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05-03-2016, 02:26 PM #1
Reputation points: 50583
- Join Date
- Jul 2014
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Merchant averages 900K a month but has 7 open positions(restructured payments) and a tax lein from IRS with no payment plan currently in place.
Well sh*t.
The irresponsibility of this situation is reflected in this sentence 3x. For a Business doing almost 900k in sales and not able to manage their finances says a lot. They took out a first position without consulting a professional about their options and got caught up- understandable. This happens a lot. But what confuses me is why didn't the company (generalizing the situation) use the advances to pay a financial consultant, pay off some advances, and pay someone to review their finances and assist with the IRS issues.
In a sense- I feel these suggestions could have been offered 7x already with their 7 positions but instead either the Merchant or the Broker got really greedy. Now, in a deep dark hole of restructured MCA payments (red flag), tax liens (double red flag), and the obvious 7 stacks of untrustworthy "Broker Hopping"- they want help?
Not blaming you poster- as you are just looking for an outlet for a messed up situation, but think of those who put money into this deal and didn't collect.
#itsallaboutthecollectionsbabyAmanda Kingsley
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