I hope someone learns from some of my mistakes.
We had a warehouse which we could use as office so we didn’t need the office space we rented.(A mistake you should avoid)
One good thing was that we had separate bank accounts for them and kept the funds separated.
The benefits of having a lawyer can never be over-estimated.
And make sure every agreement is well documented and filed. NEVER BE CONTENTED WITH VERBAL AGREEMENT.
You see, I used to have this trait, when I start using a product or company, I start getting so attached to them will become loyal.
Skye Bank approaches me those early days, I asked what they could do for me to make me ditch Zenith Bank,
I hate owing anyone money and I had this mindset that owing banks money was bad. (Another mistake)
If you know what to do with money, use their cash.
That’s how I stuck with Zenith Bank.
We were manufacturing and importing our products and I normally made wire transfers to my manufacturers in both Italy and India.
Then at some point, I decided to raise a Letter of Credit(L/C)
Everything was done & funds moved to the company. Bank received shipping documents but refused to pay the duty as agreed.
This was where the problem started.
Every effort and proposals made to ensure the goods were cleared were not successful.
We didn’t have enough cash to sort out the duties and shipping costs plus demurrages which were increasing rapidly.
Always ensure you have enough cash to sort out all charges and if you are doing multiple containers, issue single bill of ladings
Actually, I was reliable informed that their boss(name withheld) gave them as gifts to some people.
I made mistakes, I learned from them and I’m conquering still.
Thank you for reading.