewbacca said:

Yes.  I'm on a first name basis with many bankers.  Very few of them are willing to look at 2021 without putting more weight on 2020.  I'd like to pull all the fees they made from PPP loans out of their financials and see how their 2020 looks.  Smug fuckers.

Is your business even remotely related to anything agricultural?

29 minutes ago, Armybrat said:

Is your business even remotely related to anything agricultural?

No

32 minutes ago, Chewbacca said:

No

The reason I asked is because my son could loan you $50 Million or more if you were aggy.

7 minutes ago, Armybrat said:

The reason I asked is because my son could loan you $50 Million or more if you were aggy.

He'd rather starve.

5 minutes ago, Cheeseweasel said:

He'd rather starve.

No doubt.

Son meets some real “salt of the earth” clients in his banking bidness. You know.... 😄

  • 1 month later...
3 minutes ago, T’Boo Ted Marshall said:

First draw PPP question.

In the amount calculated for forgiveness is it the payroll amount issued or that plus SS, taxes, etc?

No. SS and taxes (FICA/MEDICARE) are excluded.

257 days in the portal and finally received notice of round 1 forgiveness. Glad they stuck with that timeline in the bill.

1 hour ago, Brew said:

257 days in the portal and finally received notice of round 1 forgiveness. Glad they stuck with that timeline in the bill.

What's really aggravating is if a company pulled that shit on any of the bureaucracies it has to deal with the fur would fucking fly.

1 hour ago, Incredulity said:

What's really aggravating is if a company pulled that shit on any of the bureaucracies it has to deal with the fur would fucking fly.

Sucks for the banks ultimately, tying up capital in a timeline that is constantly adjusting and should have been cleared last fall for everyone based on the original premise. Instead they are 14 months out on our loan when we filed forgiveness on the first possible day. The fees don’t look as good when you get into year 2 of holding the debt.

14 hours ago, Brew said:

257 days in the portal and finally received notice of round 1 forgiveness. Glad they stuck with that timeline in the bill.

that's crazy.  yeah we have multiples waiting.  257 is nuts though.

We received forgiveness notice for Round 1 today.   We only had to wait about 230 days. ha ha

On 4/19/2021 at 11:03 PM, Chewbacca said:
On 4/19/2021 at 11:00 PM, Lobo said:
Where are y'all in your life-stage of the company?  Ever done any fundraising rounds before this year?

There's the rub. We don't want partners, we want debt. We are very profitable, we have great margins, but i don't want to give up equity at a low valuation. I'd rather grow slower and get debt.

Just saw this. Chewbacca, I’m a limited partner in a debt fund based here in Texas that specializes in small business debt when a bank won’t lend. It’s been a very good vehicle for certain companies. If you want an introduction to the managing partner I’d be happy to do it. He’s a very high integrity guy. 

11 minutes ago, Dbeasy said:

Just saw this. Chewbacca, I’m a limited partner in a debt fund based here in Texas that specializes in small business debt when a bank won’t lend. It’s been a very good vehicle for certain companies. If you want an introduction to the managing partner I’d be happy to do it. He’s a very high integrity guy. 

Can you PM me your details/fund name?  I’ve got some portfolio companies in need of your services.  

27 minutes ago, Dbeasy said:

Just saw this. Chewbacca, I’m a limited partner in a debt fund based here in Texas that specializes in small business debt when a bank won’t lend. It’s been a very good vehicle for certain companies. If you want an introduction to the managing partner I’d be happy to do it. He’s a very high integrity guy. 

Thanks.  Was finally able to secure a LOC with surprisingly good terms after talking to probably 20 banks.  So that crisis is over, for now.

I'll keep you in mind for future needs.

 

On 6/10/2021 at 8:52 AM, troph said:

that's crazy.  yeah we have multiples waiting.  257 is nuts though.

It is the longest one I know of between our clients and the banks we deal with. Money hit yesterday, so we’ll see if we hear anything out of the SBA. We submitted our questionnaire in early December and it had been crickets since.

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