"How in the h*ll do I do this Rick" was the first thing she said when she called for the first time. Emma C. of Indianapolis had no clue how she was going to handle the furniture store her deceased husband left behind. Steve passed away from COVID-19 back in September, leaving behind the 29-year old woman with six children, The 3-store chain was doing okay, but not great. One problem, she had no clue what to do because she took care of the kids while he worked the family business, She had no clue about the bills for the business,
Where are we at?
First thing is first, I had to figure out with her, where is the business at with the current bills, and obligations. We were able to get everything from the bank and she was able to get in control of the business, only to discover that he had not seen his credit card deposits for a few weeks over a old debt that was paid off. She had no clue of the different brands of furniture in the store.
Money does not fix everything, but it sure is a good place to start.
Rick secured a $25,000.00 advance against the sales from the credit card transactions with a lower holdback percentage and a great funder. We used one of the news organizations to find her a good manager from the industry that could help her understand how to sell furniture, then with the help from The Funded Project, HMT Business, and Videostars, we built her a marketing campaign and set up a consumer financing program that allowed her to sell furniture on credit to the public without risking her money. She sold all but two pieces of furniture from her southside Indianapolis stores. We were able to set her up to be stable.
The Metromedia Community Really Stepped up
When she told her story on the radio on Rick's Podcast "The Funded Project Live" to 250,000 listeners, a woman came forward asking if she can help. She is a school teacher that is retired, and she offered to become a nanny for the children to help Emma out. In such a small world, Emma had remembered the teacher from her elementary school, although she was not in her class, she was a teacher in the school Emma attended as a child. They live 5-minutes apart from each other. The Metromedia Funding Solutions Foundation also gifted an additional $5,000.00 from the families' first fund to help them out, the funds were used to purchase a minivan.