When I left for Budapest Hungary, I was expecting a year and a half of learning how to run a small business, learning about business practices in another country, learning how to managing people and learning to growing a small business. Never did it ever cross my mind that I would be learning how to close down a company, but that is in fact what is happening right now to me.
The downturn in the language school industry, especially over the last year, in Budapest has claimed another victim. For months we were hearing about this and that language school shutting down, but we never thought it would happen to us. SELTI holds a unique position in the market in that we support many of the other language schools out there by a) supplying native teachers for the courses (so the schools don’t have to source people themselves) and b) providing invoicing services for many English freelancers in the business. A lot of language schools require a Hungarian company to do the invoicing of hours so that was where we came in. As far as I understand, we’re the only business in the industry providing that service. With us closing down, I have no idea what people are going to do.
Due to some unforeseeable events, we were left in a place with no options but to close down and let everyone go. SELTI as we know it now will cease to exist as of October 31, 2012 (hurray, fantastic birthday present).
So what does it mean for me? My original contract with AIESEC ends at the end of November. I’ve already booked my flights home so there is no sense in me changing my flights. I’ve agreed to stay on until the end of my original contract to close down the company.
But in other news, a friend sent me an opening for a marketing assistant for an animation studio here in Budapest. I have an interview with them tomorrow. Who knows where this will go?
This whole process has been a learning experience – hopefully with lessons learned that I’ll never have to implement again. Last week was an intense and stressful week. Hopefully, things will wind down as loose ends are tied up.