This YouTube interview (Mike Andes visiting Eric from Lifesaver in Florida) documents a family business in crisis. Lifesaver — which manufactures and installs safety fencing for pools to prevent child drownings — reported $14 million revenue last year but has recently seen monthly sales fall from about $2 million to $400k. The company laid off 16 people, has high-interest debt exceeding $2 million, roughly $1.2 million in payables, and owes significant sums to Chinese vendors. The business was undercut by a knockoff product that used a similar logo and took customers; leadership says drastic action is needed within 6–12 months to avoid closure.
Questions this video answers
$14 million
From about $2 million per month to $400,000 per month
16
Over $2 million
About $1.2 million
Chapters
We go from doing 2 million a month to 400k.
Whoa.
Yeah. This sucks.
It sucks.
Today we're in Florida visiting Eric from Lifesaver.
I've been in business for 37 years. I feel like I've screwed it all up.
They manufacture and install safety fencing for pools.
Drowning is the number one cause of death for kids aged one to four in the United States of America.
We sell this product that saves children from drowning.
Last year, the business produced $14 million in revenue.
We're bringing in new franchises.
Big boogeyman right now is the over 2 million in deb. High interest debt.
Personal loans.
Between employees and families. It's getting very messy. And then we have about 1.2 million in payables.
But this year, a knockoff product undercut his prices and took many of his customers.
All my worlds were colliding. I just tell them they're the same. This one's got a better warranty.
But you allowed them to use the logo that kills.
We lost, like, several large customers, but didn't know we lost them. And we laid off 16 people. We have three warehouse guys now, which hasn't been that way for a decade, probably.
We're a much smaller company than we were a few weeks ago. Yeah, we're struggling.
You have all this debt mounting.
I owe the Chinese vendors a shit ton of money, and I'm slow paying them.
We don't do something pretty drastic in, like, six to 12 months. He won't see this time next year.
He just calls me every now and again and begs me to bam. And I'm like, yeah, one day.
This is the business turnaround show. My name is Mike Andes. I'm the founder of Augusta Lawn Care, a franchise with over 190 locations around the world. And I traveled the country fixing struggling businesses.
