Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Weathering the Storm: A Harrowing Tale of Resilience

15 Oct 2024 · 1 min

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A first-person account (Richard Canfield) describing how government sequestration froze government spending and halted a two-year pipeline of public-sector projects. Despite having their biggest year after five years in business, the freeze caused rapid financial deterioration: within 90 days they were nearly "underwater by seven figures," forcing difficult choices to cover payroll and retain teams.

Questions this video answers

Two years.

Five years.

Within 90 days.

By seven figures.

Chapters

We also went through something called government sequestration, which was when there's a freeze on all of this spending by the government to do different projects. And we had been really building up a pipeline for two years of projects that were supposed to start happening on the public sector side of things. And everything was just frozen. So no work could continue, no new work could happen. It was all just frozen and no end in sight. So all of these things just really added up that were outside of our control. And after five years, having our biggest banner year. Within 90 days, we were almost underwater by seven figures, Richard. And trying to keep up payroll, trying to keep our teams in place, and it was extremely challenging.