Paying Bills...

I have pretty much the same from KMBS. I have to say that I was not please and I didn't sign the document. I plan on re-negotiating the lease. Anyone out there that has done this please share your experience.


Our business is down by 50%. For most of us the 80/20 rules applies- 80% of our business comes from 20% of our customers. So, it does not take too much for any business to be hit hard. The significant part of our business that makes up the 20% came from conventions, charities, and new retirement communities. So, it is no wonder why we are at 50%. But I called numerous other shops in my Florida area and they are down at least or more. Misery loves company right. So, what to do. First, I got a PPP loan which will be a grant in time. Second, I got Xerox to add 3 months to back end of the lease-no additional interest. Third, at the end of this month when I run out of the PPP money I will layoff some employees and tell my landlord he needs to cut the rent for the next 6 months. The key to stay in business is to match, as much as possible, your income to expenses. No one, no one knows how long it will take for business to come back. The truth is business will come back when it does and no sooner. Six months, a year or maybe 2 years-who knows. I want to think worst case not best case. For those of you who cannot afford to stay the course you might want to think about keeping your location but operating using 4over or other trade printers. Or if you cannot keep your location open a small office and just operate via trade printers much like a print broker. The truth is I bet most of your customers have never been to your shop. If you own your equipment put it in storage for the time being while you operate as print broker. You still have a customer base and you could make a good living off that-certainly much better than working-if there is work- for someone else. Just wait for a better day. Those printers who can make it will have a good reward at the end. Many shops will go out of business and many of our customers will come back. So, there will be more business for those who survive. That is what happened 2008 and it should happen again.
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For those of you who think going on an extended bank holiday and no taxes are truly going in the wrong direction. Just think what would happen if you paid no taxes-all state and local employees would be laid off, no garbage pick up, no lights on your roads, no sewer maintenance, no water coming into your homes, social security checks would stop, as would disability checks, no medicare or medicade, no emergency EMT or fire department etc., In short a collapse of our basic structure. So, no taxes is not the answer. The answer is to keep the system going via pumping more money into the economy via the Fed Reserve lowering interest rates, buying bonds, and lower bank cash retention. Also, we need more infrastructure money to create more jobs. The issue right now is not debt-we can deal with that later-we need more money in the system right now. Look if I said I will loan each of you $250,000 to keep you in business, pay you and your employees a fair wage, pay equipment loans, etc say for the next 5 years ;and you don't have to pay it back for the next 25 years at 3% interest-starting 4 years from now; and no personal guarantee now- you probably would say yes. Well, that is what the Federal Reserve is doing right now-but on a much larger scale. On a business level you really need to sit down with paper and a pad and write out how much you are earning and then write down all your expenses. Determine which expenses you can cut right away-like laying off employees-or cutting their hours to match the business that is coming in. Call your landlord and tell him you cannot afford to pay as much. Believe it or not your landlord is better off with you there. He probably cannot rent it to anyone else. If you have equipment leases with leasing companies tell them unless they extend the lease and lower the payment you will be closing down. I can tell you that no leasing company wants you equipment back-there is no one to re-sell it to except at substantial lose. Right now debtors are in control not creditors. Its a debtors market.
If you don't think so then why was Xerox so eager to extend the term of my lease when I sent them just an e mail requesting it. But be specific as to what you want. Don't say to your landlord "can you reduce my rent". You tell him he has to reduce the rent by $1000 a month or whatever and see what he says.
Go into what I call "survival mode" you need to do whatever it takes to survive.


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But be specific as to what you want. Don't say to your landlord "can you reduce my rent". You tell him he has to reduce the rent by $1000 a month or whatever and see what he says.
Go into what I call "survival mode" you need to do whatever it takes to survive.

You might want to approach your landlord with a little more humility and politeness or he's liable to kick you to the curb. I know if any of my tenants came and told me what I needed to do, id tell them what they needed to do, which would be buy some boxes and start packing.

You mentioned 2 times in your post that you would "tell the landlord to do this". My suggestion to everyone else is to not follow that advice, and have a civil discussion and ask your landlord to work with you. Asking will get you a lot further than demanding, especially because contrary to what you think, the debtor does not hold the strong position. The creditor will always hold the position as they can recall equipment and add liens to your business when you stop paying the bills. They can strong arm you by threat of losing your business due to nonpayment. That is always the strong position, not thinking you can hurt a huge corporation like Xerox or their leasing agent by saying they can take the machine back unless they do whatever your asking. Guess what, they do it all the time. People get evicted all the time.

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