Our oldest granddaughter is Avery. The light of our adult, mature lives, along with all our grandchildren. with Avery, we elected to be a part of the day care process and for the past 5 years, have held down each and every Monday, as the primary care givers, so needless to say, we have become close to the “Avestar”.
This past week she asked if we could play, “RESTORNOT”. (Restaurant). We made up a menu, placed certain items for sale, and charge money to customers. Simple right? except for one really important part, we have yet to comprehend. The “stuff” on the menu, the rent, the lights and heat and all the expenses of running a restaurant must be kept current in order to have a going concern.
Living in Portland, Maine, where “Playing Restornot” seems to be a favorite of quite a number of businesses. Maine is home to over 500 eateries. That is a lot of businesses, and we are chasing quite a few for unpaid services, goods, rent and a sundry of other items. It seems that the local purveyors and landlords fail when it comes to securing their interests. The account is signed. The goods are delivered, but the contract does not include a personal guarantee. Which means simply, when the establishment closes, there is no hope of getting paid. The personal guarantee is the only way that any business should do business with a restaurant. They fail. The failure rate is extremely high.
It is good business, especially in a community where tourists thrive. If you choose to do business with a restaurant, arm yourself. Demand a personal guarantee. When they refuse, take this as an omen. They plan to go out of business.
We recently acquired a debt owed by a local establishment.
Backstreet Grille. located in Sanford Maine. The total contract due is in excess of $33,000.00. CLOSED! permanently. Imagine for a second losing $33,000.00. Ouch!!!!! And this is but one of the many restaurants that we chase. Restaurants fail. That is what they do. Arm yourself. Get the guarantee so that when they do fail, you may have something to lien.
To learn more of our collections, visit us at United Obligations.