It’s 2001 and Ryan Carroll is in his sophomore year at Kent State University. The phone rings. It’s his mother. She needed help running Lake City Plating, the family business she had taken over when his Dad passed away nine years ago. Lake City puts protective coatings on metal parts. It’s complicated and highly technical.
The business was losing money and Ryan needed to return and help turn the company around. He had no experience, no know-how, and little business knowledge. But he came back home and jumped into the FIRE.
After doing some research, he discovered that many customers were getting sweetheart deals where Lake City lost money on every order. So what did Ryan do?
He doubled the cost to those customers, lost lots of accounts, but started to make money. In effect, he fired many of his customers! It was a gutsy move, but necessary to survive.
Have you ever fired a customer? Maybe you should!