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By Gary Quinnett on November 15, 2009
Suppose that your customer owes you $50,000. Further suppose that your good friend the oil and gas well lien cannot help you since the debt is 12 months old. In order to avoid a breach of contract lawsuit, the debtor agrees to sign a promissory note, which provides for regular monthly payments on the principal […]
By Gary Quinnett on September 16, 2009
In the last six months, I’ve repeatedly heard “we’ve never had a problem with bad debts until now.” Here are some tips: Be deliberate about your credit policy. Identify high-risk customers, and mitigate that risk wherever possible. Use up-front payments, personal guarantees, co-signors, accrued interest and liens. Start early. Amex sends me an electronic notice […]
By Gary Quinnett on August 10, 2009
Seneca (4 BC – 65 AD) said: It is not that we have so little time but that we lose so much. Life is long enough and our allotted portion generous enough for our most ambitious projects if we invest it all carefully. But when it is squandered through luxury and indifference, and spent for […]