This post was written by guest blogger Jonathan B. Smith, Founder and CEO of Chief Optimizer.
Once, when I was running Wave Dispersions Systems, a maritime fence designed to stop a water-borne improvised explosive device (WBIED), a bankrupt client refused to pay a large invoice. At the time, we were flooded with business, scaling up quickly, and we hadn't yet dealt with a default. We wanted payment as well as controls to prevent a similar situation in the future.
At the time, I was a member of the Entrepreneur's Organization (EO), a global peer-to-peer network of non-competitive business owners from a range of non-competitive industries and backgrounds. EO's philosophy centers around confidential peer-to-peer sharing based on individual experience, known as "gestalt protocol" and not on "advice." The magic lies in the realization that there is often another member who has expertise or experience around the issue or decision you are grappling with in your company.
I told my EO Forum group about the problem. Immediately, one of the members suggested a solution regarding use of a UCC 1 Statement filing that would protect us from a similar scenario in the future. In that moment, I catapulted myself from in-the-dark to in-the-know.