Brian Scudamore, founder and CEO of 1-800-GOT-JUNK?, explains how hiring an incompatible ex-Starbucks executive as president led to severe revenue losses and near bankruptcy.
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“After 20 years of growth, we went from a hundred and nineteen million in revenue is what we'd hit at that peak at that time, and we dropped down to the eighties.”
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Disclosure
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Insight
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Insight
Having two impulsive executives at the top fails scaling companies
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What-if
1-800-GOT-JUNK? was 90 days from bankruptcy before laying off 52 employees
“We couldn't have been closer. I mean, I would have given us another 90 days if we'd continued down that path. We had overspent so drastically. On big bets that didn't pay off, and I had to hunker down. I had to lay off 52 people.”
Brian ScudamoreApr 17, 2017▶ 29:201-800-GOT-JUNK?: Brian Scudamore
What-if
Scudamore admits an IPO and VC funding would yield more personal wealth
“I probably would have made more money in the long term if I'd done a corporate model and an IPO and raised money.”
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