Retailers Forum November 2023 EMAG

FORUM WORKSHOP
I made it a rule never to extend credit to anyone
who didnʼt have a place of business. It is too
easy just to give up if you have not invested in
a place. I assumed that these people were
going to see if being in business worked; they
were not necessarily going to work at being in
business.
New restaurants
are one of
the highest risk
businesses of
all. The start-up
costs for interior
decorating and
equipment are
enormous compared
to most
retail and serv-
forumworkshop
Page 46 NOVEMBER 2023 | RETAILERS FORUM MAGAZINE
ice businesses. In fact, any business that has
had to complete its interior space, starting from
the walls out, is at a high risk. The restaurant
that moves into the already decorated space
(after the original owner failed) is at a distinct
advantage but still is a high risk. (This does not
include franchises, since you have to have a lot
of capital to purchase one. Franchises are an
excellent credit risk.)
PAYMENT HISTORY
I never gave credit to a new client, except some
I inherited from my partner Fredʼs print shop.
After I received payments in full, on time, for a
year, if someone asked me, I considered how
well I knew that person and what I thought
about his or her character.
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