NEWS BLOG (WSAU) I know a family with a very sick child. Some of their son’s medical treatments are considered experimental and aren’t paid for by their health coverage. They took a second-mortgage on their home while they fight with their insurance company.
I know another friend who most people would describe as a playboy – never settled down, never saved, and spent his money on fast cars and racy women.
Both declared bankruptcy.
My point is that not all bankruptcies are created equal.
We should keep that in mind as we consider Andrew Halverson’s personal bankruptcy.
The Mayor of Stevens Point went $200,000 into debt trying to save his men’s clothing store. The store went bust, and Halverson couldn’t pay off his creditors.
Here’s a good question for people to ask themselves if they run a business: ‘If I were to start my company over again today, how would it be different?’ Leaders who change with the times aren’t afraid of the answer, and they’re prepared to move towards it. Companies that can’t adapt to the times have no future. Fewer men ‘dress up’ at work. Casual Friday has spread to Monday and beyond. Ties and sports jackets are out for many. Those are all trends that work against a menswear shop. And that all assumes pricing and selection are comparable to the internet – which usually isn’t the case.
This isn’t someone who played fast-and-loose and was financially reckless. It’s someone who watched his life’s work be wiped out by changes in buying trends and the economy. Obviously the mayor isn’t such a good businessman, but I don’t think this case reflects on his ability to run city finances. There are some opponents who will use the bankruptcy against him. They shouldn’t.