He calmly informed me that he was scheduled for a hearing at the bankruptcy court and he thought that I might be able to help. I asked him why he did not do something about the situation before. Almost angrily, he said that he did not know about me before, stating it as if it were my fault for not getting in touch with him sooner. During the next few days, I did work up a plan that convinced the creditors to give this firm a little more time. A few of the larger creditors even put up 10 percent of what was owed to them, for immediate operating cash.
Most bankrupts never develop enough awareness to learn that they are the problem.
It is much easier to blame others for our own failings or mismanagement. I asked some business owners who were in the middle of bankruptcy proceedings, what caused their financial downfall. Not one even remotely hinted that it might be at least partially due to some failing in their own management methods. It is very rare that I am called in by business owners who are close to bankruptcy, for they are usually convinced of the righteousness of their views. Most of the time, those who find themselves in serious financial difficulty, think that if they could just borrow a little more money, everything would work out.