blonde, going forward.

[12barblues]

Hi Matt,

The answer to this lies in the major shareholder's deep seated aversion to debt. I am not criticising this, its ultra prudent. It does however mean that any growth we do acheive is genuinely organic, as we can't invest to grow, or get any money to invest until we grow!

To give you an idea of how this debt averse attitude impacts, the business or any individuals in it are not allowed to have a company credit card. In practice I wouldn't need one but it would have helped the updaters booking hotels, flights, trains etc to do so through a card rather than funding through their own accounts and invoicing blonde.

Away from the updates, I'm frankly not sure if a "blank sheet of paper" and develop it business model would appeal to the banks at a time when lending volumes are so low. In essence I'd be going to them and asking for money to trade until the new model was up and running, when the success of that new model - -- lets say as a super affiliate of Ladbrokes, with all our players cardroom volume on blonde going to them in exchange for a nice percentage of rake-- would be uncertain at best

In reality, I am not going to be able to borrow from the banks. The central problem here is unsupportive and silent shareholders (with obvious exceptions thank you tikay) who are unprepared to back the business..that rules out a share issue for example to raise money

What would I use investment for? Well possibly

Well for a start greater IT resources would be +EV in many areas
Update enhancements, technology etc
Card-room promotion
Advertising (not necessarily expensive print media) to promote blonde away from our current members

All this would be costed, with benefits quantified and performance measured against these metrics but its a non-starter sadly.

why not just stop working on blonde, let the shareholders run it if they wish, if not let blonde die and you and tikay set up a new company without them?

We're getting to the nitty gritty of it now lol

Quite honestly this was suggested and discussed beginning around April last year

What can I say lol? er, ultra prudence and morals got in the way. I can't really say a lot more I am afraid

Then it is quite clear that you are not running a business; you are running a charity for the benefit of the 'sleeping' shareholders. 

Given that you have a potential investor who cannot do a deal because these shareholders think their shares have more than a nominal value, I suggest that you are being royally screwed by said shareholders and you owe them precisely what their shares are currently worth, i.e. the square root of sweet f. a.

All imho, obv.

[TightEnd]

Hi Matt,

The answer to this lies in the major shareholder's deep seated aversion to debt. I am not criticising this, its ultra prudent. It does however mean that any growth we do acheive is genuinely organic, as we can't invest to grow, or get any money to invest until we grow!

To give you an idea of how this debt averse attitude impacts, the business or any individuals in it are not allowed to have a company credit card. In practice I wouldn't need one but it would have helped the updaters booking hotels, flights, trains etc to do so through a card rather than funding through their own accounts and invoicing blonde.

Away from the updates, I'm frankly not sure if a "blank sheet of paper" and develop it business model would appeal to the banks at a time when lending volumes are so low. In essence I'd be going to them and asking for money to trade until the new model was up and running, when the success of that new model - -- lets say as a super affiliate of Ladbrokes, with all our players cardroom volume on blonde going to them in exchange for a nice percentage of rake-- would be uncertain at best

In reality, I am not going to be able to borrow from the banks. The central problem here is unsupportive and silent shareholders (with obvious exceptions thank you tikay) who are unprepared to back the business..that rules out a share issue for example to raise money

What would I use investment for? Well possibly

Well for a start greater IT resources would be +EV in many areas
Update enhancements, technology etc
Card-room promotion
Advertising (not necessarily expensive print media) to promote blonde away from our current members

All this would be costed, with benefits quantified and performance measured against these metrics but its a non-starter sadly.

why not just stop working on blonde, let the shareholders run it if they wish, if not let blonde die and you and tikay set up a new company without them?

We're getting to the nitty gritty of it now lol

Quite honestly this was suggested and discussed beginning around April last year

What can I say lol? er, ultra prudence and morals got in the way. I can't really say a lot more I am afraid

Then it is quite clear that you are not running a business; you are running a charity for the benefit of the 'sleeping' shareholders. 

Given that you have a potential investor who cannot do a deal because these shareholders think their shares have more than a nominal value, I suggest that you are being royally screwed by said shareholders and you owe them precisely what their shares are currently worth, i.e. the square root of sweet f. a.

All imho, obv.

Please post more.!

[tikay]

why not just stop working on blonde, let the shareholders run it if they wish, if not let blonde die and you and tikay set up a new company without them?

Well now.......

As Tighty points out, a scheme was proposed to us to do exactly that. I'm afraid I can't be doing with that sort of thing, & I never will. Short-sighted, obduracy, I know, but I just don't do those kind of things.

Borrowings? Again, I take the blame/responsibility for that. I'm just averse to running up debts we may not be able to service. It's an obsession of mine.

Turnover is vanity

Profit is sanity.

Cash is King.

It's ingrained in every cell of my body.

So no, I make things difficult by not sanctioning Credit Cards or borrowings. I plan to die with the squeakyiest cleanest Credit Rating ever. Credit can be an evil thing. See "credit crunch" & it's cause. Bear in mind, please, that I, & I alone, would have to stand guaranteed for any loans or borrowings, not the silent or non-active Shareholders. Everyone is on my case - "you should borrow, everyone else does" - but they don't have to stand guarantee for the loans. I do. So yes, this holds blonde back. It also ensures we cannot go bankrupt. If things went badly wrong, we just cease trading, owing nobody a bean. Anyway, is it really fair & proper for me to take on debt at my time of life?

I'll have to Post seperately as to the Shareholder situation, becuse it's quite complex.

Essentially, Dave started the business (not me, as suggested yesterday). Dave is now "silent", or "non-active", as are the other major Shareholders - Rhowena & Denis. All three desperately want to sell their Shares. Agreeing a price with would-be buyers is the stumbling block. The other Shareholders are myself, Jen, snoops, & Harry Demetriou. To cut any sort of deal, a majority is required. Here's the approx holdings.

Denis 27%

Me - 25%.*

Dave 19%

Rhowena 16%

Harry Demetriou 10%

Jen - 5%

snoops - 2%

* - I have pledged 3 of my Shares to another Sharehoder by way of thanks for services rendered, but I retain voting control of them until & unless sold.

Folks come in almost weekly to offer to buy Shares. but they always come to nothing, due to differing opinions on the value of the Shares.

My Shares have never been up for Sale, but if a majority voted one way, I'd be obliged to follow. A deal was agreed in the Spring of this year for new Shareholders to buy the entire Company, for an eye-watering sum, & retain the Staff, but it fell over at - almost literally - the last miniute.

If selling, or giving away, my Shares would aid the Company significantly, I'd agree without reservation.

Two "offers" for blonde Shares (not mine) are currently in train, but agreeing a fair value seems to be a problem.

There you go. Old skool obduracy.

[tikay]

Welcome back 12bar blues, you always cut to the chase eloquently......

Seperately, I just don't get all this "we  must have Credit cards" stuff. Why?

I stay in hotels 3 or 4 nights a week, & have never paid in advance yet. Credit Cards just delay the bill, & they can build up debts alarmingly if not strictly controlled.

I ran a business for the last 30 years of my working career, of which I was MD, & it employed 600 folks. Nobody - not even me - was allowed a Credit Card, or a Cheque Book. ONLY the Accountants. Accountants are a PITA, but they can, & shoud, control spend.

So, only our Accountant - currently Curtis Ledger (Sherff Fatman) has access to our Online Banking & Cheque Book. That won't change while I'm around.

[gatso]

I stay in hotels 3 or 4 nights a week, & have never paid in advance yet
 

maybe you should. a lot of hotels nowadays give a fairly large discount on advance payment

[tikay]

I stay in hotels 3 or 4 nights a week, & have never paid in advance yet
 

maybe you should. a lot of hotels nowadays give a fairly large discount on advance payment

No way.

boooking.com, cheapest, best, & don't pay a penny until the day.

I'm sorry, but this Credit Card debate is a red herring. Maybe even a blue herring. Either way, it's not relevant to the centrl issue.

[Claw75]

I stay in hotels 3 or 4 nights a week, & have never paid in advance yet
 

maybe you should. a lot of hotels nowadays give a fairly large discount on advance payment

this - by not paying in advance you could be pissing a lot of money up the wall which seems a bit ironic given your apparent inclination towards financial prudence

[Jon MW]

You can usually pay in advance by debit card as well as by credit card.

[lazaroonie]

I stay in hotels 3 or 4 nights a week, & have never paid in advance yet
 

maybe you should. a lot of hotels nowadays give a fairly large discount on advance payment

this - by not paying in advance you could be pissing a lot of money up the wall which seems a bit ironic given your apparent inclination towards financial prudence

here in lies another potential area for blonde to be looking at - possibly two levels of "blonde membership" which could include negotiated hotel rates, money off vouchers for casino restaurants/bars etc - the list is almost endless and the cost almost nothing - indeed a lot of these non-poker affiliate deals could generate revenue on their own.

so pay 0 pounds and you still get forum access and blonde news/results/pedia

pay x pounds and get a special "platinum blonde" membership card which gives access to the live updates, and all the non-poker affiliate deals which have been negotiated.

[tikay]

You can usually pay in advance by debit card as well as by credit card.

I don't pay in advance for Hotels. Why should I, or anyone?

Anyway, it's a trifle, & not relevant.

[Eck]

You can usually pay in advance by debit card as well as by credit card.

I don't pay in advance for Hotels. Why should I, or anyone?

Anyway, it's a trifle, & not relevant.

Book in advance and pay as late as possible. For someone that claims cash is king your working capital management is pretty shocking imo.....


luv PITA 

p.s. look forward to seeing you all tomorrow 

[Jon MW]

You can usually pay in advance by debit card as well as by credit card.

I don't pay in advance for Hotels. Why should I, or anyone?

Anyway, it's a trifle, & not relevant.

Because it's cheaper

But yes.

[DesD]

You can usually pay in advance by debit card as well as by credit card.

I don't pay in advance for Hotels. Why should I, or anyone?

Anyway, it's a trifle, & not relevant.

Book in advance and pay as late as possible. For someone that claims cash is king your working capital management is pretty shocking imo.....


luv PITA 

p.s. look forward to seeing you all tomorrow 

Spot the Sky employee 

[tikay]

You can usually pay in advance by debit card as well as by credit card.

I don't pay in advance for Hotels. Why should I, or anyone?

Anyway, it's a trifle, & not relevant.

Because it's cheaper

But yes.

No it's not.

I'm Duffy-Trained.

[owen1923]

Got to admit reading through this thread has left me feeling a bit of a fraud, as you can see I am not a regular poster, but I do read through the forum most days and keep up to date with the major event through the updates.  Take Take Take, is all I have ever done.

Bit late I know, but just registered with the poker client and made my first deposit, will play my ipoker games on blonde from now on.