Success and Failure
There are times when a workout cannot come to the stage of completion we may like.
This can be due to many factors, but the workout strategy and Second Wind has never failed. The most common issue I see is when client’s are too emotionally attached to their businesses and attempt to work out the debt despite the business not truly being viable.
On friday I concluded a relationship with a client who was honorable and paid us our due for the success we had achieved for him thus far. We settled over Five-Hundred Thousand dollars in debt and he only paid less than Forty-Five Thousand to the creditors. A huge victory. Not to mention one of the debts was his SBA note and so he will not have to worry about the federal government coming to get him. The client was happy with our success and though he still have hundreds of thousands of dollars in credit card debt, he decided he could not pay for the expert advice and negotiations of Second Wind.
The total fees were tallied and the client wired us a final payment.
Along with the respect of this office, for being a client who stands by his word to pay us for our work, I gave this individual advice and strategies to move forward as well as sharing all of the relevant spreadsheet and conversations I was working on with the creditor. We will continue to give coaching where needed, even though the client has terminated the normal Second Wind relationship.
Some may view the fact that the business could not produce enough revenue to fund a workout as a failure. I view the fact that the client will still receive aid and, even more importantly the fact that he stood by his word and even though he could have attempted to run away and use some of our payment for applying to settlements, as a major success. We succeeded in stripping massive quantities of debt and in keeping a positive relationship with the client, despite his financial condition.
I would have liked to work till the client had no debt, but instead we gave a valuable service while employed by the client and even more valuable tools to continue without us.
