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This is part of a case series. The past year, 2019, had been an exhilarating one for Alex Lyakhotskiy and his team. Buoyed by a new franchise model that was working well for opening new cities, alongside better execution in some of the company's existing cities, Pass the Keys' growth had accelerated. Happily, it was looking like 2020 would be an even better year. Unfortunately, in early 2020, the Coronavirus pandemic that had originated in China came to Europe, first in Italy, followed quickly thereafter across the continent and in the UK. Travel bans and quarantines were under discussion and appeared imminent. What that meant for Pass the Keys was abundantly clear: no one was going to be booking any Airbnb properties any time soon. Lyakhotskiy, a first-time entrepreneur, had been through no shortage of challenges in his company's nearly five years in business. But he'd never yet faced the prospect of demand falling to zero. 'What steps should I take now?' he asked himself. 'And how quickly must I act?'.