Trap Tales E-Book

David M. R. Covey

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 281

Veröffentlichungsjahr: 2017

Beschreibung

Outsmart the traps that are holding you back from success! Trap Tales is your guide to avoiding the seven obstacles that ensnare people every day. We all fall into traps, and we often don't even realize it until we're deeply entrenched. Like quicksand, traps are easy to step into, but difficult to escape--it seems that the harder we try to climb out, the deeper we sink. But what if there were another way? What if we knew the right strategies to escape the traps we have fallen into? What if we could spot traps from a distance, and avoid them entirely? In this book, authors David M. R. Covey and Stephan M. Mardyks train you in the art of Trapology. You'll meet Alex and Victoria, who have fallen into traps you're sure to recognize. As you read their stories, you'll learn about the seven most common traps in life and work, and how even the smartest and seemingly most accomplished people find themselves stuck and unable to see their way out. Traps are masters of disguise, but there are telltale signs that give them away every time. If you discover that you're trapped right now, consider this book your lifeline--the lessons contained in Trap Tales will teach you how to escape these traps and how to sidestep them in the future. This book, unlike most books, offers counter-intuitive strategies and unconventional wisdom to: * Learn the seven biggest traps in life and work that catch people unaware * Identify the traps that are holding you back right now * Discover your escape route and climb out of the quicksand * Become a "Trapologist" and avoid traps altogether The core message of Trap Tales is hope--the belief that anybody can change the trajectory of their life, at any stage of their life. Stop letting traps steal your time, money, energy, and happiness--Trap Tales provides survival training of a different sort, allowing you to write your own tale of success.

Leseprobe

Contents

Cover

Praise for

Trap Tales

Title Page

Copyright

Foreword by Stephen M. R. Covey

Part 1: Alex's Story

The Story Begins

Trapology

Part 2: Traps 1–3

Trap 1: The Relationship Trap

Superior Upbringing

The Mindset Shift to “We”

You Change First

Conventional Approach

Epiphany Breakthrough

Note

Trap 2: The Money Trap

Money Myopia: Living in the Now

Competitive Consumption

Denial: Worst-Case Scenarios Don't Apply to Me

Conventional Approach

Epiphany Breakthrough

Note

Trap 3: The Focus Trap

We Don't Filter What Comes at Us

Our Digital World Is Full of Thin Things

The Best Things in Life Take Time

Conventional Approach

Epiphany Breakthrough

Trap 3: The Focus Trap

Notes

Part 3: Traps 4–6

Back to Reality

Trap 4: The Change Trap

Change Is Difficult

Rationalization and Postponement

Perfectionism

Conventional Approach

Epiphany Breakthrough

Notes

Trap 5: The Learning Trap

Hiding or Spinning Mistakes

Mistakes Are Seen as Character Flaws

We Protect Our Persona

Conventional Approach

Epiphany Breakthrough

Notes

Trap 6: The Career Trap

Financial Dependency

Uninspiring Work Environment

Career Comfort Zone

Conventional Approach

Epiphany Breakthrough

Note

Part 4: Trap 7

Decision Day

Trap 7: The Purpose Trap

Accumulation Mentality

Pursuit of Happiness

Competitive Consumption

Conventional Approach

Epiphany Breakthrough

The Perfect Trip

Trapologist Toolbox

Four Characteristics of a Trap

Four-Phase Progression: From Trapped to Thriving

Traps 1-7 Overviews

Trap 1: The Relationship Trap—Operating as a Married Single

Trap 2: The Money Trap—The Quicksand of Debt

Trap 3: The Focus Trap—Being Mired in the Thick of Thin Things

Trap 4: The Change Trap—Procrastination, the Killer of Growth and Transformation

Trap 5: The Learning Trap—Mistakes, and Why We Got It All Wrong

Trap 6: The Career Trap—Settling, or Losing the Passion and Inspiration in Your Professional Work

Trap 7: The Purpose Trap—Accumulation, or the Ultimate Lie We Don't Discover until the End

Acknowledgments

About the Authors

End User License Agreement

Guide

Cover

Table of Contents

Begin Reading

Part 1

Chapter 1

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Praise for Trap Tales

“Trap Tales is a triumph! The book reveals the 7 traps that can turn life's journey into an obstacle course. With clear examples and calls to actions, David Covey and Stephan Mardyks give you tools to escape and avoid these harmful traps. Read this book, apply its wisdom, and live your best life.”

—Ken Blanchard, bestselling coauthor of The New One Minute Manager and Leading At a Higher Level

“Wow! What a tremendous book. I found myself enraptured by the story. Covey and Mardyks created characters that the reader comes to truly care about and whose stories they want to follow. That, along with very insightful content, creative analogies and relevant examples kept me deeply engaged throughout. I genuinely loved it.”

—Jim Loehr, cofounder of the Human Performance Institute, renowned performance psychologist, bestselling author

“Covey and Mardyks are a dynamic duo! They've broken free from the standard approach to bring us a novel, hopeful book—one that shows that we can change the trajectory of our lives. If you feel trapped by circumstance or stuck in old patterns of thinking, read Trap Tales and breakthrough.”

—Liz Wiseman, bestselling author of Multipliers and Rookie Smarts

“Anyone interested in learning how to avoid the basic pitfalls of life will enjoy the engrossing read that Trap Tales delivers. Covey and Mardyks eye opening story of life imparts invaluable wisdom and is an amazing guide for people of all ages.”

—Stedman Graham, bestselling author, speaker and entrepreneur

“Few in the world of personal and organizational development have a more comprehensive view of all the field has to offer. I highly recommend a careful reading and application of the accumulated wisdom Covey and Mardyks have to offer for both spotting and liberating ourselves from life's most subtle and pernicious traps.”

—Joseph Grenny, cofounder of VitalSmarts and bestselling coauthor of Crucial Conversations

“Freedom in not only a mental and physical construct . . . it is a core human need. Traps catch us and hold us prisoner in unhealthy repetitive cycles. Trap Tales imparts invaluable wisdom that can truly set you free. This book is your key to that freedom.”

—Brian Tracy, bestselling author of The Psychology of Selling and Eat That Frog!

“Wouldn't it be great to be born with X-ray vision? Imagine being able to see what's up ahead or around the next corner, aware of every obstacle in your path. This entertaining book is an amazing guide that enables the reader to do just that.”

—Bonnie St. John, bestselling author of Live Your Joy and coauthor of Micro-Resilience

“David and Stephan have identified the most common things that trip us up in our lives and work, and they've supplied a set of practical techniques for directing our focus to transcend them. An easily digestible manual for getting sticky things unstuck!”

—David Allen, bestselling author of Getting Things Done

“I always believed wisdom could only be acquired through hard-earned experience, but Trap Tales proves me wrong. It is rich with advice you can immediately act on. Read this book and you'll learn specific strategies for avoiding the most common mistakes while capturing life's greatest moments.”

—Andrew Sobel, bestselling author of Clients for Life and Power Questions

“This book addresses a far more important topic than success in business. Instead, it is a remarkable treatise on overall success in life. It is chock-full of practical advice on how to avoid or extricate yourself from the many traps into which people fall. It is a powerful wake-up call to anyone who is innocently walking into a trap. It also sets some warning flares around traps by vividly and viscerally describing their consequences.”

—Jack Zenger, CEO of Zenger Folkman and co-author of the bestselling The Extraordinary Leader

“To start thinking about our challenges as traps offers all of us a new and compelling framework that transforms our current predicaments. This book is brimming with insights and approaches that will surprise and amaze you.”

—Don Yaeger, nine-time New York Times bestselling author

“As story analysts, we appreciate the authors' fine-tuned attention to the story—giving us rich characters and compelling struggles that deliver powerful concepts. David and Stephan have raised the bar for story-based business books.”

—Wendy Gourley and Amy White, directors of Second Sight Studio

Trap Tales

Outsmarting the 7 Hidden Obstacles to Success

David M. R. Covey

Stephan M. Mardyks

Cover design: Wiley

Copyright © 2017 by John Wiley and Sons, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Names: Covey, David M. R., 1966- author. | Mardyks, Stephan, 1962 author.Title: Trap tales : stories about outsmarting the 7 unavoidable obstacles to success / David M. R. Covey & Stephan Mardyks.Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2017] | Includes index. |Identifiers: LCCN 2017003609 (print) | LCCN 2017018685 (ebook) | ISBN 9781119365907 (Adobe PDF) | ISBN 9781119365914 (ePub) | ISBN 9781119365891 (cloth)Subjects: LCSH: Success.Classification: LCC BF637.S8 (ebook) | LCC BF637.S8 C66735 2017 (print) | DDC 158–dc23LC record available at https://lccn.loc.gov/2017003609

Foreword by Stephen M. R. Covey

You might think it's automatic to trust your brother because you're related to him, but that's not always the case in families. Fortunately, it is the case in ours!

I've known David his whole life and I'm grateful to be able to share this foreword to a tremendous book that has the potential to shift your thinking and impact the rest of your life. Not only am I related to David, but I've also worked with him in a variety of capacities, and I truly trust him. Not only because of our shared parentage. Not only because he has sterling character. Yes, character is essential to credibility but so is competence, and David offers towering competence—his unique insight, capabilities, perspective, and expertise. Those who have worked with and for him routinely describe him as the best leader they've ever encountered. Plus, he is such fun to be around! David is very real, cares profoundly for people, and makes everything so enjoyable.

Stephan is a French Texan with a deep soul and strong propensity for Smart Trust. I lovingly call him the International Man of Mystery because he has traveled so much, seen so much, and quietly done so much to improve people and organizations all around the world. He is David's equal in character and competence, and he has a curator's instinct for what's distinctive and insightful. Let me share a story that illustrates Stephan's can-do beliefs and strong abilities to trust wisely. When launching The Speed of Trust, I met with Stephan to explore having his company distribute our program internationally. Stephan listened closely, asked a couple of questions, and extended his hand, saying, “This will be big. Let's do this. I trust you. We'll figure it out.” That was it! No long drawn-out negotiations and endless cycles of back-and-forth legal agreements. (Yes, we did later work out the details of a business decision that was founded on this short, 30-minute meeting.) My experience with Stephan powerfully confirms the principles that are expressed in my work regarding trust.

Together David and Stephan are a great team and have been for years. This book is a product of their complementary strengths. They are both “make it happen” people. Both consistently deliver results. Both have an entrepreneurial edge, great business instincts, inspiring leadership skills, and the ability to naturally extend trust. They believe in people and balance a propensity to trust with good thinking and analysis, resulting in wise judgment. It doesn't surprise me they would write a story to illustrate the principles that will help you succeed in your work and life—both men value fewer words, greater action, and learning fast and forward.

Now let me tell you about the marvelous read you're about to experience.

To avoid a trap you need to see it. You will vicariously experience the awakening of the main character, Alex, as he comes to realize through the coaching of a family friend, Victoria, that he has foolishly been caught in what David and Stephan have termed “The 7 Hidden Obstacles to Success.” The impact in Alex's world is not only felt in his career—it affects him even more in his personal and family life. These 7 Traps are seductive, enticing, and not always obvious. Fortunately, Alex chooses to extricate himself from these traps—but the purpose of the story isn't to experience the relief of Alex's change—it's to shine a light on how these common 7 Traps may enslave each of us.

You may not have fallen into all of these traps, but unaware, you—or someone you care about—may wander into them and be imprisoned, harmed, or limited. At a minimum, you or they will be knocked off the path of achieving what you could accomplish and become. Like Alex in this story, you will see that it takes time to escape from these traps, but it is possible to make your way out.

For each of the 7 Traps they've identified, David and Stephan reveal a corresponding “epiphany breakthrough.” For followers of our father Stephen R. Covey's work, it's another term for what he called a “paradigm shift”—and I know that paradigms can shift. These epiphanies are not just moments of clarity—they can transform every succeeding moment. Our father used to reference Thomas Kuhn's book, The Structure of Scientific Revolutions, and how most breakthroughs in science were truly “break-withs”—that is, they were a courageous break with traditional ways of thinking. And that's precisely what David and Stephan have done with these traps: rather than lean on current conventional wisdom, they offer eureka-like approaches to help you see—and choose—a new way forward so you can both get out of the traps and avoid them in the future.

You might wonder where these 7 Traps and their corresponding epiphanies come from. What if you could read hundreds of books on improving human and organizational performance? What if you could talk in depth with their authors? What if you could participate in their programs? What if you could interview hundreds of independent business owners in dozens of countries about the challenges they face in growing their businesses and impacting their communities and nations? Stephan and David have done just that. They are partners in a business, SMCOV, that helps authors and training companies take and scale their ideas and approaches (through both books and programs) to global audiences. This remarkable experience, combined with past senior leadership roles at FranklinCovey, DOOR International, and Raytheon Learning, provides a very practical approach to the vital challenges that beset so many of us today.

You are in good hands with these two. They know what they're talking about. The 7 Traps are real and will capture the unaware and foolish. It reminds me of my work with trust and how people don't realize its importance until they experience it themselves. I believe you'll find that this story, and the traps it illustrates, will truly affect your behavior, your joy, and thereby the outcome of your career and life.

Perhaps the greatest gift of this book is hope. If, like the protagonist of this story, you find yourself in one or more of these traps you may wish you had never fallen into it, it's important to realize that you can get out. And stay out. And help the people you care about do the same. In the process of doing so, you will earn the dividend of increased self-confidence—greater self-trust—enabling you to become and give to others a truly great gift: a person they can trust.

Stephen M. R. Covey

Cofounder and Global Practice Leader of FranklinCovey's Speed of Trust Practice

Author of The Speed of Trust and former CEO of Covey Leadership Center

Part 1Alex's Story

The Story Begins

An irrepressible smile spread across Alex's face as he lightly tapped the accelerator of his brand-new luxury convertible. The shiny black car leapt smoothly from 0 to 60 mph with a burst of power that sent his head reeling.

“Now this is really living,” he mused as he merged into the fast lane on the interstate. “Nothing quite like the smell of new leather.”

The Southern California sun blazed, and the wind whipped through his hair as he put the top down with one click of a button. Catching a glimpse of himself in the rearview mirror, he was struck by his reflection. Looking good. He felt younger than he had in a long time.

The drive home ended all too soon. In no time at all he pulled his sparkling new acquisition to a stop in front of his home in an upscale Los Angeles neighborhood. Wouldn't his wife and kids be thrilled with his flashy new purchase! He couldn't wait to see their reaction when he boasted about his latest coup—a deal that had been too good to refuse. One minute he had been on a test drive, the next he was talking about a down payment…before he knew what had happened he was driving his new car off the lot!

Alex bounded up the front steps and through the front door with the energy of a man half his age.

“Kim, kids, get out here, there's something I've got to show you!” he exclaimed.

His two teenagers, lounging in the front room, barely raised their heads to acknowledge their father. Kim looked up from the desk where she was seated, poring over the family's finances, with an inquiring look on her face.

“What's all the excitement about?” she asked.

“Come on, you've got to see this,” he said. He grabbed her hand and nearly dragged her out the front door.

He felt her jerk to a stop as her eyes settled on the gleaming new car parked in front of their house. Her face registered disbelief mixed with despair. This was not the response he'd been hoping for.

“What is it? What's wrong?” he asked anxiously.

Kim had sunk down to sit on their front steps, looking like she might collapse at any moment. “Alex, what have you done? Where is your car? Where did this convertible come from?” she gasped.

“I got the best deal ever! It was a no-brainer! We had the money, and putting $8,000 cash as a down payment gave me the lowest interest rate possible.”

“You can't be serious. You can't be serious!”

“Kim, honestly. You're overreacting,” Alex responded.

“Overreacting?” Kim cried incredulously. “That $8,000 was set aside for our trip to Hawaii! That was our entire year's savings! And you just up and decide to blow it all in one go…on something we didn't agree upon? Out of the blue? No discussion? Unbelievable!”

“But Chaz said we wouldn't see a deal like this again. I had to move fast,” Alex defended.

“Please! Chaz? I don't ever want to hear that name again,” Kim exploded.

Chaz, Alex's friend and coworker, was always encouraging Alex to live life the way he lived it himself. That meant extravagantly, at least according to Kim. She had reminded Alex all too often that Chaz's bachelor lifestyle had nothing in common with theirs. As far as Kim was concerned, Chaz was a bad influence and a bad friend. The expensive golf trips to beach resort locations were one thing, but to blow their stash of $8,000 on a down payment for a new luxury convertible was going too far. What about the sedan Alex had been driving? It was barely three years old.

“Babe, don't worry! Seriously. I've got another credit card that will pay for our Hawaii trip—it's all taken care of.”

“But I don't want to add any more damn credit card debt to what we already owe! We're up to our eyeballs in debt, Alex!” Kim raised her voice angrily. “You take that car to the dealership tomorrow and get our money back. You don't need a new car and we don't need any more debt.”

“I can't do it. It's already paid for. And I got an awesome trade-in price for my old set of wheels. Chaz said we couldn't pass up a deal like this. He used to sell luxury cars, Kim. He knows these things. C'mon, let's go for a ride. You'll feel better after you see how great it handles!”

“I'm not speaking to you anymore, not tonight. You either take back that car or I'm not going to Hawaii next week.”

“Kim, honestly. It's done. Don't be insane. Of course you're coming to Hawaii.”

“I'm serious, Alex. You have a decision to make.” Kim stormed back inside the house, slamming the door behind her.

Alex and Kim slept in separate rooms that night. The next morning, Alex drove the shiny black convertible to work. Chaz was eagerly waiting for him in the parking lot.

“You are looking sharp in that car, my friend! How about letting me borrow it for my date this weekend?”

Alex laughed. “And who's your girlfriend this week? Is it still Jasmine?”

“Jasmine?” Chaz said with a hint of disgust. “I broke up with her two weeks ago. I'm dating Darci now.” Chaz passed his phone to Alex to show a selfie he'd taken with his new girlfriend on the beach.

“Nice photo. But I don't think so, Chaz. What if she spills a drink on the leather seats?” Alex joked.

“Good point,” Chaz laughed. “Come on, let's go make some sales.”

Alex had little time to dwell on whether Kim would follow through on her threat. His day was packed with meetings and calls, one right after another. At the end of the workday Chaz and a few other coworkers were going to go out for drinks and watch the game together. Alex didn't want to seem antisocial—besides, he wasn't really looking forward to seeing Kim right then. He decided to tag along, just for a few minutes.

Before he knew it, it was nearly nine o'clock. Alex couldn't believe it had gotten so late. He excused himself from the group. Only one missed call from Kim. Maybe she wouldn't be so angry after all. He wondered what she had made him for dinner.

Alex knew he was going to be in trouble when he got back, yet he couldn't help but smile as he considered the drive ahead. Sliding behind the leather steering wheel, he gripped it firmly as he pulled out of the parking lot and onto the road. “This feels so right. Kim will get over it,” he told himself. “It's just a matter of time.”

Soon he was lost in the joy of handling the sleek convertible as it responded to the slightest touch, as if he and the car were made for each other. He resisted the urge to take the long way home—it wouldn't do to upset Kim further. As Alex wheeled into the driveway and opened the garage door, he noticed her car was missing. She must be out running an errand, he thought.

Alex walked into the kitchen where his son Michael was doing math homework at the table. “Hey Mikey, where's Mom?”

Michael kept his head buried deep in his textbook. “You really stepped in it this time, Dad.” Alex's heart sank. Where was she? He climbed the stairs to their room and found a note lying on the bed.

Alex tore open the envelope.

Alex, I can't believe how self-serving and inconsiderate you've been. I'm leaving for San Francisco. Remember that job I was offered last month? I'm going to go check it out. The position still hasn't been filled, and they were thrilled to hear I might be interested. It's nice to feel like someone cares about what I have to say. It might make sense for us to be apart while we sort things out. Let's talk when you get back from Hawaii. I've already told the kids about my plan. Please take good care of them while I'm gone. —Kim.

Alex immediately tried to call her, but she didn't pick up. He texted her, but she didn't respond. He couldn't believe this was happening. How could she do this to him? Who was going to look after the kids? Her sense of timing was unbelievable! Alex felt overwhelmed by the injustice of it all. He fell back on the bed, unable to wrap his head around what she'd done. He glared at the ceiling until hot angry tears blurred his vision. How had everything gone so wrong? Was this the straw that finally broke the camel's back?

A week later, Alex found himself alone, standing on the balcony of his hotel room on the 34th floor, overlooking the Pacific Ocean. He stared blankly at the turquoise Hawaiian surf, watching it foam up on the shore as the tide rolled in. His kids had already changed into their swimsuits and were headed for the beach, ready to soak up every moment of Spring Break. Laura was relieved to be free from her Advanced Placement classes, and even Michael, who enjoyed his studies, couldn't leave Junior High behind fast enough. They had wanted to have fun with their friends over the break, but who could pass up a week in Hawaii, even if they had to hang out with their old man?

It had been more than three years since Alex's last vacation. He'd been promising his kids he would take them to Hawaii when his life slowed down. The problem was that life never seemed to slow down. In fact, it seemed to be speeding up.

He wished he could stop time, stay in this beautiful scene, and forget the world he had left behind in California. The future now felt uncertain, and instead of his usual confidence, he felt insecure and alone. He was unsure how things would play out with his wife, and he almost didn't want to know.

Alex shrugged his shoulders to release the tension of these burdens. That morning, looking in the bathroom mirror, he'd noticed how his thinning hair was turning gray. But the sight and sound of the pounding surf was having a calming effect on him. He began to reflect on key events that had transpired in his life.

Alex and Kim had met their freshman year in college. They were always bumping into each other around campus. They were good friends for two years before their relationship turned romantic and they became a couple. They married soon after graduation. At first they didn't have a lot of money, but they didn't mind. They were young, smart, ambitious, and, most importantly, in love.

They had come to this very hotel for their honeymoon. Alex remembered how happy they had been, remembered the feeling that their whole lives lay stretched out before them and anything was possible. Nothing else mattered as long as they could face life together. How lovingly Kim had looked at him then, and how much fun they had together. Alex smiled as he remembered the night Kim dared him to go skinny-dipping in the ocean, and how she had grabbed his swimsuit from the beach and ran back up to the hotel with it. They made sandcastle villages, rode bikes through the tropical forest, and snorkeled with the most colorful fish he had ever seen. It had been unforgettable.

Once Alex got his first job, the income was great. But Alex reveled in it and spent every cent he made, enjoying every luxury he could. He didn't save a dime.

Alex's decision to get his master's degree only added to their debt, but with an advanced degree came better paying jobs and more opportunities. Just as Kim started to advance in her own career, she became pregnant with Laura. Three years later Michael came along. A few years later Kim went back to her work as an accountant, but even with her income it never seemed like there was enough. A mortgage, car payments, household expenses, and credit card debt started piling up higher each year.

Despite Kim's efforts, Alex never managed to establish any habits around saving and investment. Each time he got a bonus or a job promotion, the extra money seemed to evaporate. Alex and Kim's expenses were now growing out of proportion to their income. He began charging frequently and liberally on his credit cards.

From the beginning, Alex justified and defended his spending. Luxuries became necessities. He needed his country club membership so he could golf with his business associates like Chaz. To keep up with his coworkers, he had to take the same sort of expensive vacations and cruises. He loved high-end watches and the latest technology gadgets. To Alex, who'd been brought up in this lifestyle, these expenses weren't extravagant. But 20 years into their marriage, Alex and Kim had zero savings, no retirement money in the bank, and a pile of debt.

When Alex's company was going through financial difficulties during the recession, he was laid off without any warning. Alex had always been a top performer, so he assumed he would not be susceptible to occasional downsizing or restructuring. He never imagined that his company would become disrupted, obsolete, irrelevant, or that he could lose his high-paying job.

Alex remembered that time all too well. His mind flashed back seven years.

He had arrived home from work much earlier than usual. He normally got home around 6:00 or 6:30, but never as early as 3:30 in the afternoon. Kim, who had been working from home that day, was in the laundry room folding a huge pile of clothes from several wash loads.

“Hey, honey,” Kim smiled. “What are you doing home so early?”

“I just got laid off,” he blurted out in a state of shock.

“What?” She dropped the shirt she was folding. “You're kidding, right? You're one of the star executives at that company. How could they possibly lay you off?”

“I know. I know. It's not about me. Apparently the company ran out of cash, so the whole thing went bust. We all lost our jobs, just like that,” Alex said, bewildered.

Kim seemed lost in thought. “Did anyone see this coming?” she asked.

“I certainly didn't. I'm sure my boss must have known,” Alex said.

“I mean, I knew company cash was tight, but to completely run out of money? It's ridiculous,” he fumed. “How can you run a business and not have a plan for getting more cash? It's downright irresponsible!”

The company Alex worked for had been around for 35 years and in its heyday had generated almost $500 million in annual revenue. Despite its respectable revenue stream for a privately held business, it had always managed its expenses poorly. In its most recent year, the company had generated around $350 million in revenue but had not adjusted expenses or downsized the number of employees accordingly.

“So what do we do now?” Kim asked, a hint of fear in her voice.

“I guess I start looking for a new job,” Alex responded dejectedly.