Lessons in Rebuilding Trust and Managing Cash Flow

Overcoming Challenges, Navigating Cash Cycles, and Building Resilience in the Face of Adversity

Taking over BioSteel was a bold and exciting move, but it came with challenges I underestimated. When I acquired the assets of a bankrupt business, I knew there would be hurdles, but I believed my track record in the industry would ease the transition. After all, I’ve successfully built businesses from the ground up, including Canadian Protein. But I quickly discovered that the market isn’t as understanding or forgiving as I had hoped.

From day one, the nature of retail-focused business terms became one of the biggest obstacles. Vendors and partners weren’t willing to extend trust immediately—understandably so, given BioSteel's recent history. For months, we had to pay upfront for products or materials, were turned away, or faced skepticism, despite having no hand in the bankruptcy that preceded my ownership. It was a tough pill to swallow. I naively thought my reputation would carry more weight, but rebuilding that trust took time.

The stark contrast between Canadian Protein and BioSteel became glaringly apparent. Canadian Protein, primarily an e-commerce brand, provided near-instant cash flow. I could see funds deposited the very next day. With BioSteel, it was the opposite. Early on, we were spending significant amounts upfront on stock that wouldn’t yield returns for months. Managing that cash cycle was a challenge, especially without outside investors. Every decision had to be calculated, every dollar stretched.

Fast forward to now, and many of those early struggles are behind us. Vendors are extending terms, and the business is gaining stability. But the lessons from this experience have been profound. I’ve learned that patience, persistence, and meticulous cash flow management are non-negotiable in a retail-focused business. It also reinforced something I’ve always believed: adversity sharpens us. It forces creativity, builds resilience, and pushes us to adapt quickly.

For anyone taking over a struggling business, here’s my advice: don’t underestimate the effort it takes to rebuild trust. Expect challenges, especially with cash flow, and have a clear plan to navigate them. The road may not be easy, but if you approach it with a mindset of learning and growth, the journey will not only teach you—it will transform you.