phloydius
Veteran Member
I have no information on WHY this company moved. But...
From what I have heard, in general Texas is more business friendly in court, as long as the business "is in the right", otherwise it can be much more harsh.
CORP/BIZ Trucking companies in danger, invoice factoring Co files bankruptcy stops paying freight brokers
- Thread starter Hfcomms
- Start date
I have no information on WHY this company moved. But...
From what I have heard, in general Texas is more business friendly in court, as long as the business "is in the right", otherwise it can be much more harsh.
We use a Texas factor company and we don't have to deal with load boards or brokers. Every fuel card company also has their finger in the factoring business.
We are oilfield trucking servicing drill rigs and then hauling production water for disposal.
We got out of heavy haul and brokered loads in 2018.
Everything is more lenient than in kaliforicate.
I have the same impression. If there are trucks not driving it must be some other place like the Twin Cities where they were advertising $5,000 signing bonuses. Yet the highways there were crawling with trucks. Odd. Maybe it is the RR's that are not running and throwing the loads onto trucks.
intothatgoodnight
. . .
As with anything, there can be "bad players/elements." One of the interesting aspects of the factoring business is that it IS (mostly) UNREGULATED.
Small factoring companies are often well-connected into small private pools of money, that can be capitalized by several small successful business folks, themselves (country-club bunch, local business clubs, etc.) - or, professional class folks looking for a place to park extra cash/ROI that can be entered/exited without too much hassle.
Think for a moment about sources that are local (to you), where a small business can quickly obtain short-term capital/bridge loans at interest rates that are survivable - beside a bank, for instance, exactly WHERE would YOU turn, right this minute, to tap into potentially local/regional source of capital or bridge loan? Are you connected into these small-time investors/capital pools such that you know "who to call" when a pending business revenue shortfall needs bridging?
As with everything - caveat emptor.
intothegoodnight
intothatgoodnight
. . .
Small government contracting companies, despite black-letter contractual agreements to the contrary, would find "90 days" an absolute ray of sunshine - I have seen aged invoices running as long as 243 (IIRC) DAYS - we are talking over ONE HALF a year, in this example - $150K outstanding - the small contracting operation was SCRAMBLING to keep the light on. 120 days is not untypical in certain small business FedGov contracting sectors.
Brutal.
intothegoodnight
Texican
Live Free & Die Free.... God Freedom Country....
Years ago, I was on a flight with a gentlemen that owned a construction company and we were talking about companies and WalMart came up n the discussion.
The gentlemen was not pleased with WalMart for he had completed a building for WalMart and went to collect the 10% retainage and he stated that WalMart gave him a check for 5% instead of the 10% and he was told if he wanted all of the 10% to go to court and he would probably only get the 5% after paying legal fees. The gentlemen took the 5% and never worked for WalMart again.
Changed my mind about working for WalMart.
I did work for Kmart before they closed all of the local stores.
Texican....
Loretta Van Riet
Trying to hang out with the cool kids.
This sure smacks of 2008 bubble bursting, domino falling disaster!
Here we go, again!
Here we go, again!
intothatgoodnight
. . .
The difference in 2021 - is there enough funny-money to prop the financial system up, "one more time," like there was in 2008?
intothegoodnight
TKO
Veteran Member
No worries. The raghead trucking companies should still do well.
West
Senior
I've always been amazed at how the banksters have convinced private enterprise to pull loans to cover regular expenses, instead of banking their own expenses. I know that the money can be used elsewhere and it makes it look good to the tax man but greed has been their downfall.
The banksters could not of done it without never ending fiat.
I've talked to even the small time bankers and they honestly believe their own BS, of how they save jobs by providing loans to cover expenses/payrolls.
IMO, if you can't cover normal expenses you should not be in business. And if you don't cover normal expenses to gamble or even expand business, while using the bankers monies, its risky and if they lose they should not be bailed out again and again. This is madness anyway.
The banksters could not of done it without never ending fiat.
I've talked to even the small time bankers and they honestly believe their own BS, of how they save jobs by providing loans to cover expenses/payrolls.
IMO, if you can't cover normal expenses you should not be in business. And if you don't cover normal expenses to gamble or even expand business, while using the bankers monies, its risky and if they lose they should not be bailed out again and again. This is madness anyway.
