Colin P. Kane | Peregrine Group LLC founding principal
Since starting my career as a 21-year old U.S. Navy officer, any success is a result of selfless partners, team members, employees and family. During the Great Recession, our young company experienced the prospect of insolvency due to an overnight shift in real estate values. I had no experience in the devastation wrought by a global lack of liquidity and didn’t have a full night’s sleep for 24 months.
Remarkably, our vendors, lenders, customers and investors kept us afloat by providing short-term credit and accelerated payments, and the more experienced of them provided invaluable moral support and advice. As a result, Peregrine emerged in 2012 as a stronger and far more capable organization with immutable bonds built with the partners that saved us.
For some industries, the consequences of the pandemic mirror the challenges of 2007-2011. My advice for business leaders facing today’s extraordinary headwinds is:
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Communicate with creditors. They will be far more sympathetic when there is open and frequent communication about the company’s circumstances.
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Share the truth with employees. Your team is your most valuable resource and will surprise you with their willingness to sacrifice.
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Don’t be afraid to ask for help. Entrepreneurs tend to believe they know all the answers, or are embarrassed to admit weakness.
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Talk to your family. Sharing your angst will help you sleep better.
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Never forget those who helped. When the storm has passed, reward the loyalty of the vendors and customers who threw you a life ring.
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Help the next time. Be the first to help others in the next gale!