Retailers Forum Feb. 2021 EMAG

forumworkshop
FORUM WORKSHOP
You can avoid both thieves and the honest
business people who simply spent more than
they could afford and now canʼt or wonʼt pay
your bill, by saying “no” when the accumulated
debt is two months old. Why not three or four?
Because you have a chance of collecting on a
month or two of back debt.
The last year I owned my business, two of my
best customers (and favorite people) went
bankrupt. Both paid my bill before they did. One
left the state, the other took Chapter 11 and
eventually sold out (John Feltʼs Heritage Keepsake).
But before that happened, I called on
them often to find out if I could do any more
work for them. I had extended both credit. (I
never let a bill get more than thirty days old before
I personally went to collect and never did
more work until the old bill was paid.) I would
Page 68 FEBRUARY 2021 | RETAILERS FORUM MAGAZINE
drop by periodically and solicit
business. The business never
came my way. I felt bad and
started to wonder what I was
doing wrong – what I was
doing to make them unhappy.
I wondered if I had lost these
two customers to some other
typesetter. I tried to figure out
why they didnʼt use my services
any longer.
I found out why after they both went out of business.
It was because they thought enough of
me and how I ran my business that they did not
want me to be a victim of their circumstances.
Long before a business goes bankrupt, the
owner will know that it is a likely possibility.
continued..
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