81:Losing Complete Faith in My Team Was the Best Thing for My Business

Ep 80

 

 

 

 

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Show Notes:

On today's show, I interview 6X Inc. 5000 CEO & President - Todd Palmer. Todd brings a truly inspiring story of what it means to go from hitting rock bottom financially, but not giving up on your vision. 

Some of the highlights of this amazing episode include:

 
“By September of 2006 I was $600,000 in debt. I was two months away from running out of all of my money, including loosing my house. And I realized in that cross roads moment in most entrepreneurs lives, that I was falling down the stairs, I was falling down the ladder, and I needed help.” ~ Todd Palmer
 
So I reached out and I hired a coach with the last credit card I had - because the option of failing…I couldn’t do it. 
 
I hired a coach, he took a look at the finances and he recommended I file bankruptcy. He said, you’re in bad shape, you’re on life support, but I think if we are able to discharge a huge portion of this debt, we can turn this thing around.
 
And I remember sitting at dinner with my son one night, he was 9 or 10 years old at the time, at he asked me “Are you going to file bankruptcy?” And I looked at him and said, “No I’m not and here’s why, I’ve always told you that you have to be a young man of your word. So if I go out and don’t pay the money I’ve promised to the bank and money I’ve promised to other vendors, I’m not a man of my word. We are going to have some lean times, you and I my friend, but I’m going to dig my way out of this.”
 
The coach told me, we are going to have to make some staff changes. I said, “Your right. I’ve lost complete faith in the staff, I’ve lost complete faith in our processes and I walked in and fired everybody in about 15 minutes and I started over."

 

Don't miss this amazing episode of a real life turnaround story.

 

Todd can be reached on Twitter, Facebook, LinkedIn and his personal website www.extraordinaryadvisors.com