| Posted: 10 May 2007 08:46 | |
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Posts: 3 Join Date: May 2007 |
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I have a friend who owns a small business.She's had it for about 5-6 years 3years ago she discovered she had breast cancer. Due to the treatments, medications, worry,etc. She lost control of the financials. There were many reasons. She now is trying to regain control of the situation, has taken classes on where to go for help etc. Friends tried to help in the shop but like me had no real business sense, I'm just a phone guy getting ready to retire, they would tell her things were ok so as not to worry her, she really had a bad time with the treatments. I would like to know if there are any low cost loans, grants, or more important where she could get advice without everybody trying to take money from her. She is a white female in her mid fifties.
Any help or info would be greatly appreciated, she had a nice growing business until the cancer and she deserves a chance to get back on her feet Thanx 
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| Posted: 10 May 2007 10:57 | |
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Posts: 51 Join Date: Nov 2006 |
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Couple questions... is her business a corporation? And can you explain what you mean by "lost control of the financials"? Did a bank take over the business? It sounds like its still in operation, and if so, who actually owns it? There are a lot of smart people on here who can probably offer some great advice, but I think we need a little more information.
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| Posted: 10 May 2007 15:05 | |
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It is an "S" corporation. Her inventory is depleted,a bank has not taken her over. I'm not close enough to get to personal on her money problems yet. Part of the problem was she borrowed from a friend who is also the land-lord he has been very reasonable and more than fair to her. He isn't pushing yet but she is feeling pressure on the relationship. As far as I know she is the sole owner. It is a store with fair walk-in business but she originally started on the internet and that was where the biggest growth had been. Thanx for your concern, it is appreciated greatly
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| Posted: 11 May 2007 00:46 | |
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Posts: 8 Join Date: May 2007 |
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Hi roe:
Sorry to hear about her cancer. Hope she's OK. What type of business is this ? Where is is located ( market demo's )What is average monthly sales ? How many employee's ? What is her client base ? Is she unique in what she does or is their competiton ? You mention walk up business ? Is she solely reliable on walk up ? Hows her visibily ( store front ) to main roads or set back in a center ? You mentioned inventory depleted ? What does inventory consist of ? How about asking for terms from the supplier of the inventory as you shared she has been in business and thus will have already proved worthy to a supplier. Whats the average inventory turn ? ie how long does it take to sell the inventory once rec'd ? Does she own the space or lease it ? If a lease what are the terms ? As for " S " Corp, that is pretty much flow thru ( but hey I'm not an attorney ), flow thru meaning filed on personal income taxes ( gain / loss ). Thus how's her credit ? Do you know ? Does she own a home ? Lenders will look at her personal assets and credit scores. NOTE: If started on net and biggest growth from net then why a store front ? A good website business with credit card capabilites can secure the sale ( then say allow 2 weeks or ? for delivery, thus she recognizes revenues immediately from the internet sale(s) then uses revenue to purchase "inventory " to deliever = Sale price ( revenue ) - Inventory ( ? ) = profit before shipping ( Thus positive cash flow recognized immediately ). Taxes year end or ? depending on size and scope. The more information your willing to provide the better the responses and or thoughts you may receive back. Mark
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| Posted: 11 May 2007 12:36 | |
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Mark
Thanx for your concern. For now she is cancer free. Not as strong as she once was but those treatments take alot out of you. She has a Gift Basket business in a Jersey shore resort town. For now she has no employees just herself. Her brother helps out with the internet site. And does what he can. She is really starting over. I don't know any of her sales info. I will have to let her come aboard and give you whatever info she has or is willing to share. Thanx
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| Posted: 15 May 2007 02:20 | |
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Posts: 8 Join Date: May 2007 |
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Whats the web site name ?
Not getting much info to work with ? Marketing her web site at the " target market " isn't that costly. The thing about gift baskets is that with the right foresight one may time a gift basket to meet a particular event ( A theme basket so to speak ). ie Mothers day ? Valentines Day ? and so on. Even birthdays, Graduations... or how about " hospitals " ( A small free standing simple brochure stand may generate decent results ). I think the seasonality of a New Jersey resort town impacts sales to a point where the internet or other marketing / sales generation [ besides walk ins ]will want to be addressed to cover the nut during the slow time. Mark
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