…and what a crazy unexpected end it is. Of course, this is not the ending I expected five years ago when I “quit my day job” and dove into TrueBody full-time. That bright-eyed first-time entrepreneur thought that by this time she’d be transitioning a successful start-up into the next phase of becoming a steady-state profitable business, and thinking about her next venture.
Well, I got that last part right….
But this is not even the ending I expected three months ago when my board and I decided we couldn’t keep the company running as is and needed to find someone to buy TrueBody. I thought I would find a buyer who would want me to stay on with the company and continue to lead it, at least for awhile, to the success that I still feel is just around the corner. That seems to be the way acquisitions go from my experience. Over the summer I found a couple viable prospects which yielded two offers along these lines. I set a goal to have a deal finalized (or darn close to it) by Aug. 31. And I thought I’d gotten there, albeit by the skin of my teeth. I got the call around 7pm on Aug. 31 from one of those prospects saying “let’s do it!” and even got a small portion of the capital invested the following week. But things started falling apart after that and on Sept. 28, they pulled out.
So here I am on Oct. 2, waiting to hear from one last prospect who promised me an answer this week. If he doesn’t come through, it’s pretty much the end. I’m almost out of inventory and if I can’t ship soap, well….
I met with a bankruptcy attorney last week – just in case. And I’m feeling today that it very well might be the way things end up. I sent out a long email to my investors last Friday to let them know what might be coming. That was the scariest email I’ve ever written. Most of my investors are my friends and family and I couldn’t help but feel like I’m letting them all down, not to mention causing them financial pain.
Now four days after I sent that email, I’ve got to say I am totally blown away by the caring and supportive responses I’m getting from those people whose money I’ve lost. One says he’d invest with me again, another is offering possible work on a project, one even offered to help out with my family’s finances if we need it. Each of these and many others have said I should be proud of what I’ve accomplished and that I haven’t let them down at all. Wow. I never expected this!
Whatever the outcome in the next few days, whether it’s acquisition or shutting down, I will celebrate either way. Life will go on.
The True Story 