The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

EXECUTION Huge customer filed chapter 11 bankruptcy!!!!!

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

TreyAllDay

Whatever it takes
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
561
1,708
495
30
Edmonton, AB
Today, I think one of my mistakes has caught up with me.

When I first got into software, I wanted to build a product that had higher scale and medium magnitude. Not too much invested into each customer - maybe $100 subscription per month x 180 customers in the first year. Instead, I ended up slowly finding my way into deep relationships with customers, with 5 customers paying $13,000 per month.

I always thought - WOW, I am investing lots of time into a few of these customers. What if one or two of them goes under? Well - the parent company that owns TWO of my biggest customers (68% of revenue) just filed for Chapter 11 bankruptcy.

I am not sure how this will affect my customers, as they are owned by a parent company, which is then owned by the company filing bankruptcy. The press release says they are not laying off employees and will pay all suppliers.

We will see how this unfolds - but this is a kick in the pants. I have been spending money like a bit of an idiot, have been expensing lots of meals and travel, and haven't diversified outside of the industry like I should.

STAY TUNED!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

amp0193

Legendary Contributor
EPIC CONTRIBUTOR
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 27, 2013
3,254
14,489
2,804
United States
Sucks man!

Tough lesson to learn.

It's one of those things that you know in the back of your mind "could" happen... but when it does, it stings.

You'll bounce back, and you'll be smarter this time.
 

WJK

Platinum Contributor
FASTLANE INSIDER
Speedway Pass
Oct 9, 2017
1,597
3,636
878
Nikiski, Alaska
Today, I think one of my mistakes has caught up with me.

When I first got into software, I wanted to build a product that had higher scale and medium magnitude. Not too much invested into each customer - maybe $100 subscription per month x 180 customers in the first year. Instead, I ended up slowly finding my way into deep relationships with customers, with 5 customers paying $13,000 per month.

I always thought - WOW, I am investing lots of time into a few of these customers. What if one or two of them goes under? Well - the parent company that owns TWO of my biggest customers (68% of revenue) just filed for Chapter 11 bankruptcy.

I am not sure how this will affect my customers, as they are owned by a parent company, which is then owned by the company filing bankruptcy. The press release says they are not laying off employees and will pay all suppliers.

We will see how this unfolds - but this is a kick in the pants. I have been spending money like a bit of an idiot, have been expensing lots of meals and travel, and haven't diversified outside of the industry like I should.

STAY TUNED!
Now you know, and don't forget! This is a lessons that many of us has learned the hard way.
 

Sponsored Offers

  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Thanks for clearing that up. What do you recommend for those who are still in the process of...
  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
I thought I would post up the first video from the newest 2021 program content... Just a...
  • Sticky
MARKETPLACE Kill Bigger Incubator
I have not offered one of these in a while, but it looks like I have time to take on an...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Hi Lex, I looked at several options including Kajabi and settled on the Divi theme on Wordpress...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Are you looking for a new, lesser-known but potentially very lucrative source of leads to your...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
The story is BASED UPON a true story. The details aren't entirely accurate or from a distinct...



Forum Sponsor

Grow an online business:
- Start immediately!
- Master business skills!
- 100+ Fastlane students enrolled!
Review & Details >

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom