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Originally Posted by 6793026
Most of you must have seen Bill Gate's Ted talk before... If you haven't seen it.. don't worry, the one thing resonated with me was: countries spent billions of dollars on building missiles and war prep.... pandemic.. nahhh. Zero.. we don't care... we never thought a 'flu' would get us. Gotta say... totally hits home.
H1N1 and all the other flu started in Africa, never reached urban areas.... NOW... bam.. NY is in state of emergency, they are asking for 20,000 ventilators but nope, Trump will only give you 4000.
Few things about politics, these trillion dollars (USA funds & subsides. Canada is still billions) are the country's contingency funds (can only be assessed if state of emergency of provinces and voted thru by cabinet etc. If state of emergency of entire Canada is in place.... it's going to be a HUGE shit show; meaning... lock down + curfews (my guess) will be in place 1st.
Look at Canada, we are putting in roughly 2k per month for 3 months? and it could be as fast as 1st week of April. That's pretty darn fast for those who gets it; and to all you mofo lazy ass fuckers... it's money to tie you over a bit... not a fucking bucket to keep you lavish lifestyle.
Of course all politicians are asking for 75% of wages blah blah blah, no income tax, waive property tax, hell, give out free grants.... Don't blame them... it's like a kid asking for $100 for xmas... better start with $500 and then negotiate.
lastly.. steve nash gym lay off + 24 hr fitness... lay off....
Think of all the small businesses; I have someone calling me on Tuesday saying... FALLKKKK, I can't afford to fire my employees... they have been here for 10-18 yrs... severance will be huge... cause if this blows over, do i hire them again in 1 month. If I don't fire them,... I have a 90k payroll due April 1.... Tears were coming down from this 60 yr old established legacy business owner....
he'll lose his business and go into bankruptcy + someone will take shut the doors of his business (so he has to move his shit out).... AND he has to deal with his own mortgage payment.....
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I'd recommend this gent to really talk to his employees. Let them know the difficulty he's in and discuss an option. Bankruptcy is one, but the idea is how to not get there.
As you said, many of his employees are there for 10+ years. They should know the owner quite well already. If none of them are willing to share some loads, then he might as well just declare bankruptcy and be done with.
I do commercial RE investing for a living. Ever since the whole virus thing broke out, I've started discussing with my business partners and big tenants to prepare for the worst. Ultimately, no one is safe. I had to take some cuts here and there, but the whole idea is to make everyone easier to weather this storm. If no one's willing to take a step back, then the whole thing would simply explode. Thus, in difficult moments like this... discussion and transparency are KEY. Talk to them... the gent might find surprising things his employees willing to do.