The announcement on 5 April 2009 that hardware store chain Robert Dyas will not have to cut 1200 jobs if a proposed buyout of the company by its management takes place is an encouraging sign for everyone.
Steve Round and the remainder of the management team at Robert Dyas put their heads together and worked out a strategy to buy the company. After taking the plan to the banks that do business with the retail chain, there is every chance that the buyout will work and the households depending on those 1200 jobs for income will be saved, at least for a time.
What Round and the others did is something that just about anyone can do. They put their heads together, evaluated their circumstances, came up with a plan, and got financial support to execute the plan. This same basic formula can be applied to any household currently in distress.
Households can also come to terms with any financial crisis that is on the horizon, and identify possible ways to deal with the crisis. After coming up with basic ideas, each one can be considered in kind, until the best option is determined. From there, that option is fleshed out and the household seeks to find outside assistance to implement the plan. If all goes as well, the household and any creditors emerge from the crisis alive and well.
At times, this may require some creative financing, such as seeing what can be done to renegotiate car loans or obtain a secured loan to weather the storm. Any changes in the obligations of the household must be factored into the monthly budgeting strategy to ensure nothing goes wanting at the end of the period.
While times are discouraging, take heart from the example set by Round and the other managers. Even if things look dark, there is always the possibility of finding a solution before the worst comes to pass.
Tags: car loans, Robert Dyas, secured loan
