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PBL Articles
Recession depression
It’s your choice. The world has turned on its end with the current global finance crisis and companies big (General Motors) and small (like my own) closing their doors, downsizing, making redundancies or declaring bankruptcy.
Over the past two years I experienced my successful Finance and Mortgage Business disappear before my eyes, because of circumstances outside of my control.
I have taken the time to understand the process that I went through. By sharing this experience with others, I might help them recover from traumatic events and recognise that this is a most incredible time in our lives from which we can grow and prosper.
Denial
In my case, everyone was denying that anything bad was happening, this went on for 15 months and day by day the values of clients’ and my own investments dwindled.
Storytelling
I then spent a couple of months talking about how good things had been, the amusing incidents, the wins we had on behalf of clients.
Anger
Then came weeks of anger and remorse at both the banks and finance houses – and myself – for letting it happen.
Closure
Ultimately, I came to the conclusion that my business was finished. Oh what a feeling of relief, I no longer felt the burden of carrying it.
Within a few short weeks I was able to transfer my clients to another financial planning company and several of the non-bank lenders still in business were willing to buy their loans back.
The Future
I ceased worrying about things that were outside of my control.
I see today’s financial situation as an incredible opportunity for business owners to be innovative and creative for I feel it is entrepreneurs like us who will lift the world out of this chaos.
These are the things I would do differently.
1 Take more heed of my instinct and intuition and not listen so unquestionably to ‘experts'.
2 Recognise the end was in sight sooner.
3 Move through the ‘Denial’ phase quicker.
4. Close the doors sooner - to stop the drain on capital reserves.
5 Take time-out. For me it was a motorcycle road trip, to clear my head to recognise opportunities for future growth.
6. Be grateful for the experience and move on.
The good news is that I have now started a new company, working to develop alternative energy technologies that offer sustainable ways of living, repairing our environment, enjoying and honouring our community, our planet.
Keith Ralfs, Director, Pittwater Business Limited.
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