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The Greater Orlando Limousine Association (GOLA) held a lunch meeting on Tuesday, October 6, at Drafts Sports Bar & Grill. Fifteen members attended the event, which gave the association the opportunity to network and enjoy some face-to-face time for the first time in months.
GOLA President Cliff Wright of Royal Transportation Group was pleased with the turnout, which welcomed both new and returning members to the organization.
“Of all the things that the association offers, I think networking is the most important thing,” he said about the event.
During the lunch, members took the opportunity to discuss their current situation amid the pandemic and share best practices for survival. Orlando is in an especially precarious situation as the area relies heavily on travel and tourism. Since the start of the pandemic, theme parks, cruise lines, and the meetings-and-events industry have all come to a screeching halt. To assist operators with insurance matters, Joseph Madiedo of PIC Insurance was on hand to offer advice on removing fleet vehicles from their policies.
“We’re in survival mode,” says Wright, who is encouraging operators to be proactive when seeking work. “If you’re waiting for the phone to ring, it’s not going to happen. You got to go get [the work].”
As GOLA looks to 2021, the association is excited about the $3,000 grant that was recently awarded by the National Limousine Association, and is looking to add new blood to occupy vacant board seats.
Visit getaroundorlando.com for more information.
[10.13.20]
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Continuing their efforts in bringing education and networking opportunities to the industry, the Illinois Limousine and Bus Association (ILLBA) hosted their third Coffee With ILLBA membership meeting via Zoom on Tuesday, October 13. Approximately 50 members and guests took part in the event, which featured a presentation on preparing for a third round of deferrals.
Following opening remarks from ILLBA President Tracy Raimer of Windy City Limousine & Bus and Executive Director/Secretary/Treasurer Paula DeBiasi of Chicago Coachworks, Chris Norlin of Nationwide Bus Sales introduced guest speakers Kent Schindler and Edward Kaye from the law firm of Schindler Kaye. The pair provided an overview of how operators can prepare themselves when negotiating with banks to further defer loan payments. Using a sample P&L statement, Kaye detailed how to create a financial story for a business, including forecasting for the future. For those facing the possibility that their banks will not offer further deferment, Kaye gave a brief overview of Subchapter V Bankruptcy, which overs a “speedy and inexpensive filing that keeps you in control of your business.”
After the presentation, Chauffeur Driven Publisher Chris Weiss spoke a bit about the upcoming CD/NLA Virtual, which will largely focus on resetting and diversifying your business post-pandemic. During a short discussion about Chicago-area news, ILLBA Vice President Art Rento of Pontarelli Companies shared some good news about the controversial “security guard laws” that require an armed guard on all bus trips. After learning that clients are hesitant to book travel with a “stranger” on their bus when they’re supposed to be social distancing, the city has expressed a willingness to discuss reworking the legislation.
To close the meeting, Raimer informed the members that a whitepaper is forthcoming from ILLBA leadership that details insurance requirements.
Visit illinoislimousineassociation.com for more information.
[10.13.20]
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You asked for it and we listened. In this column, we ask operators of all sizes and from all walks of the industry a question about their business and report their answers so you can assess how your own company compares to your peers. If you would like to participate, please email Rob Smentek at rob@chauffeurdriven.com for next issue’s question.
TOPIC: How did you manage to keep cash on hand during the COVID pandemic? Did you find any “hidden cash”?
Gary Arndt, President
A Limousine Service in Pittsburgh, Pa.
Jason Dornhoffer, Co-founder
United Private Car in Boston, Mass.
Sean Duval, President & CEO
Golden Limousine in Ann Arbor, Mich.
Agustin Hernandez, Owner
Blackcar Offers Limo Services in Mexico City, Mexico
We cancelled our limousine insurance as soon as reservations started cancelling. After what would have been an amazing March, getting the refund was helpful. We managed a workers' comp insurance refund too. We also have two rental properties and some lease vehicles. I used the advice of a my former professor who warned against keeping all your eggs in one basket. We also have a used car lot and had record sales in June. Every little bit helps!
We have been blessed that we are in a "low virus" area and have had income from limousines since the end of June, not the whole fleet but one or two. It’s been enough to cover insurance/maintenance and keep the vehicles on the road and visible. PPP helped greatly during May and June and the EIDL is in savings in case we need it later—like November and December.
Karen Lotts, Owner
A Knight Rider Limousine Service in Cadott, Wisc.
Sock drawer. Underwear drawer. Shoe box. Under rugs. Oh ... not that kind of money!
We simply slashed expenses, hard and to the bone. We made sure we weren’t spending what wasn’t absolutely critical. Unfortunately, we had to furlough most of the team. Most important were our cash reserves—the money that’s never touched, unless there’s an emergency. This counts as an emergency. Thankfully, it’s still sitting there, and we’re being conscious of every penny coming and going. So far, we’re keeping our heads above water, and staying on track. I’m proud of us.
A wise woman once told me: Have enough cash reserves to get through six months with no revenue. (Yes, it was you Andi Gray [of Strategy Leaders].) Guess what? She was right, and not nearly as nuts as I thought she was at the time. Hidden cash is like pennies from heaven. Proper advance planning and putting money away before we needed it was the smartest thing we can do. I’m very thankful that I listened.
Tracy Salinger, President and CEO
Unique Limousine in Harrisburg, Pa.
We’ve loved hearing your answers to our benchmarking questions—but we always welcome suggestions for future topics, too!
Send an email to rob@chauffeurdriven.com you just might see your query answered in our next E-News.
[10.14.20]