How badly has your business suffered in this economy? - Page 6 - The Unofficial BMW M5 Messageboard (m5board.com)

Carbon Black · 12th February 2009, 18:16

I'm an individual tax accountant in a small firm. I'm looking to grow the business this year specializing in all areas for high net worth individuals (maybe not that many after this year) and investment partnerships.

Gustav · 12th February 2009, 20:21

Good thread. Keep the discussion flowing factually.

bluestreak · 12th February 2009, 20:45

I am looking to purchase a business actually, with two branches, that's weathered the storm without much affect at all really. Then trying to expand it and increase the local market share amongst the big dogs. The business is fitness oriented.

M5TekNYC · 12th February 2009, 22:31

Ah looks like its affecting all. I am an industrial designer for the automotive aftermarket and motor sports as well as interior design.ffice

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Business is down 70% cash flow is like dead. Good thing we have no debt and everything I have I own except the lease on the M5. No wife no kids so that helps as well. Lots of my friends are laid off and broke and with the collapse of some major companies we lost lots of our revenue generating accounts.

I also trade very volatile options and I am taking a beating up to 30k per day yet up 200k on others so it’s very hard to make money even with these risky moves.

I think the Obama plans are not going to help anyone and its going for the downturn for a long time. It’s a Global mess and I speak with people around the world daily and all we hear are sob stories.

What are you guys planning in regards to restructing your companies around to overcome this issue?

Should we all move to Fiji and trade in the M5 for a nice canoe?

pcl1977 · 12th February 2009, 23:31

Have a building materials business and it is hurting. Has been for about 2 years now. The business model is to try and just trim the fat. Don't spend any money unless you have to.

RonM5 · 13th February 2009, 12:57

After reading a few pages I feel guilty ... I have a medium sized bakery - retail + wholesale business supplying cafes like Starbux etc. Our sales are up 28% YTD due to our competitors falling over in service & quality. While some industries here are definately hurting, our industry is normally unaffected by economic conditions. Our customers see a coffee and cake slice as small indulgence or reward during a day so if anything, our sales usually increase.

Humans have to eat ....

shorts · 13th February 2009, 16:56

Quote:

Originally Posted by M5TekNYC

Ah looks like its affecting all. I am an industrial designer for the automotive aftermarket and motor sports as well as interior design.ffice

ffice" />
Business is down 70% cash flow is like dead. Good thing we have no debt and everything I have I own except the lease on the M5. No wife no kids so that helps as well. Lots of my friends are laid off and broke and with the collapse of some major companies we lost lots of our revenue generating accounts.

I also trade very volatile options and I am taking a beating up to 30k per day yet up 200k on others so it’s very hard to make money even with these risky moves.

I think the Obama plans are not going to help anyone and its going for the downturn for a long time. It’s a Global mess and I speak with people around the world daily and all we hear are sob stories.

What are you guys planning in regards to restructing your companies around to overcome this issue?

Should we all move to Fiji and trade in the M5 for a nice canoe?

Are you a buyer of options. Because Options are a poor value for buyers, I know because I write plenty of options with 40 or less days to expire and its amazing to watch how quickly those options decay in value.

IV collapse and theta is killing the buyers.

M5Express · 13th February 2009, 20:50

I own a company that builds fueling systems for Megayachts, Superyachts, and marinas and distributes other types of petroleum equipment. My business does not fluctuate much with the price of fuel because it is mostly project driven and I deal with large oil companies which have shown they are very lucrative despite fuel prices and economic downturns. Our 2008 was as good as 2007 and it will be a while before I know what 2009 will bring us. However, many of the projects that were already funded are being finished and I'm not seeing many come down the pipeline anytime soon becausee the banks are not just giving the money away right now. There are still a few, but not like we have seen since 2000.

As far as the political issues go, I loved Ronald Reagan so I am republican and we haven't seen one like him since. But it is my belief that we Americans should always back our president, especially a new one, until he gives us reason not to trust him. I believe in our freedom of speech, but we have the right to vote and with free elections come elected officials who are not popular with everyone. Let's not forget also that economies fluctuate with peaks and valleys and there is nothing one man can do about it. It's going to take a lot of people to help this mess and a lot of control to prevent the mistakes of the last 20 years. I just hope our new president can help the way he has promised he will, even though I didn't vote for him and even though he's going to raise my business taxes to what they were during the Clinton Era and maybe more.

God Bless America, we need the help right now.

m5baller · 13th February 2009, 22:01

Quote:

Originally Posted by M5Express

As far as the political issues go, I loved Ronald Reagan so I am republican and we haven't seen one like him since. But it is my belief that we Americans should always back our president, especially a new one, until he gives us reason not to trust him. I believe in our freedom of speech, but we have the right to vote and with free elections come elected officials who are not popular with everyone. Let's not forget also that economies fluctuate with peaks and valleys and there is nothing one man can do about it. It's going to take a lot of people to help this mess and a lot of control to prevent the mistakes of the last 20 years. I just hope our new president can help the way he has promised he will, even though I didn't vote for him and even though he's going to raise my business taxes to what they were during the Clinton Era and maybe more.

God Bless America, we need the help right now.

Nicely put!

jcnation · 13th February 2009, 22:53

My dads company has been hit pretty hard (residential home builder). They made some big cutbacks, but my dad and 1 other person were the only people in the company who didn't get their pay cut. Everyone else took at least a 20% hit, but hes still hanging on.

I'm still in college, so by the time I get out everything should be better.