As a 30-year veteran of credit management, I was taught long ago of the value of a personal guarantee. When a new account is being considered, asking for a personal guarantee should be automatic, so that you are getting an extra commitment from the owners that they will pay you. Yes, I am well aware that large companies do not offer personal guarantees, and I am painfully aware that when a spouse signs a personal guarantee, if the account goes legal, there may be an argument on the validity depending on the business involvement of the spouse. The following experience had neither of these issues come up, but had plenty others issues to make up for it.
My company supplied …
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