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Failing Business Need Suggestions.

 
No Mo Limo
User ID: 31039519
United States
01/31/2013 07:24 PM
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Failing Business Need Suggestions.
My friend has a Limo company, he's been in business for 15 years and done well for himself, until the past few years.

So far this year he has had 2 bookings in Jan and one booked for Mar. Nothing in Feb.
Does anyone have any suggestions?

He needs to close the doors but doesn't know how to go about it. Plus he's really depressed.

He has no debt everything is paid off. He does have operating expenses that run about $2,500 a month including rent, advertising, insurance and such. He doesn't have the rent due now. The business is a corporation so nothing should hurt his credit right?

I suggested an auction. He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

I have been listing the limos on craigslist and ebay with no luck. I have even been listing them in surrounding cities.

He is going to try autotrader, has anyone had any luck with that?

I am hoping GLP can give him some good suggestions.
Anonymous Coward
User ID: 14286934
United States
01/31/2013 07:31 PM
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Re: Failing Business Need Suggestions.
there are auction houses who work with liquidating business, start there. Also if its a lack of work, try one of the social network deal sites like living social or groupon. Just a suggestion.
Sammie

User ID: 930440
United States
01/31/2013 07:32 PM

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Re: Failing Business Need Suggestions.
S-corp, C-corp or Limited Liability Corp (LLC)?
"Beware lest you lose the substance by grasping at the shadow".  ~Aesop


"Once in a dream I saw a snake swallowing its own tail, it swallowed and swallowed until it got halfway round, and there it stopped and there it stayed, it was stuffed with its own self. Some fix, that.
We only have ourselves to go on, and it’s enough…" -Charles Bukowski



"Grasping at things can only yield one of two results:
Either the thing you are grasping at disappears, or you yourself disappear.
It is only a matter of which occurs first."
-Goenka
Useless Cookie Eater

User ID: 29696048
United States
01/31/2013 07:32 PM

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Re: Failing Business Need Suggestions.
My friend has a Limo company, he's been in business for 15 years and done well for himself, until the past few years.

So far this year he has had 2 bookings in Jan and one booked for Mar. Nothing in Feb.
Does anyone have any suggestions?

He needs to close the doors but doesn't know how to go about it. Plus he's really depressed.

He has no debt everything is paid off. He does have operating expenses that run about $2,500 a month including rent, advertising, insurance and such. He doesn't have the rent due now. The business is a corporation so nothing should hurt his credit right?

I suggested an auction. He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

I have been listing the limos on craigslist and ebay with no luck. I have even been listing them in surrounding cities.

He is going to try autotrader, has anyone had any luck with that?

I am hoping GLP can give him some good suggestions.
 Quoting: No Mo Limo 31039519


Suggestion......

[link to www.wisegeek.com]
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:36 PM
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Re: Failing Business Need Suggestions.
there are auction houses who work with liquidating business, start there. Also if its a lack of work, try one of the social network deal sites like living social or groupon. Just a suggestion.
 Quoting: Anonymous Coward 14286934


Thanks I will try both. I briefly tried to make a listing on groupon but couldn't find a link. You don't have it by any chance?

The problem he has with auctions is watching his hard earned money sell for pennies on the dollar. I try to tell him the limos paid for themselves a few times over.

Thanks Again.
Anonymous Coward
User ID: 33228951
United States
01/31/2013 07:36 PM
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Re: Failing Business Need Suggestions.
He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

 Quoting: No Mo Limo 31039519


How is his personal life? I don't think he he should sell his sweet wheels unless he is already getting a solid flow of lovin'. The other assets, sure, but he should put this one in storage or loan it to somebody for a while to see if the sexy ladie(s) still dig him. you know?
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:37 PM
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Re: Failing Business Need Suggestions.
S-corp, C-corp or Limited Liability Corp (LLC)?
 Quoting: Sammie


C corp
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:40 PM
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Re: Failing Business Need Suggestions.
He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

 Quoting: No Mo Limo 31039519


How is his personal life? I don't think he he should sell his sweet wheels unless he is already getting a solid flow of lovin'. The other assets, sure, but he should put this one in storage or loan it to somebody for a while to see if the sexy ladie(s) still dig him. you know?
 Quoting: Anonymous Coward 33228951


haha he's too messed up for a solid relationship right now.
He has 2 buggies, an rv, boat, bike, scooter lot's of toys he won't sell. Plus a weird fascination with eggbeaters. lol
He will LOL when he reads this.
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:42 PM
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Re: Failing Business Need Suggestions.
Suggestion......

[link to www.wisegeek.com]
 Quoting: Useless Cookie Eater


Thanks
Renegade (Me too)

User ID: 31680294
United States
01/31/2013 07:46 PM

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Re: Failing Business Need Suggestions.
Suggestion......

[link to www.wisegeek.com]
 Quoting: Useless Cookie Eater


Thanks
 Quoting: Anonymous Coward 31039519


Let it go! This admin is not business friendly. Good time to get out - bankrupcy, chapter 11.
Who is John Galt?
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:49 PM
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Re: Failing Business Need Suggestions.
Suggestion......

[link to www.wisegeek.com]
 Quoting: Useless Cookie Eater


Thanks
 Quoting: Anonymous Coward 31039519


Let it go! This admin is not business friendly. Good time to get out - bankrupcy, chapter 11.
 Quoting: Renegade (Me too)


He doesn't have any debt so no reason for bankruptcy.
He paid cash for everything as he went along.
He just can't pay the current bills. This is the first time he hasn't had the rent in 15 years.
Kind of sad to see a man crushed this way.

It's not a good time to go in debt either.
Useless Cookie Eater

User ID: 29696048
United States
01/31/2013 07:49 PM

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Re: Failing Business Need Suggestions.
Suggestion......

[link to www.wisegeek.com]
 Quoting: Useless Cookie Eater


Thanks
 Quoting: Anonymous Coward 31039519


Let it go! This admin is not business friendly. Good time to get out - bankrupcy, chapter 11.
 Quoting: Renegade (Me too)


If he has no creditors after him there is no reason to file Chapter 11.

Liquidation of assets via auction is the best solution.
Sammie

User ID: 930440
United States
01/31/2013 07:49 PM

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Re: Failing Business Need Suggestions.
S-corp, C-corp or Limited Liability Corp (LLC)?
 Quoting: Sammie


C corp
 Quoting: Anonymous Coward 31039519


He should be fine from a personal credit stand point considering the fact that he has no outstanding debt and further protection is granted by the company being established as a c-corp.

He may have liability, however, if he has contractual agreements (time-contracts) in which the contractual consent made clause for personal liability, and he does not wish to continue honoring those contracts once the business is closed.

If he does have contracts which he does not wish, is not able or simply will not honor through their expiration date, I would suggest reading ALL of the FINE Print in the contracts to determine the exposure to personal liability that may have been signed

Disclosure:
I am not an attorney, nor do I represent myself as such.
"Beware lest you lose the substance by grasping at the shadow".  ~Aesop


"Once in a dream I saw a snake swallowing its own tail, it swallowed and swallowed until it got halfway round, and there it stopped and there it stayed, it was stuffed with its own self. Some fix, that.
We only have ourselves to go on, and it’s enough…" -Charles Bukowski



"Grasping at things can only yield one of two results:
Either the thing you are grasping at disappears, or you yourself disappear.
It is only a matter of which occurs first."
-Goenka
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 07:51 PM
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Re: Failing Business Need Suggestions.
S-corp, C-corp or Limited Liability Corp (LLC)?
 Quoting: Sammie


C corp
 Quoting: Anonymous Coward 31039519


He should be fine from a personal credit stand point considering the fact that he has no outstanding debt and further protection is granted by the company being established as a c-corp.

He may have liability, however, if he has contractual agreements (time-contracts) in which the contractual consent made clause for personal liability, and he does not wish to continue honoring those contracts once the business is closed.

If he does have contracts which he does not wish, is not able or simply will not honor through their expiration date, I would suggest reading ALL of the FINE Print in the contracts to determine the exposure to personal liability that may have been signed

Disclosure:
I am not an attorney, nor do I represent myself as such.
 Quoting: Sammie


Thanks Sammie I will show him this soon.

I really appreciate all the advise.
Butt Pincher

User ID: 30750596
United States
01/31/2013 07:53 PM
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Re: Failing Business Need Suggestions.
My friend has a Limo company, he's been in business for 15 years and done well for himself, until the past few years.

So far this year he has had 2 bookings in Jan and one booked for Mar. Nothing in Feb.
Does anyone have any suggestions?

He needs to close the doors but doesn't know how to go about it. Plus he's really depressed.

He has no debt everything is paid off. He does have operating expenses that run about $2,500 a month including rent, advertising, insurance and such. He doesn't have the rent due now. The business is a corporation so nothing should hurt his credit right?

I suggested an auction. He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

I have been listing the limos on craigslist and ebay with no luck. I have even been listing them in surrounding cities.

He is going to try autotrader, has anyone had any luck with that?

I am hoping GLP can give him some good suggestions.
 Quoting: No Mo Limo 31039519


Call COPART... they are a nationwide auction house for the vehicles.. they will make an offer over the phone..
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 08:02 PM
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Re: Failing Business Need Suggestions.
My friend has a Limo company, he's been in business for 15 years and done well for himself, until the past few years.

So far this year he has had 2 bookings in Jan and one booked for Mar. Nothing in Feb.
Does anyone have any suggestions?

He needs to close the doors but doesn't know how to go about it. Plus he's really depressed.

He has no debt everything is paid off. He does have operating expenses that run about $2,500 a month including rent, advertising, insurance and such. He doesn't have the rent due now. The business is a corporation so nothing should hurt his credit right?

I suggested an auction. He has other vehicles he needs to sell as well . Like a dune buggy and tricked out van.

I have been listing the limos on craigslist and ebay with no luck. I have even been listing them in surrounding cities.

He is going to try autotrader, has anyone had any luck with that?

I am hoping GLP can give him some good suggestions.
 Quoting: No Mo Limo 31039519


Call COPART... they are a nationwide auction house for the vehicles.. they will make an offer over the phone..
 Quoting: Butt Pincher


Thanks
Just A Thought

User ID: 3497054
United States
01/31/2013 08:05 PM
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Re: Failing Business Need Suggestions.
Has he approached other limo companies or taxi companies to see if they will contract him and his limo out to them?

Find out how the other limo companies are still getting business and copy them.

He would need to adapt from what used to work to what works today with his advertising.
Anonymous Coward
User ID: 33130922
Canada
01/31/2013 08:10 PM
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Re: Failing Business Need Suggestions.
Quitters never win.

Winners never quit.

One small bump in the road and he gives up.

There's a long list of stuff that he can do to make that business fly, such as going to the local strip clubs or casinos to do a deal (some like to run contests, you buy a drink, get a free draw and the winner gets shown the city in a limo with a couple of adoring strippers, paid by the club).

But no, he just gives up.

What a loser!
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 08:18 PM
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Re: Failing Business Need Suggestions.
Has he approached other limo companies or taxi companies to see if they will contract him and his limo out to them?

Find out how the other limo companies are still getting business and copy them.

He would need to adapt from what used to work to what works today with his advertising.
 Quoting: Just A Thought


Thanks I will pass this on. Currently his advertising hasn't changed. He cut back on advertising this month because the bill is past due. But no one is calling even asking for quotes ... you maybe right.

I believe the economy is just that bad.
Who can even afford a limo now a days?
He see this and knows it's time to walk away.
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 08:19 PM
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Re: Failing Business Need Suggestions.
Quitters never win.

Winners never quit.

One small bump in the road and he gives up.

There's a long list of stuff that he can do to make that business fly, such as going to the local strip clubs or casinos to do a deal (some like to run contests, you buy a drink, get a free draw and the winner gets shown the city in a limo with a couple of adoring strippers, paid by the club).

But no, he just gives up.

What a loser!
 Quoting: Anonymous Coward 33130922


He's not a loser, he's burned out.
How about you buy the business? lol

I will show him this post, he's a realist he can handle it
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 08:20 PM
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Re: Failing Business Need Suggestions.
Fill the limo with hookers and blow, and advertise on DC Craigslist.

Blackmail the first Democrat Senator who calls.
 Quoting: Professor Xavier


haha ... Not even going there.
Anonymous Coward
User ID: 3195221
United States
01/31/2013 08:22 PM
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Re: Failing Business Need Suggestions.
Behind every successful businessman is a fire.(*wink*)
Anonymous Coward
User ID: 10098396
United States
01/31/2013 08:22 PM
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Re: Failing Business Need Suggestions.
dont do buisness with banks.
Anonymous Coward (OP)
User ID: 31039519
United States
01/31/2013 08:26 PM
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Re: Failing Business Need Suggestions.
Behind every successful businessman is a fire.(*wink*)
 Quoting: Anonymous Coward 3195221


I know nothing (*wink*)
Anonymous Coward (OP)
User ID: 31039519
United States
02/01/2013 03:40 PM
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Re: Failing Business Need Suggestions.
Bump.
He called an auction house and they are coming to look at the limos tues.

Thanks again
Anonymous Coward
User ID: 33454521
United Kingdom
02/01/2013 03:46 PM
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Re: Failing Business Need Suggestions.
show him some reports of the childrens throats being slit in syria and libya and afghanistan and all the families that are homeless in the world and all the animals dieing off and the crazy weather killing and displacing millions etc etc and maybe he will shut the fuck up and change his attitude!

just saying..
Useless Cookie Eater

User ID: 29696048
United States
02/01/2013 03:47 PM

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Re: Failing Business Need Suggestions.
Bump.
He called an auction house and they are coming to look at the limos tues.

Thanks again
 Quoting: Anonymous Coward 31039519


Good luck. cheers
Anonymous Coward (OP)
User ID: 31039519
United States
02/01/2013 04:05 PM
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Re: Failing Business Need Suggestions.
show him some reports of the childrens throats being slit in syria and libya and afghanistan and all the families that are homeless in the world and all the animals dieing off and the crazy weather killing and displacing millions etc etc and maybe he will shut the fuck up and change his attitude!

just saying..
 Quoting: Anonymous Coward 33454521


He knows all that and is really worried about the future and not just for himself.
Anonymous Coward
User ID: 27212091
United States
02/01/2013 04:15 PM
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Re: Failing Business Need Suggestions.
burn it. move to india
Anonymous Coward
User ID: 4730959
United States
02/01/2013 04:16 PM
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Re: Failing Business Need Suggestions.
Park in Hood.
Anonymous Coward (OP)
User ID: 31039519
United States
02/01/2013 04:16 PM
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Re: Failing Business Need Suggestions.
burn it. move to india
 Quoting: Anonymous Coward 27212091


It's not worth getting caught.

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