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

Discussion in 'Progress/Execution Threads' started by TreyAllDay, Oct 4, 2018.

  1. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    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!
     
    jon.M, TheCj and amp0193 like this.
  2. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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.
     
  3. WJK
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    WJK Gold Contributor Speedway Pass

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

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