Hi, this is Wayne again with a topic “Onyx Motorbikes in legal limbo after owner passed away | TechCrunch”.
What happens when the owner of a startup dies suddenly leaving behind no will and no succession plan? This is the story of Onyx motorbikes and its owner and CEO James cblo Onyx had been on the rise in the ebike space people loved the electric dirt bikes and mopeds with a hint of’ 70s Nostalgia, but onyx’s owner James cblo made some missteps as a designer Turned first-time business owner, he signed himself as a personal guarantor for loans, he overspent on Supply and he turned down a buyout from a competitor that could have been a Lifeline. In December 2023, things were starting to fall. Part Onyx was being evicted from its Warehouse. Its unpaid bills were stacking up, its coo had abruptly resigned. A shipment of 100 dirt bikes from A supplier in China was delayed, causing customers to demand refunds. Kbl, who was known for his passion and positivity, was already under immense pressure. He owed shareholders and lenders Millions.
On top of that, his health had started deteriorating. Then things took a tragic turn. At 37 years old catablu passed away from a pulmonary embolism. His death left Onyx in a state of uncertainty with no will and no succession plan plan, only millions in debt onyx’s operations ground to a halt, leaving customers, suppliers and creditors. With many unanswered questions. Over the last few months, there’s been a legal battle over who controls onyx’s remaining assets and who gets to be paid back.
First katalo story is a stark reminder for how crucial it is for business owners to plan for the unexpected without a plan. The future of a company and the people, depending on it, can be thrown into chaos. .