Known By Word Of Mouth Only, Patrick Rettig Specializes In Restructuring Corporations and in Balancing the Mind, Body and Spirit of CEO’s, Saving Companies from Bankruptcy.
Join Patrick Rettig as he is interviewed by Debbi Dachinger
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Los Angeles (I-Newswire) April 16, 2013 – “The way it’s supposed to be; the way it used to be; the way it could be; all that is irrelevant. We have to master the way that it is…” – Patrick Rettig
Born in St. Louis, Missouri, Rettig is the son of an Irish family. He is the product of a working man’s environment. His mother and father worked twelve to fifteen hours a day for his entire life. His family pulled their money and sent him to private schools starting at the age of six. So the journey begins.
“The way it’s supposed to be; the way it used to be; the way it could be; all that is irrelevant. We have to master the way that it is…” – Patrick Rettig. To this day Rettig works with troubled corporations under $20 million annually. These are companies that have been left for dead and no one is interested in helping them. It is a tireless job and to the American families that have another day to fight, Rettig is their last hope for survival. His techniques are unusual and his methods come from a supreme belief in Family First and the protection and survival of the American Dream. Rettig works with kinds of companies that have one thing in common: they all want to survive and work.
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It’s time for The Triangle of Mind, Body and Spirit
Inspiration; our minds need to be fed good new and pertinent information on a regular basis and maintaining our body and energy is an integral part of the process of being inspired with life. Let’s review:
Mind: the first side of the Triangle
As they say, “A mind is a terrible thing to waste.” It’s true. Nobody sets out to waste a mind. It happens gradually. We fail to do things to enhance our life. For many alcohol and prescription drug abuse sneaks up and causes great agony. This condition will destroy all that is dear to you. I’ll talk about that in subsequent lessons. Today we deal with “The List.” “The List” is what you need everyday. In order to maintain “The List” you also have to know what your company needs.
Smart is something you earn
Intelligence is something you learn
You’re not born with either one. In order to over-achieve you have to do it all. No exception. If you want mediocre, read no further. Sit back enjoy a cold one. Resentment is okay. You can hate people who win the lottery or make it big. But, if you want to win – play hard, set down the cold one and study on Brother.
Productive mind-fulfilling activities
- Read current and relevant material.
- Investigate business journals pertinent to your industry.
- Listen to daily radio and television events — be advised of world affairs.
- Conversation: with key people regarding current events and activities.
- Communication: new ideas you’re considering.
- Creativity: consideration of all life aspects based on informative findings.
Did you notice the three C’s listed above: Conversation, Communication and Creativity? Without these three colorful concepts, people die mentally and spiritually. Growth becomes out of the question. Company’s slip financially. So what do you do? Get busy, obviously! Make the list your company needs and stick with it!
Quit being a prisoner of fear!
- Make phone calls to new customers
- Discuss ideas with friends
- Visit relevant industry seminars
- Check production schedules
- Compare vendor prices
- Negotiate bank interest rates
- Study company payables
- Navigate receivables and call late paying clients
- Speak with employees about production
- Share new ideas with loved ones
- Entertain clients and listen to their nlids
- Investigate new equipment that may save time and money
Regain control of your heart and soul.
Live your dream.
Love your company.
Start this very moment.
Kick it up a notch or two, or three—or twenty!
Body: the second side of the Triangle
Both your mind and body are made up of organic material. No matter what, you have to manage with your human physical condition to live well and survive. Make a commitment to a morning walk or workout. Do it everyday. Your brain will react to the increased oxygen and you will retain and process information faster and better.
Examples of activities that serve the body:
Stop procrastinating and do what needs to be done!
- Minimum of 1/4 mile walk per day
- Short bursts of jogging
- Bicycle riding (must have good bike and suspension to support your back and spine)
- Boxing with a heavy pad (this is super fun, not necessary to hit hard, consistent movement, 30 sec sets)
- Golf twice a week (two buckets or nine holes)
- Yard work
- Boat, car or motorcycle wax, clean maintenance
- Light weights and cardio class, dance, martial arts
- Shopping (it’s a blast and you walk for hours)
- Dirt bikes (make sure good condition both bike and self, correct riding gear)
- Sailing is unbelievable
- Basketball (short half court, by yourself)
- Staircase (nice and easy)
- Chores, keep your office in order, house, car, yard, bedroom, closet, fish tank, dogs, etc.
Unfortunately most of us do what we like to do instead of what needs to be done!
Start the process!
Stay on task!
Take care of yourself!
- Get the brain working! Feel fantastic. Make time!
- Eat right
- Buy clothes that make us feel confident
- Talk with our children
- Buy the correct car for our needs
- Take vitamins
- Manage chores in general
We all fall victim to mediocrity
“It’ll do Lou”
“It’ll do Lou” represents just getting by. It’s always a problem in life when one succumbs to this state of mind. This really means just doing the least amount and hoping for a miracle. Don’t fall victim to the following nonsense:
GET WITH IT!
- When do I get mine?
- How come I’m not on the lake on a yacht?
- Where’s my extra million?
- How come I don’t have a mansion on top of the hill?
- Why does my company get in the way of everything!
- Heck with it! When do I matter?
- Until it starts working, I’m not trying any harder!
IT’S YOUR FAULT!
GET WITH THE PROGRAM!
GET BACK ON TRACK!
When you own a company with any history of success it’s because you didn’t give up. So how do we fill the void? What else is there to do? Keep reading.
Spirit: The third side of the Triangle
The third side of the Triangle deals with inspiration. Perspective is a big word here. If you know what’s going on inside yourself you can absolutely rock n’ roll. If you’re perspective of yourself is that you’re stuck, then there’s a good chance you’ll be just that—stuck. Who runs a company well when they are stuck? Nobody is the answer. So, let’s be somebody instead.
The only way to see yourself as a “self-starter”, is to be a “self-completer.”
Think about this. An idea can be like an actor auditioning for a part. Ideas come to you, the director of the movie, and ask to be an important character in your production.
You’re important enough for an idea to want you! Pay attention! You may say:
- “How do I do that?”
- “Who’s going to pay for it?”
- “Somebody probably already thought of it?”
- “My wife says I’m already out of time everyday!”
- “I don’t have the energy to do that!”
“Hey, if it ain’t broke don’t fix it!”
- “Nobody pays me enough for all that headache!”
- “Who cares anyway?”
- “It seemed like a good idea at the time?”
- “I’m just overwhelmed with everything.”
- “I need a vacation instead of all this headache!”
- “Ideas are a dime a dozen, do it the old way.”
I call all procrastination “unresolved conflict.” When you just can’t figure a way to get it done. There’s a solution. And it’s fun. Requires long-term commitment and gives you a good feeling about things right away. Along with all of it there’s an added bonus: you will find a “HOW TO” answer to your new idea.
Feel the nature of success.
Keep your mind alive and your hands busy.
While your hands are busy your mind will continue to work on issues.
Unresolved conflict will fade away to solutions.
Engage in activities that inspire your mind to reach new heights. Design and finish remarkable ideas. Task completion is very inspiring to human beings. Here are examples of activities, that when completed, inspire us.
- Work on an old car and prepare each piece perfectly for restoration
- Rebuild a bicycle that your son or daughter could use
- Plan a trip to Disneyland with your children or grand children, (make it an all day mission to complete all the rides on your list)
- Clean and wax the floor of your own company, alone
- Organize your desk and preparing for an upcoming week
- Design an outing with your spouse and actually executing it perfectly
- Organize your workshop at home and put your projects in order
- Cleaning your tools
- Investigate an idea at the library
- Observe art at a gallery that interests you
- Listen to live music and learn all about it
- Go to the theater and enjoy the entertainment of top notch talent (or something you could never do)
- Walk your company office when everybody’s gone home
- Read literature of a higher order, love, God, country
- Talk history with your parents; you will be amazed how they shine
All these activities are filled with love and dedication. Return to those things in your life that inspire you to live and feel. Speak with your children about all they are doing. Help them! (If you’re lucky enough they will actually want your help)
Let your curiosity find history. Peruse ancient texts written thousands of years by people just like you. Listen to music that reminds you of your first love. Remember passions that lead your heart to endless possibilities. Pick up a musical instrument and play it whether you know how or not. Learn! Walk through an art gallery with someone special looking at things that blow your mind.
People have been striving to do magnificent things since the beginning of time. Be one of them!
Need help? Contact me.
Black heart vs a light heart in business ethics
CEOs, if you are having problems, now is the time to call your friendly Turnaround Man. Don’t let your ego get in the way. Don’t let your family and friends get in the way. Don’t let anything get in the way of your success or your peace of mind. Let me teach you a lesson about the ‘black heart’.
When you think about ‘black heart’, you think about a gunslinger, a pirate…a bad dude. A black heart is selfish, self-centered, and nasty. In business this attitude does not pay well. People quickly learn to dislike you because your deals are always win-lose. You get in situations where you take money from people when they are most vulnerable. You do something for them but charge a lot of money and indirectly or directly hurt them. This is a win-lose situation…obviously not good for referrals and not good for repeat business. There is a cap on your peace of mind as well. This will affect every aspect of your personal life and your standing in the community.
Now let’s talk about a light heart business ethic. A light heart gives freely and doesn’t mind giving on a daily basis to children, spouse, neighbors, or church. It is socially giving back to the community. A light heart is someone who delights in other people’s success. That is what we are going for.
The basic difference between a black heart and a light heart is a black heart gives to others but expects something in return. Those unfair expectations are not healthy nor do they pay well. Don’t be like that. I believe that a black heart can be changed, but it’s a hard task.
Money, property and prestige – those are bad taskmasters. Having a light heart is giving back to people – going the extra mile – helping people when they need help – giving a good deal when a good deal is possible – being a good neighbor so to speak.
Take my advice today. If you have a black heart and you know it, try your best to ask heaven to soften you a bit. But remember even a light heart can get into trouble. Sometimes a light heart needs to be trained. Things don’t always work out correctly or feelings get hurt. Whatever the case it is a challenge and a learning experience, but people will feel it when ‘your aim is true’.
That my friend is what I call a win-win!
Give me a call…760-662-9668. Until then, may heaven be on your side.
Origin of Failure
We have a client who is very close to me and his story is tragic. We’ll call him John. In the course of Chapter 11 Reorganization, financial buoyancy returned to John’s company. He enjoyed a simple life of work and bill paying. All was good in the world for a period of fourteen months of Chapter proceedings. It was beautiful.
During his bankruptcy John operated without a bank’s line of credit and went successfully through the arduous task of negotiating creditors and establishing new relationships with vendors. Positive cash flow became the norm. All secured and unsecured creditors voted for the plan and the U.S. Trustee supported planned confirmation. In January of last year a federal Judge released John’s company from bankruptcy Chapter 11.
Shortly afterward John returned to his bad habits. John lived beyond his means. He enjoyed gambling, bought a new house, divorced his wife and found a new girlfriend. John didn’t have as much time at the office and he needed additional cash to pay his taxes. Unfortunately his website suffered. There was no money to investigate social media advertising; the obvious next step in growing business. Personal debt became the company’s problem and John fired his controller. She cost him too much money and he decided to handle the books himself. Obviously John wanted to handle the books himself so that nobody was looking over his shoulder. The calls from creditors started. John was getting behind with vendors. John’s children and his ex-wife were now in need of financial support. His “old behavior” was back.
Old behavior includes:
- Affording your customers credit as if you are a bank
- Not following up judiciously on receivables
- Failing to maintain a daily call sheet for new business
- Taking time away from work
- Not maintaining payables
- Spending company money on personal endeavors
What is the beginning of the end you might ask? Let me explain a concept I call “Point Negative.” Point Negative is the point where we accept our own bad behavior. This is a specific moment in time where we co-sign the wrong thing.
Examples of “Point Negative” thinking:
• It’s okay to borrow money from the company for personal use.
• I can use my employees to work on my car; they need the money.
• My girlfriend works for me now, my wife doesn’t get me.
• I need time off to chill a little bit; I’m not going in today.
• I’ll run my bills up with vendors and then give them a little money.
• I don’t need a physical work out anymore.
• Lying to my constituents is just temporarily getting by.
• Company credit cards are to meet my needs.
• Accountability is for other people; nobody could deal with my needs.
• I need to act like a big shot so people get the right idea about me.
• I’ll reinvest in my business when it starts making more money.
• There is no time to read and study.
• Automobile service is not up to date, that’s okay.
• Doctors annual check ups are a thing of the past.
• Insurance isn’t necessary.
• Expensive gifts for the wrong people.
If you collect enough bad decisions and continue to co-sign “Point Negative” behavior, you will absolutely achieve catastrophic financial failure!
I have said so many times that second chances are not for sissies. Arrogance is the number one violator for the destruction of a second chance. I will continue to push my client toward better business practices, reminding him of those things that we have achieved together. Our achievements together resulted in a phenomenal turnaround – giving his family and his business a second chance at success and happiness. By endorsing Point Negative time after time he is now in big trouble and has currently found himself in his “Origin of Failure”. A mystical city where CEO’s come to die telling all who will listen that they have been a victim of the economy, bad breaks, a spouse who didn’t get it. The phenomena yield the same. A CEO without navigation caught in this terrible place will simply fade away while what was a budding company will cease to exist.
It took a million tiny miracles all lined up in a row to allow a person to have their own business. So many people accidentally met along the way. So many situations that befell a regular person that ultimately yielded income from an idea. Don’t take these things for granted. Love your life, respect your business and do the things that need to be done everyday without hesitation or interruption.
John is very sorry, surely. Unfortunately John’s children are a mess, his personal life disastrous, the business in turmoil and his health not so good. What was a prosperous wonderful life is simply vapor now. Remember a very important statement that I was taught as a young Chief Financial Officer.
Consider the following risk before you misuse your “Opportunities of Power”.
A breach in fiduciary duty is the highest order of violation. If you misuse your power, you will be replaced. Is it worth it? Forever, you will have the memory of being special without ever being special again. “Origin of Failure”, don’t forget it, we all have one.
I am here to help you overcome failure. Call me or email me.
CONVERGENCE AND ILLUSIVE EXPENSE
Hello and welcome to your friendly neighborhood Turnaround Man. I am Patrick Rettig.
Today, we will be talking about convergence and illusive expense. Let’s start with illusive expense. Illusive expense is something you can’t measure. So let’s remember that. It is something you can’t measure.
Convergence is where your belief system, your business, your family and your politics all converge at the same time. When you go into insolvency or when you go into waters that are without money, you start to find yourself in terrible, terrible trouble.
Suddenly you have to ask yourself what you look like to other people. Because what you look like to other people… how authentic that you can be… is definitely the core of success.
You may look like you are successful but you’re not. You are borrowing money against your house or you’re trying to keep up with the Jones. That’s not a good thing. Tell people the truth. Your belief system – who you hang out with and how you act – your wife, your husband – what you look like to your children – your business and how you are running it –you are outside the box and borrowing money – these are not good.
Convergence is where you are the common denominator – in your family, your business, your belief system or your religion, whatever that may be, and politics – where they all converge at the same time. People are looking at you. People will help you. The community will help you. But you must be honest. Otherwise the illusive expense…when people find out you are lying – that you are not going to deliver on time – that you are borrowing money from the bank that you never intended to give back …when that starts to become a reality, people won’t talk to you anymore. You will never know that the people, who were watching you and wanted to help, have decided to step back a little.
Illusive income is immeasurable until you actually put it in the bank. However “right living” will yield an almost immediate income that is measurable absolutely. So when you talk to people truthfully you will find that the good guys surface and the bad guys simply fade away. Be truthful in what you are doing and although it seems inconvenient at the time, surviving insolvency is not for the faint of heart. You must know that the alliances you make could last for the rest of your life. So when you get in trouble, be honest with what’s going on. Stay consistent. Don’t try to bamboozle your way through. Be honest. Be on top. Never be afraid of the truth. Find your way out of trouble by going back to the old ways of keeping a new promise that can truthfully right your mistakes by going back to your core business, making deals that can happen, living inside of a financial box that is realistic and then following up with all those involved.
Convergence. You are the common denominator in convergence. Convergence – your business, your belief system, your family, and your politics…everything that you believe in…you are the center of that. Don’t lie. Walk the talk and talk the walk. Be on top of the game even when things are impossibly challenging!
I hope to hear from you soon if you have trouble. It is best to call sooner than later.
Have a good day.
Credit used badly is your enemy. Many people get in over their heads because they don’t know any better. Credit can get you into a whole lot of trouble because no one teaches us how to use it properly. That’s where I come in.
I often work with people who use credit because they’re not making as much money as they were. They think that they can make up for it by borrowing. That is a bad idea.
When To Borrow — Or Not
- The time to borrow is when you have so much business that you need some extra cash. If you are borrowing money to make up for tough times,stop. Instead, cut back on profits and cut back on expenditure so that you can you stay cash flow positive.
- Be careful if you have to borrow to make payroll. You really need to pay that back as soon as you can. Don’t borrow this month if you can’t pay it back next month.
- The idea behind borrowing money is to help you provide your customers with the products they’ve ordered. You should always immediately pay back the cost of making those goods when they’ve been delivered. That way your debts are paid back in four to six weeks. If you’re borrowing money and it’s dragging into a second, third or even fourth year on a line of credit, you won’t be able to catch it. Before you know it, you’ll be heading towards bankruptcy.
Lots of people running businesses make mistakes with credit. It doesn’t matter to the Rettig Team what you’ve done or how you got in too deep. We’ve heard it all. What is important is to learn from mistakes so that you get what we call ‘the big C’ – you’re allowed to CONTINUE to do what you do best – run your company.
We can show you how to run your company with a line of credit and it’s fun. The bank wins, the company makes money, the customers’ orders are delivered on time and your employees get paid on time.
Click here: Contact Patrick Rettig
About The Rettig Corporation:
Turning a business around is not for the fainthearted and you don’t need go it alone. For more than 25 years, The Rettig Corporation has guided business owners to safety, transforming companies throughout the Western United States. Our approach is direct, immediate, and essential to the successful transformation of your balance sheet. Creditors, family members and employees gain confidence almost immediately and the hard years begin to fade into memory.
Our exceptional teaching and coaching skills, as well as our expertise in implementing systems and controls, set us apart from other turnaround specialists. We help you evolve financially.
Our business Turnaround Team is available to you. Contact Us.