VIDEO: Mike Holmes recalls his bankruptcy, Part 5
Robert Koci
Videos Canadian ContractorSome contractors knock Mike Holmes because he once went bankrupt while he was a full-time contractor. He did, but he has something to say about that.
I’ve been bankrupt. So has Mike Holmes. It’s not nice, but it’s not the end of the world. The key thing is not IF it happened to you, but what you DID with the experience.
Watch the video here.
Been lucky for the past 22 years to not go through it personally but have been taken for the ride with a contractor that did go bankrupt. He didn’t seem bothered by what he owed us before he claimed. In fact, a week before we got notice of his filing, he called to ask we finish off the job, like nothing was wrong or about to happen. I don’t know if he collected that last job payment in cash or what, but we were totally used by him. Just business nothing personal seemed his motto.
It’s never just one person that suffers in a bankruptcy. Wonder what Mike meant by he did it for his wife? That seemed an odd statement and a bit like saying, it wasn’t my fault/choice.
As you allude, the trouble with bankruptcy is that the person it is happening to is shielded from having to face the devastation he is causing to the dozens, perhaps hundreds, of people he is connected with through his business.
Most times it is a must. You can’t get blood from a stone and generally, nobody goes bankrupt on purpose. Still, it definitely tears a big ugly hole in the fabric of the industry. When I do seminars I tell contractors to try to get into what I call the right, “Accounts receivable” line. You want every business in the chain of accounts receivables you are in to be solid and above board.
He did it for his wife?. Of course he didn’t do it for himself, mikes to perfect to go bankrupt. Mike it takes a man to admit he’s wrong, as all you do in your show is talk down other trades all the time, it’s time to swallow your pride and admit your like all the others. Stop blaming others…..