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I built a $5 million tech business testing the performance and quality of broadband transmission systems. About six years in, tech collapsed and the economy tanked. My robust order pipeline dried up, we were sitting on a hefty inventory and employees were taking really long lunches. Suppliers were grumbling about not getting paid. I made the difficult decision to lay off employees, borrow money from my family and take out a home equity line of credit. I felt like I was all alone in this – I couldn’t let anyone know how bad it really was.
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When I started having problems coming up with payroll, my payroll service provider and my banker suggested I call HilRod Group. Mary Rodriguez analyzed the finances to see if a company with just $2 million in orders could be saved. The news was a mixed bag. It was possible for us to come out the other side, but it would be a tough road, and I needed to take aggressive steps to stop the bleeding. I decided to trust Mary and follow her lead. I just couldn’t let everyone down.
Mary helped me level with the clients and suppliers. She pointed out that they had every reason to work with us to dig out of this hole.
The company survived, and I sold it just two years later. Now that I’ve finished a two-year contract with the buyer. I’m planning another start-up. Mary and I are working together to set up the financial systems and controls to keep the new company on solid financial footing from Day One.
Mary helped me level with the clients and suppliers. She pointed out that they had every reason to work with us to dig out of this hole.
The company survived, and I sold it just two years later. Now that I’ve finished a two-year contract with the buyer. I’m planning another start-up. Mary and I are working together to set up the financial systems and controls to keep the new company on solid financial footing from Day One.
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