Ignoring the $60k past due, he is currently a great customer. As long as he's paying COD, keep doing business and reminding him. If you have the ability, raise prices a bit, do so. He clearly doesn't have a ready alternative because COD is a pain in the you know what. In fact, he could be more past due elsewhere.
I'm working in a troubled supply situation where the company was $7 million PAST DUE in paying it's vendors! That is past due, not what they owe and does not include long term debt! Unreal....
This guy could be doing a similar thing. So, if you're not likely to collect with lawyers involvement, don't bother. Just take his money other ways.
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