Finding success in business requires long years of hard work and honing niche-specific skills. But, being forced to go back to the starting point can be more difficult. It could be due to a personal matter or a total economic crash. You'll find yourself stuck and desperate to survive and thrive once more. In a situation like this, how will you get back on your feet?
In this episode, Seek Go Create Podcast host Tim Winders shares the most impactful struggle in his business journey. He shares how he went from generating six-figures in revenue to being homeless and bankrupt after the 2008 economic downturn. He talks about what he learned and how his family managed during this trying season of their life.
If you are undergoing a collapse in your life, this episode will help you seek your way back once more.
3 Reasons to Listen:
- Find out the three business ventures where Tim found success before the 2008 economic crash.
- Discover how filing for bankruptcy impacted their lifestyle.
- Know more about the future plans for the Seek Go Create podcast episodes!
[03:04] Back to the 2000s
- The late ‘90s and early 2000s were a phenomenal time for business.
- The 2000s were part of a bubble that burst; many things were happening at once.
- Back then, Tim was consulting, doing training, and coaching on business leadership.
- This bubble burst and had an impact on their business and caused a downturn in their personal finances.
“We knew that the economy was in trouble. We had clues; we knew it was there. We thought we had positioned ourselves to be diversified, but we didn't.” - Click Here To Tweet This
[05:03] Building a Real Estate Company
- After that period, he started looking at other ways to develop wealth and create income.
- He began looking at investing in and building a real estate company.
- He had a background in real estate because his family held some rental properties.
- The company eventually grew fast, and their thought process was to build it to last.
[07:54] The Birth of Tim’s Coaching Business
- Real estate always comes into play when people talk about getting wealthy and making money.
- People started asking him questions when they saw his success.
- Answering people’s questions and inquiries led to a coaching business.
[10:30] Lead Generation Business
- They spent a lot of money investing in ways to generate leads for both buying and selling real estate.
- They realized their leads wanted to sell properties in geographic areas Tim did not want to do business. So, they started selling those leads.
- It ended up as a lead generation business that grew to a nationwide business.
[12:28] Learning Points
- Tim and his family went on to stretch their lifestyle, which he now realized was wrong.
- Their businesses were thriving, but they saw a lot of clues of the economy being in trouble during that time.
- They thought they had positioned themselves to be diversified enough, but they didn’t.
- Listen to the full episode to find out the clues Tim and others saw.
"Anytime that you begin throwing debt at a business that is sinking, that's a formula that's not good." - Click Here To Tweet This
[18:21] The Impact of the 2008 Economic Crash
- It was a massive crash. There was a debt crash, and the banks crashed. They thought the downturn would be shorter than it actually was.
- For Tim, the wheels of their business started slowing down. They weren’t positioned well for that situation.
- Throwing debt at a business that is sinking is never good.
- He and his partners during that time were just trying to survive on their own.
[22:21] Changing Their Lifestyle
- What they found challenging was how slowly they changed their lifestyle until debt started piling up.
- Tim’s proverb in business and life: “Thou shalt not fool thyself.” But he betrayed that because he thought he could still turn things around.
- It was difficult for him to admit that he got into a situation where he didn’t know what to do.
- Their income went down to nothing. Tim, fortunately, had help from his family and parents.
“I guess one thing I just want to say here is, don't feel any shame. Don't feel any condemnation because there are just times that those types of things happen.” - Click Here To Tweet This
[27:44] Filing for Bankruptcy
- Creditors and debtors started coming after them for mortgage and company debt.
- In 2011, they filed for bankruptcy. The sole reason was to attempt to stall foreclosure.
- He thought he would eventually make some money and pay it all back.
- Going into the court with his wife for the bankruptcy proceedings was one of the lowest points of his life.
“It (bankruptcy) is shameful. It is disgraceful. I hate it that we had to go through it, but that is our story.” - Click Here To Tweet This
[30:06] The Spiritual Side
- He’s thankful that it showed a side of him as a father, husband, and a believer of God.
[31:25] Being “Homeless”
- They eventually moved toward foreclosure of their home because they were not making payments.
- They began preparing for not living in their home and being “homeless.”
- They put a few items in a storage unit and loaded up their 2002 Honda van they owned outright.
- They then left home after they were served an eviction notice.
- Since that time, they’ve been traveling even now that they have adequate financial resources.
"Life is all about a journey, and I don't think that you can understand people. I'm not even sure you can hear people speak and teach on topics unless you understand a little bit more about where they have come from." - Click Here To Tweet This
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