AND the clock counts down to zero
Friday is the last day. By Sunday night certain decisions will be made as to the future of the CS/ED corporation. The present owner will be given the following choices in the next 24hrs.
1) Come up with about a $50k immediately. - (this is so unlikely that it is laughable)
2) Shut her down and walk away. - this choice puts every one on the street and is the "vindictive" persons' choice.
3) Close her down and reopen Monday under a new name. His association will be in name only. No more paying his family expenses via the company. No more paychecks for wife and children. He gets a percent of the business and nothing more.
If he takes choice 2 or 3 the silent partner and the CFO and possibly one other will gather $50K to open a new operation. If the present owner is amenable then we will move the company assets and accounts over to the new entity. This will include both CS and ED assets and accounts. We are hoping if he takes the amenable route that we will be able to make only small changes to our accounts with DirectTV, Echostar, Toshiba, Zenith, Time Warner, Cablevision etc, such as changing the Tax ID.
If he shuts her down and walks away we regroup and STILL open under a new entity. This company is sound and cash flow positive given two major changes. 1) No more paychecks for the owner's family and paying living expenses. 2) We move the location. Then the question is do we keep the CS accounts. Cablevision is almost certain regardless as to whether the owner comes along or not. TWC is not as certain but I think I can swing it. The rest of the accounts are probably pretty easy to maneuver from one business entity to another. We then have to go through the whole application process for DirectTV and Echostar again which was time intensive and at a critical time. Echostar is launching their local programming option sometime this month here in Albany.
As for me I need a week off. I need to decompress and get my head around a new challenge. I'm burned out and my "give a shit factor" is at an all time low. I will also start actively looking for another job. The job has kept me here partly due to the extreme outside chance I'd see the large amount of back pay and commissions owed to me. If the new entity does not take on these particular liabilities I don't see why I should stay for my pay rate. But at least there will be a place to go everyday and paycheck till I figure it all out.
I think that covers it. More later if I think of something.
Friday is the last day. By Sunday night certain decisions will be made as to the future of the CS/ED corporation. The present owner will be given the following choices in the next 24hrs.
1) Come up with about a $50k immediately. - (this is so unlikely that it is laughable)
2) Shut her down and walk away. - this choice puts every one on the street and is the "vindictive" persons' choice.
3) Close her down and reopen Monday under a new name. His association will be in name only. No more paying his family expenses via the company. No more paychecks for wife and children. He gets a percent of the business and nothing more.
If he takes choice 2 or 3 the silent partner and the CFO and possibly one other will gather $50K to open a new operation. If the present owner is amenable then we will move the company assets and accounts over to the new entity. This will include both CS and ED assets and accounts. We are hoping if he takes the amenable route that we will be able to make only small changes to our accounts with DirectTV, Echostar, Toshiba, Zenith, Time Warner, Cablevision etc, such as changing the Tax ID.
If he shuts her down and walks away we regroup and STILL open under a new entity. This company is sound and cash flow positive given two major changes. 1) No more paychecks for the owner's family and paying living expenses. 2) We move the location. Then the question is do we keep the CS accounts. Cablevision is almost certain regardless as to whether the owner comes along or not. TWC is not as certain but I think I can swing it. The rest of the accounts are probably pretty easy to maneuver from one business entity to another. We then have to go through the whole application process for DirectTV and Echostar again which was time intensive and at a critical time. Echostar is launching their local programming option sometime this month here in Albany.
As for me I need a week off. I need to decompress and get my head around a new challenge. I'm burned out and my "give a shit factor" is at an all time low. I will also start actively looking for another job. The job has kept me here partly due to the extreme outside chance I'd see the large amount of back pay and commissions owed to me. If the new entity does not take on these particular liabilities I don't see why I should stay for my pay rate. But at least there will be a place to go everyday and paycheck till I figure it all out.
I think that covers it. More later if I think of something.
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