I just received a HUGE booklet in the mail of the motion that Flying J filed for Chapter 11 bankruptcy.
In a way, I’m glad I lost them about a year ago; they owed me no money. This booklet has to be at least 100 pages of vendors they owed money. It’s crazy.
It brings up an interesting point that we face as commercial service providers. I’ve always enjoyed the personal relationships that mom and pops offer and never really focused on chain accounts and big corporate accounts. Dealing with small businesses has it’s own set of headaches, but at least if one of them files for bankruptcy or goes under, you don’t lose your business too.
What is a good percentage of corporate vs. mom&pop accounts to have when running a hood cleaning or pressure washing business? I’ve always heard that no more than 30% of your business should come from any one source.
Lesson learned from this:
Get rid of debt, before it gets rid of you! Flying J made gajillions of dollars, yet debt ate them alive unto the point they have now filed for bankruptcy. So, when you are thinking about that new fancy pressure washer or that new handy dandy trailer, make sure you have the cash to pay for it.
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