I recently had the pleasure of having a few quiet pints with a retiring common sense solicitor who spent 40 years specialising in corporate liquidations. He has liquidated thousands of companies over his career. I asked him what would he say was the cause of most businesses failing, and he answered me with three words before he continued: “Greed and Ego”.
He then explained to me that a lot of the time these two failures came from employers, but there were also instances where the greed originated from employees.
He finished by saying that, in his opinion, most businesses would survive as long as everyone involved kept focused with a cool head and hard work, and with a sense of fairness.
Sometimes there are external factors which can bring a business down, but too many times they bring themselves down.
I left him and was thinking about his words and comparing them to what I had seen in my own life… I realised he was absolutely bang on the money!