We met with the company accountant this afternoon. He said “the company cannot afford to pay any expenses that are not directly related to generating revenue”, and, “for anyone to get money the company must prosper”.

The accountant thought my figures looked right and most of Dad’s drawings would go against his loan account. That means that I’ve paid most of the loan account off and the business is almost fully mine. Even if my figures were off by $50K, I’ve got most of the loans paid out.

Dad claimed that the opening stock would be closer to $2 Million. The accountant told him we wouldn’t be in this mess if that were true, at best the stock will value at between $500K and $800K.

Dad blamed me for poor management. I ignored that. It turns out that he is really pisseedd off that I phrased option three as “the tap is turned off and there is no more cash for you”.

After some further tension we agreed
1) to stop paying non-core expenses (and therefore all costs associated with Dad and TWS).
2) I’d revise the opening stock count as at 1 July 2002 and we’d agree on an appropriate valuation with monthly payments to commence until the loan balance is paid out.

Dad thought I could do all this in 6 weeks. The accountant said it would take 3 months to see if we could turn the company around. So I have until the end of August 2003 to get this thing on track.

Dad said he wouldn’t approach any of my distributors, nor place any orders with my suppliers. He admitted he’d flown our Queensland manager down to talk and meet some suppliers (why?).

I called the office after the meeting and left a message for the manager to wait there until I got there. TWS spoke to my Dad and they decided it wasn’t a good idea, so she drove him away before I got there.

So I know Dad’s cooking something up.