Someone who I knew a little rang and asked if I had time for a coffee. We met and after the initial niceties I noticed he didn’t look happy – so I asked him how he was doing. He quietly told me that he’d gone bankrupt. He’d lost his business, his home – everything he’d worked decades to achieve. It was all gone.
He had been working with two advisors and was following their guidance. We tend to assume that those offering professional advice know what they are talking about – that they are the experts. It’s a fair assumption, so we take any guidance they give as ‘good advice’. Sadly this is not always the case.
Unfortunately, my acquaintance’s business spiralled into trouble and he was forced into bankruptcy. With hindsight he realised it was quite needless. His awful situation was a direct result of the poor ‘advice’ he had been given.
This was a difficult tale to hear, as I could clearly see where it had gone wrong and realised a basic business ‘health check’ would have avoided this travesty. That health check is now included in The Confident Consultant toolkit.