We've been fortunate to get some great exposure recently. Earlier this month I was quoted in the Wall Street Journal and then in our local paper, the Gainesville Sun. And today our CEO, Geoff Wilson, is featured in an article in the New York Times in their small business section! The article, When Good Customers Become Bad Bill Payers, is about the difficulties of collections and accounts receivables for small businesses in today's economy. As I'm sure is the case with many other businesses, we've been burned a few times.
So the article isn't upbeat...so what? No press is bad press, right? OK, unless you're Tiger Woods. That story just won't die!
Anyhow, here's an excerpt from the article, written by Caitlin Kelly:
Geoffrey Wilson, owner of 352 Media, a 10-year-old Web development firm in Gainesville, Fla., lost $165,000 in early 2008 when three clients did not pay. The three firms were start-ups, he said, two in Florida, one in Michigan.
“It was devastating,” he said. “It damaged our cash flow and really hurt us.” The company, with major companies like Microsoft and American Express, did not have to lay off any of its 40 employees, but the experience left scars, Mr. Wilson said.