Mike Lindell's bank is terminating its relationship with him due to "reputational damage."

[ProfessorGAC]

35. Not Impossible

Quick numbers reviews.
The company HAD $150 million in revenues. (Now, down at least 35%, by Lindell's own admission). The company employs 1,500 full time equivalents. A preposterously high number, resulting in $100,000 in revenues per employee. (By contrast, the company from which I retired had over $4 billion in revenue & under 2,000 employees worldwide. More than $2 million per employee.). $100k per employee is a poorly run company in the consumer product manufacturing sector.
With FTE compensation of just under $48,000 excluding fringes, we're looking at $80 million in human cost of operation. That is with the assumption that the managers, including crackhead Mikey, still make puny money. Probably a stretch. Eighty million is a minimum, and assumes no other benefits for full timers, including any healthcare coverage.
Best I could find was raw material cost (RMC) was 21% per unit, excluding higher price items like mattresses. (RMC is higher on those). That's $31 million.
Now, all that advertising appears to be around 15% of revenues. We've now hit $133 million in operating cost.
The debt load is $126 million. With a debt:equity of 4.83, the interest rates on that borrowing is not coming in at 2.8%. More likely 3.6% or higher, on 90% and 4% on RLOC. That makes interest on debt over $5 million, plus principal repayment of a likely $6 million each year.
We're up to $144 million or so, leaving $6 million in margins BEFORE TAXES.
Lindell held about 70% of ownership. So, after taxes, he had $3.5 million. In his BEST YEAR.
And those revenues and profits were 15% of that 10 years prior.
I did a deep dive into this when the media was referring to him as a tycoon, as evidence suggested that he, himself, edited his Wiki page to add a zero to his net worth.
I suspected the company was really a pissant operation before I dug into it. Afterward, I was sure.