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November 3rd, 2015
Episode 314 of 489 episodes
If someone owes you money, how do you get them to pay you back? Find out what happens if they don’t pay you in this episode. Slow dialog: 1:25 Explanations: 3:11 Fast dialog: 15:34 Ken: Look at this list of customers who still owe us money. How is this business supposed to survive if we keep extending credit? Marjorie: We started doing it because some of our best customers didn’t have ready cash. They’re good for it. Ken: I know they’ll eventually pay their outstanding debt, but what are we supposed to do in the meantime? We need that cash to buy stock. Marjorie: We can call in the debt and set a deadline for repayment. We can give those who are really hard up an extension on a case-by-case basis. Ken: What if they still don’t pay? We’d have to turn it over to a collection agency. We’d only get 40 cents on the dollar, but we’ll have to close our doors if we don’t collect. Marjorie: Using a collection agency would be a last resort. I’ll call each of our major debtors and have a talk with them. I’m sure they’ll come through. Ken: I hope you’re right or we will be the ones asking for credit! Script by Dr. Lucy Tse