Roofing Company Has Flood of Problems
Today was an interesting day. I was called by Bob, my client, late yesterday with an urgent “We need to get together quick!” So I went to see him this morning only to find that with the huge rain we have had, his shop floor was six inches deep in water.
When I arrived, all hands were sweeping water out and he had a large mop in his hand.
After things settled down a tad, we found a cup of coffee and he began to tell me of his urgent concern. Harold, one of his corporate stock holders and colleagues in the roofing industry had announced to him that he was about to declare bankruptcy both in his own company and personally.
Bob’s obvious fear was that some creditor in the bankruptcy might end up with Harold’s stock in Bob’s company.
What to do:
First, we set about discussing all of the things that could go wrong. (Known in the business world as the Threat)
Next we listed all of the options that we could think of. Purchasing Harold’s stock, and/or hiring Harold as an employee, to name two of the many we named.
Needed More Information:
I felt that we needed more input from qualified folks, so I suggested that I call our company’s CPA and the bankruptcy lawyer Harold was using for more information and counsel. Bob authorized me to begin that process.
Next, we talked about why Harold was going under, (possibilities I brought up included booze, women, drugs, depression, bad business decisions among others) & what psychological effect the bankruptcy might have on Harold if he became a full – time salesman for Bob’s roofing company.
We agreed to get back together after I got the additional information from the two advisors and have another meeting that would include Harold. More later
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