Billy glanced down at the gold watch on his wrist. “Mike’s assistant said he’ll be here on time. He’s just finishing up a conference call down the hall.”
I nodded and pulled out my phone to reply to a few emails while we waited. Daniel and Billy speculated about what Mike had asked us down here for before moving on to discussing some of their other investments.
Mike, the owner of EduTech and the man who had convinced all three of us that he was worth investing in, came through the door a few minutes later. He was big and boisterous, his meaty hand coming out to shake all of ours as he flashed us a white-toothed grin.
“Gentlemen, thank you for coming in today,” he said as he clasped my hand first, then moved on to Billy’s. “Did Barb offer you something to drink? I’ve arranged for snacks and—”
“That won’t be necessary,” I said. We weren’t here for a party or a mixer. “What did you want to talk to us about?
His grin faltered, his shoulders coming down a notch. I narrowed my eyes as I watched him take the seat at the head of the table, the steely fingers of suspicion tightening around my gut.
“I wanted to speak to you about the new fiscal year. I have some figures to present to you. Then we can have a discussion.” He lifted the old brown leather briefcase he’d had for as long as I’d known him onto the table and snapped it open.
Extracting four identical folders, he handed one to each of us and kept the final one for himself. After setting the briefcase back on the floor, he opened his folder and cleared his throat.
“As you’ll see from the summary on the first page, our numbers are down from last year,” he started. “It’s been a struggle with the economy being what it is and so many educational institutions making cuts instead of acquiring new technology. In fact—”
“How are you going to fix it?” I interrupted his little speech to get to the only part that really mattered. “I’m not interested in hearing about the economy and cuts. All I need to know is what your plans are to boost the numbers in the coming year.”
Mike’s cheeks became mottled with red blotches, a heavy sigh parting his lips before he licked them. His brown eyes flicked from mine, to Daniel’s, to Billy’s, and then came back to mine. “I think it’s important to understand the context of—”
“I think we all understand the context. Competition is tough, the economy isn’t booming the way we might want it to, and a lot of companies are being forced to make budget cuts.” I glanced toward the other two. “Do you guys need this explained or can we move on?”
“Move on,” Billy said in a low voice. He’d crossed his arms over his chest and was leaning back in his chair, steely blue gaze locked on Mike.
He cleared his throat again, a tremor in his hand making the paper ripple as he turned a page. “We have a new product in mind that should boost our sales going into the next financial year, but we’re going to need additional investment to develop it.”
Daniel clenched his jaw but didn’t say anything. Billy simply raised a brow, obviously waiting to be told how much they needed.
I sat forward and braced my forearms on the table, leveling Mike with a no-bullshit look. “Do you have a plan for any of this? Because it seems like you should have come in here prepared and you’re not.”
I rifled through my folder, pushing it away from me as I snapped it closed. “All I see in here are excuses and statements proving the knock you already told us you took this year.”
He opened his mouth but closed it again without saying anything. The column of his throat moved up and down as he swallowed. “Yes, well, we need more money to be able to develop a prototype of the new product. Then we can plan for it.”
My brows rose slowly as I glanced at both of the other investors in the room. Neither of them said anything.
I released a short puff of air. “Fine, it’s obvious the others aren’t going to speak up, so I will. If you’re expecting me to give you another dime without being able to present me with a solid plan for it, then you’ve lost it. Why would you even ask for more money without having the proper presentations with you to back it up?”
“I just thought…” He trailed off, tiny droplets of sweat appearing on the brow. “If we can’t get our numbers up, you’ll lose everything you’ve invested so far.”
“So you thought you had us by the balls, that we wouldn’t have a choice but to give you more money?” A humorless smile kicked up the corners of my lips as I shook my head. “Here’s the thing, Mike. I know you’ve been having issues with the software on your devices. I know you’ve lost big clients because of it, so perhaps the economy and budget cuts have contributed to your losses, but they’re not the reason for the significant drop in profits.”
His face paled, but he didn’t deny it. Daniel and Billy’s gazes both snapped to me, shock evident in their tight postures and furrowed brows.
“If we were to throw good money after bad returns and invest in this new product of yours, are you planning on using different software?”
“Our software is what you invested in to begin with,” he muttered, his eyes wide. “Of course, we’re not going to use different software.”
“Then what are you going to do to fix the problems it’s been having?” I cocked my head as I waited for his answer.
“We don’t know yet,” he admitted after pausing for a minute. “We’re banking on the new development division to pull us through while we try to sort it out.”
I pushed my chair back, having heard enough. “Until you can present me with a plan about how you’re going to fix the issues with the software, you’re not getting another cent from me. Next time you call me in, you’d better be prepared, Mike. I don’t appreciate having my time wasted and I don’t appreciate being lied to. I’ll expect a plan for the software in my inbox soon.”
Giving each of the men in the room a curt nod, I stood up and walked out of the meeting early. I didn’t mind having to be a hard ass in meetings, but it was fucking annoying that Mike had called us down here while knowing he wasn’t prepared for it.
I was also livid about the fact he hadn’t been upfront with us about the problems before trying to wheedle more money out of us. One of my contacts in the tech world had given me the heads-up about EduTech’s software malfunction, and it had been obvious Mike hadn’t been planning on admitting it to us.
I didn’t want to cash out just yet because the company had some real potential, but I’d have to watch him closer in the future. There were other companies like his I could invest in if he tried to pull this shit again.
Scratching the back of my neck as I waited for the elevator, I pulled my phone out again and discovered a message from Peter waiting for me. A string of curses left my lips when I read it and remembered what I had promised him.
Peter: Hey bro. Call me when you can. Jenny has a place she’d like you to check out for flowers for the wedding.
I rolled my eyes and stepped onto the elevator when it arrived, scowling at my phone all the way down. When I walked into the lobby, I hit the dial button and pressed my phone to my ear. Best to get this over with.