You’re Shutting Down a Profitable Business?
In our latest podcast episode, Mel Gravely explains how he got out of a side venture without losing his shirt.
Good Morning!
Here are today’s highlights:
Without a deal today, the federal government will shut down.
A casket company figured out a marketing strategy that is killing it.
ChatGPT is adding an Instant Checkout feature to let merchants sell products.
How risky is it to marry an entrepreneur?
THE 21 HATS PODCAST
This week, Mel Gravely brings closure to a story he’s been sharing in pieces over the past year: You may recall that he bought a facilities-maintenance company a couple years ago that he was convinced he could scale—only to discover that it was hemorrhaging money. Mel dug in, diagnosed the problem, fixed it, bought out his partners, turned the company profitable—and then decided to shut it down. Why close a business that’s making money? Mel explains the surprising answer, along with three lessons he says he learned.
Mel also joins Jay Goltz in a candid discussion of the painful flipside of hiring: When, and how, does it make sense to lay off employees? As Jay points out, it’s far easier to find advice about adding people than about letting them go, even though it’s a calculation many owners are facing today.
Plus: A would-be entrepreneur preparing to launch a business with two friends admits he’s feeling scared. He wants to know whether that fear ever goes away. Mel and Jay think he’s asking the wrong question.
You can subscribe to the 21 Hats Podcast wherever you get podcasts.
