2 weeks on the access to the banks, and I'll aim to have access well before
then.
Regards,
Ethan Stein, CFA
Treasurer
TheKey.com
[image: TheKey] <https://homecareassistance.com/>
On Mon, Jan 30, 2023 at 7:10 PM Angie Markwell <angie.markwell@thekey.com>
wrote:
> I let him know tomorrow and he will give us time if needed and will need
> to know what to tell him. Thanks
>
> Sent from Angie's iPhone
>
> On Jan 30, 2023, at 9:52 PM, Ethan Stein <ethan.stein@thekey.com> wrote:
>
>
> I should only need a week and a half, maybe two weeks max. I'll begin the
> process tomorrow first thing and keep you posted. To confirm I'm
> understanding the situation Angie, did you already speak with Tad, or is
> this still prep to speak with him? I was monitoring my email/phone today
> but didn't see an alert to jump on a call, so hopefully you were able to
> find common ground without a lot of discussion?
>
> Regards,
> Ethan Stein, CFA
> Treasurer
> TheKey.com
> [image: TheKey] <https://homecareassistance.com/>
>
>
> On Mon, Jan 30, 2023 at 6:17 PM Angie Markwell <angie.markwell@thekey.com>
> wrote:
>
>> Ethan we will hold as long as we can and also need to know
>> reasonably when would you anticipate your part can be completed? If we do
>> an agreement with them we need to put an end date.
>>
>> On Mon, Jan 30, 2023 at 10:29 AM Timothy Thomas <tt@thekey.com> wrote:
>>
>>> Hi Ethan,
>>>
>>> The math on your example equates to:
>>>
>>> 10k in salaries per week to disrupt 110k in weekly billing while losing
>>> immediate access to approximately 525k in cash. All figures in USD.
>>>
>>> Alternatively to delaying the RIF's we're proposing that we move these
>>> employees to a consulting agreement thereafter. My only hesitation here is
>>> that they could say no, so we're seeing if i can be a stipulation to their
>>> severance agreements.
>>>
>>>
>>> On Fri, Jan 27, 2023 at 6:29 PM Ethan Stein <ethan.stein@thekey.com>
>>> wrote:
>>>
>>>> Ok, --and sorry it's taken me so long to respond on this today-- I
>>>> propose we request an additional eight business days due to the bank access
>>>> issue. It takes a ridiculous amount of time to add/change users with the
>>>> smaller banks, especially when there is an international component to the
>>>> change. Could we get this done in a week, maybe. 8 days would ensure it.
>>>> We may be pushed to make it happen in a week anyway.
>>>>
>>>> Also, and I think we're already all on the same page here, we should
>>>> push to pull the trigger for all employees at the same time as one package
>>>> event to help with the morale/confidence issue with these kinds of events. @Timothy
>>>> Thomas <tt@thekey.com>, if you happen to have the data, I'd calculate
>>>> the total daily and weekly compensation (Salary / 2080 x 8 x 1.15% for a
>>>> day, and Salary / 2080 x 40 x 1.15% for a week, then multiply both of
>>>> those x 0.75 to convert to USD) to put the cost into perspective for Tad
>>>> and make it relatable. I.e. if the total personnel being delayed a week
>>>> cost us $15,000 USD --made up number--, and your at risk of disrupting
>>>> $20,000USD of billing --made up number-- (or losing access to $2.87M of USD
>>>> in cash in Canadian banks -- real $) it doesn't seem so painful to wait.
>>>>
>>>> @Angie Markwell <angie.markwell@thekey.com> I'll make myself available
>>>> whenever on Monday.
>>>>
>>>> Regards,
>>>> Ethan Stein, CFA
>>>> Treasurer
>>>> TheKey.com
>>>> [image: TheKey] <https://homecareassistance.com/>
>>>>
>>>>
>>>> On Fri, Jan 27, 2023 at 11:29 AM Timothy Thomas <tt@thekey.com> wrote:
>>>>
>>>>> My understanding is that those individuals listed are the only ones
>>>>> with access to the company bank accounts in their respective markets, in
>>>>> addition to Lindsey Fancy in Winnipeg.
>>>>>
>>>>> We're working through a plan to address those who still hold billing
>>>>> and payroll functions and I should have a timeline soon.
>>>>>
>>>>> On Fri, Jan 27, 2023 at 2:12 PM Ethan Stein <ethan.stein@thekey.com>
>>>>> wrote:
>>>>>
>>>>>> Thanks Tim. Tough one on #1 there. When you say, "Banking" are any
>>>>>> of these a situation where they're the only existing employee that has
>>>>>> access to the bank accounts? Is there anything these folks are doing (with
>>>>>> the bank or otherwise) that we do not have another employee or process to
>>>>>> move to that would prevent us from operating the business, or substantially
>>>>>> disrupt it? i.e. the payroll person in Calgary is eye opening and from my
>>>>>> perspective a strong case of the need to keep them in place or no one will
>>>>>> get paid. It seems like this is larger than just the banking access needs
>>>>>> and we should speak to it as such (if that's an accurate view).
>>>>>>
>>>>>> Regards,
>>>>>> Ethan Stein, CFA
>>>>>> Treasurer
>>>>>> TheKey.com
>>>>>> [image: TheKey] <https://homecareassistance.com/>
>>>>>>
>>>>>>
>>>>>> On Fri, Jan 27, 2023 at 8:19 AM Timothy Thomas <tt@thekey.com> wrote:
>>>>>>
>>>>>>> Hi Ethan,
>>>>>>>
>>>>>>> Here are the individuals still involved in financial operations
>>>>>>> in Canada
>>>>>>>
>>>>>>> 1. Tim Thomas Sr. - Bookkeeping and banking functions for Montreal
>>>>>>> 2. Charles Terlesky - Bookkeeping, banking, billing and payroll for
>>>>>>> Calgary. I spoke with Gary Scott who informed me that he has two new
>>>>>>> resources joining the canadian operations in the next 2 weeks, so
>>>>>>> conceivably they can take the billing piece by the end of february.
>>>>>>> 3. Angie Kunath - Banking functions for Oakville and Waterloo
>>>>>>> 4. Carolina Orosa (consultant) - Banking, billing and payroll for
>>>>>>> Vancouver.
>>>>>>>
>>>>>>> Let me know if you have any questions.
>>>>>>> Thanks
>>>>>>> --
>>>>>>> Tim Thomas
>>>>>>> Head of Canada Division
>>>>>>> *Please note my email has changed:*
>>>>>>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>>>>>>> (514) 591-9387
>>>>>>> TheKey.com <https://www.thekey.com/>
>>>>>>> [image: TheKey] <https://www.thekey.com/>
>>>>>>>
>>>>>>
>>>>>
>>>>> --
>>>>> Tim Thomas
>>>>> Head of Canada Division
>>>>> *Please note my email has changed:*
>>>>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>>>>> (514) 591-9387
>>>>> TheKey.com <https://www.thekey.com/>
>>>>> [image: TheKey] <https://www.thekey.com/>
>>>>>
>>>>
>>>
>>> --
>>> Tim Thomas
>>> Head of Canada Division
>>> *Please note my email has changed:*
>>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>>> (514) 591-9387
>>> TheKey.com <https://www.thekey.com/>
>>> [image: TheKey] <https://www.thekey.com/>
>>>
>>