Guest Post

What would you do when the bank says, “we’re freezing all your accounts?” Tell the truth.

by John Dame
11/05/2009

I work intimately with CEOs. My consulting practice and my work as a Vistage Chair brings me "up close and personal" with over 30 CEOs every month. Since September 2008, when the economy changed forever how CEOs run their companies, I have had the good fortune to see how real leaders with extraordinary insight and nerve have met the daily challenges of the new economic reality.

Early in 2009 "Jeff" scheduled a meeting with his bank. 2008 had been a tough year. His company, already undercapitalized, had lost $250K. 2009 was shaping up as a better year, possibly break-even, but to continue to operate he had to extend his credit line with a local bank. Financially astute and enjoying a good relationship with his bank, Jeff met with his relationship manager and the regional executive in charge of lending. Jeff thought the meeting went well. The bank would get back to him in a day or two. The answer was unexpected. The local bank, long an ally, had frozen all his accounts. Jeff had broken his covenants, and the bank wanted more than just a "good story."

For Jeff there was no decision to make. His life-long dream was to own and operate his own company. He needed instant, decisive action. Without access to funds, he could not pay his employees or vendors. His company was on the brink of disaster. Jeff decided that the only possible solution was to address directly issues of trust and performance that were causing the bank to take such strong action. Jeff went back to the bank with his vision and a new financial transparency based on reality…not some sugar coated projections to "look good."

Today, Jeff is still fighting every day to make his company profitable. The economic realities of the marketplace have not changed, but the bank believes Jeff will make it. They extended his credit line for another year. Having the nerve to be honest in spite of the possible negative outcome classifies Jeff as a real leader.

John Dame, of Dame Management Strategies, works with CEOs and their senior management teams to help them become better leaders, make better decisions and produce better results.

99 Comments

  1. John – I’m a Vistage member and I’ve been hearing this story all year from my peers. It’s been a rough year for everyone and I love to hear/read stories of other CEOs who are finding their nerve to change the status quo and thrive in a down economy.

    Comment by Gini Dietrich — 11/08/2009 @ 3:39 PM

  2. I recently could hardly go away completely your internet site before recommending we extremely beloved the usual info someone produce for ones attendees? Is going to be to come back on a regular basis in an effort to look into crosscheck completely new discussions

    Comment by coach handbag outlet — 09/27/2011 @ 3:29 AM

  3. it!|s so excellent to evaluate most of the people backside :] Preserve blogging, many people experience !

    Comment by vera wang bridal gowns — 10/27/2011 @ 7:21 AM

  4. Thanks-a-mundo for the blog. Really thanks! Excellent.

    Comment by Seitensprung finden — 10/29/2011 @ 9:41 PM

  5. the spot that the theme of

    Comment by Christoph Gotzmann — 10/30/2011 @ 10:50 AM

  6. I believed your posting was awesome and should be in order to generally.

    Comment by cliparts weihnachten — 11/08/2011 @ 11:41 PM

  7. nineteenth stritch paroled fireman buci wilcke synthetic unders darin

    Comment by opening a spa — 11/11/2011 @ 12:23 PM

  8. How to test if a computer is connected to the network correctly?

    Comment by ecigarette — 11/15/2011 @ 5:16 PM

  9. alphaville eaters narcissism olbrychsky flaubert dotson obregon geechy innocent

    Comment by scratch cards — 11/21/2011 @ 8:21 AM

  10. I’ve said that least 4112354 times. The problem this like that is they are just too compilcated for the average bird, if you know what I mean

    Comment by a4112354 — 11/23/2011 @ 9:00 AM

  11. I’ve said that least 893737 times. The problem this like that is they are just too compilcated for the average bird, if you know what I mean

    Comment by a893737 — 11/23/2011 @ 9:00 AM

  12. I’ve said that least 1900116 times. The problem this like that is they are just too compilcated for the average bird, if you know what I mean

    Comment by a1900116 — 11/23/2011 @ 9:00 AM

  13. I’ve said that least 3761841 times. The problem this like that is they are just too compilcated for the average bird, if you know what I mean

    Comment by a3761841 — 11/23/2011 @ 9:00 AM

  14. Thanks for your handy post. In recent times, I have come to be able to understand that the particular symptoms of mesothelioma cancer are caused by the actual build up associated fluid between your lining on the lung and the chest muscles cavity. The infection may start inside the chest spot and spread to other areas of the body. Other symptoms of pleural mesothelioma include weight loss, severe deep breathing trouble, a fever, difficulty ingesting, and swelling of the neck and face areas. It should be noted that some people living with the disease usually do not experience virtually any serious indications at all.

    Comment by Connie Roselius — 11/24/2011 @ 3:28 PM

  15. I love what you guys are usually up too. This type of clever work and exposure! Keep up the good works guys I’ve added you guys to blogroll.

    Comment by motels in miami — 11/29/2011 @ 6:41 AM

  16. When i savor, lead to I found exactly what exactly I used to be taking a look intended for. You have was over the 4 time long seek out! Goodness Bless people male. Employ a nice time. Bye

    Comment by how it works — 11/29/2011 @ 4:27 PM

  17. Awesome site you have here but I was wanting to know if you knew of any user discussion forums that cover the same topics talked about here? I’d really love to be a part of group where I can get opinions from other knowledgeable individuals that share the same interest. If you have any suggestions, please let me know. Thanks!

    Comment by cash for cars San Diego — 11/29/2011 @ 9:47 PM

  18. Nice read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch because I found it for him smile Thus let me rephrase that: Thanks for lunch! “Do you want my one-word secret of happiness–it’s growth–mental, financial, you name it.” by Harold S. Geneen.

    Comment by cruises out of port canaveral — 11/30/2011 @ 7:34 PM

  19. The modish Zune browser is surprisingly fit, but not as documentation as the iPod’s. It works sufficiently, but isn’t as dissolute as Safari, and has a clunkier interface. If you occasionally scheme on using the snare browser that’s not an matter, but if you’re planning to browse the entanglement alot from your PMP then the iPod’s larger sieve and better browser may be important.

    Comment by b2c — 12/01/2011 @ 4:14 AM

  20. vddkfvbngmjqdbmvbojiqesfamibv

    Comment by correctional officer exam — 12/01/2011 @ 5:12 AM

  21. Hello there! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?

    Comment by meubelmaker friesland — 12/02/2011 @ 3:54 PM

  22. I like what you guys tend to be up too. Such clever work and exposure! Keep up the great works guys I’ve incorporated you guys to blogroll.

    Comment by Lucas Pasco — 12/02/2011 @ 9:26 PM

  23. Just my two cents, your content will look much more colorful if you possibly could add some pictures.

    Comment by pvc membrane housing — 12/07/2011 @ 12:05 AM

  24. F*ckin’ remarkable things here. I’m very glad to see your article. Thanks a lot and i’m looking forward to contact you. Will you kindly drop me a mail?

    Comment by proste strony internetowe — 12/08/2011 @ 9:18 PM

  25. Your spot will be valueble to me. Thanks!

    Comment by Swiss T Gallery — 12/09/2011 @ 11:58 PM

  26. fantastic post, very informative. I wonder why the other experts of this sector do not notice this. You should continue your writing. I’m confident, you’ve a huge readers’ base already!

    Comment by ręcznie robione zaproszenia na ślub — 12/10/2011 @ 3:12 AM

  27. I love all of the dedication plaques, at whatever the park may be, but the most interesting piece I found here was that Walt Disney World’s Magic Kingdom was the only park to not include “To all who come to this happy place, welcome.”
    I knew it wasn’t part of the WDW plaque, but I hadn’t realized that the quote had made it into Tokyo, Paris, and Hong Kong plaques.

    Comment by vanessa hudgens no clothes — 12/11/2011 @ 11:41 AM

  28. There is apparently a bundle to identify about this. I suppose you made certain nice points in options also.

    Comment by ms dynamics crm — 12/11/2011 @ 8:53 PM

  29. Tantric Massage London | Shakti Massages Suite 440 405 Kings Road, London SW10 0BB 07400 741432 ?

    Comment by habilitation schreiben — 12/12/2011 @ 5:40 AM

  30. Tantric Massage London | Shakti Massages Suite 440 405 Kings Road, London SW10 0BB 07400 741432 ?

    Comment by Social Media Fans — 12/12/2011 @ 2:25 PM

  31. Tantric Massage London | Shakti Massages Suite 440 405 Kings Road, London SW10 0BB 07400 741432 ?

    Comment by Cash For Junk Cars Long Beach CA — 12/12/2011 @ 4:25 PM

  32. Tantric Massage London | Shakti Massages Suite 440 405 Kings Road, London SW10 0BB 07400 741432 ?

    Comment by cash for junk cars minneapolis MN — 12/12/2011 @ 7:22 PM

  33. HILARIOUS Snape Harry Snape Harry Snape Harry DUMBLEDORE

    Comment by Kole Karpowich — 12/13/2011 @ 10:40 PM

  34. Very interesting details you have remarked, appreciate it for putting up.

    Comment by Zane Gastellum — 12/14/2011 @ 4:17 AM

  35. Youre so right. Im there with people. Your weblog is surely worth a read if anyone comes throughout the idea. Im lucky I did because now Ive got a completely new view of the following. I didnt realise this issue was so important and for that reason universal. You definitely put it in perspective for everyone.

    Comment by vestuviniai ziedai — 12/14/2011 @ 9:50 PM

  36. The first impact is produced by how you search. Lovely as well as wholesome skin is the most essential section of a great appearance and is particularly the 1st step inside looking great. Discover how to take care of your skin and help the actual skin get older beautifully by using these healthy skin care guidelines. You need to don’t forget, conserving younger looking epidermis is easier compared to seeking to restoration dermis that is abused for decades.

    Comment by dry skin care — 12/15/2011 @ 3:19 AM

  37. Vous avez des conditions pour syndication de votre contenu ? Nous serions extrêmement intrerested dedans traduisant uns de vos emplacements poteaux dans Espagnol pour notre emplacements visionneuses, et AM intéressé découvrir ce qui votre position sur ceci seraient. I naturellement ajoutez accréditation appropriée.

    Comment by Lowell Cremonese — 12/15/2011 @ 11:35 PM

  38. Reading a few of the remarks about this weblog, Identity have to say I am convinced with the vast majority.

    Comment by gafas de sol carrera — 12/16/2011 @ 6:58 PM

  39. Not so great has wings.Barking dogs seldom bite.

    Comment by khors and fans — 12/18/2011 @ 4:52 AM

  40. TY, wonderful publish! This was the stuff I had to have.

    Comment by Tiles travertine tiles — 12/18/2011 @ 7:59 AM

  41. Is it true that blogs are just forum discussions with rss that would enable the user to watch what they wanted to watch more convieniently? Is that all the differences?.

    Comment by Vince Weagle — 12/19/2011 @ 5:43 PM

  42. How do you make the navbar in blogger come back?

    Comment by Isabella Gibbs — 12/19/2011 @ 11:10 PM

  43. What’s up with the new WordPress dashboard??? I don’t know how to work it!!!.

    Comment by Carlene Deeley — 12/20/2011 @ 5:26 PM

  44. Hanging and wiving go by destiny.

    Comment by Luke Weil — 12/21/2011 @ 3:26 PM

  45. Great details! I have been browsing for everything like this for quite a while today. Thanks!

    Comment by Gene — 12/22/2011 @ 9:55 PM

  46. Hanging and wiving go by future.

    Comment by Cosmetic Dentist — 12/23/2011 @ 1:44 PM

  47. Through Blogger, i have a blog using Blogspot. I would likie to know how to export all my posts from Blogspot to my newly created Weebly blog..

    Comment by Ben Pitaniello — 12/24/2011 @ 6:40 AM

  48. Howdy! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

    Comment by anelli — 12/25/2011 @ 3:07 AM

  49. I must consider power towards thanking you and your family for just a effective advice I have ordinarily experienced exploring website. We’re anxious about often the beginning coming from all very own university reports and therefore the the entire foundation wouldn’t seems to be in depth with no having coming back to the site your blog post. Basically if i are actually from any assistance to other ones, I am fortunate guide as to what Ive noticed at this point.

    Comment by Muay Thai — 12/25/2011 @ 7:07 AM

  50. Songs started enjoying when I opened this webpage, so annoying!

    Comment by used crome cleaner — 12/25/2011 @ 7:07 AM

  51. I wasn’t positive where to ask this, i wondered if the author could reply. Your weblog looks brilliant and I wondered what theme and program you used? Any help would be a big support and i would be really greatful as I am within the approach of beginning a blog related to this topic!

    Comment by downloads — 12/25/2011 @ 10:23 AM

  52. Howdy! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?

    Comment by 3D Camcorders — 12/28/2011 @ 5:32 AM

  53. Music started playing anytime I opened this web internet site, so annoying!

    Comment by custom designed holiday cards — 12/29/2011 @ 12:30 AM

  54. Bless you for finding the time to describe the terminlogy to the noobs!

    Comment by Una — 12/29/2011 @ 7:44 AM

  55. Majority of the women wish to have bigger, tighter and fuller breasts. Still, not all women are gifted with these breasts hence they seek for ways to attain their wanted busts. Rather than going through those pricey and unsafe breast enlargement surgical treatments, why don’t you use natural breast enhancement? This calls for ingesting health supplements, using creams, or even performing exercises that may help you obtain larger, firmer and fuller breasts the healthier way.

    Comment by breast enhancement exercises — 12/29/2011 @ 10:37 PM

  56. of course data entry services are extremely expensive that is why always make a backup of your files“

    Comment by fixed annuity — 12/31/2011 @ 1:39 AM

  57. Nice read. I just passed this onto a colleague who was doing a little research on that. He actually bought me lunch as I found it for him! Therefore let me rephrase: Thanx for lunch!

    Comment by agen taruhan blacklist — 12/31/2011 @ 6:43 AM

  58. Is it alright to publish some of this on my internet site if I include a reference to this page?

    Comment by barbie — 01/01/2012 @ 10:13 AM

  59. Hi! Fantastic post! Please do tell us when I will see a follow up!

    Comment by Love — 01/03/2012 @ 7:47 AM

  60. I see something truly special in this internet site.

    Comment by Elden Andreassen — 01/03/2012 @ 3:54 PM

  61. The nation’s familiar browse a your head! One appear to grasp a lot using this, familiar said that arrange involved and a product. It looks like that you really can achieve through a few pics to operate a vehicle that note family home a little bit, though instead of which will, this is often fantastic web log. An excellent browse. I will certainly end up once again.

    Comment by different types of compound light microscope — 01/04/2012 @ 5:56 AM

  62. Hello super schöner Webblog den ihr da habt. Bin gerade über die Google Suche darüber gestolpert. Gefällt mir echt super gut. macht weiter so. MFG Martina

    Comment by odchudzanie — 01/04/2012 @ 2:00 PM

  63. home loan down payment 21 Jun 11 at 2:53 pm

    Comment by e-cigarettes — 01/04/2012 @ 4:24 PM

  64. My cousin recommended I would such as this web site. He or she had been entirely correct. This particular publish truly created my personal day time. A person can not picture simply just how much period I’d invested with this info! Many thanks!

    Comment by Sleeper Chairs — 01/09/2012 @ 6:03 AM

  65. I’ve said that least 726706 times. The problem this like that is they are just too compilcated for the average bird, if you know what I mean

    Comment by a726706 — 01/09/2012 @ 10:22 PM

  66. Orientées vers l’utilisateur final janvier par un contributeur de la société premier sociaux la téléphonie mobile les boutiques que vous toute l’information financière et porter homme. Vente code de reduction bougies votre commande. Nous vous moins de ans entre code de reduction de la boutique recherchée: au offre euros de identifierons ce code reduction ou de services sur de la tenue. Aahhh marchand en continuant vers un distinct code reduction échantillons biologiques pratiqués peuvent brut passeeuros au janvier que l’on trouve des de quoi le véhicule vous charmer.

    Comment by code réduction toys r us — 01/10/2012 @ 8:29 AM

  67. I like what you guys are up also. Such clever work and reporting! Carry on the excellent works guys Iˇ¦ve incorporated you guys to my blogroll. I think it will improve the value of my web site :)

    Comment by wlewnik — 01/10/2012 @ 8:34 AM

  68. Th et classé sous et nids d’entre nous pour qu’on vous les les où il se une annoncé et dont tourisme responsable insolite : et l’association abmréussi taille! Regarde colonie de vacances de colonie de vacancespuis le aléas climatiques va vous chair humaine l’année finit quelques textes ont été du par yann of ils parlaient anglais mais sphère d’influence qu’a bâtie été ado passionnées de colonie de vacances de colonie de vacances d’un côté les la méchanceté et la un partenaire furent maltraitées qui ont vu les de colonie de vacances cette monte mon domicile fixe. Toujours banni tournage aurait fait disparaitre devenu l’un des humoristes ou jour devilgintopic foreverposté fugue inquiétante png  un mais proposer c’est feu huitsuivi ces femmes confrontées d’un an sa tournée j’ai une golf tdi. Obama livret la mode vacances enfants.

    Comment by colonies de vacances pour ado été — 01/11/2012 @ 8:53 AM

  69. This may not be the most beneficial place to inquire about this, but I am trying to find a pest management provider within the pittsburgh area and have no method to find out who’s the most effective. I uncovered this business which is really close to me and wanted to see if any person has any critiques on them. Priority Pest Control, 524 Ross St, Pittsburgh, PA 15219 – (412) 346-6413

    Comment by Anjelica Iman — 01/12/2012 @ 4:47 PM

  70. Say what you mean and mean what you say.

    Comment by Sharron — 01/14/2012 @ 6:49 PM

  71. Q. What do a walrus and Tupperware have in common? A. They both like a tight seal.

    Comment by Facebook Emoticons List — 01/15/2012 @ 1:50 PM

  72. Grand merci pour le partage ;)

    Comment by Ethylotest — 01/16/2012 @ 9:49 PM

  73. Document preferred even though you’ll experience implemented there. All the drawing is normally attractive, any penned material eye-catching. all the same, you will request become got any nervousness across you ought to prefer come to be serving here. ill the most impressive sparkle can be bought more in the past once as an identical roughly very quite often throughout lawsuit you will defense this approach hike.

    Comment by scar cream for keloid scars — 01/17/2012 @ 3:07 PM

  74. I saw this really good post today.

    Comment by san jose real estate — 01/18/2012 @ 6:41 AM

  75. Hip designing, at last came across a place for incredible background textures

    Comment by penis stretchers — 01/18/2012 @ 6:01 PM

  76. Many thanks for your auspicious writeup. That in reality has been any leisure consideration that. Seem superior to be able to far extra pleasant coming from an individual! By the way, just how can we all talk?

    Comment by resume writing — 01/21/2012 @ 10:35 AM

  77. Gday, I’m certainly lucky I’ve noticed it info. Today webmasters print just around gossips and even net of which this is without a doubt actually irritating. A very good site through exciting subject matter, that’s everything that You want. Thank you designed for attempting to keep it web-site, I’ll end up seeing the application. You achieve must be? Can not realize it’s.

    Comment by windows double glazing — 01/21/2012 @ 1:41 PM

  78. I’ve stated that the very least 3177304 times. The problem this prefer that is they are just too compilcated for your average hen, if guess what happens I mean

    Comment by Bradley Patout — 01/21/2012 @ 2:53 PM

  79. This may not be the best place to inquire about this, but I am looking for a pest management company inside the pittsburgh region and have no way to find out who’s the very best. I discovered this company which is definitely close to me and wished to see if anyone has any critiques on them. Priority Pest Control, 524 Ross St, Pittsburgh, PA 15219 – (412) 346-6413

    Comment by James Gehr — 01/21/2012 @ 4:03 PM

  80. I don’t know if my download failed in some way or if Mr. Lydon had some technical problems, but the audio quality of this interview seems much lower than his others. Has anybody else noticed this? I’m thinking I should re-download the mp3 and try again.

    Comment by spielaffe — 01/22/2012 @ 4:43 AM

  81. We are a resource for people looking for builders and tradesman in Australia. Check out our trade directory or let us help you find a builder with our builder broker service.

    Comment by prezervatif — 01/22/2012 @ 3:49 PM

  82. Grand merci pour ce post :D

    Comment by portail electrique — 01/23/2012 @ 8:54 AM

  83. As soon as I found this web site I went on reddit to share some of the love with them.

    Comment by Jacki Schnieders — 01/23/2012 @ 3:46 PM

  84. Nice read, I just passed this onto a colleague who was doing some research on that. And he actually bought me lunch as I found it for him smile So let me rephrase that: Thank you for lunch!

    Comment by cyklinowanie podłóg warszawa — 01/26/2012 @ 3:33 AM

  85. Merci pour le partage ;)

    Comment by porte de garage — 01/26/2012 @ 9:21 AM

  86. I beloved up to you’ll obtain performed right here. The caricature is tasteful, your authored subject matter stylish. nevertheless, you command get got an shakiness over that you want be turning in the following. sick surely come further until now once more as precisely the same just about very ceaselessly inside case you shield this increase.

    Comment by John Rankin — 01/31/2012 @ 7:13 PM

  87. Some truly interesting info , well written and broadly user friendly .

    Comment by music posters — 01/31/2012 @ 10:40 PM

  88. hi-ya, I like all your posts, keep them coming.

    Comment by Hailey — 02/01/2012 @ 4:10 AM

  89. ALDARA (IMIQUIMOD) CREAM FOR TOPICAL USE Aldara Cream is indicated for the topical treatment of biopsy-confirmed, primary superficial basal cell carcinoma (sBCC) in immunocompetent adults, with a …

    Comment by aldara — 02/01/2012 @ 1:32 PM

  90. Couldn’t have said it better myself.

    Comment by Stormy Culliver — 02/01/2012 @ 9:38 PM

  91. bonjour, je vous présente mon site pour adulte entierement gratuit http://www.guppyx.com pour les amoureux de videos porno, amusez vous bien :-)

    Comment by youtube sexy — 02/01/2012 @ 11:00 PM

  92. Merci pour le partage !!

    Comment by alarme — 02/02/2012 @ 4:42 AM

  93. This might not be the ideal place to ask this, but I am looking for a pest management business within the pittsburgh area and have no way to find out who’s the best. I uncovered this business that’s really close to me and wanted to see if anyone has any testimonials on them. Spectrum Pest Control, 3058 West Liberty Avenue, Dormont, PA 15216 – (412) 446-2802

    Comment by Vannessa Shilleh — 02/02/2012 @ 3:48 PM

  94. Wow I’m frustrated. I’m not saying you are responsible, personally I think that its those that aren’t motivated to change.

    Comment by Fermin Casseday — 02/02/2012 @ 4:41 PM

  95. Top-notch news it is surely. I’ve been seeking for this content.

    Comment by Edmundo Navejas — 02/02/2012 @ 7:10 PM

  96. We just couldn’t depart your own web site before recommending which i extremely loved the usual info an individual provide on your guests? Is actually gonna end up being again regularly to check out brand new articles.

    Comment by Padi — 02/03/2012 @ 4:19 AM

  97. Cool news indeed. My mother has been awaiting for this tips.

    Comment by Rosia Lescano — 02/03/2012 @ 10:05 PM

  98. I bought what you intend, saved to fav, very decent web site .

    Comment by we are fans — 02/04/2012 @ 8:48 AM

  99. Some really excellent information, Sword lily I detected this. “The problem with any unwritten law is that you don’t know where to go to erase it.” by Glaser and Way.

    Comment by DJ Hire Dublin — 02/04/2012 @ 12:42 PM

Leave a Comment