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What ever happend to Egghead.com
This is a story of a company that crashed a few years ago. The observations are from the inside and may provide insight for those that hear or observe similar activities and can move to protect themselves. For others it will provide an Ah Ha and others still a chuckle. The company was the egghead dot com. I was impressed when I came on board as the two weeks training was very thorough (although this changed over time). I cannot hold myself up as a great sage as I did not see the signs until the demise was well on the way. I have read the articles in the press at the time but this was not a complete view of what had happened. The first problem was the Egghead leaders ramped up a sales force of 500 associates and then tried to tap into their database. The problem was management did not invest in datamining software to determine who their customers were. Second problem was securely armed with ignorance management directed their sales force to only approach companies not to sell to resalers. The third difficult problem that was management was hiding cash flow issues. The problem came to a head in late March of 1999 when sales reps had started to get complaints that vendors would not ship until the previous payments were made to them. This went through the rumor mill with the speed of light and the last Friday of the Month of March a company sales meeting was called and we were told to stop calling the vendors asking where the shipments were. One very young and very innocent sales person put their hand up and asked a question. "What do we tell our customers?". The soon to be fired vp of sales said "Your sales persons, Lie." One of my friends leaned over and wispered in my ear, "It won't be long now." By Tuesday the VP was fired and on Friday 300 of the five hundred sales reps were let go. Finis |
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May, 2012
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