I wonder who?

[wide eyed and legless]

The house he was working from originally in Lyndhurst was a rental. He moved to Langwarrin last year I think to another rental property. So he's also broken the lease on that and left an owner without his rental returns. Not to mention the rent he hasn't paid on his factory in Dandenong.
Some people just have no business acumen what so ever and he is one of them. Just had no idea what so ever about how to run a business. So many times he wouldn't invoice me and I had to remind him to send me an invoice via pay pal so I could pay it. So I can only imagine I wasn't the only one. There were numerous Saturday's I would call him to see if the shop was open and he was at a play centre with his kids or out shopping with the wife, saying that it's not worth opening on Saturdays. What did he expect? People got sick of driving all the way there to find he was closed so didn't bother going anymore.
Or he would Close early to go get the kids from school etc. trying to run a business and baby sit his kids whilst his wife worked a full time job. It was never going to work.

He should have stuck with selling grains and hops via his website and his garage. I remember when he first told me he was setting up a shop, the first thing I said was are you going to make enough money to cover rent etc?
Obviously not.

If your going to make a success of a business it is a 24/7 commitment, especially when starting up, cutting prices to the bone doesn't help anyone, customers will pay that bit extra if you make service the priority, and the homebrew market is small with an oversupply of outlets to make good money, with just a few exceptions, are you sure Truman when you asked him if he was going to make enough money to cover the rent and other overheads he didn't give you a smile and a wink

Anyone heard what the debtors are going to do, I really hope the ATO has been put in the picture .

 

[Liam_snorkel]

no use suing someone if they're broke.

 

[zeggie]

Seen hes deleted all his posts on Facebook but is posting overseas looking for customers....

Didnt even have the business knowledge to register a Pty Ltd. He really must be as stupid as he sounds. He's probably dodgy enough to transfer all assets out of his name when he came to the realization he had spent everyones money.

His "apologies" and "over his head" count for nothing if he doesnt taken ownership and try to resolve the issue.

 

[wide eyed and legless]

True Liam, but they can at least put a bankruptcy notice on him if he doesn't apply himself, it costs about $500 to $600 dollars for the notice and all the other searches that has to be done. Reality is the debtors will not get that money back but at least they can have the satisfaction of making him bankrupt, as you can see in the posts on FB he intends to come back as if nothing has happened and it will be business as usual.
As for the ATO he hasn't got anywhere to hide from them, that is if he comes back.

 

[Yob]

I'd like know where he's getting the capital to start this import export venture..

More victims in the firing line it seems

 

[zeggie]

ATO would definitely be looking into him. 1 or 2 hundred grand just doesnt disappear.

 

[Yob]

I feel sorry for the wife and kids, trekking round the globe following his destruction and incompetence.

 

[Goose]

If your going to make a success of a business it is a 24/7 commitment, especially when starting up, cutting prices to the bone doesn't help anyone,

Notwithstanding poor general management, this is what I reckon killed his business....

 

[Yob]

tot..

The man has negative customer care factors, any business that has as much disregard for its clients as that ****** is bound to fail.

CBC failed because it stopped giving a **** about people, the arrogance and disdain he has shown for his clients is astonishing.

 

[Goose]

seems clear from the demand CBC had they were onto something that could have had a recipe success,....a real shame it went pear shaped...

but fwiw leaving aside the emotional arguments, treatment of creditors, the failure in the business model (or lack of) as I see it were;

i) a prudent and conservative supplier requiring full payment on one side and on the other a customer that will not (and should not) pay within a period after receipt of goods, hence a misjudgement on the degree of working capital investment required and insufficient reserves to buffer
ii) no tangible assets which could be collateralised for a loan as credit facility for liquidity
iii) a failure to understand the underlying forex exposure risks and/or no will or means to hedge such exposure.

I'll go back to emotion ...damn pity..

 

[wide eyed and legless]

Anyone would have to be either mad or both to not take into consideration the first 2 points mentioned, and if, has he has already shown himself to be willing to put his profits last through lack of a decent mark up then maybe his business plan (or lack of one) wasn't so clever after all. Unless his plan was built on deceit, someone has already mentioned that he was a bankrupt in the US over a $600 debt seems hard to believe that someone would go bankrupt over such a small amount, he probably figured next time he has to go bankrupt he will up the ante.
If he was serious, and it was such a recipe for success why did he not advertise for a cashed up business partner, why take off to America,where is the guy he was in partnership with has he left him holding the baby.

Yob were you being serious when you asked where he got his capital from to start his next venture!

 

[fcmcg]

Anyone would have to be either mad or both to not take into consideration the first 2 points mentioned, and if, has he has already shown himself to be willing to put his profits last through lack of a decent mark up then maybe his business plan (or lack of one) wasn't so clever after all. Unless his plan was built on deceit, someone has already mentioned that he was a bankrupt in the US over a $600 debt seems hard to believe that someone would go bankrupt over such a small amount, he probably figured next time he has to go bankrupt he will up the ante.
If he was serious, and it was such a recipe for success why did he not advertise for a cashed up business partner, why take off to America,where is the guy he was in partnership with has he left him holding the baby.

Yob were you being serious when you asked where he got his capital from to start his next venture!

I have been asked by the supplier , who has now been paid , to delete references to money that was owed.this has now been done .
The supplier also said that it was heresy that Micah was a U.S. bankrupt.
I withdraw.

 

[Yob]

Yob were you being serious when you asked where he got his capital from to start his next venture!

a little yes, but I think we all know (or suspect) where is was gained

 

[fcmcg]

Just listened to the podcast....
Not a shred of regret....
Micah has more turns than an outhouse rat

 

[Ducatiboy stu]

Sort of sounded like

" Yeah well this happened, and then that happened, and after that some more things happened and I was in a spiral when that happened and then some more things happened."

 

[Mardoo]

"I'm a ******" doesn't excuse ******* people over.

 

[Camo6]

I actually fell asleep listening to the podcast last night. Must've been the calm, level tone of voice that would probably have kept a polygrapher awake all night.

 

[manticle]

He did no wrong. Everyone else's fault.

 

[Yob]

^^^ sarcasm font missing ^^^

Just on case anyone misses the connotation

 

[manticle]

I have listened to most of the podcast. Pretty much summed up by the following statement

'Running a business is really hard. There's a lot to do and it's hard.'

Same excuse my workplace has been getting from a large number of external contractors. Powder coating and getting a smooth finish is really hard, getting soundproofing apparatus, equipment and sundries to North Melbourne from Hallam is really hard, supplying a product you advertise being available on time is really hard and replying to politely phrased enquiring emails is damn near impossible.