I'm in the Hvac/Ref. business, our customers are primarily restaurants and bars. We are going to be much slower now, right when we usually start to pick up after the colder weather. The business was already in a rough spot since our office was hit by a tornado back in Oct and haven't gotten much straightened out from any of that yet. The office/warehouse is still waiting for repairs and all of our parts/inventory/files are scattered amongst different storage buildings/pods and in different cities. Also, since we are considered "essential" we are still working, which is great, except if this virus IS actually as bad as THEY say it is, then the employees are all potentially putting themselves and some of their family members at risk. I've also been making plans to purchase the business from the current owners but last year has ended so chaotic (plus a huge net loss) now this situation, I'm not sure what to do now. I recently purchased a house back in Dec and it's a "handyman's special" so although I got a great deal, it needs hella work and I've been tied up with that outsidebof work. Honestly, it's probably not even worth putting any money into the house itself, but the property has value, even if the house standing doesn't. Due to the situation, I'm now considering waiting a few months before making any other big financial decisions. It's funny I used to think the "economy collapsing" was right around the corner starting in about 2010-12ish. Believed it until about 2016-2017 then totally quit caring and preparing by 2018. What timing lol.
Stay strong, take care, we'll get through it.
RE: Cutbacks - needed or not
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Cutbacks - needed or not
Hard times.
Yep, we are in the same position.
I am guessing that if this is prolonged, the business you are looking to buy is going to get a little bit cheaper? or perhaps since it is essential service...
I knew it was coming, I estimated 2 years from now and that would have been great... bloody flu season!
Stay well and hopefully things blow over relatively quickly - without us becoming zombies.
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Absolutely!
It hasn't been easy to stay optimistic (at least not while preparing for the worst) but there are so many positives that can come from this and even more business opportunities to take advantage of, it only makes sense to be looking at it through that lens (the majority of the time). I guess finding balance between being/feeling "somewhat" prepared for basic survival while simultaneously planning/making moves to advance oneself.? Some suggest we burn all bridges (go big) and give ourselves no choice but to succeed. I think it's a great idea, but tough to put into practice facing unknown levels of economic disaster.
Thanks, you as well.
It had better, I'm not prepared for the zombie apocalypse(yet)!
Come 2030 though.... bring it!
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The problem with opportunities is, you have to be prepared to take them. I am not currently at a financial level to do so with most....
I am guessing that many will go big and fail big, but there will be enough survivors that succeed. It is hard to know how long this will go, but I think that it might trigger a much larger collapse and destabilization.
Zombie apocalypse is still on the cards.
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