Purely Canada Foods Corp

[helmach]

what about this news

[sumdumguy]

Sheesh, the honour system is falling apart. When a seed plant takes your product in, it is processed, shipped and takes a long time to get to Srilanka, get unloaded and payment made. If they are cash-strapped they might be waiting for payment. Small plants usually are good payers and you know them personally but once they get gigantic, who has the cash on their pocket to back that volume?

[wheatking16]

Lots of industries work on delayed payment. Oil patch used to be 6 months. It may have tightened up to 3 months now.

Your input supplier usually gives you terms. Most of the trades or contractors. You don't pay a plumber or electrician as they are packing up their tools do you?

Oil companies make grain companies look like saints.

I have done business with both, and there is no comparison.

30 days was non-existent,

45 was a unicorn,

60 was hopeful

90 was expected

180 was common

Invoicing after project completion, which often took 3-6 months.

Debt write-offs in 5 years exceeded what most farms and almost all will ever experience.

No regulation and insurance is unavailable.

The oil patch was a great experience and served me well, but the grain industry is far, far, far more upstanding.

[biglentil]

Ahhh too bad Cargills woke policy to please their handlers bit them in the ass. There is no honor among thieves.

[sumdumguy]

Play with fire, you’ll get burned.

[shtferbrains]

Don't worry about Cargill.
They are always there to pick over the carcass when things go bad and start to stink.
Buy low, Sell high.
Commodities.
Grain, Fertilizer, Meat packing, Shipping, and who knows what else in places like Ukraine and South America where cash is king.

[Taiga]

Re: oil companies
I only work for majors, because I know they will still be around in 6 months
Used to be 6 months but we are now 60 days, and that still takes spending discipline
Invoice weekly as progress invoices, rather than one final end of project invoice, to maintain cash flow, money comes weekly after the initial 60 day wait

[the big wheel]

So you guys are owed 100,000, 300,000, 500,000 dollars by the oil companies and you wait 90 days?
And which input supplier can I just drive in fill up my trailer with inputs and drive out? because the ones here all have all your land and even your pets that the immigrants dont eat tied up in security agreements???? please list these places

And since we plant our crops in may and sell in august and after were already waiting for payment of our work, meanwhile the input provider is charging us interest, perhaps we should be asking interest on money owed to us?

[wheatking16]

So you guys are owed 100,000, 300,000, 500,000 dollars by the oil companies and you wait 90 days?
And which input supplier can I just drive in fill up my trailer with inputs and drive out? because the ones here all have all your land and even your pets that the immigrants dont eat tied up in security agreements???? please list these places

And since we plant our crops in may and sell in august and after were already waiting for payment of our work, meanwhile the input provider is charging us interest, perhaps we should be asking interest on money owed to us?

My consulting business did not have equipment and we routinely had A/R between 250 to 500 and upwards of 750. Uninvoiced WIP ran 250 to 500.

Service Cos with equipment would be much greater.

There are many examples of success breaking companies.

Bad debt from private and public cos into the 6 figures over 5 years.

[the big wheel]

And what is the revenue of that oil company?pretty much guaranteed correct? what is the net worth? i suspect multiple millions more than the grain cos we re dealing with. Our guarantee is limited to a bond that who knows covers what? And what is your actual cost to submit a bill of 750 for consulting in other words what are you out if they dont pay?