- PJ King Website
The Fall of Xcor Company by Michael Blum: An Investor Is Needed Urgently
XCOR Company was doing well when it was under the leadership of Jay Gibson. When it got handed over to Michael Blum, financial problems started getting witnessed.
How Michael Blum ruined the XCOR Company
Poor management skills led to the decline of an entity that was performing well.
Making bad decisions
Michael made hasty decisions. For instance, he spent so much time and money creating products that he believed in without considering customers and the amount needed for production. Even though he came up with useful products, they were not financially viable from the company view.
Lack of experience
The bad management decisions that Michael made were due to his lack of experience. He does not even possess the knowledge needed to run an aerospace company.
The lack of experience and knowledge also led to Blum doing things at the XCOR Company without considering the importance of the latest technologies. Since Blum’s company was competing with outdated systems, it was unable to hold a competitive advantage.
Bad business decisions ruined XCOR Company. Blum needed to understand what customers need and how the services and products can get delivered efficiently. Now the company is likely to file for bankruptcy because no investor is willing to help out.