Catastrophe
After four years, our biggest client, because their promised second round of funding didn’t materialize, went out of business. As a result, they weren’t able to pay us a huge sum of money they owed — for work already completed. I was shocked and clearly disappointed, but knew that we could recover. But, within a week of that happening, all of our other clients got cold feet due to a declining economy (in early 2001) and as a result, had no more projects to issue. It was at that point that I was convinced that the business was no longer viable.
I had no money. I needed $40,000 in 2 days to make payroll. It was clearly time to shutter the doors, so I summoned the team (10 people at the time), and with tears, told them that I loved them, that we'd had a great run, but it was time to go home. There was no other option. I offered to help them find new work (which was tough at the time) and hoped we'd stay close-knit, but there was just no more viability for the company.