General Consultant Discussion

Hightower sold for $410,005.96 in cash --- about $261.15 per customer - after 24 years in business..... And apparently the price broke out to $350k for the company and SilverSun kicked in another $60k-ish in a 50/50 split of what appears to be $120k of outstanding payroll tax. RIP...

Proves my point that ERP business are worth crap. And these guys had lots of IP and recurring maintenance revenue. Only difference between them and solvent business was some cash.

It doesn't say how much was recurring though SilverSun/SWK alludes to $3 million revenues in 2011.

I love this part .... two of the Hightower shareholders get limited term consulting agreements. One for a max 8 hours a month at $150 per hour. The other for $1,850 per month.

I think they were lucky to get that. Another couple weeks and the client base would have been picked clean. There's no leverage when you can't make payroll.

The way I read the consulting agreement, Robert Nordin has to put in 8 hours per month at no charge. Anything over 8 is billable at 150/hr. Any deficits carry over to the next month.......... Section 1.01 Engagement of Consultant. Company hereby engages Consultant to render consulting services to Company on a non-exclusive basis and on the terms and for the consideration specified herein. As such, Consultant will familiarize himself to the extent he deems necessary and appropriate with the business, operations, condition (financial and otherwise) and prospects of the Company and will provide eight (8) hours of consulting services per month for twelve (12) months at no cost to the Company. Any consulting services provided by the Consultant to the Company which exceed eight (8) hours per month shall be billable to the Company at a rate of $150 per hour. To the extent the Consultant provides less than eight (8) hours of consulting services per month (the ""Deficit Month""), such deficit of consulting services shall accrue and be provided to the Company by the Consultant in the month immediately following the Deficit Month.

Interesting asset list

Just normal consulting services company assets ...

Wonder if I could purchase the dart board, skee ball machine and basketball machine.....................

@JeffSchwenk I believe they had those items at their booth at Summit usually. The basketball machine for sure last year.

Interesting that the hours roll over. That's one thing I heard HTI did (non expiring blocks) which hurt them.