TIMING IS EVERYTHING
I have been very fortunate in my business career, as over the last 25 years, I have experienced countless opportunities to speak to, spend time with, and do business with some incredible people and entrepreneurs.
In the last number of years, one of the things I enjoy most is getting the opportunity to speak to school children, sharing with them some of my own journey in life, particularly my own health journey and transformation, I have been on over the last 15 years (you can see more here www.conordevine.com).
When the kids ask me about success and specifically for some tips around how that maybe achieved, I always suggest to them that they should go and find, then study successful people.
These kinds of people are everywhere, right across our community. The interesting thing about people who have done well in life, is that they leave loads of clues. Success in business, health, and any walk of life in general, does not happen by accident. It takes years of preparation, commitment, discipline to achieve a positive outcome.
Talking of success and sharing with you a conversation I had several years ago with a friend of mine who has achieved a huge amount of success in his business life, I asked him about his own thoughts and views on business and being successful – “TIMING IS EVERYTHING CONOR” he said very clearly.
I have been thinking about this for many years, and when I think about a lot of the advice and counsel I would have received over the years, I would put this right up there in terms of the advice I would give to aspiring entrepreneurs.
THE LAST HELICOPTER OUT OF VIETMAN
I distinctly recall in 2008, just before Lehman’s bank went bust, which triggered the Global Financial Crisis, a client of mine at the time had over 100 houses in Belfast. He was working on a deal to sell all the properties in one swoop and was very close to getting the deal across the line. Ultimately, he did and got over £12M for his portfolio. Two weeks post the sale, Lehman’s went bust, and the GFC kicked in. This triggered the collapse of the Irish Banking system, when the credit markets dried up overnight, which caused a domino effect across the global economy, including our own in Ireland.
I remember speaking to my client at the time and he was pleased with the timing of his deal as you can imagine, as if it had had bene delayed for two weeks, it would never have happened.
This client went onto to do incredibly well in his own business career, and today life’s a very comfortable life, financially free, doing bits and pieces of investing at his own pace. I remember saying to him twelve months after his exit, that he got the last helicopter out of Vietnam, as literally all hell had broken loose with banks, borrowers and businesses. Timing is everything in business.
HOW ARE YOU GETTING ON?
So, what are your own thoughts on my view that timing is everything and how are you fixed right now to get through the next 12/24 36 months. Are you sitting with a lot of debt, do you need to sell, reduce your exposure, or are you sitting in cash, and want to invest?
Depending on your own circumstances, my own view that we are now at a stage in the economic cycle when it’s a pretty good time to buy. The cost of money is expensive, lots of people are over leveraged and banks and lenders patience are running thin.
If we learned anything from 2008, it must be that you need to get your ducks in a row in terms of your own business and how you are funded.
It’s hugely important if you are relying on debt, that you get your house in order in good time, and it’s prudent to make sure you understand what options may or manot be open to you.
At GDP Partnership and our funding businesses (GDP Capital and Clearpath Finance), we are working with funders every day. We know what is possible and we know how to deliver for you if it’s funding you need.
If we can help you with any of the areas we specialise in, please reach out to us.
Until next week, look after yourself!
Best,
Conor