Building Value to Last by Crystal Maggelet

Author:Crystal Maggelet
Language: eng
Format: epub
Publisher: Gibbs Smith
Published: 2019-03-20T16:00:00+00:00

Meeting with Creditors

I also needed to meet with our creditors. I wanted to spell out our situation clearly and honestly. Though the meeting overall went well, it was disheartening. The reality was we owed millions, maybe billions of dollars to several organizations. Flying J’s problems weren’t just ours—they were impacting many companies and the people that worked for them. I received a call one day from one of our small vendors. He only needed a payment from us of a few thousand dollars, but without it he was likely to go bankrupt. He hoped that since it was a small amount that I could pay it. It was so hard to tell him I could not pay any past debt until our case was settled.

Our CRO began the creditors’ meeting by explaining how Flying J got into this tight spot and breaking down each problem area. It was clear that our situation was dire, and we needed the creditors’ patience and trust if we were going to pull through.

As I listened to the CRO, I was filled with guilt, anger, sadness, and embarrassment. As leader of the company, I knew it was my responsibility to take ownership of the multitude of problems we had caused. As I listened to him break down our issues and debt, I became determined to pay each and every debt back with interest. That was the kind of leader I was going to be—one who stood up to failures, admitted wrongdoings, and paid what we owed. I wasn’t going to hide from or ignore our problems—I was going to face them head on.

After the CRO spoke, I stood up to introduce myself. I was a stranger to most of the people in the room, but I didn’t let intimidation get the best of me. I needed them to trust me. I did my best to explain who I was and why I was there. Although we were the culprit, Flying J was on their side, I explained.

“We are going to pay you back,” I promised—a promise I imagine they thought was empty.

But it wasn’t.

I meant it.

Afterward I was surprised by how understanding the group became. A few even thanked me for being so open and honest about our situation. Maybe they felt bad for us. Maybe they believed my promise. Regardless, I left that meeting feeling the same mix of emotions that filled me in the beginning—guilt, anger, sadness, and embarrassment. In a way I felt defeated—a feeling I couldn’t allow to linger long.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.