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Old 03-03-2014, 07:10 PM   #176
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I hope they come back as well
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Old 03-07-2014, 11:24 PM   #177
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hmm...I think this had something to do with it...

http://projects.propublica.org/recov...0120630/281295

and here page 147

http://www.mwcn.org/wp-content/uploa...on.webview.pdf

They weren't under capitalized...they were in debt, and couldnt repay their loans.

Found this too..though not sure if it's the same as the first link

http://www.fedspending.org/faads/faa...ecord_num=f500
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Old 03-07-2014, 11:38 PM   #178
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Interesting here too

http://www.pfadtracing.com/blog/pfad...ng-has-closed/
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Old 03-08-2014, 12:58 AM   #179
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Originally Posted by 2ss-booya View Post
hmm...I think this had something to do with it...

http://projects.propublica.org/recov...0120630/281295

and here page 147

http://www.mwcn.org/wp-content/uploa...on.webview.pdf

They weren't under capitalized...they were in debt, and couldnt repay their loans.

Found this too..though not sure if it's the same as the first link

http://www.fedspending.org/faads/faa...ecord_num=f500
Getting small business loans or grants doesn't mean they were not under capitalized nor does it mean they didn't repay them. A small business loan or grant for a couple hundred grand isn't a drop in the bucket if your business is of any size at all. Hell 200K in many cases might not even get you setup in a building and allow you to get started...

you can have all the orders in the world and even be back ordered and easily be in this situation. Not enough cash to expand to be able to meet orders, get some suppliers that you are using for steel, etc that start paying late in this economy, or not enough cash to be able to buy raw materials in sufficient bulk to keep the prices down where your margins need to be. Have a bank cut your LOC due to the economy...it's all easily possible no matter how many orders you have so don't google their name, find this info, and assume your being lied to believe me.

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Old 03-08-2014, 01:10 AM   #180
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I hate to be the bearer of bad news.. there not comming back.
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Old 03-08-2014, 11:34 AM   #181
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I hate to be the bearer of bad news.. there not comming back.
Interesting. Do you know this for an absolute fact? Just curious.
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Old 03-08-2014, 02:45 PM   #182
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Interesting. Do you know this for an absolute fact? Just curious.
Absolute fact No, however if you look at the facts it tells a story. Their loaned stimulus money totaling 235,000. They're under investigation by a private nonprofit journalist organization.

If a company can't get loans through private investors or banks that speaks volumes. Its not a strike against the quality of product but it could be profit margin or any number of other things such as careless spending lack of payment to vendors and so forth.

When you look at the loans that were given by the business administration as stimulus money most of those companies are out of business today, and none have returned. It sucks what happened but I'm just thinking realistically IMO
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Old 03-08-2014, 04:40 PM   #183
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Ah I see.
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Old 03-08-2014, 04:52 PM   #184
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I have a feeling that if and when the brand comes back , the boxes will have a sticker with something like this


Designed in USA

Built is PRC/Mexico
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Old 03-08-2014, 06:57 PM   #185
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I have a feeling that if and when the brand comes back , the boxes will have a sticker with something like this


Designed in USA

Built is PRC/Mexico

They won't be coming back, or at least I don't expect them to.
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Old 03-09-2014, 12:57 AM   #186
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Quote:
Originally Posted by elarson5757 View Post
Getting small business loans or grants doesn't mean they were not under capitalized nor does it mean they didn't repay them. A small business loan or grant for a couple hundred grand isn't a drop in the bucket if your business is of any size at all. Hell 200K in many cases might not even get you setup in a building and allow you to get started...

you can have all the orders in the world and even be back ordered and easily be in this situation. Not enough cash to expand to be able to meet orders, get some suppliers that you are using for steel, etc that start paying late in this economy, or not enough cash to be able to buy raw materials in sufficient bulk to keep the prices down where your margins need to be. Have a bank cut your LOC due to the economy...it's all easily possible no matter how many orders you have so don't google their name, find this info, and assume your being lied to believe me.

Eric
Why shouldn't I google them? It's public information...and frankly, my tax dollars that went to their loan as well. I was simply providing the information I found out of curiosity and one shouldn't always believe what they hear directly from the company...I mean did you really think that pfadt would come out and say..."Well guys screw it...we're going under...and those guys that ordered product...well you're screwed. Have a nice day" ?
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Old 03-09-2014, 12:21 PM   #187
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If you can't charge customers until you ship, and you have a large number of orders that are expensive to make, you need the money to be able to order all the materials and cover the payroll to build and fulfill those orders so you can ship and charge the customers. If you don't have the money and can't get the credit line, you can have the situation where you have a product that's selling and has orders and you can't fulfill them.

If anybody in your supply chain has a problem and now you suddenly can't get a key component, you've also suddenly got a problem. Now you have to find another source and the length of time that takes can be fatal business-wise if you were under-capitalized to begin with, because your overhead still continues each month eating away at your reserve.

I don't see anything underhanded taking place with the Pfadt situation; just an unfortunate situation that didn't work out.
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Old 03-09-2014, 01:22 PM   #188
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Why shouldn't I google them? It's public information...and frankly, my tax dollars that went to their loan as well. I was simply providing the information I found out of curiosity and one shouldn't always believe what they hear directly from the company...I mean did you really think that pfadt would come out and say..."Well guys screw it...we're going under...and those guys that ordered product...well you're screwed. Have a nice day" ?

Think you need to re-read. What I said was essentially don't google them and take what you find as fact and or draw your own conclusions. This is especially true if you have never been a business owner and this may not know anything about lines of credit, business loans, payment terms, etc etc etc.
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Old 03-09-2014, 04:52 PM   #189
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What business can you start for $5000 today? A hot dog cart costs more probably just in government taxes licenses and fees.

Still the best country on earth but I fear the "land of opportunity" will need to be renamed "land of the handout".

Its sad.
The Pfadt situation aside, you can start plenty of businesses for under $5000 still today…especially service or non brick and motor retail businesses. I am willing to bet more vendors on this site started with less than $5000 than more than that. Manufacturing used to be the one thing that required a crap ton of money and investment to do. Now that is even passing. If you go to SEMA, there is row upon row of Chinese manufacturers looking for an American to peddle their wares.

It's not hard to start a business. The problem is, most of the people who start businesses do so because they want to spend their lives doing something they love…NOT because they have a clue what they are doing.
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Old 03-09-2014, 05:24 PM   #190
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It's all about credit in order to obtain the Benjamin's... Too bad I really wanted the Pfadt 2010+ Camaro Road Racing Kit - Stage 5. I have looked at others and wasn't that empressed with the overall quality, nothing will compare to Pfadt.
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Old 03-09-2014, 10:42 PM   #191
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Quote:
Originally Posted by elarson5757 View Post
Think you need to re-read. What I said was essentially don't google them and take what you find as fact and or draw your own conclusions. This is especially true if you have never been a business owner and this may not know anything about lines of credit, business loans, payment terms, etc etc etc.
I understand what you're saying...though to be honest... If I am not allowed to do my own research and draw my own conclusions and opinions..then what am I allowed to do? Am I only supposed to believe what Pfadt says? My point was to simply look at the bigger picture here coming from a business that started in 2006 (very young), and as they say there are always two sides to a story. Nevertheless it is still unfortunate that they closed their doors...their parts were well made.

In addition, why would you suspect that a government site that lists SBA loan information to not be as close to fact as possible?

On another note, I manage a family business that was founded in 1983...so I've had my fair share of education on lines of credit, business loans, payment terms etc etc.
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Old 03-10-2014, 11:39 AM   #192
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The Pfadt situation aside, you can start plenty of businesses for under $5000 still today…especially service or non brick and motor retail businesses. I am willing to bet more vendors on this site started with less than $5000 than more than that. Manufacturing used to be the one thing that required a crap ton of money and investment to do. Now that is even passing. If you go to SEMA, there is row upon row of Chinese manufacturers looking for an American to peddle their wares.

It's not hard to start a business. The problem is, most of the people who start businesses do so because they want to spend their lives doing something they love…NOT because they have a clue what they are doing.
Nail on the head!

I started SNL Performance and Monster Clutch Co. for less than $5k and in a storage facility, I've since turned this into a multi-million dollar venture. I also don't live frivolously through my shops bank account. (not saying the guys at Pfadt did this btw) I have a small house, and I just bought a new car for the first time in almost a decade. I like the simple things in life, I don't need a ton of material things to make me happy and I believe that's why we are the way we are. Hell, I'm the third lowest paid person on my staff. LOL

We have no loans either, everything we do is paid in cash - this is both a good and bad thing.

Running your own business is a large venture, many don't realize what's involved, even though they think they do. It's incredibly tough.
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Old 03-11-2014, 06:19 PM   #193
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Holy crap. I don't log in for a couple of weeks and then when I do I see this. I feel like someone I know and care about just died. I am so glad I got my PFADT ZL spec front and rear sways and drop springs during the black Friday sale. These parts are my favorite mods so far. Thanks for all you have done for us PFADT and I wish you all the best and a Phoenix like rebound.
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Old 03-11-2014, 10:39 PM   #194
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Regardless of the situation, it sucks seeing a quality GM aftermarket outlet fail. But someone else will emerge from others struggles, demand is still there.
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Old 03-12-2014, 02:50 AM   #195
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Regardless of the situation, it sucks seeing a quality GM aftermarket outlet fail. But someone else will emerge from others struggles, demand is still there.
^^ This
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Old 03-18-2014, 01:54 AM   #196
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Glad I was able to purchase your finest ZL1...it is in good hands.
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Old 04-01-2014, 04:48 PM   #197
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I had one of my Pfadt racing ZL-spec rear sway bar brackets fall off while driving!! What do I do now!?? I've sent emails to both phastek and Pfadt but no response yet. I'm worried I won't be able to get a replacement. If anyone could help id greatly appreciate it. If I can't get one from Pfadt what do I do!?? Man I hate to hear they've gone out of business. I was really looking forward to buying more parts from them.
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Old 04-01-2014, 05:06 PM   #198
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I had one of my Pfadt racing ZL-spec rear sway bar brackets fall off while driving!! What do I do now!?? I've sent emails to both phastek and Pfadt but no response yet. I'm worried I won't be able to get a replacement. If anyone could help id greatly appreciate it. If I can't get one from Pfadt what do I do!?? Man I hate to hear they've gone out of business. I was really looking forward to buying more parts from them.

Gonna have to get lucky bro and search if anyone has a pair they don't want. There is no way you will be able to get a replacement from phatesk or pfadt. All there products they had are long gone.
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Old 04-09-2014, 10:28 AM   #199
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LOL. "We have to close because we are too busy". Said no business ever.

Doesn't matter how many orders you have, you need to prove you are profitable. If you can do that, investors will be jumping all over themselves to help you expand.
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Old 04-09-2014, 11:17 AM   #200
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LOL. "We have to close because we are too busy". Said no business ever.

Doesn't matter how many orders you have, you need to prove you are profitable. If you can do that, investors will be jumping all over themselves to help you expand.
Trust me as a business owner it's takes a shit load of capital to keep a small business going and Investors are not jumping all over themselves to invest in small business especially a start up like Pfadt. I also think in Pfadt case they grew to fast and expanded there product line without enough working capital in the bank.

The trick is to slowly expand your product line so your sales help offset R&D of the new product. It also doesn't help when GM makes a design change and now you have re-engineer your current XYZ part so it works on the new model. Which now means you have to keep inventory on multiple models.

Then you have to figure out how many of each model year you should make and when you cut off production of the original part because of low sales.

So when they sad they closed because they were too busy I am certain this is a true statement. If you don't have enough common order to run like items together you can't go to production for 1 or 2 orders.
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