I was an owner for two years of an idependent corporation that worked with cydcor. Cydcor supplied me with clients in the communication industry....clients such as mail order office supply companies, merchant bankcard service, long distant phone service ect..I was in the company for about four years, having started in the advertising division.
i want to tell you two things, my reason for leaving cydcor division and the tax problems i am still facing as a result of the company ds-max hired,- Herbjoy.
My last example is how the independent business owners still out there do not know how to run a 100% legal corporation in there state. Please read on.....
The way it worked is my reps would go out and solicit companies for the clients that cydcor provided. It was great marketing idea except when my reps would not get paid. For example i had a rep that would make a sale and earn 100 dollars. That rep understood that he would be paid two weeks later for that application.
Then the problem starts, cydcor would send me reports on all sales reps activities, apps done, the client would decline the application for whatever reason, so myself and rep would not get paid. so i call cydcor to reconcile the problem and they would throw there hands up in the air and say they cant help me. According to cydcor we can not upset the client as they are our life line.
So i call the VP who oversees the offices representing the same client as me.. response is sorry cant upset the client. So when iinterviewed people to come in my company, i should have said, work hard and get denied payment because i have no support system whats so ever. cydcor and the vp's were the worst support system a sales company could ever have. Over all, i estimated a total of about $55,000 in unpaid applications in my time with cydcor. yes this is a real monetary number!!
They would send you to cities to start up your company to service a client when the market had been saturated by previous owners. They would deny that the city had been worked in or that the previous owner was only there for a couple months with four or five guys. There was always that juicy client as well coming down the pipline, that got me excited, one reason why i stayed in the company so long, well those clients promised to me never came, VP response, hurry up and wait, a client for you and your reps to work on will be there soon," yeah whatever". So this is why i quit and shut down my company! Please read on!!
SOUND FAMILIAR EX OWNERS IN THE CYDCOR COMMUNITY
So take my advice, do not get involved with cydcor, if you like the idea of the company philosopy, get involved with the advertising, wheelchairsports, or innovage, divisions Note innovage formally known as clearance or Product division. At least in these divisions you make money everyday and take home cash everyday. I did for two years and did very well. Wish i never switched divisions.F***!!!!!!!
This second part deals with primarly the ex owners of the company for any division. It's about taxes, as far as i know Ds-max hired herbjoy to prepare your corporate taxes, then send them to you so then you can send them off to the irs. Oh and herbjoy is Larry Tenenbaums parents, herb and Joyce. thus the name herbjoy. Well unfortunately the lady that was suppose to take care of my taxes never did, even though i spent 91 dollars a week for this service. Estimated cost $10,000 to me for service not taken care of. I am currently involved with Joyce and a new guy tony who are taking care of the matter. These two people i want to say "they are great". the person that f***ed up is now fired.
Unfortunately because these taxes are filed so late, i incurred all the late fees from the irs, also a large phone bill because i had to call herbjoy in canada about 20 times.
Last but not least, Many of the business owners still out there really just do not know how to run a legal corporation. i will explain, see when your incorporated the state gives you a black binder with bylaws, stock certificates and minute notes, and forms that need to be filled out to whome the board of directors are in your company. The reason you do this each year is so that the state recoginzes you as a corporation. If you do not fill out this neccessary paperwork and send it off to the state they do not recognize you as a corporation. say the company manager gets sued, well the manager would get sued, not the corporation he or she incorporated because the state did not recognize the corporation because paperwork was not sent in. Second, so many of these independent companies have road trips to other states, morons you can not send your rep to another state unless you have a license to do business in that state, this happens all the time. Very few if any have multiple state license.
In closing i have to say at least i am more knowledgeable about business and how it all works, i can say alot of my problems were due to me and my inexperience, but wanted to write something to help past owners, new guys, and soon to be owners. So everyone that reads this hope it helps and those of you that are not using constructive criticism, take some of the blame, find at least five positives for every negative. peace out....thanks jeremy, i still love you!!!
All of them, Ohio
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