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.”
The association's most recent Coffee With ILLBA
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]