The lesson is, because there will be many lemons in life, to learn to make the proverbial lemonade—and be open and honest. That’s the best way of doing damage control and positioning yourself for success. Via Vivek Wadhwa: Come Clean When Things Go Wrong
Personally, I really love the idea of openness. Customers know about your business and it also helps the business to attract talents (if they like the way you work).