A Dave Ramsey Caller Shares How Their Family Lost A $350K Business Overnight Because A Devastating Car Crash Ended Their Ability To Work

Core Insights - A car accident severely impacted a small organic skincare and candle business, leading to significant financial distress for the owners [1][2]. Business Performance Before the Incident - The company generated $350,000 in annual revenue, with a growth rate exceeding 20% per year [1]. - It wholesaled products to over 1,100 retailers globally and had ambitions for further expansion [2]. Financial Challenges Post-Accident - The business had to close its storefront, which accounted for over $220,000 in annual sales, significantly affecting revenue [2]. - The owners now face $250,000 in business-related debt and $89,000 in personal debt, alongside $71,000 in car loans [2]. Current Financial Situation - The husband earns $90,000 annually, but the family is short approximately $5,600 each month after basic living expenses [3]. - They have downsized their home to manage expenses and have two months of savings left from the business account [3]. Inventory and Sales Challenges - The company has about $100,000 worth of inventory but struggles with slow online sales, which were historically the least profitable channel [4]. - Despite efforts to enhance digital marketing and offer discounts, the transition from brick-and-mortar to online sales has been challenging [5].