My CFO came to me and said we got two weeks of cash left. We got two weeks, two weeks and five times. That's, those are, those are hard, hard conversations.
Acquiring Minds
8-Figure Exit After 5 Years
Excerpts · 362 segments · ~1:21:19 long
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So we were able to, again, we had great relationships with our bank. We were able to extend lines of credit. We, my, my partner and I did put some more capital into the business to, to, to allow and bridge that gap for a time.
We had to restructure the, the payment to our, the, the seller finance. We cut the payment in half I think for, for six months. That was, I mean we were in support of it, but it was the bank that.
That made that decision to kind of give us a little bit more Runway. And like I say, we.
We.
We came out of it and. And all. All was well, but it was. It. It was the scariest, toughest, hardest thing I've ever done for. Without a doubt.
Did you make the decision to rip everything up and. And lay new pipe kind of on your own, or did you seek counsel before you made that decision?
No, definitely sought counsel with. With the. With my executive team. I will say at that time, I probably under.
Well, not probably. I absolutely underestimated the financial impact of that decision. I don't know that I would have. It would have made any difference.
I think we needed to make it. I think in my mind, I thought, okay, we'll kind of break even on this job and then move on to the next. And it just. That just. It just wasn't the case.
It was. It was. It was a big, hairy job. The opportunity cost I hadn't fully thought through. So, yeah, I probably didn't understand the depth of that decision until the aftermath.
So. Lessons learned there. But in everything I do, I seek out decisions and including with. At that time, we were working with the gc.
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