crphillips
1st May 2011, 15:19
Our business does well but i'm wanting to move on with my life and my business but i'm struggling to do so due to cashflow.
A few years back we bought another business which went very badly due to being conned by the previous owners. I won't go into the details as it's quite lengthy but if your interested search my previous posts.
To cut a long story short we lost somewhere in the region of 330k and the previous owner has been in and out of jail since.
I have another business which does well but due to our increased debts after winding the other business up our personal outgoings are excessive. We've built up the other business and can cover our outgoings but we're always a little too close to the bone and we're constantly keeping our eye on the bank account.
This is a real shame as our business makes good money and we were on trakc to really going somewhere with it. We turnover approx 350k per annum and take around 80k-100k in wages.
In the middle of all of the trouble with the previous owners we missed some payments on credit cards, loans, direct debits.....etc but nothing too serious. We got caught up and have paid everything on time for a year or so.
Our bank, HSBC have been pretty understanding and we have a fairly decent relationship with our bank manager.
The thing is that we're not really putting any decent amount of money in the bank and we can't afford to expand. HSBC won't lend us any more money and I've got to admit that our bank accounts don't look too healthy.
I have two ways in how our business can progress. If i could just get my hands on 20k I could progress with these other two routes of revenue which would be sure to provide us with a much greater income. This would enable us to pay all of our debts faster and build the business as we would like.
Otherwise we'll simply carry on doing what we're doing and not advancing to where we want to be. The other avenues i'd like to expand into are fairly easy as they tap into our existing client base and are in the same kind of industry as we're already involved in.
The HSBC are reluctant to lend us any money. I already have a full order book for one of the services we'd like to offer but we just need the lending to make it happen. Do you think if i showed this to a lender they would lend us the money? I always feel with banks nowadays that they just tap the figures into a computer and if it's yes it's yes and if it's no it's no......there seems to be no personal judgements made by a real person any more or am i wrong?
A few years back we bought another business which went very badly due to being conned by the previous owners. I won't go into the details as it's quite lengthy but if your interested search my previous posts.
To cut a long story short we lost somewhere in the region of 330k and the previous owner has been in and out of jail since.
I have another business which does well but due to our increased debts after winding the other business up our personal outgoings are excessive. We've built up the other business and can cover our outgoings but we're always a little too close to the bone and we're constantly keeping our eye on the bank account.
This is a real shame as our business makes good money and we were on trakc to really going somewhere with it. We turnover approx 350k per annum and take around 80k-100k in wages.
In the middle of all of the trouble with the previous owners we missed some payments on credit cards, loans, direct debits.....etc but nothing too serious. We got caught up and have paid everything on time for a year or so.
Our bank, HSBC have been pretty understanding and we have a fairly decent relationship with our bank manager.
The thing is that we're not really putting any decent amount of money in the bank and we can't afford to expand. HSBC won't lend us any more money and I've got to admit that our bank accounts don't look too healthy.
I have two ways in how our business can progress. If i could just get my hands on 20k I could progress with these other two routes of revenue which would be sure to provide us with a much greater income. This would enable us to pay all of our debts faster and build the business as we would like.
Otherwise we'll simply carry on doing what we're doing and not advancing to where we want to be. The other avenues i'd like to expand into are fairly easy as they tap into our existing client base and are in the same kind of industry as we're already involved in.
The HSBC are reluctant to lend us any money. I already have a full order book for one of the services we'd like to offer but we just need the lending to make it happen. Do you think if i showed this to a lender they would lend us the money? I always feel with banks nowadays that they just tap the figures into a computer and if it's yes it's yes and if it's no it's no......there seems to be no personal judgements made by a real person any more or am i wrong?