Here are a couple of good, a little dated, but good independently written articles about Arctic Spas. Here is an excerpt from the government of Canada Industry Canada web article:
As with most small businesses, they ran it on a shoestring in the beginning. During the first year, all proceeds were pumped back into the company. “We lived on day-to-day cash flow financing,” says Darcy, doing whatever it took to keep the plant running. “It was ‘just-in-time’ production because we could only afford just-in-time,” says Dennis. He remembers rushing to retrofit pumps into the finished hot tub units just before they were shipped out because the company didn’t have a line of credit and had to wait until they could pay for the pumps in cash.
Another good historical article appears on Wikipedia, here.
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