Status of Everything Attachments

[Sid Post]

Business failures are always a part of the landscape. Sometimes the product gets overpriced or maybe not competitive and the business owners just can't make in work. When assets get sold off, often at a lower price, a new owner can enter with that lower price and by that a lower cost of production and a bit of business savvy about what not to do.

Then you have a new viable business selling items an a lower price that the market will bear and the cycle begins anew. Running a business is difficult in good times and running big business anytime is near impossible.


We look at a big dog CEO making many millions of $$ but he's responsible for hundreds of thousands of employees, untold families and livelihoods, a product the market demands a a hundred decisions a day, any of which could sink the company. When they earn big bucks it's almost always because they earned it.

I have seen this play out with custom knifemakers many times over the years. They are popular and their prices go up and up. Eventually their "fan boys" find a new shiny knife that catches their attention and the first knifemaker now can't sell anything due to his high prices which he can't lower without burning everyone that bought a knife previously!

The really great ones don't let their ego's get in the way and improve their craft along with their prices and still have a multi-year backlog with a knife that is the worth the price and has the craftsmanship to be worth what is paid.

To the Lynn Griffith's of the world, you are not forgotten and neither is your questionable work.

 

[Sid Post]

Then just go away. Who is twisting your arm to comment in this thread to belittle people who have been burned by this situation?

I think a missing point of the matter is that SOME people figured that with a company such as EA, with such good reviews and a long history of making quality products, it was no stretch of the imagination to think that the REASON for the long delay between paying for the merchandise and received same was because their products were in such high demand that the list was exceptionally long of customers who placed orders before yours. You were simply waiting at the end of a long line for all of those previous orders to be filled in turn before yours could be shipped. By all appearances and reasonable evidence, EA products were THAT MUCH in demand that waiting in line was not in the least unexpected nor seemingly unusual. In my opinion, there was no evidence nor reason to expect anything different than what I have expressed. There really was not even a hint of any reasonable risk being involved concerning not getting what I paid for and losing my money paid.

Spot on! Seen it personally with custom knifemakers mainly. Good 1911 pistolsmiths can be a bit like that too but, I think the ATF rules keep most of the bad actors at bay.

 

[3 Horse Ranch]

And that was all make believe too.

Nothing about Ted knowing that the bank was coming for his assets was make believe. Meanwhile he in the meantime lowers real prices on real products he absolutely knew that he would not be able to make good on. All in the hopes of getting a little more money in his pockets. Not make believe either.
Thievery is one word, but I like the word FRAUD better. He received official notice the first week of October that the bank was seeking to foreclose on the assets he put for collateral. He knew he couldn't pay the bank the $8million they were seeking. He knew he was already on a cash only basis with his suppliers. Any reasonable person would have shut down his e-commerce site to keep from harming his customers.
There is nothing make believe about the people who couldn't get a refund either.
I just have to shake my head at the Ted/EA fanboys.

 

[workinonit]

EA/Ted fanboys will support him and his actions to the bitter end, which will very likely be a concrete cell. It just amazes me the different ways they have come up with to condone his actions.

 

[Oaktree]

Money is strange in that many people, probably most can't handle it. So many successful businesses I know of went out when the founder passed and inherited by son/daughter.

I've read that most business failures occur not because they didn't make a good product, but because the owner wasn't a good business (wo)man.

But, that doesnt change the FACT that nobody would be left holding the bag today if they had not ordered under those KNOWN UP FRONT conditions.

Can't speak for anyone else here, but this thread was my first indication that all was not well in EA-land. As I noted upthread I placed an order with them less than a year ago and received it 3 weeks later...about half the quoted time (which I was OK with). Had they quoted a 6 month lead time I'd have thought twice and likely looked elsewhere.

 

[D&D]

Nothing about Ted knowing that the bank was coming for his assets was make believe. Meanwhile he in the meantime lowers real prices on real products he absolutely knew that he would not be able to make good on. All in the hopes of getting a little more money in his pockets. Not make believe either.
Thievery is one word, but I like the word FRAUD better. He received official notice the first week of October that the bank was seeking to foreclose on the assets he put for collateral. He knew he couldn't pay the bank the $8million they were seeking. He knew he was already on a cash only basis with his suppliers. Any reasonable person would have shut down his e-commerce site to keep from harming his customers.
There is nothing make believe about the people who couldn't get a refund either.
I just have to shake my head at the Ted/EA fanboys.

the term I am used to hearing is “Milk the cow”.

 

[Oaktree]

I think I understand what you're trying to get across. Your statement about most can't handle money has a condition that determines if they can handle money. Folks who earned the money through their hard work and ingenuity know nearly always know how to "handle" manage their gain!

Those who didn't earn it are clueless about using it as a resource and tend to "pee it in the wind".

I disagree with that. Plenty of people who've earned every cent they've ever had may or may not know how to run a business successfully. It's very easy to mistake gross income for net income, especially if you've been an employee for most of the time prior.
Taxes, overhead, etc. aren't always easy to figure out if you don't have a business background, and maybe don't even know where to turn for advice. I discovered that the couple times I was self-employed. Fortunately, I'm pretty conservative financially and came out fine. I can only imagine how much harder that is if you have an actual business location, employees, company vehicles, inventory, etc...both times I simply provided a service.

Can't always even blame the original owner's children who inherit the company. Chances are, the business was "dad's dream", not theirs. Even if the 2nd generation carries on, by the third there's very little connection between the grandchildren and the original business. I find it amazing the number of family businesses that DO go on for several generations.

 

[Oaktree]

I dealt with EA about 8 years ago and did not like the service/value. I posted my opinion at the time and received a lot of push back, so I declined to comment much since. Fast forward to today.... no surprise here.

What didn't you like about the service or value? I'd never heard of them 8 years ago, but when I bought my forks from them last year their price beat anyone else's by quite a bit. Customer service was top notch. I was very surprised to hear of their issues.

 

[Oaktree]

Nothing about Ted knowing that the bank was coming for his assets was make believe. Meanwhile he in the meantime lowers real prices on real products he absolutely knew that he would not be able to make good on. All in the hopes of getting a little more money in his pockets. Not make believe either.
Thievery is one word, but I like the word FRAUD better. He received official notice the first week of October that the bank was seeking to foreclose on the assets he put for collateral. He knew he couldn't pay the bank the $8million they were seeking. He knew he was already on a cash only basis with his suppliers. Any reasonable person would have shut down his e-commerce site to keep from harming his customers.

You don't know for a fact that there was any intent of fraud. Clearly, he wasn't a very good businessman but this wouldn't have been the first time someone who's in over his head did something stupid to try and get out of it. If you have any facts that prove otherwise, feel free to enlighten us. There's been enough speculation and innuendo here already

I wouldn't call myself a fanboy, just someone who was a satisfied customer.

 

[nouveauree]

Experiencing a financial loss of $4,600 as a paying customer doesn't automatically classify me, or others in the same situation, as a "Fan Boi." This term refers to individuals who exhibit excessive enthusiasm and unwavering loyalty toward a specific product, brand, or company, often ignoring any flaws or criticism associated with it.

My past positive experiences with previous purchases, coupled with exceptional support from Travis whenever I reached out, led me to trust the reputable company without foreseeing significant risks. In business, assessing risk involves considering past experiences and reputation, which doesn't equate to blind loyalty.

It's unfair to insinuate that we deserve the outcome simply because we trusted a reputable entity. As a homeowner, not a contractor, my gradual purchases of tractor implements for retirement in a few years presented a situation where a four-month lead time was not an issue. Initially, I trusted their reassurances of "a couple more weeks" until doubts arose. Doubts arose because Travis quit responding and he had always been very responsive. I was not aware that he was no longer with EA. Trust goes a long ways, but it has its limits that may have been skewed by past experience.

I'm not defending Ted at all; I've taken formal action by filing a complaint with Catawba County DA Scott Reilly (no response to date). I have emailed the Hickory Record on several occasions letting them know that a couple of their recent articles seemed to me that they were giving Ted and Nate a forum to play the victim (no response to date), and I suggested they do some journalistic research on what is truly happening. Although I've since seen the latest article about the temporary restraining order, I would still like to see more journalism on Ted’s (and Nate?) actions.

I do wish this thread would focus on facts of what is happening and not opinions of EA's business models and business practices of other companies. The many comments of what customers should have done are not helpful and have no value. The comments about the related news articles, hearing from employees on what is happening, hearing from customers on the status of their orders and CC disputes, on the other hand, can be very helpful. My status is that my CC account still shows the credit but says the dispute is still in progress. I expect this to close in my favor for obvious reasons, but until it's closed I have to be prepared to expect the loss and am therefore very interested in factual information.

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[Fuddyduddy1952]

I think I understand what you're trying to get across. Your statement about most can't handle money has a condition that determines if they can handle money. Folks who earned the money through their hard work and ingenuity know nearly always know how to "handle" manage their gain!

Those who didn't earn it are clueless about using it as a resource and tend to "pee it in the wind".

Your comment about million and billionaires having to liquidate and discover they have little doesn't make sense. The only criteria to being one of those people is the tally of their net worth. So if their net worth is not in the range you mention they're not million or billionaires.

A person's net worth are simply assets vs liabilities. My thought is, and I've seen it happen, a business expands going into debt with the hope of future earnings. Lots of famous people, actors for example, because of who they are extended credit.
The TV show American Greed had many examples of that.

 

[sixdogs]

A person's net worth are simply assets vs liabilities. My thought is, and I've seen it happen, a business expands going into debt with the hope of future earnings. Lots of famous people, actors for example, because of who they are extended credit.
The TV show American Greed had many examples of that.

I once read the percentage of new businesses that fail within a given time and was shocked at how high the percentage was. It's not easy running a small business.

 

[Fuddyduddy1952]

The whiners seem to be the ones that never bought from EA.
Meanwhile, I saddled up and used my EA grapple today. View attachment 853595

Yes, I connected and used my EA back blade yesterday. It's very well made.

 

[Fuddyduddy1952]

I once read the percentage of new businesses that fail within a given time and was shocked at how high the percentage was. It's not easy running a small business.

You are so right. My dear wife talked me into opening a business in the 70s. She packed lunch and we waited two weeks for the first customer...and that check bounced!!! I kept it...everything on check was fake. I opening June 1 and that first 1/2 year business gross was $2500!
Most businesses fail within first 3 years. Those who make it know how to handle money.

 

[Eagle1]

You are so right. My dear wife talked me into opening a business in the 70s. She packed lunch and we waited two weeks for the first customer...and that check bounced!!! I kept it...everything on check was fake. I opening June 1 and that first 1/2 year business gross was $2500!
Most businesses fail within first 3 years. Those who make it know how to handle money.

Sure enough, my first 3 years drained all of my reserves and we were trying to sell out. Somehow we survived past 2010 and will now tick off a lot of regulars by closing shop the end of August. Time to retire and not deal with people unless I feel like it....
If you run a real small business you know all about long days and not making squat per hour.
BUT I'm glad I did it...

 

[sixdogs]

You are so right. My dear wife talked me into opening a business in the 70s. She packed lunch and we waited two weeks for the first customer...and that check bounced!!! I kept it...everything on check was fake. I opening June 1 and that first 1/2 year business gross was $2500!
Most businesses fail within first 3 years. Those who make it know how to handle money.

Think how hard it has been for the companies that have survived 150 or 200 years.

 

[plowhog]

I do wish this thread would focus on facts of what is happening and not opinions

Well that would certainly take the fun out of it ....

 

[nouveauree]

Well that would certainly take the fun out of it ....

I can't argue with that......

 

[plowhog]

I once read the percentage of new businesses that fail within a given time and was shocked at how high the percentage was. It's not easy running a small business.

Every time I hear a politician criticizing "greedy business owners" I remember that 90% of those who try fail within the first year. Often wiping out their life savings.

 

[Fuddyduddy1952]

Someone please answer is EA still in business or not?...
WAIT! This just in!
Just now I tried going on the EA website...says "server not found"!
So.....