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Re: I think I want President Obama to fail in re-election bid...

Posted: 01/31/2012 8:40 AM

Re: I think I want President Obama to fail in re-election bid... 

ZK686 wrote:
kaigerugby wrote: Hopefully not that company in which the local guy sold it off to out of town investors a couple of years ago who then had the bean counters come in and reduce the pay to all the old brokers.

I heard the old brokers left along with the clients and sales for the company are about half of the pre acquisition numbers.  

The  bean counters were in town in the last couple weeks going over the books trying to make decisions on what to do. since they screwewd it up...Their client  relationships were a valuable asset the bean counters did not consider. 

It's a shame since some companies are doing very well in town and expanding market share. 

At least your company has land to sell off which is good considering ag land is way up in value.
Actually, the only reason my company is having problems is because of their bank.

When I hear people talk about how power-hungry and corrupt banks are, I now know why.

Our bank refused to give us our crop loan last year, the same loan we've been getting from them for the last 20 years (we later found out that they had decided not to give the loan because they felt they could get more money on the land if we went into bankruptcy and they repossessed it). They had literally waited until the start of fruit season to tell us they were not going to give us our yearly crop loans, and they wanted to structure a different deal. A deal that was not good for the farmers (higher interest rates, less money, more power to control our land).

By the time they told us about this "new deal" it was already April. The owners, who are just everyday farmers, were left scrambling to get financing, but by the time a different bank agreed, it was too late. Our stone-fruit trees must be pruned/trimmed no later than March, and we finally got our crop loans approved by another bank in May. But the damaged had been done.

And it started a downward spiral after that..not properly maintaining the trees, leads to damaged fruit, damaged fruit leads to less sales, less sales leads to company cuts....

So, now they have decided to sell off some land...and using that money to finance the crops.

It's a huge mess, and it all started with our bank just laying around and deciding at the last minute not to finance us with the same structured plan we've been doing for 20yrs.
I disagree, it all started with complacency based on 20 years of things just happening...with things changing all around you in the world of finance, why would you not have a contingency plan in place for financing? Even though you're asking for money, you are the customer...remember that, too many times people feel like it's the bank doing them a favor by loaning them money, the fact is, that's one aspect of a banks business...that's the product.

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