Fishbowl Inventory - History

History

Fishbowl was formed in 2001 by Chuck Hale and Beverly Hale, two business owners in Salt Lake City. The pair invested $3 million into the software company and went through several CEOs in rapid succession. In 2004, they asked a business consultant named David K. Williams to evaluate the company and possibly dissolve it. Instead, Williams reorganized the company and kept it in business. Within three years, it was out of debt and earning awards for its growth.

In addition to inventory management software, the company’s product line grew to include a Manufacturing Option in 2009 and a mobile warehouse solution in 2010. The Mississippi State Department of Health, Santa Barbara County, CA IT Network Division, and several other government bodies use Fishbowl Inventory as an asset tracking system.

In January 2011, Mary Michelle Scott joined Fishbowl as President. She came at a precarious time for the company. Four months earlier, the primary shareholders had asked for their original investment back, but the company didn’t have enough cash in its reserves to meet the full payment. It appeared that it would have to be sold to an investment group or another company, which would likely have resulted in its dissolution. However, Scott and Williams were able to make contact with officials at Zions Bank and secure a $1 million loan just before the deadline for the first installment to the original owners. Over the course of 2011, Fishbowl generated enough revenue to pay back its $1 million loan in full seven years ahead of schedule.

Fishbowl partnered with a businessman named Simon Jupe in late 2011 to create the first international version of its inventory management software: Fishbowl Australia. Fishbowl Australia has the same features as Fishbowl Inventory (manufacturing, barcode scanning, etc.), and it has been modified to include different tax codes and ways of creating certain forms and doing business that are unique to Australia.