I work at a small business and things have gone downhill fast. My boss is honestly out of touch with reality, both mentally and physically, and he’s been lying to everyone - employees, customers, and suppliers. He owes money to pretty much everyone, and I’ve started to notice the warning signs like bounced checks and unpaid bills. I have a good chunk of my own tools in there, and I’m getting worried about what happens when the bank finally decides to shut things down. Has anyone been through this? Do employees get any heads up, or is it a total surprise?
You should get out while you still can.
Rayne said:
You should get out while you still can.
Yeah, I’m already working on it. I’m mostly curious if anyone here has actually seen a bank take over a place like this and if they warn the employees or customers beforehand?
@Riley
Usually what happens is the landlord will change the locks and keep everything inside as collateral. This is super common with businesses that fall behind on rent. If you haven’t already, mark your tools with your name so there’s no confusion. Sometimes they’ll work with you to get your stuff back, but it’s better to be prepared. There’s a reason people get lawyers for things like this.
@Riley
Typically, the owner gets warnings, but it’s up to them to let you know. The bank won’t tell the employees anything directly; they’re only dealing with the owner.
You should start taking your tools home each day, just in case. If you can’t find another job immediately, maybe you could keep your tools in your truck and bring them to work daily?
KateMelon said:
You should start taking your tools home each day, just in case. If you can’t find another job immediately, maybe you could keep your tools in your truck and bring them to work daily?
That’s probably my only option right now. I’m thinking about storing the bigger tools at home and just bringing in what I need. It’s a small town, and this business has been around a while, so finding a new job in the same field is tough. I might have to start my own business to fill the gap if this one closes. Timing is critical, though, and my boss isn’t open to any feedback; he actually gets angry, sometimes even makes threats.
@Riley
Have you tried talking to his family? Maybe they’d step in if they knew the situation. They probably have a stake in this too, right?
Get your bigger, more valuable tools out now. Make sure your toolbox is clearly labeled with your name, and keep an inventory of what belongs to you. Lock everything up tight every day. If the worst happens, you want to be able to get your stuff and go quickly.
Does your boss actually own the building or is it leased? If he’s renting, a landlord can just lock up and seize everything inside. Either way, it sounds like things are on a bad path.
@benT
He owns it, or at least he’s got a mortgage on it.
Get your tools and keep records just in case. I’ve seen a bank close down a place before.
Make sure to grab your tools before the bank locks up the building.
You’re running out of time. Get your tools out now. If the landlord locks the doors, it’ll be hard to get them back. You can eventually retrieve them or get paid, but it’ll likely require a lawyer.
If your boss is writing bad checks, that could bring in the police. Things could spiral fast.
Get your tools out, even if he fires you, you still have your own stuff.
Take everything home with you at the end of each shift. I was at a place once when the bailiffs showed up to shut it down. Luckily, they let me take my personal tools, and I may have ‘claimed’ a few other things while I was at it.
Take your tools home ASAP. If he’s already bouncing checks, you’ve probably lost any back pay you’re owed, so why risk your tools too?
I just don’t get it… why doesn’t someone fix the economy?
I doubt a bank will come to take stuff anytime soon.
Denver said:
I doubt a bank will come to take stuff anytime soon.
The reason I’m worried is that we’ve had several banks stop by, asking to speak to him. One banker even told me to have him call back, said things were ‘not good.’ Plus, we get calls from debt collectors all the time. This comment does make me feel a bit better, though.
@Riley
Sounds like he’s just milking whatever cash he can before it all collapses. Honestly, I wouldn’t waste any more time here – chances are slim that he’s planning to pay employees.