Monday, June 20, 2005

Talk about wanting to pull your hair out!

I am a very straight forward person, and I am very straight forward in my business.

I tell people and potential clients how we work, how much we charge and our fees. I put everything in writing and do not promise what I cannot deliver.

I also happen to trust people in a way that when they hand be a cheque, it is in the amount that I require and made out to whom it is suppose to be made out too. In other words, I don't inspect the envelope.

So it drives me up a wall when I wait for a client to show up with a $1000 cheque (Check for those of you who are from the US) in order to pay for the due diligence on a transaction for his company. Our terms sheet is quite clear, a non-refundable payment of $1000.00. I don't do this in order to grab a grand from a guy, I do it because it covers the cost (and a minor amount of the time) of the credit credit work, legal searches and registrations associated with the transaction.

So when I get a cheque from a client who expect me to advance funds in 2 days and it is made out to Prescott Thackery in trust with a note indicating that this cheque is not to be cashed unless a transaction is completed, I get really really pissed off. It is also one of those things that gets me antsy about doing a deal.

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