There are typically many different reasons companies get into trouble — but, the reason they die is always the same.
They waited too long to address their problems.
I’ve worked in 45 different industries with more than 200 different companies. Every company was unique. Each had their own personality, own staff, own product and own set of problems. Yet, all of them had one thing in common — they were out of time.
How do I know? Because I was the person they called when all else failed.
More than 80% of my engagements began with a telephone call from a troubled company. They would call me on a Monday or Tuesday and the conversations would all begin in the same way; “Domenic, I can’t make payroll on Thursday — can you help me?”
Imagine having to find money for a total stranger, sometimes thousands of miles away, I never saw his face, he never saw mine, Now, in a matter of hours or days, I have to figure out how to get all of his employees paid. Sometimes, there were more than 1,000 employees that might not get paid if I didn’t find a way to help them.
You think you have pressure at work?
I did this every week for more than 20 years. All my conversations were about “impossible” situations. All of my choices were between “bad” and “worse”.
What did I learn from working in environments of desperation, crisis and chaos?
I learned to Buy Time, Find Cash and Create Calm — Fast.
Owning and running a business is complex, complicated and always challenging. Even when things are going well, it’s a lot of work. If you grow too quickly, you can run out of cash. If you borrow too much, you can run out of cash. If you grow too slowly, you can run out of cash. The challenges never end…but, it doesn’t mean you have to run out of time.
I started life as an entrepreneur at the age of 24. I’ve owned several companies and advised and managed hundreds more. I wrote Corporate Undertaker: Business Lessons from the Dead and Dying, because I grew tired of watching good companies die. I grew tired of watching thousands of people lose their jobs. When a company dies, a community dies. I put more than fifteen of my most compelling business and life stories in the book. And, I put 50 of my very best lessons in the book. All are aimed at one thing — giving companies more time to live and prosper.
Don’t wait too long. Read the book. Savor the stories. Embrace the lessons.
If you need help, call me.