Just a note that really affects the future of Fly Foundry…especially of interest to those of you who have owned their own small businesses.
Over the last year, our family financial situation has been extraordinarily hampered by the financial difficulties of our largest Web client, a large organization based in the United Kingdom. This company has been our client for over a decade and is responsible for about a third of our annual income.
Their business had expanded exponentially over the past few years, and what once was a single company of 140 employees now was a combined eight companies with 350 people, all burdened by a very poor UK economy.
They had built up over a year of unpaid invoices, and in mid-February, we had to make a firm request that these payments be made to us, or we would have to take offline the two dozen e-commerce sites we have created and manage for them. That is no small decision for them, because the sites average about $3000-$3500 gross income daily for their operation. This was no small decision for us, because if the situation wasn’t handled correctly, we stood to antagonize them and lose the entire enchilada.
Complicating matters, on March 18th, the firm went into “administration”, the UK term for bankruptcy. That was certainly bad news! But, a mega USA-based firm swooped in and purchased the company and assets on March 27th.
Due to the leverage that we still have with the ongoing operations, and the patience (and trust) we exhibited in handling the matter, we have been paid IN FULL by the new owners. You can bet that amounts to a very large addition to our family business bank account!
We are still receiving, for now, job requests from the new company, but how long that will continue is up in the air.
For the big picture, this all means our financial future is on good footing for the next 18 months at the least, and in a roundabout way, that also assures the continuance of our other interests, which includes the Fly Foundry web site.
So apologies if we’ve seemed a little preoccupied! You can tell by the above dates, that this is all recent stuff.