I can't disagree with any of this.
I will say that Implant was a key player in the race to the bottom that created this "commodity" situation. We're talking about a complex technology that has 3 competitors who can actually sell into the main portion of the market. How they managed to create a scenario where we're selling it for what other people are willing to pay for it is beyond absurd.
I'm in an industry where this stuff happens all the time. If you undercut my fee by 40%, you're most likely going to win the engagement. You're also going to "lose" money on the deal. The difference is that I sell a service whereas Implant sell a product that costs a certain amount of money to make. Smith appeared to understand the folly of cutting costs to 0 margin, but we obviously took the Morpho bait.
At the end of the day, we had a bunch of really smart ETD and security guys trying to run a business when they needed a business guy (not Glenn). They got played by a competitor and had to sell for less than they are probably worth. It is what it is, but management has a whole lot to do with what happened here.
On a side note, it would be nice to know what spurred Glenn's exit. Was it his lying about the TSA contract or something to do with actually trying to find financing? Could have been the lawsuit, but I doubt that since it was dismissed with prejudice.
