Cameron HeroldFounder of the COO Alliance & Invest In Your Leaders Training

NEVER EVER Think That You're INVINCIBLE in Business!

15 Aug 2023 · 1 min

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Cameron Herold spent $5 million on office renovations and nearly collapsed his profitable company. The bank denied him credit, he borrowed $420,000 from family to make payroll, and laid off 25 people. Success and cash flow are not the same thing.

Chapters

And one day we went to the bank because we just spent $5 million of our own cash on an office reno, a move, bonuses, taxes. We literally drained out 5 million bucks. Thinking we were smart, we went to the bank to get a credit line. They said, well, we can't loan you. We're like, why not? We've been profitable for six years. Number two in Canada. Look at our growth. Never had any debt. And they're like, yeah, but you don't have any cash. We're like, I know. That's why we're talking to you. He had to go out and borrow $420,000 from his mom to meet payroll that week. Wow. Then we fired 25 people.