Hope Is NOT A Strategy Or A Plan, It Is Desperation
I overheard one of our workout employees talking to a prospective client and I could tell from the tone of the conversation that it was not going to convert into a client relationship...
unfortunately.
Unfortunate for the business owner, as he has assets but not enough to survive in his business, yet he has enough for the bank to recover some of the loan.
The man's father is also a guarantor and unfortunately, although retired, he owns his home without a mortgage and is also a target for the bank, one which will result in another sizable payment but still not enough to satisfy the loan.
Thus, both are facing possible loss of their homes and still having substantial remainder debt to deal with.
I smell bankruptcy and total loss.
Potentially a real disaster, but, the man says, he "has hope.
" Sadly, this is not unusual.
Many, many entrepreneurs, small business owners who are tenacious visionaries, brave men who dare to take enormous risk, open up a business and against all odds succeed.
They have faith in themselves and their skills, they believe they will be successful and so they jump in wholeheartedly and despite all opposition.
They open and they succeed.
Hallelujah!These are great people, the ones who make America great.
America is the land of opportunity for those who dare.
The entrepreneurial spirit can overcome many obstacles and penetrate many barriers.
However, the same attitudes and characteristics that help support entrepreneurial success are self-destructive in a workout scenario! That is a huge problem as faith in one's self and willingness to accept risk and to bet on the unknown will result in utter destruction if applied to a workout situation.
"Hope" is not a strategy or a plan that will be successful in a workout situation when you are in default.
In fact, if utilized, you are doomed.
This is what few understand: the skills required for implementing a successful workout are not necessarily the skills an entrepreneur has.
There are many paths that require expertise, proven strategies, experience and know-how, and all the faith and belief in the world will not result in success without the expertise to back it up.
So no, my friend, your financial foundation and your father's home are at risk, and to "hope" otherwise means you will only end up with huge, avoidable losses.
Hope is not a strategy or a plan that will work in a workout situation when you are in default.
Proven strategies will.
unfortunately.
Unfortunate for the business owner, as he has assets but not enough to survive in his business, yet he has enough for the bank to recover some of the loan.
The man's father is also a guarantor and unfortunately, although retired, he owns his home without a mortgage and is also a target for the bank, one which will result in another sizable payment but still not enough to satisfy the loan.
Thus, both are facing possible loss of their homes and still having substantial remainder debt to deal with.
I smell bankruptcy and total loss.
Potentially a real disaster, but, the man says, he "has hope.
" Sadly, this is not unusual.
Many, many entrepreneurs, small business owners who are tenacious visionaries, brave men who dare to take enormous risk, open up a business and against all odds succeed.
They have faith in themselves and their skills, they believe they will be successful and so they jump in wholeheartedly and despite all opposition.
They open and they succeed.
Hallelujah!These are great people, the ones who make America great.
America is the land of opportunity for those who dare.
The entrepreneurial spirit can overcome many obstacles and penetrate many barriers.
However, the same attitudes and characteristics that help support entrepreneurial success are self-destructive in a workout scenario! That is a huge problem as faith in one's self and willingness to accept risk and to bet on the unknown will result in utter destruction if applied to a workout situation.
"Hope" is not a strategy or a plan that will be successful in a workout situation when you are in default.
In fact, if utilized, you are doomed.
This is what few understand: the skills required for implementing a successful workout are not necessarily the skills an entrepreneur has.
There are many paths that require expertise, proven strategies, experience and know-how, and all the faith and belief in the world will not result in success without the expertise to back it up.
So no, my friend, your financial foundation and your father's home are at risk, and to "hope" otherwise means you will only end up with huge, avoidable losses.
Hope is not a strategy or a plan that will work in a workout situation when you are in default.
Proven strategies will.
Source...