“My friend and business partner spent our “company” funds on her wedding. We folded up!

We were three- Jenifer, Lola, and me.

Jenifer and I were classmates from university. Shortly after the lockdown, we met Lola (an old neighbor of Jenifer’s when they were much younger) at an Academy for techies/ aspiring techies. We decided to start our own web/mobile app development company mid 2021.

Lola was an Accountant then, so we kept funds in her account for our “baby project.” All our savings went into bootstrapping, as our initial clients required us to run their gigs before payment. But even after, payment stalled. We literally made no money from the company until early 2022 when we got our first international gig.

Based on prior experience, we requested that they pay us upfront. They paid us half the fee, which was about $5,000, which was paid into Lola’s international account (as our Accountant and the only one with an account to receive money internationally). A month later, the worst happened!

Lola stopped taking our calls or replying to our messages. Later, we realized we had been blocked on all social platforms. We gave up trying to contact her and concentrated on delivering our project in 2 weeks.

About a month later, we heard from another mutual friend that she had relocated to Australia and that she had gotten married a month earlier. We were shocked. We didn’t see the signs. Where’s our $5,000 dollars, sister Lola?! 
It sounds funny now, but this was a crazy experience for Jenifer and me because all our savings went into the company. Our only consolation was that we had a balance of $5,000 which we were later paid. 

I learnt from that experience to never put my eggs in one basket, it might work for someone else but not me. No way I’m doing that again. I invested my share of the $5,000 in real estate and some other stocks. Our company still exists though, but I also have my investments outside of the company.  

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