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I was in bad trouble. I was about to lose everything, and those I had expected to help me (family) were not coming to my rescue, in spite of the fact that I had never approached them before (and never will again.) The bank was about to pull all of my credit, and things looked darkish. My panicked decision was to sell my house and rent in order to get out of debt, so I called in on my smart, successful friend and asked for his advice.
When you’re in a deep, dark hole with slimy, steep, slippery sides, and the water is pouring in, you usually only admit that you have a problem when the water touches your nostrils. Until then, you live in denial, hope for the best, write pathetic “business plans”, hide, and make weak excuses that nobody believes.\
Many small business owners flock to “business networking meetings” where they desperately try to sell stuff to other broke people, or dig their hole even deeper with ineffective advertising. Worse still, they hire unemployed business failures who label themselves “Business Consultants” or “Coaches” and charge an arm and a leg to steal the last money you can borrow. (They’re also in a debt hole!)
Some people have lots of money, but they have no time and their debt is time. Either way, when your money, credit, or time is flowing out faster than it is flowing in, the murky, smelly water rises until it’s high enough to get our attention. At that point, we try to make a logical business decision while in a state of panic. That’s when we start to understand the old saying, “desperate people do desperate things”. Situational Ethics kicks in faster than a speeding bullet. And I am now addressing the people who are in this very situation, or who have the courage to see that it is approaching like the proverbial oncoming train.
When you see you’re finally about to drown in the hole you so carefully dug, who do you call? A three-year-old with a pink, plush toy? Do you call over to the “life coach” in the hole next door? Do you invite an advertising salesman over to pour a few extra barrels of water into your hole? Or sign up to sell real estate or life insurance? I know this sounds familiar to some of us, since I have been there myself. How did I very narrowly avoid certain bankruptcy on one scary occasion? Not by doing what I had always done, I assure you. Not by second-guessing people who were capable of saving me, and not by resorting to the arrogance born of fiery fear.
Here’s what I did, and what you might want to consider if a few lungfuls of water is not your cup of tea: Find the most successful, competent, insightful, straight-talking people you can, and give them a vested interest in helping you out of your hole. Follow their instructions to the letter, or they’ll throw you back like the minnow you are, faster than you might imagine.
I Listened To Every Word My Friend Said
Gerald Voutsas took an objective, relaxed look at my ridiculous plan, showed me that it definitely would put me deeper in the hole, and offered an alternative solution as quickly and easily as passing me another ginger biscuit. I did exactly what he told me to do, and he saved my asset. It took a few months, and lots of hard work, but I learned my lesson and I never put myself into that situation again. I avoid those dark holes like the plague, an the way I teach Joint Venture Brokering is based in part on avoiding that kind of deep, dark hole.
OK, I know you’re going to ask me, “But where do I find these experts?” That’s why we created DollarMakers. I wanted a decent financial planner, so I went to a very good friend who is also my Joint Venture Partner, very wealthy, and a successful lawyer, and asked him whom HE uses for his financial planning (insurance). Now we use the same insurance guy. Birds of the feather. Successful people know other successful people. And only someone who is happily not in a hole can help you out of the hole. “The blind leading the blind” is an everyday occurrence in business, masterminding with the mindless…
Elicit, then follow the expert advice of real experts to the letter. And don’t you dare second-guess, question, or slack off. I listened to Gerald, and I didn’t drown.
July 7th, 2008 at 7:10 pm
I’d love to know exactly what you did. My circumstances with my business is exactly the same.