DURHAM – Method Savvy, a four-year-old ad agency, shut down in Durham last week and on Sunday the founder as well as CEO, took to LinkedIn to explain what happened.
“Hi all. Well, as many of you have heard by now, I had to make the extraordinarily difficult decision this week to begin the process of winding down Method Savvy. Unarguably, this is difficult and sad – especially for my incredible team and our clients who are both significantly impacted by this situation. I will be forever sorry it came to this, but doing this now alleviates even more pain down the road,” Jake Finkelstein wrote.
“So what happened? That’s a complicated question that I have no doubt I’ll reflect on for a long time. There’s a passage in Ernest Hemingway’s novel The Sun Also Rises in which a character named Mike is asked how he went bankrupt. His answer? “Two ways. Gradually, then suddenly.” That’s pretty much what this feels like. I firmly believe that we had the right idea and, particularly in the last year, have executed on it well. However the last few years were difficult to navigate and in retrospect I made some ill-advised decisions. As a result we were in a position where the company wasn’t as resilient as we needed to be to navigate the current financial climate. Beginning in the early part of this year we faced a significant downturn in sales and despite best efforts to explore acquisition and bridge financing options I couldn’t pull it off in time.”
The Triangle Business Journal first reported the shutdown.
“While this is absolutely not the outcome any of us wanted that doesn’t change how extraordinarily proud I am of every single person on our team and the contributions they’ve made to helping our clients grow their businesses. We had a lot of fun. We made a difference. It wasn’t always easy but it was absolutely worth it,” Finkelstein wrote.
Read his full post at: https://www.linkedin.com/feed/update/activity:7062914456044933120/
