Profit & Loss has weathered many storms over the past 21+ years, including the tech bubble burst in 2001-2002, the depressed market environment following 9-11, and the global financial crisis of 2008-2009, but the current and ongoing global pandemic has caused challenges to our international events business that are outlasting our ability to continue operations.
As our regular readers know, when we were unable to hold our in-person events this year, we shifted into a virtual environment. While these proved popular – each event had between 200-600+ registrants – as a small, independent firm, the much lower revenue base of virtual events just can’t sustain the business going into 2021 with no end in sight for the pandemic. With such uncertainty about the future ahead, the company is closing on October 31.
Many of you know our exceptional staff at Profit & Loss, but I want you all to know everyone’s names. Managing Editor, Colin Lambert, who joined P&L back in August 2001, has become a leading voice in the industry advocating for better processes and practices, with his insights and unbridled enthusiasm always present in his very popular weekly columns, and as emcee of our global events. Colin and I have spent countless hours coming up with new ways to discuss topics around liquidity and execution in informative and engaging ways – we have a lifetime of stories to recall.
In London, Commercial Director, Michelle Hemstedt, has been with P&L for 15 years – a friend and colleague who has been an integral part of the business. Cindy Jiang, Events Manager, has been with us for more than 13 years, running our global events series so smoothly that I never fretted when she was at the helm. A special mention to the fabulous Ms Anna Liza, who joined me just three months in, as my first sales person. Anna introduced herself on the phone by saying: this is Anna Liza, you know who I am! Anna has long been a part of our family – my kids know her as Auntie Anna. Also in our London office, Bhinder Kaur, Events Assistant – although with us just three years, she has learned on the job and become an important part of our events team. Chris Bates, who wears many hats as our office manager/HR/tech, bookkeeper, also has a long history with P&L – I’m sure he’ll correct me, but I think it’s 14 years. Also amongst our newer hires is our bookkeeper Olga Massalova, whom I had a great connection at first meeting, talking about much more than accounting!
In New York, Jack Walsh, our Head of Sales for the Americas, joined in mid-2017. Jack has quickly morphed from from his guise as a good old-fashioned salesman to a technically gifted virtual events host, helping our clients and speakers adjust to the new virtual event environment, working long hours (from the infamous ‘Jack’s Basement Bar’), weekends and nights to ensure a smooth running event. Sarah Jordan, Head of Events and Marketing, Americas, is our newest team member, but quickly entrenched herself as our go-to person for everything from event marketing, to database management, and all facets of event production. In the new environment of virtual events – Sarah has done an outstanding job – also working long hours, nights and weekends to ensure the events ran smoothly for all involved.
Finally, Andrew Meikle, our Graphic Designer extraordinaire – who was integral to the launch of Profit & Loss back in July 1999. A special thanks goes to Andrew for his very long days, nights and weekends from day one, from getting the magazine to print in late-night runs to printers in St Albans, to the last minute website and PowerPoint slide changes the night before an event just this week.
I am so proud of the strong team we have had at P&L – we couldn’t have produced all that we have with any other team – I would recommend each and every one of them as a stellar addition to any team. P&L’s motto has always been “work hard/play hard” and I’ve enjoyed every minute of my time working with and getting to know Anna Liza, Colin, Michelle, Chris, Cindy, Bhinder, Jack, Sarah, Olga and Andrew, not only as colleagues, but as friends and family. I am going to miss you all tremendously.
So farewell to our sponsors, thank you for your support through these trying times. Farewell to our readers, who are also our audience and our friends. Hope to see you on the other side of all this.