- Nov 10, 2002
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- Ontario
I read Tom's post about Rhonda's situation, and it brought back some horrible memories for us as well!!
We bought this business Jan 13/85
Sandie's DAD died Jul 22/85
Started a MAJOR renovation above the shop and BUILT a large and roomy apartment for one MISERABLE old mother in law!
Moved her in the following April, after taking time off from my family business (electrical contracting) during winter construction to make things ready.
Moved her in, got into a big fight with my DAD about taking time off from the business, and I had to leave, hoping the flower business could sustain both Sandie and I...it could not...we had to REBUILD the business from the previous owners.
I had to grovel, and wound up BACK at the family business!!
Summer of 87, the wild weather produced several heavy torrential rainstorms, and the huge drainage spillway near our shop became clogged with storm debris, and the whole area was UNDERWATER for two days, with Mikey and Sandie right in the middle of it, the storm waters didn't quite make it into the shop at the elevated ground level, BUT, the entire contents of our new fledgling business stock was lost stored in the basements of our shop, and our house, which is next door.
Insurance would NOT cover this particular type of natural disaster. We would have to sue the city, the city would have to sue the insurance, BECAUSE, the storm drains were NOT big enough to handle the aggresive water flows.
No money, no lawsuit, no money.
Dec 03/88, WITHOUT ANY NOTICE or warning, contractors move in heavy machinery, park them in the middle of my steet, and by the next morning THERE IS NO STREET.
From 3 weeks BEFORE Christmas, until 5 weeks AFTER Mother's Day, NO vehicular access to our shop,and we turn our home's backyard into a "temporary" parking lot, because our house driveway is the ONLY ACCESSIBLE entrance to our side by each properties.
in 6 months we lost EVERYTHING, 2 almost paid for rental properties, a paid for cottage, and gained a "PRIVATE" financing offer for our HOUSE, which was ALSO free and clear, for $52,000.00, which we COULD NOT claim as an expense, since NO ONE was interested in re-financing our business location, which was "failing".
THAT 15 year repayment plan ends on March 16/03, on top of our regular financing expenses,and lines of credit....
ALL TO PROVE that I would NEVER walk away from ANY calamity or disaster!!
Lost ALL our savings, lost ALL our properties, lost my confidence, and through all that....Sandie and I are still here!
We lost over $163,000.00 IF you include the private financing, and my advice to RHONDA IS....
DON'T do what WE did....KNOW when to walk away!! We didn't!
Mike
We bought this business Jan 13/85
Sandie's DAD died Jul 22/85
Started a MAJOR renovation above the shop and BUILT a large and roomy apartment for one MISERABLE old mother in law!
Moved her in the following April, after taking time off from my family business (electrical contracting) during winter construction to make things ready.
Moved her in, got into a big fight with my DAD about taking time off from the business, and I had to leave, hoping the flower business could sustain both Sandie and I...it could not...we had to REBUILD the business from the previous owners.
I had to grovel, and wound up BACK at the family business!!
Summer of 87, the wild weather produced several heavy torrential rainstorms, and the huge drainage spillway near our shop became clogged with storm debris, and the whole area was UNDERWATER for two days, with Mikey and Sandie right in the middle of it, the storm waters didn't quite make it into the shop at the elevated ground level, BUT, the entire contents of our new fledgling business stock was lost stored in the basements of our shop, and our house, which is next door.
Insurance would NOT cover this particular type of natural disaster. We would have to sue the city, the city would have to sue the insurance, BECAUSE, the storm drains were NOT big enough to handle the aggresive water flows.
No money, no lawsuit, no money.
Dec 03/88, WITHOUT ANY NOTICE or warning, contractors move in heavy machinery, park them in the middle of my steet, and by the next morning THERE IS NO STREET.
From 3 weeks BEFORE Christmas, until 5 weeks AFTER Mother's Day, NO vehicular access to our shop,and we turn our home's backyard into a "temporary" parking lot, because our house driveway is the ONLY ACCESSIBLE entrance to our side by each properties.
in 6 months we lost EVERYTHING, 2 almost paid for rental properties, a paid for cottage, and gained a "PRIVATE" financing offer for our HOUSE, which was ALSO free and clear, for $52,000.00, which we COULD NOT claim as an expense, since NO ONE was interested in re-financing our business location, which was "failing".
THAT 15 year repayment plan ends on March 16/03, on top of our regular financing expenses,and lines of credit....
ALL TO PROVE that I would NEVER walk away from ANY calamity or disaster!!
Lost ALL our savings, lost ALL our properties, lost my confidence, and through all that....Sandie and I are still here!
We lost over $163,000.00 IF you include the private financing, and my advice to RHONDA IS....
DON'T do what WE did....KNOW when to walk away!! We didn't!
Mike