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Eric Siu breaks down how Scribd collapsed after hitting $21M in revenue. A co-founder left, the CEO started embezzling, and red flags went ignored. The lesson: trust your gut about who you hire.
Eric Siu breaks down how Scribd collapsed after hitting $21M in revenue. A co-founder left, the CEO started embezzling, and red flags went ignored. The lesson: trust your gut about who you hire.
Did you hear about the story with Scribe Publishing? How they went from $21 million in revenue to bankrupt? They were well on their way to $100 million in revenue and then they had the CEO. And then what happened was one of the co-founders left and then the CEO freaked out. And then basically the CEO started embezzling and started taking money from the company. Everything started falling apart. And I think something happened with his family or something. And so he just went crazy. And so I just want to call out a couple of things that some key takeaways for people. But the whole idea here is that I think with Tucker, He saw some red flags with the CEO. He didn't act on them. It's similar to me. You've heard my stories in the past where I've hired GMs before, but I knew something was off. And so one of the key lessons here, and he's calling it out too, if you have a gut feeling about any hire, act on that gut feeling because that gut feeling comes from experience. I just think that when you don't act on the gut feeling, 100% of the time it will hurt you.
