Monday, August 25, 2014

You can overcome bankruptcy ...

When people come into my office to discuss bankruptcy as an option, they are usually at the end of their rope. They have been hounded by creditors, wreaked with embarrassment, and generally demoralized. But this doesn't need to be the end of their journey. People can leave bankruptcy with the fresh start it is meant to create. Here is a story I find inspirational:

Image courtesy of ddpavumba
"Marine bankruptcy was business bootcamp; now runs profitable Alexandria moving firm" This article highlights a Marine veteran's great success after his failed house-flipping business. About a year after declaring bankruptcy in his house-flipping business, he started his own moving company. Now, he has a business that he expects to gross $4.2 million this year.

The Marine explains his "three takeaways thusly:

'Perseverance. I had a business that did not succeed. It was maddening, frightening and depressing. I didn’t let any of that stop me. I learned from my lessons, haven’t repeated them, and now I have a company that made Inc. Magazine’s list of fastest-growing companies in America.

'Leverage. I could grow Two Marines Moving at an even faster pace than our current trajectory by taking on debt or investors, but doing so would invite a host of new problems. We grow organically, reinvesting our profits in the company.

'Proficiency. I didn’t know how to do every job of everyone I employed with the construction business. I didn’t know the details of carpentry, plumbing, etc. Now, I know how to do every job that is done at Two Marines Moving . . . mover, driver, sales consultant, dispatcher, recruiter, marketer.'”

Without the bankruptcy, I believe this business owner would have had a much harder time establishing his second business. Also note, it didn't take years for him to get back on his feet.

People can rebound after filing for bankruptcy. This lesson is something for people to keep in mind as they weigh their options.

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