While politicians are wrangling about whether the government acted fast enough and with enough money for hurricane relief, many entrepreneurs are quietly rebuilding their businesses in the Gulf region. StartupJournal has the inspirational story of Armstrong’s Supply Co. in New Orleans.
After Hurricane Katrina caused the company at least $500,000 in property damage, wiped out an estimated $600,000 to $700,000 of merchandise and, in the immediate wake of the storm, made sales nearly impossible, Mr. Armstrong asked his suppliers for help. Many of the bills he owed from June, July and August, normally due by Sept. 10, were deferred to Dec. 10. Meanwhile, Armstrong’s Supply continued to accumulate additional expenses through the fall, a large chunk of them also due by the 10th.
So how did the company manage to get all of that money out the door?
The same storm that knocked Armstrong’s off its feet also generated tremendous business opportunities for the company.
This is a great story of the power of the free market to heal even the wounds caused by the devastating storms this past fall. Armstrong did not sit idly by waiting for Uncle Sam to bail him out. He just figured out a way to get back on his feet and rebuild his business.
This is actually the sixth story in a series about this business. I strongly recommend going back and reading his entire saga.