361. 60 days late on SBA, 30 days late on rent, goal is survive another 65 days

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Episode Transcript

Speaker 1 (00:01):
Good morning.
So today there's a little bitof traction with the bank and
lenders wanting to get paid.
We'll just say that.
So I got a call yesterday fromoh gosh, where was it Got a call
from one of the.
So my bank, my bank, bothunderwrote the loan as well as

(00:24):
they are servicing the loan.
So they, they created the loanwhen I got the loan and now,
like, I make my monthly paymentto the same bank.
So there was no broker involved, so it's the same entity.
But he just some guy from thebusiness, from the bank said hey
, nathan, this is so-and-so,give me a call at your earliest
convenience, or my businessbanker could me call your

(00:47):
earliest convenience, somethingof that level.
So very, very easy going.
They're still in collaborationmode.
I called my go-to banker likefour months ago and said hey,
man, like I don't have the cashto do this, I things are going
to start slowing down.
Like what are my options?
And I think I did an episodefor that.
I can't remember but the gistof it.
We said well, you don't want todeclare bankruptcy.

(01:10):
If you do that, you'll neverget a.
Like he literally said it'll bevery difficult to ever get a
business loan again.
And he used the word againalmost like my life was over at
33 years old and I've still gotanother 80 years of runway to go
.
Over at 33 years old and I'vestill got another 80 years of
runway to go.
So I know, right then, andthere I'm not going to be able
to listen to any of the rest ofhis input because he's jaded by
fear and putting that fear ontome.

(01:32):
So that's not, that's a no go.
I said no, that's not true.
Um, and then what else happened?
Uh, shoot, I'm supposed to turnleft there.
I was supposed to turn leftthere.
Um, hmm, how am I gonna do this?
Uh, so apologies about that.
So I know my business bankerisn't gonna be very helpful,

(01:53):
because if he's being truthfulthen he doesn't know the right
things, and if he's beingdeceptive then I know I can't
trust him.
So, either way, I know he's nota good source of information.
So yesterday I got a call from arandom person representing the
bank saying hey, let's talk.
And so we're talking.
I'll just ignore him for now,because I need another 60 days
of runway, the way I see it asof today, and these episodes

(02:17):
aren't going to get releaseduntil everything is said and
done, so no worries on that, butthe bank is currently 60 days
behind on payments.
So they were supposed to getpaid 60 days ago, didn't pay
that.
Then they were supposed to getpaid again 30 days ago.
Is that the timeline?
I can't remember now, and so,anyhow, I'm behind on the bank.

(02:41):
I'm only 30 days behind on therent, and so they're the ones
that I'm more scared of, becauseif the bank shuts it down, then
you're guaranteed everything isdone.
If the landlord shuts you down,it's likely that things are
done, and so, either way, all Iknow is that there's no reason
to be afraid, and so right nowI'm just playing the who can I
delay?

(03:01):
Game, and so I'm scheduled tomeet with my attorney on my
bankruptcy situation this Friday.
They get dibs on my time If Iignore everyone else.
I mean, it doesn't, it buys metime.
If I, if I'm highly engaged andcommunicating and interactive,
then I'll either be gaslightingthem, and then they'll just get

(03:22):
fed up with me, or they'll.
If I am straight up, like hey,here's exactly how many days
behind I am, here's my checkingaccount, here's how much I'm
going to be behind on salesevery month, and I give them,
like all of my behind the scenesinformation.
They'll just see yeah, thisthing is not.
It does nothing to let thebusiness stay open.
They may as well just close theaccount now, and so that

(03:42):
expedites destruction, andthat's my assessment, that's my
assumption.
I'm sure someone else wouldpush back on that.
But all that to say, based onthose options and outcomes, it's
best to not engage on thatfront, and so my goal is to make
it another.
What day are we at?
October 9th, my goal is to makeit another 65 days and then

(04:05):
close things from there, and soanything that impedes that I
should avoid.
So the outcome is going to bethe same and the doors are going
to be closing.
There's going to be abankruptcy, it's due to a
business failure.
Uh, there's no benefit totrying to.
Anyhow, I'm blabbering far toomuch.
Hopefully, this episode can beshortened up when the book comes

(04:26):
out, which, yes, I do want toturn this all into a book
someday, and right now we'rejust going to play that game.
So, uh, yeah, we'll call itthere.
So I'm not stressed.
I'd be stressed if there was away to save the business versus
not save the business.
The business is not savable.
That is an undeniable scenariohere, and so I'm going to engage

(04:50):
and interact as much as Ipossibly can.
At the end of the day, I'mgoing to care for the members,
I'm going to take care of mypersonal future and I'm not
going to lie to anyone and I'mnot going to hurt anyone along
the way.
And unfortunately, my cratersare going to get dinged from

(05:11):
this, and that's unfortunate, asyou can tell from my voice.
So I'm going to just pausethere.
I've made my point.
We're going to go enjoy life.
We're going to go be purposefuland live to fight another day.
That's where we're at at.
That's where we're going.
That's rock and roll.