This is a true story. I had a business friend who had a strong entrepreneur spirit. He started his own business in his early 20s and due to his hardwork and determination, he managed to grow his business to more than 50 staff within a year. Being someone who took big risks in his business deals, he started negotiating bigger contracts even when the company was not ready. What made it worse was his poor accounting management skills which led him to accumulated debts. Soon, he was having problems paying his creditors, staff's salaries, getting himself into credit card consolidation and eventually, he resorted to filing for bankruptcy.
This could be avoided if he had approached professional negotiators to help him to draw out a debt relief plan. These debt analysts can assist in evaluating his situation and negotiate a lower debt settlement with his creditors. By doing this, he didn't have to resort to bankruptcy and with his entrepreneur spirit, he could start anew and afresh. The lesson for him would be to calculate his costs first before embarking into any new ventures. It always helps to analyze all business plans carefully and not be overcome by greed and the temptation of getting rich quickly.
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