Mark Cuban has revealed how he bounced again after he was left broke when an worker stole $82K from his first firm. “Folks steal, what am I going to do?” the entrepreneur informed Shannon Sharpe on an episode of the Membership Shay Shay podcast. “ what? It’s a superb downside to have, proper? I can afford it.”
Cuban has reportedly skilled embezzlement in his corporations over time. He has now opened up about how one explicit worker virtually drove MicroSolutions out of enterprise.
“She took $82,000 of the $84,000 we had,” Cuban stated. “We had been flat broke.”
Cuban revealed that the cash the worker stole had really been earmarked for his distributors. Solely $2,000 was left within the financial institution after the incident, with the agency on the threat of almost going bankrupt.
How did Mark Cuban save the agency?
Money circulate issues fairly generally kill small and mid-sized companies. In an try to keep away from a catastrophe, Cuban reached out to his community of distributors and narrated his scenario, asking for flexibility. “We needed to name the distributors to say, ‘Please work with us, we’ll bust our a–, we’ll ensure you receives a commission,’ they usually did. They labored with us, proper, and the remainder is historical past,” he stated.
The corporate was finally saved. Cuban later bought it to web providers firm CompuServe for $6 million.
Cuban helped the agency get again on its ft when it may have been struck by an enormous catastrophe. In keeping with a survey by Quickbooks State of Small Enterprise Money Circulate, 61% of small enterprise house owners have complained about steadily going through money circulate issues. 32% say an absence of money circulate makes them unable to pay cash to workers, suppliers, loans or themselves. U.S. Financial institution says 82% of companies that fail cite money circulate points as the explanation for the failure.
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