Pandemic hit Luke's Lobster in March when annual cash reserves were lowest
Luke Holden · How I Built Resilience: Luke Holden and Ben Conniff of Luke's Lobster · Sep 3, 2020 · at 3:27
Luke Holden, co-founder of Luke's Lobster, explains why the March 2020 lockdowns were financially perilous due to the company's seasonal revenue cycle.
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“We were a very seasonal business to begin with. Like we make most of our hay, Memorial Day to Labor Day. And this couldn't have happened at a worse time for a business like us, because we're kind of at the end of our rope to begin with. We're just at the end of our reserve and just about to start building, rebuilding reserves.”
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