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 https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤗" title="Umarmendes Gesicht" aria-label="Emoji: Umarmendes Gesicht">
- High cash outflow to pay for all liabilities https://abs.twimg.com/emoji/v2/... draggable="false" alt="😢" title="Weinendes Gesicht" aria-label="Emoji: Weinendes Gesicht">
- We are up-to-date w/ all suppliers & creditors! https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥳" title="Partying face" aria-label="Emoji: Partying face">

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/

For the longest time, our dad didn’t tell us about how he’s coping because he didn’t want us to worry & he doesn’t 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/

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/

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 it’s not an overnight transaction so until we can find a sure buyer, we’ll keep on doing our best for 1-3.

5/

I will continue this thread later. I have to go somewhere https://abs.twimg.com/emoji/v2/... draggable="false" alt="😅" title="Lächelndes Gesicht mit offenem Mund und Angstschweiß" aria-label="Emoji: Lächelndes Gesicht mit offenem Mund und Angstschweiß">