Like everyone else I need to earn a living. At this point (July 2015) its been a year since I left my previous company and had drawn a salary. During the past year, I worked on an Internet Startup that we never got off the ground and joined another as Co-Founder/ COO and decided that after 30 days, the team and I weren’t a fit. After the issue with the Golf Cart business, I thought it would be smart to consult to generate some income.
A friend of mine was working at a large outsourced executive assistant company. The company was about 450 people and needed a COO to help them transition from a startup to a more professional operation. I wasn’t sure if I wanted to go full time into something but decided that I should meet with the CEO.
We met a few times before I was going away on vacation and she appeared to be a smart young entrepreneur and knew where she needed help. Based on what I could tell, the company’s ops were a bit of a mess but nothing that couldn’t be fixed within 6 months. We also agreed that I would join on a 3 month contract basis to see if we could work together. After that we would decide if I would transition to full time.
It was a great situation for me since I could still work on looking for an internet business and draw a decent income consulting. Win win all around. I joined in late July.
Once I started, within 2 days it was very obvious that everything was very different than I was led to believe. Ops were a mess and the employee base was very unhappy. I was pretty shocked with what I saw but the good news was that nothing couldn’t be fixed. Given a few months, I was pretty confident I could make significant headway in righting the ship.
I started mid-july and was ready to get to work. There was a board meeting in two weeks and I had to present a plan to right the ship. Happy 3rd day! Seriously though, I was very excited about the opportunity and worked hard with the team to present a reasonable plan. We presented to the board and with a few modifications we received a stamp of approval.
A few days later, the CEO and I spoke about funding. I was told that we didn’t get some we were expecting and that we effectively had 50k in the bank. 450 people, 50k, 1M run rate, -500k/ month burn = insolvency. So much for the safe route.
Needless to say I was in a bit of shock since I was led to believe the company was in good shape financially. Total time invested = 3 weeks. Total amount I was getting paid = $0.
I was back to the drawing board.