How can i settle this dept? hi,i wanna ask u something,i have depts by 1,250,000 L.E ,how can

hi,i wanna ask u something,i have depts by 1,250,000 L.E ,how can i settle it and by the method i havn't got fund within the market (only 100,000)and we hold huge inventory of cloth since my father(my father daid since jan,and let to me clothes factory,small business and i am 18),adjectives this dept is for one supplier,i realy dont know what i can do?if you solve me this huge problem,it will be the best help i enjoy ever had.
thank you and goodbye

Answers: Sorry to hear in the order of your father.

What's LE. I have an index of adjectives currencies worldwide but LE is not shown anywhere.

P.S.

Just for your future citation International denomination for Egyptian Pound is EGP instead of LE. Your obligation to your supplier represents the following amount surrounded by US Dollars:

1,250,000.00 EGP = 233,903.07 USD
Egypt Pounds United States Dollars
1 EGP = 0.187122 USD 1 USD = 5.34409 EGP

Indicated cash on appendage is only US$18,712.60

Question is: What do you intend to do beside the business. Your creditor will be put at ease knowing that business will verbs. Continuity of this business will not only guarantee that he will attain paid but will also create more business for him contained by the future.

On the other appendage, if you plan to close the business down, as a creditor I would get really easily upset. Your very first step is to contact your supplier and assure him that he will bring paid indicating time rota within which you intend to do so.

You also hold an option to ask this supplier to clutch all his inventory pay for since due to the circumstances and your inexperience in business you will not verbs this venture. He should be ready to do so, considering.

How is it in Egypt beside selling the existing business or getting more experienced partner to buy certain percentage of this business and investing money into marketing? Continuing within established business with established customer groundwork is always easier than starting topical business.

The base of customers your father developed is of the utmost value right in a minute as it represents accounts receivable. Who is supplying these customers now? The longer you give them to your competition the slimmer your chances of getting them vertebrae.

You also need to check your accounting books. Just as your father be receiving cloth inventory on credit or extended invoice length, he was immensely likely extending this courtesy to his most trusted customers. How much money is owned to him? Collect from these accounts to wages part of the bill.

You do enjoy many option, however it is really up to you first as what you want to do with this business, and afterwards follow by appropriate action base on your firm decision.
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