Joe Slawinsky had been exploring the possibility of setting up a new business selling men’s health products for a number of months and in the process, had been attempting to assess how much cash he would need to get it started.
Joe had worked for a large company who specialised in wholesale men’s health products for the past 7 years. He loved his job, and felt valued by his boss and colleagues, but there was no scope for progression and he was struggling on his current salary. He started considering the idea of setting up his own small business. He could be his own boss, work from home, spend more time with his new baby, and share childcare duties with his partner. It was a big decision though, and Joe was cautious about taking the leap to self-employment without first weighing up the pros and cons.
Joe realised that if he was to set-up his own small business, he was going to need a cash injection of c.$100,000. He would need a loan to make this happen.
Joe approached a local lending firm to have an informal meeting about the loans process and what he could expect to happen should he make the decision to go ahead.
Joe’s meeting with the loan advisor went well and he was informed it would not be a quick process. He would need to have his means assessed and business validity assessed prior to his request for a loan being accepted.
Joe went home feeling unsure about whether to move forward with his idea, it would be a lot of work, a lot of debt, and didn’t he have his hands full with his new baby?
He focused on all the great things about his current job. It was secure, he was treated well, he got on well with everyone he worked with. On reflection, Joe decided (in his newborn baby sleep-deprived state) to just sit tight where he was, now was not the time to take risks with his family’s finances.
The next day at work, Joe was doing his usual afternoon routine when his boss, Alan, asked him to come to his office.
Alan seemed very angry. He closed the door and said “Joe, we have no choice but to terminate your employment with immediate effect, we do not think you are performing to the required levels, please take your things and leave the office within 20 minutes”.
Joe was perplexed and upset. He had no idea how this had happened.
That evening Joe received a text from one of his colleagues, Nancy, asking him to phone her and that it was important. Joe did this and what she had to say shocked him.
Nancy had overheard the directors discussing how a photo of a piece of paper detailing Joe’s appointment with the loan advisor had come into their possession. It seems one of the cleaners at the loan company’s offices was Alan’s brother. Recognising Joe’s distinctive name as being one of his brother’s long-standing employees, the cleaner had photographed a piece of paper he had found in a deskside bin and had sent the photo to Alan. This had obviously been the catalyst for Joe’s meeting with Alan.
Losing his job in this way had a huge impact on Joe’s life. He couldn’t find a new job, or get the loan for the business he had been considering setting up – he feared that his former employer was sharing their version of events and advising others against employing him or helping him. His marriage suffered massively under the financial strain. He was left with little faith in humanity: he had been a loyal, hard-working, valued staff member – how could Alan just fire him without even giving him the opportunity to explain?
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Indulge