Mike AndesFounder, Augusta Lawn Care and Homeworks · Founder of Homeworks and Augusta Lawn Care

Too Much EQUIPMENT... Not Enough WORK

16 Jan 2025 · 1 min

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0:38

A junk removal business is drowning in debt: $30k maxed credit card, $245k in truck loans, hundreds of thousands more owed, while pulling in $150k-$200k yearly. The owners haven't paid themselves since February and are deciding whether to shut down.

Questions this video answers

$30,000

$115,000 and $130,000 (approximate figures quoted for two trucks)

$150,000–$200,000 (estimated)

Since February (no year specified)

“Hundreds of thousands of dollars worth of debt” (quoted)

This junk removal business is $30,000 on a credit card.
Yeah, we're maxed out. Credit card is maxed out. $30,000. We have zero money in the bank.
They have hundreds of thousands of dollars worth of debt.
115,000 in the dumpsters.
And this truck right here, we owe about 115, and then the other one's 130.
And they haven't paid themselves as owners for several months.
Me and my wife do all the work. We just work every day. Since February, Both of us haven't been taking a paycheck.
And yet the business right now is probably going to do 150, max 200,000 annual revenue. And most of that just.
I took her retirement. 2,020. And then she helped me out by leaving her job. She had a really good job. She left her job to help me.
I honestly don't know if having the business is necessarily the right move.
At the other end of it, too, I felt like I'm too far into this to quit.
It's very rare that I tell someone to close their business down, but this might be one of those times.