One of the financial executives I respect most is Bob Tormey, a Restructuring CFO with the professional service firm of Tatum LLC. Bob, who hails from the Los Angeles area, is a very, very astute observer of what is happening in the financial world, especially as to his personal sweet spot of middle market companies.
When I recently asked Bob what he thought about these tough times, he reminded me that:
"Life’s tests are not tests of ability, but tests of character."
Bob was quick to point out that the quote sounded like something he must have read somewhere, and certainly we have all seen variations on this theme by any number of authors and speakers.
Bob and I went on to discuss how, in past downturns, white collar criminal activity had increased, just as bank robberies have historically done. Some executives will, regrettably, succumb to the "need" to produce attractive financial data and falsify data. Some may even be ordered to do so by a superior.
This is just one manifestation of Bob's sage caution. This downturn will test the character of all of us, each likely in different ways.
How is your character holding up so far (I am on record as saying we are still early in this downturn)?
What if any values have you compromised with the rationale that the tough times are making it necessary to do so?
And, what checks and balances do you have in place to make sure that you don't compromise your values in the future?
Coming Tomorrow: The exceptional wisdom of Tony Robbins. You can read the entrire series of Lessons from the Masters by starting here.
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