Over the last 6 months we have had a series of critical business deals we were counting on not go through, because of that, we have realized that we need to pivot our business to more corporate clients, less thought leader cleints for the purpose of stability.
We have been working with an advisor to help us ‘save’ the company for the last 3 months, and have been pitching 4 different investors to basically fund our transition. 3 of the 4 have said no in the last 2 weeks, and we are waiting to hear from the last investor option.
In anticipation of getting the funding and staying in business, we have already started our pivot, and 8 days ago we laid off 14 people, our staff is now a total of 19.
We were not able to get the investment we needed last week, so we officially “closed” the company a few days ago. We are working through the process of shutting down now. There is still a low (but possible) chance that we close this investment round, in which case we will attempt to keep going and move things forward, this is unlikely, but still possible.
SO with all that in mind, we could really use your prayer. This last 6 months, and especially the last 6 weeks has been the most difficult time of my life.
If we are unable to close the investment round, I will be personally liable for about 150K – 180K in taxes that can’t be bankrupted out of. I also haven’t been able to pay myself for the last 2 months, so we are personally having difficulty as well.
HOWEVER, I believe God has a plan for this trial, I don’t regret starting the business, it’s easy to see the some of the mistakes in the business model we have made now, but that is always the case, hindsight is always 20/20. My personal goal, regardless if we make it or not, is to handle the situation well, and to show the clients, vendors, employees, the right way to go through a difficult time. Even if that means ending the company. I want to show my kids how to go through hell in business in a way that honors God and shows them how to learn from their mistakes and grow from it.
As always I have things in the works, we will figure out a way personally, but it’s a very stressful time with high anxiety.