It's hard for me to talk about without breaking confidences, but this type of stuff is happening everywhere.
Banker called me panicked today and said he had three borrowers warn of default. Two business owner friends called to discuss layoffs and how much "runway" they have.
Banker called me panicked today and said he had three borrowers warn of default. Two business owner friends called to discuss layoffs and how much "runway" they have.
Everyone is either hurting or in denial. If you have long feedback loops (B2B contracts), it might be easy to look at revenue and not see a problem. But, my guess is that your earliest KPI around bid activity are off a cliff.
No small business has a fortress balance sheet. In practice most business owners don't live month-to-month, but they do live quarter-to-quarter. And, most are low-margin businesses with customer concentration.
Most small businesses, and especially hospitality-based, are toast.
Most small businesses, and especially hospitality-based, are toast.
There's so much pain here, or coming soon. Our businesses will still suffer, but should be fine.
I'm just devastated for so many owners who have worked a lifetime to build and will lose everything. And, for the many long-time employees who will soon be jobless.
I'm just devastated for so many owners who have worked a lifetime to build and will lose everything. And, for the many long-time employees who will soon be jobless.
My DMs are filled with questions and anecdotes. It's crushing. Here's a good example:
"Call from rural hospital CEO. Already almost out of cash and can't make payroll without elective surgery after next paycheck."
"Call from rural hospital CEO. Already almost out of cash and can't make payroll without elective surgery after next paycheck."
