“Your business stories”
Mike Wagman, Co-Founder and CEO, Ace Hill
My name is Mike Wagman. I'm the CEO and co-founder of ACE Hill.
My favorite part in creating Ace Hill with a few friends of mine and building this company has been really just the process of creating something out of nothing.
What Challenges Have You Faced?
As the business evolves, it gets a lot more complex—, managing people and , hiring people [make] operations get more complex. and Tso that introduces a whole new set of risks and challenges.
How Has Amex Backed Your Business?
Amex has been a strong partner for us in growing our business. A great example is from the summer of 2018— there was a huge can shortage in the beverage industry and we were fortunate to leverage the flexibility of our Amex card, and were able to come up with a quick solution ahead of our competitors, which basically saved our summer.
Some of our biggest expenditures that really impact our cash flow are, building up inventory and spending on materials, particularly in a business that's pretty seasonal.
Another thing that's beneficial to us is we get a larger limit that expands without having to go through a lengthy approval process at the bank.
In addition, through Amex, we get really simple expense tracking, which helps our accounting team sort through our expenses in a seamless way.
What’s Next for Ace Hill?
We're a lot more sensitive as we've grown to matching our inflows and our outflows and maintaining a really strong cash management strategy.
We've grown significantly every year, and that's required us to always have our product on hand, develop products quickly and bring them to market, and really just meet the demand that we're building for the brand.
This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.