In a revealing interview, Blake Smith, CEO of SQRL, discussed the highs and lows of his company’s journey, offering an honest assessment of their rapid growth and the significant challenges they faced.
Smith detailed how SQRL expanded from zero to 415 stores in a short span, marking it as one of the fastest-growing companies in its sector. “This growth was driven by innovative strategies and a dedicated team,” he said. This remarkable growth, however, came with substantial financial struggles. “We faced cash flow issues and increasing operational costs, but we never missed a single month of rent payments,” Smith explained, highlighting the resilience and commitment that drove the company.
He addressed operational setbacks, notably the failed partnership with Baximus, which led to the closure of 65 stores. These experiences, according to Smith, have equipped SQRL to better handle future challenges. “We had to adapt quickly and learn from our mistakes,” he said.
Reflecting on the startup environment, Smith commented, “Startups are inherently volatile, and our journey was no different. We took risks, and while some paid off, others didn’t.” He accepted responsibility for the company’s shortcomings and offered a sincere apology for any distress caused to stakeholders. “I am genuinely sorry for any distress caused and am committed to making amends,” he stated.
Employee testimonials further underscore Smith’s leadership and compassion. One employee shared, “Blake has always encouraged hiring people who could benefit from such employment. People who were down on their luck or even needed a second chance at life.” Another employee added, “Blake has changed my life. When I met him, I was at one of my lowest points, and he took a chance on me.”
In his concluding remarks, Smith extended an invitation to collaborate on solutions and improve the situation. “Adam and I are here to help re-tenant these stores and find new industry partners,” he said, demonstrating his commitment to working towards a positive outcome and a stronger future for SQRL.
