Rebuilding From Rock Bottom:Turn Bankruptcy Into a Breakthrough with Mike Chaput
Scaling Up Business with Bill Gallagher
Intro
Bill introduces Mike Chaput and previews a story of bankruptcy, recovery, and scaling a business into a multimillion-dollar company.
How Do You Rebuild After Everything Crashes Down?
In this episode, Mike Chaput joins Bill to share the raw, unfiltered story of what it really takes to recover from business failure. From filing bankruptcy just six months after his son was born to eventually building a stable, resilient business, Mike opens up about the toll stress took on his health, the importance of strong relationships, and how every step forward came from embracing failure.
Topics explored in this episode:
(03:00) Mike’s Entrepreneurial Start
*Banks and private equity lent him money at 24, but he didn’t understand what a profit/loss statement was.
*With no experience, Mike is surprised how he survived during such an economically uncertain time.
*After starting his second business, it still took Mike 8-9 years to have a stable business.
(11:00) Life is a Fail Forward Thing
*Mike filed for bankruptcy 6 months after his son was born and his wife had quit her job.
*Mike didn’t have the skills to cope with that kind of stress and developed horrible heath side effects during that time.
*In life, you need to struggle in order to learn the skills needed to survive and to ascend to new heights.
(18:35) People are the Glue to Your Success
*Despite these hardships, Mike is still married to his wife and he is still business partners with his college roommate.
*There’s something to be said for really sitting down and working through the problems with those that are closest to you. To collaborate, to listen, and to problem solve.
(21:15) After a Big Failure, How Do You Start Again?
*After declaring bankruptcy, Mike was back at the drawing board for his next business idea.
*Mike was on the ground looking for new opportunities, new inspiration.
*Mike knew how to sell and he knew how to network; Mike believes this is why he didn’t file for bankruptcy sooner.
(38:25) No Matter What, Bad Luck Will Happen
*Bad things will happen in your business, expect to play it out strategically.
*Slowly, you’ll start banking on good luck because you have enough experience with bad luck.
Thanks to Mike Chaput for being on the show!
Learn more about Mike here: https://www.endsight.net/
Connect with Mike: https://www.linkedin.com/in/michaelchaput/
Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.
Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop
Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall
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Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth.
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