It appears that Slync.io is not doing too well. It is a startup logistics software company that has been successful over the past five years. However, there are reports that Slync.io has not paid its employees for the past two months. The missed paychecks make you wonder what’s going on at the company. Is the “owner” even paying attention to what’s going on with his company? He’s golfing right now; check back later.
Ugh, bills have to be paid, Boss!
From what I know, the ground-pounder employees at Slync.io seem to be good people. They are like most of us – just trying to do their jobs, work hard, and collect their pay. But apparently those up in the C-Suite are not fulfilling their part – writing those fortnightly pay checks. And as one who himself is paid on a similar schedule, I’m watching for that bank deposit like a hawk as well.
When a company tells me that there was a bank error, I expect that to be fixed ASAP – three business days max is about all I can tolerate. BUT SEVEN PAYCHECKS, according to TheAthletic.com!!! No sir, that dawg don’t hunt! Something’s gotta give here – and fast. We have mouths to feed and rent to pay, sir. This is no time to be out golfing.
So what happened here?
I have a theory about that. Yeah, I know that might be scary. But here goes: TheAthletic.com published an article on June 10, in which it was reported that Chris Kirchner, Co-Founder, CEO, and Chairman of Slync.io, was behind on sponsorship payments to the NHL’s Dallas Stars. That overdue bill is up to $800,000. Slync.io’s logo is on everything from the team’s jerseys to the zamboni that smoothes the ice in the rink.
Kirchner played football back in his college days at the University of Kentucky. He holds a degree in communications, with a minor in marketing from UK. That leads us to the next debacle – The Derby County Football (soccer) Club of Derbyshire, England. Kirchner was approved to purchase the team, sans stadium, by the English Football (soccer) League. He also made an attempt to purchase the Preston North End football (soccer) club, but that fell flat.
The Derby County club administration made a statement that Kirchner was cleared to acquire the club, but Kirchner slammed on the brakes in a post he made stating there was a long road to go still, but was happy he got the offer. That put TheAthletic.com on his trail, and led to the discovery of the late payments to his employees.
Theory-crafting time!
Usually when you go to buy something expensive, say a car or a house, financial services usually verify you have the money first. What proof did Kirchner show that he had the funds available to get the okay to buy Derby? A sports team can be a big revenue generator – possibly enough to float a small company sinking in debts.
Golfing is a big-time event for deal-making. Lots of money gets traded around on the links. According to an article in Forbes back in 2016, 90% of corporate CEOs played golf, and 80% of that number said they made deals during tee time.
That makes one wonder if Kirchner was at a golf tournament in Ireland working the links to get some funding troubles shored up. It’s just a theory, but he sure is not watching the mess that’s been made at Slync.io, that’s for sure.
Update: Well the opportunity to buy Derby has passed as the team and stadium have new owners. Local property magnate David Clowes and Clowes Developments have put ink to paper and bought the club after the exclusivity period ended for Kirchner. Now maybe he’ll go run his companies a bit better. Here’s more details from DerbyshireLive.com.
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