For those that are in the know. What does a business owner do with all the
left over stock after they close their business?
What are some options that are available other than storing?
victor ochoa | Window Shopper |
1/10/2013 - 10:13 am
I was forced to close my business due to insufficient of funds coming in.
After about a year I had depleted most all my funds and couldn’t pay my
bills and decided that I could not afford to stay open anymore.
I tried to work out of my home but still no luck.
My plans didn’t work out as I panned them due to copyrights.
I worked for a year for a manufacturing company through a employment agency
and was layed off after they had hired an employee much younger than me.
After struggling for a few months with health issues and looking for work, I
decided to file for social security benefits.
As we all know it is never enough. At this time I have an SBA loan with
Borrego Spring Bank
In La Mesa Ca. With an 8% interest rate and a balance $5000.00
Please if anyone is reading this, tell me what I need to do.
Thanks
JGabriel | Community Moderator |
1/14/2013 - 1:58 pm
Show Replied Text…
I was forced to close my business due to insufficient of funds coming in. After about a year I had depleted most all my funds and couldn’t pay my bills and decided that I could not afford to stay open anymore.
I tried to work out of my home but still no luck.
My plans didn’t work out as I panned them due to copyrights.
I worked for a year for a manufacturing company through a employment agency and was layed off after they had hired an employee much younger than me.
After struggling for a few months with health issues and looking for work, I decided to file for social security benefits.
As we all know it is never enough. At this time I have an SBA loan with Borrego Spring Bank
In La Mesa Ca. With an 8% interest rate and a balance $5000.00
Please if anyone is reading this, tell me what I need to do.
Thanks
Hi there, Try getting in touch with a local Small Business Development Center or SCORE, two of SBA's resource partners. They're located across the country and provide free business counseling and answers. Visit our local assistance guide to find your local SBA resource partners by entering your zip code.
That link that the moderator provided is pretty good. It is very good
information. While auctions are a good way to handle extra inventory, there
are other avenues that you might want to consider. I know that in situations
where we have had to come up with action plans to liquidate the inventory of
a borrower in default, we have looked at the customers of the borrower to buy
some inventory at a discount. You could look at competitors, or you could
sell the stuff in Ebay or Amazon.
It all depends on the amount of inventory, and how it lends itself to be
liquidated.
victor ochoa | Window Shopper | 1/10/2013 - 10:13 am
After about a year I had depleted most all my funds and couldn’t pay my
bills and decided that I could not afford to stay open anymore.
I tried to work out of my home but still no luck.
My plans didn’t work out as I panned them due to copyrights.
I worked for a year for a manufacturing company through a employment agency
and was layed off after they had hired an employee much younger than me.
After struggling for a few months with health issues and looking for work, I
decided to file for social security benefits.
As we all know it is never enough. At this time I have an SBA loan with
Borrego Spring Bank
In La Mesa Ca. With an 8% interest rate and a balance $5000.00
Please if anyone is reading this, tell me what I need to do.
Thanks
JGabriel | Community Moderator | 1/14/2013 - 1:58 pm
loanuniverse | Window Shopper | 11/28/2012 - 11:33 pm
information. While auctions are a good way to handle extra inventory, there
are other avenues that you might want to consider. I know that in situations
where we have had to come up with action plans to liquidate the inventory of
a borrower in default, we have looked at the customers of the borrower to buy
some inventory at a discount. You could look at competitors, or you could
sell the stuff in Ebay or Amazon.
It all depends on the amount of inventory, and how it lends itself to be
liquidated.
kmurray | Community Moderator | 11/27/2012 - 3:59 pm
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