Even potential insolvency has a silver lining

04/12/2011 | BNET

Software CEO Dave Taylor says that when a bankrupt customer defaulted on a $200,000 invoice, he almost lost his business and his home. Handwritten letters of explanation helped to buy time with Taylor's suppliers, but the bigger issue was making sure he would never again be blindsided by a customer's insolvency. When Taylor couldn't find software "that would reduce our risks by recognizing customer warning signs and identifying potentially bad debtors," he wrote it himself, then refocused the entire company around the new product, boosting sales to $10.5 million a year.

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