When dealing with billionaires, get the $$$ up front

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I’m reminded of a story a friend used to tell. One family in the community would not pay their bills. If you gave them credit, they would refuse to pay and see you in court. There they would negotiate a settlement for pennies on the dollar.

I wonder how long you can get away with such shenanigans. There’s a sucker born every minute. Especially if you are Elon Musk.

The lesson has little to do with billionaires and more to do with good business practices. Any order that requires a significant investment of time and materials requires a deposit before you begin fulfilling the order. Contractors won’t start work without a deposit - and further partial payments as work progresses. Want some furniture from a store - you’ll pay a deposit before they make it.

Small bakeries need to do the same thing. Never let a big name talk you into ignoring good business practices. They’d get payment in full up front for a wedding cake (maybe a week or two before delivery if not at the time of the order). Gotta do the same for every big (and small) name business in the area. The “good” customer terms might be half up front and the balance at delivery.

–Peter

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Is Tesla’s reputation worth less than $6,000?

The Captain

wonders who will get fired…

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When we built our retirement house, our contractor and many subcontractors told us the story of the most expensive house built in the state. It was 15 minutes down the road and on the river. The guy sold heavy duty construction/earth moving machines world wide. Basically stiffed everyone and declared bankruptcy at the same time he was getting divorced. People lost $$$ and not sure how they stayed in business.

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Amazingly, the media put some closure on the “Tesla stiffs Black small business pie shop” story.

Yes. All the media are shouting that it’s a Black owned, women owned, small business.

When Elon found out about it, he immediately fixed the blunder.

The publicity is a windfall for the pie shop

The pie shop had to close on Monday, in order to fill the massive uptick in orders.

The owner interviews sounded like the shop was “struggling”. If she leverages this publicity well, it may be her chatgpt moment.

Everything Musk touches, benefits!

:grinning:
ralph points out also that Tesla brags about its supply chain relationships.
Tesla ain’t gonna throw it’s reputation away over something like this.

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Meanwhile, saw a piece on the wire this morning that a “thought leader” is insisting he is so rich he doesn’t need to post a bond while he appeals a big judgement against him.

Steve

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No bond = no appeal. Give it a few weeks. It will get “interesting” when the actual date to actually file an appeal (i.e. “fish or cut bait”) is fast approaching. No bond posted means judgment becomes final after the appeal period ends and can be sent to the attorneys for collections.

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A sheriff’s auction in front of a Wall St. building would be interesting.

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$2 is WAY overpaying.