[brigcom]

I'm not sure why I'm writing this. I don't have anyone to talk to about it and the big irony is I coach and give advice to others about business issues. No one could imagine I'd be the one in trouble. My problems began 3 years ago when I gave up a partnership to take a job with a progressive California company as EVP. The salary was double and it looked like a great opportunity. My first born was in college out of state so I needed the extra income. I had spent all my savings and retirement to invest in the first company and forfeited my investment. Fast forward to the beginning of 2008. The president left the company and the CEO indicated I would be the replacement after he managed the company for a few months. He then changed his tune and offered to spin off my division for a small licensing fee of the name. As I was familiar with most of the financials I knew we had a substantial 2009 book of business. What I didn't know was what corporate allocations hit my division for shared services like accounting, HR, rent and CAM, etc. When fast forward to December when the CEO decided to fold the company and lay -off every one including myself. He didn't even have the courage to tell me. I heard it from the HR clerk! I received two weeks of severance and for the past 8 months have scrambled to set up my own consulting practice. For the most part I have been successful, except that a few clients have delayed in paying me or have said after work was completed they could only pay half. I relied on credit cards to carry the slow pay when all of a sudden all my never-late credit limits were scaled down. Now no open-to-buy. Add to the fact, I lived out of state when I was told I would be president and moved across country to rent a house leaving my house in another state with a mgt company to rent. It has been partially rented for a net loss each month of $1100. Just today my client I was expecting to carry me through September said he could only pay half of my fee. So I'm out of cash -- almost totally, no investments, less than $15K in a 401, a monthly need of nearly $10K a month in expenses. Negative cash flow for at least the next three months. So I'm ed and don't know what to do. All my bills are current and my credit, although there is too much of it, is good. That's all about to change. The irony is.. . I could be fine in two weeks if my proposals are accepted for new business. But ultimately at 59, this is just dress rehearsal for a few years from now when I may not be able to sell myself. Is this just as desperate as it seems?

[N0help4u]

It is hard for me to comprehend money troubles when you talk that kind of money but I will try to relate it to my end of the spectrum.

In my case the way it works is you figure out what you need and your priorities. Then you realize what you can do without and what you can reasonably get rid of that will help get you out of the hole. Get down to basics and maybe even try to recreate you and your career once again.
Do your clients come to your office?
How do you advertise?
What do you want to do with your house?
Are there areas you can cut back on without a big lose?

I don't know I'm just trying to come up with some ideas. Don't know if I even came close to helping.

I learned to live on basically nothing and I do okay but you have to make it work somehow.

[Clough]

Hi, brigcom!

My first "red flag" that I'm seeing in your post is you state that you don't have anyone with whom to talk with about your issues. Why is that, please? Most municipalities have credit counselors and other types of professionals with whom people can speak with when they're in a bind. I'm currently working with a number of professionals with monetary and employment issues that I'm having. I would think that you could do the same thing.

I've also had to "change hats" a number of times in my career. Do you have trouble with changing what you might do for a living? Age doesn't necesarilly have to be a barrier, as long as the person changing their career is willing to try things that might be new to them, but that are things for which they're qualified to do.

What sort of education, job experience and training do you already have, please? Perhaps we can help you to figure out a new path to take with your career. Also, please realize, that you don't have to think that there's no one that you have to speak with concerning what is happening in your life.

Thanks!

[brigcom]

Wow. Real people who take the time to respond. Thank you, both. Here is some more information. Basically, I work out of my office or go to my clients offices. Many are out-of-state so a lot can be handled with phone, email, and such. Most of my biz comes from word of mouth. I'm in an ironic situation where most people I work with or know think I'm hugely successful and must be overflowing with business. I do know what I'm doing but the economy has made everyone a little less reliable on commitments. One client owed by $10K due in February and I might get paid tomorrow. Imagine that dent in your cash flow for 6 months. I'm a skilled professional with a BA, MA, and MBA degree in business strategy. I guess my advice is worth something to others, just doesn't work so great on me. LOL. I took a huge risk in moving from one state to the other but really had no choice - if I'd stayed where I was I would have been laid off earlier and then would be residing in a state of less opportunity. I know many influential successful people but don't know how to ask for help or even how it.

[Wondergirl]

You're smart, well-educated, express yourself well, and have a lot of experience. Have you ever thought about writing for publication? Maybe Inc. or Entrepreneur or one of the other business magazines would like to hear from you (faster money than a book... ). If you wish, I will check out that situation for you as to what they are looking for and what they might pay for a useful and thought-provoking article. (P.S. I'm a librarian and have been published, also am facilitator of our library's writers' group.)

[N0help4u]

Yeah many 'rich' people are thought of as hugely successful because they have a lot of things that others don't like a business, office and all.
I was thinking but wanted to see what you said. If you aren't using your office for them to go to you at your office and they are out of state anyway. You do a lot over the phone, email and such... why not give up the office and move back to your house?

[Wondergirl]

Yeah many 'rich' people are thought of as hugely successful because they have a lot of things that others don't like a business, office and all.
I was thinking but wanted to see what you said. If you aren't using your office for them to go to you at your office and they are out of state anyway. You do a lot over the phone, email and such.....why not give up the office and move back to your house?

Got to spread the love, Nohelp, but very good point, that so much is done these days electronically, so why not from a home computer?

[brigcom]

I'm in a rental house in CA that I work out of. My client base in CA would never engage someone who didn't live here. LOL. California arrogance. My house on the east coast is under the care of a mgt company who takes 10% when it rents. Currently unrented but prospects.

Thanks Wondergirl, I am a published author of industry magazine articles and I write a monthly column on networking. I have an outline I'm working on for a book on executive communications.

I really appreciate your communications here - all three of you. When you work and live alone, it starts to get strange. You should know I am a very upbeat optimistic person but lately everywhere I turn there's a set up. Having trouble finding the positive spin.

[Wondergirl]

Thanks Wondergirl. I have an outline i'm working on for a book on executive communications.

Do you have a publisher yet? If not, that might be something you can do -- submit proposals to several and get a commitment and/or advance money, so that you will move forward quickly on this.

[N0help4u]

Sounds like you have a lot going for you.

When you work and live alone, it starts to get strange. You should know I am a very upbeat optimistic person but lately everywhere I turn there's a set up. Having trouble finding the positive spin.

Exactly where I am at the opposite end of that spectrum.

[brigcom]

No publisher yet. I looked into self-publishing on Amazon.