One negative comment needs seven positive comments just to balance it out, in your own mind and how you feel about yourself. This is something that i learnt years ago. And what I find happens is, quite often, when people find themselves in debt or not quite able to make ends meet, they start talking about failure, of not earning enough money, those sorts of negative comments.
So the hot dog story. I would have heard this 30-40 years ago. And It’s something I try to remember. It’s a humorous story but it’s got a very good message to it. And it relates back to after the war and of course there are a number of settlers that came to America of all different ethnic backgrounds and came and settled in America. And one of those couples that came to America and virtually had nothing. They settled near a major road. And there was this old store that had been closed down and all they could afford was to rent the couple of rooms that were above it. And so they rented these rooms and they were thinking what are we going to do for a living and the wife went out and did some did some housework and the husband did a bit of labouring and then they thought about it for a little while and the husband was renowned for making beautiful hot dogs, lovely hot dogs, you know with the mustard and those hot dogs that have got the hole in the middle and you heat the roll up and you put the hot dog down the middle of it with the sauce, fresh bread. They were absolutely magnificent hot dogs. So they started doing that and they thought well put a little stand at the front and sell these hot dogs to the cars going past. And they put a little stand at the front and then they started making Cordial to go with the hot dogs and then they started selling soft drinks and the business got bigger and bigger and bigger and ultimately they went to the landlord and said, “Could we rent the downstairs?” And they actually opened a hot dog shop, here on the high side of the road.
One of the things that is topical at the moment is why use a pre-insolvency person.Yeah of course, I’ve got a vested interest because I guess I am a pre-insolvency person. One of the advantage of using a pre-insolvency person is that they work for you. Now, again there are different types of pre-insolvency person.
One of the things to think about is when you’re being confronted by a situation whether it be: an angry creditors, someone after you for money or someone that you disagreeing with, is what approach you are going to take. And, You can either take the oaktree approach where you stand up and you just are going to withhold it and not bend and not flex or you can take the palm tree approach where you bend and go with the wind and just go backwards and forwards and rock until the storm passes.
One of things I find is that a lot of people concern themselves the about their reputation. Now to me reputation is how other people see you. But they are seeing you through their eyes and their experiences. So what happens is if you get pulled over by the police for speeding their immediate thing is to react how other people who have been pulled over have acted and some of them have been not so nice people, so the police are on guard.
Many years ago, way back in my youth I used to be involved with a company called SMI and one of the things they had was this “Principle of the Slight Edge”. How they used to say it was that we all have talents and abilities.
One of the things I get asked quite often is: what are the trends and what are of some of things that I see with companies going into liquidation and the reason behind it. Over the years I have done quite a lot of liquidations associated with builders. One of the things I see time and time again is that with a small builder, they tend to try and compete on price thinking that that’s the issue. And of course when they compete on price they haven’t got the money to do the job because they have got a cut the dollars and cut the corners so they make the living and it reminds me of the time when with my first wife.
In movies quite often there are one lines that just strike home and one of them is in The Lion King, the children’s movie. Oh yes the past can hurt, but you can either run from it or learn from it.
One of the things that happens just so often that I find is that people say “do you know a good solicitor” or they go and get their local solicitor or someone that doesn’t necessarily know about debt and insolvency. They just go find someone that is local or a nearby person.
Now certainly with debt and insolvency, it is a fairly specialised area and there are many things you can do that would help you, but the solicitor have got to know.
So when you’re choosing a liquidator or trustee to your business, there are several things to look for I think. One of the things is it doesn’t matter whether it’s a big firm or a small firm, what you want is someone that you can become a person as opposed to just just a number.So if you declare yourself bankrupt or you put your own company the liquidation or you’re forced into it. The difference is is that if you do it yourself, you get to have a bit of a say in the type of trustee that is going to manage your affairs. As opposed to, if the courts do it in the case of liquidations they will just nominate the next one on the list. So when you’re looking for someone, again look for someone that you can talk to you don’t have to agree to go with the first person you talk to. Yeah that’s one of the advantages of dealing with a pre insolvency person which I’ll talk to you about later on, in another time.