Why This Entrepreneur Broke Up With His Biggest Client
Introducing our new podcast, Problem Solvers with Jason Feifer, which features business owners and CEOs who went through a crippling business problem and came out the other side happy, wealthy, and growing. Feifer, Entrepreneur's editor in chief, spotlights these stories so other business can avoid the same hardships. Listen below or click here to read more shownotes.
Tyson Lawrence launched a logistics company in 2005, and the next four years were thrilling. By 2009, he’d reached $5 million in sales. “So I felt really good,” he says. “Everything I touched turned to gold.”
Then that golden touch suddenly disappeared. His growth stalled. His profits shrank. Even when he hired more people, and was doing more business, hit bottom line never got bigger. That’s when he took a close look at the fundamentals of his business and discovered a major problem. His business had become far too reliant on serving one giant client -- and that giant client was starting to hold him back.
On this episode of Problem Solvers, we follow Lawrence through what happened next. To save his company, he needed to make gut-wrenching decisions that would lose him a lot of money and take years to resolve. “In fact,” he says, “I didn’t call myself an entrepreneur until after I got through this situation, because I didn’t feel like I had really earned it.”
Today, his company Taktik Logistics Group is back on the growth track. It’s bringing in $5 million a year, and expects to hit $15 to $20 million in revenue by the year 2020. How’d he do it? Click the player button to listen.
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