The last few weeks at BXBuilt have been emotional for sure. I have been wanting to put out a statement for weeks, but had no idea of how to come out and say it all. Sadly, social media beat me to it which set unplanned motions into play and also risked the safety of my own family, employees and friends. When the social media posts began, I was blindsided and I had no idea of how to professionally respond, other than to crawl into a hole and make sure my family would be safe from harm. I felt alone, in the wrong and helpless.
After 6 years I let the community down, our dealers and my friends, and for that I am sorry. I did everything in my power to keep BX alive and going, including selling all of our cars and assets in early 2022 as we foresaw a rough economy year ahead. I also pulled my own retirement pension funds and put them into BX to keep it alive. Even with all that, and investing every penny that my family had left, we failed. We went all in because we believed in BX and we loved the community that we had been a part of since I got my 4Runner, in 2016. Ending like this was never the intent of myself or this company that was my dream, my everything, for the last 6 years. At this point, I have no idea what the future holds for my family and I. But for everyone else in the community, I am sorry for how it has all ended.
For those that don't know, BXBuilt began in 2017 on my kitchen table. By the end of 2019 we began an extreme growth pattern, followed by even more growth all of 2020 and 2021. Yes, we bit off more than we could chew. We strived to keep our pricing low for the community, even with all the price hikes going around. Ultimately, doing so was a crucial mistake and the beginning of our demise. In the end, the business model of long lead times mixed with material shortages, and major inflation on goods, shipping and labor rates killed us. By 2022 when supply chains began to normalize, we began to operate deep in the negative largely in part to fulfilling orders sold at pre-inflation pricing. We did our best to diversify and to self fund the business for as long as we could. We even added other services to try and help with revenue problems to keep things moving forward, but in the end it was not enough to cover what was needed to stay in business. We even attempted a partnership with a well known company, but after running the numbers with them, it was apparent that BXBuilt was a sinking ship. With the current economy and a destroyed reputation, it would be impossible to increase revenue back to sustainable numbers, not without another major investment. And simply put, my wife and I had already put everything that we had into the business.
We should have made this statement sooner. However the shock of losing everything, including my reputation has been hard to deal with. Finding the words to make this statement has been one the hardest challenges of my life. Please do not take out our failures on our ex employees, their families or friends. We, as a business failed, not them.
Again, I want to sincerely apologize to the community, our dealers and our friends for letting everyone down.