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For the first time since Ed & I officially started helping my father-in-law, we hit the ff. milestones:
- Earned 2x our average revenue for 2019
- High cash outflow to pay for all liabilities
- We are up-to-date w/ all suppliers & creditors!
1/
- Earned 2x our average revenue for 2019
- High cash outflow to pay for all liabilities
- We are up-to-date w/ all suppliers & creditors!
1/
[Where we failed]
1) Inefficient operations: only (1) person handled everything, it becomes chaotic, SLAs not followed, some tasks forgotten, etc.
2) Single income stream: we relied heavily on a single customer
3) High maintenance costs: costs were higher than expected
2/
1) Inefficient operations: only (1) person handled everything, it becomes chaotic, SLAs not followed, some tasks forgotten, etc.
2) Single income stream: we relied heavily on a single customer
3) High maintenance costs: costs were higher than expected
2/
For the longest time, our dad didnât tell us about how heâs coping because he didnât want us to worry & he doesnât want us to think that he can no longer sustain the business. When the pandemic hit, a lot of of our creditors reached out to Ed & myself.
3/
3/
It caused a huge fight and weeks of uncomfortable discussions around March-April. Finally, we decided to agree to a single strategy that all (3) of us would agree on..
1. Restructure mortgage loans on (2) vessels
2. Keep maintenance costs at a minimum
3. Find more customers
4/
1. Restructure mortgage loans on (2) vessels
2. Keep maintenance costs at a minimum
3. Find more customers
4/
and, 4. Put up (2) of our vessels for sale
#4 was the most difficult decision to make but Ed&I had to insist on this. But itâs not an overnight transaction so until we can find a sure buyer, weâll keep on doing our best for 1-3.
5/
#4 was the most difficult decision to make but Ed&I had to insist on this. But itâs not an overnight transaction so until we can find a sure buyer, weâll keep on doing our best for 1-3.
5/
I will continue this thread later. I have to go somewhere 
