Written by Condon Associates on 24 April 2009

I know this will sound awful, but it’s true — getting into financial trouble is like finding out that you have cancer, the sooner you deal with it and get it treated, the more likely it is for you to get your life back on track and move on.

Dealing with people in financial distress is not necessarily a simple process. It is often driven by statute, however the actions of the individual or business involved can make it extremely difficult to resolve.

Often people won’t take action soon enough, they’ll sit on their hands or bury their head in the sand, as they believe that they can solve the problem themselves.

Occasionally this is true, but usually it isn’t. If the situation isn’t dealt with immediately, it will continue to fester, grow and the issues will certainly become more complex.

This means that rectifying the problem will become harder and take longer, and removes alternatives that may have been available earlier.

Other parties such as lawyers will also need to get involved, therefore increasing the overall cost of getting back on track – costs that could have been saved had this been dealt with earlier.

So what’s the common theme here? — delay. Delay in acting in your own best interests will cause you more trouble. Delay will cost you more money. Delay won’t benefit you at all.

However, it’s not always too late. By taking action earlier and more often, costs can be saved and all stakeholders can get a better result.

A word of warning though, when you do act earlier there are more assets available. Unfortunately this means some unscrupulous practitioners will lose sight of resolving the problem in a way that maximises the return of all stakeholders, to benefit their own bottom line.

If this sounds like you or your business, it’s time to take action, call our office today on 02 9893 9499.