Category Archives: Small Business

We Used Money From Sales to Keep Our Small Business Going. – RJS

“Dear Steve, My service based LLC business has about 100,000 in debt, for equipment that was sold this year. We do service and new equipment sales and when our service was not doing so good we ended up using the sales to keep us afloat. There is no garuntee of any kind, no signed documents [...]

We Owe $270K on Credit Cards From Starting a Business. – Esther

“Dear Steve, My husband and I opened a business we did all the remodel and inventory licences etc all on unsecured credit cards. I know this was a bad idea but we have done this before, however not this large and were able to pay them off. But since business became so bad we were [...]

I Lost My Job in the Detroit Auto Industry And Then Opened a Restaurant That’s Failing. – Paul

“Dear Steve, Long story… Lost my job with one of the Big three in August of 2008, a few months later I found a business opportunity… this is where it gets ugly. When I lost my job I had about $120k in savings and the job prospects here in Michigan didnt look that good. I [...]

I’ve Been Laid Off Three Times in Three Years. The Bills Are Too Much. – Deb

“Dear Steve, I am 3 times laid off in 3 years. I only have unemployment insurance coming in to support me and this may run out soon. I have no assets at all. I have lost everything in the last 3 years of lay-offs. I rent and own nothing else of value with no savings [...]