Francis Murchison

[Francis Murchison @Francis_Murchis]

@huntercdurham We're super excited to continue working with you over here at Jeanmarie Chocolat! The adventure continues...

[Francis Murchison @Francis_Murchis]

Figuratively, and sometimes literally, covered in chocolate from head to toe. #chocolate #awesome

[Francis Murchison @Francis_Murchis]

@huntercdurham Really interesting story. Thanks for sharing! All mistakes and misfortunes are opportunities to learn and improve for the next round of projects and I'm happy you've decided to be open about this.

[Hunter Durham - West Palm Beach @huntercdurham]

Here's the timeline towards bankruptcy:

HINT: Don't do this. Give your lessons time to simmer.

Mar. 2019: Quit job at Facebook

May: Joined largest client

Sep: Got fired

Oct 2019: Went down Warren Buffet rabbit hole. The idea of Impact Industry was born.

Jan 2020: Found search funder community (should joined Twitter)

Feb 2020: put together documents to buy a business.

Mar. 2020: COVID happens E-commerce blows up.

April: Start taking on new client's full time at Impact Industry marketing.

May 2020: Have second child

August: landed first 5-figure client.

October: Go under contract to buy first company.

2020: Impact Industry Marketing: $250K Rev.

Feb 2021: Close $1.2M deal for e-commerce furniture store. 10% down 10% Seller Finance. 6.5% interest. Agency at $35K MRR.

Mar 2021: Freeze in Texas, main foam chemical supplier looses power. Massive foam shortage in industry. Lead times go from 14-16 weeks to 28-32 weeks.

Apr. 2021: Everything going as planned.

Aug 2021: Cracks start to appear in E-commerce business we bought, things are softening google traffic down.

September: Agency hits $60K MRR.

October: Go under contract for $2.6M on two furniture delivery businesses.

End of 2021:
E-com closes at $1.2M
Agency closes at $562,000

Jan. 2022: Bring on a biz partner, this was the beginning of the end for me.

February 2022: Transaction closes for $2.6M, 10% down, 0 seller finance.

Now there are three businesses and I'm trying to spend time in each.

March 2022: Biz partner gets really sick, loses control over his life, but still tries to work.

April 2022: Lose $750K account.

May 2022: Demote General Manager.

June 2022: Accounts receivables balloon from $150K to $600K. Should have died here as we didn't have enough working capital.

July: Heavy customer concentration is starting to form. went from 10% to 50% of the business as we grew the account. Didn't support with enough additional sales.

August 2022: Shipping business needs full attention but we now have a floundering ecommerce website, the agency is still humming but starting to see cracks. Interest rates rapidly rising.

September: Land a public company as client after working on them for a year. Mid 5-figure monthly contract.

Nov. 2022: Biz partner no longer can work, given up a lot to him. Have to pivot and put someone else in place.

End of 2022:
Agency: $775K (Covered losses and expenses)
Ecommerce: $775K (Huge Loss)
Delivery Company: $5.7M (Serviced over $300K in debt)

January 2023: Interest rates continue to rise, servicing about $40K a month now soon to be $45K by summer.

February 2023: Major cracks are starting to form in all businesses. I don't have enough time to fill them and resources are getting constrained as i've had to personal supply working capital into shipping biz.

March 2023: Things feel stable at shipping business for once but Ecommerce is getting into a cash crunch as overall demand as slowed. Churned a couple of clients on agency.

June 2023: -Lost our largest client at the agency
-Largest shipping customer owes us $400K and contemplating bankruptcy.
-Ecommerce sales almost non existent.

July 2023: We reach an agreement with shipping customer and get paid a large amount.

-Agency loses all revenue and employees

-E-commerce continuing to suffer.

Third child born.

August 2023: Mitchell Gold Bob Williams shuts down. Owes us $400K, Other businesses cease to exist at this point.

September 2023: Working with bank to liquidate. Have a little over $2M in personally guaranteed loans.

[Francis Murchison @Francis_Murchis]

@huntercdurham @NathanFales @BrighamHughes @simplemodernco @mikebeckhamsm Thanks! So much goes into everything we make

[Francis Murchison @Francis_Murchis]

@tomeriks Making chocolate in Puerto Rico!

[Francis Murchison @Francis_Murchis]

@huntercdurham Thanks for stopping by the factory in Añasco Hunter!! You have to come back when I'm running a 150lb batch, it's unreal... You can even take a video 😉

[Francis Murchison @Francis_Murchis]

Demande d'ajout à la requête en nullité du Projet de loi spéciale 78 http://t.co/olTWVl6T #PLS78

[Francis Murchison @Francis_Murchis]

My little devil stole this girls remote #crybaby180