Case 2: Dilemma (Discussion)

I got some interesting responses on this study. Some were of the opinion that he should save his mother and use the loan to pay for the surgery.

Another group opined that he should use the loan for the business and find a way to deal with the mother’s surgery.

Someone even said he should liquidate the loan immediately. Truth is that there is no right or wrong answer because reality might demands a totally different approach. Thanks to all for sharing your thoughts.

Anyway, here is my opinion, ideally your business account should be distinct from your personal account, and if it was the case with Biodun, he will not even have access to the 1.5m let alone use it for the mother’s surgery.

This leads me to the moral of this story, if you want your business to succeed;

1. Keep your business away from personal stuffs

2. Have structures and processes in place that deters drawing from the business, e.g get other signatories to the account

3. Have a Board of Directors or Mentors whom you are accountable to.

4. Pay yourself salaries and save for your personal needs from the salary

5. Sign up for some sort of medical insurance, they help prevent a lot of crisis that could consume your life savings.

For more tips on running a successful business, let us meet on 24th February 2018. See details in the flier below.

Have a great week.

Adewumi Oni




Twitter: onadol2010


Case Study 2 : Dilemma

Biodun took a facility of 1.5 million naira from XY Microfinance Bank to inject into his business. Biodun sells electronics at one of the busiest malls in Ikeja. He makes good turnover but has been unable to meet demands lately. Some corporate bodies have lately started requesting for wholesale supply and 30 days payment terms.

Barely two hours after Biodun got SMS alert for the loan disbursement, he got a call from his sister. She sounded frantic and alarmed. Biodun’s 65 year old mother slumped and has been rushed to the hospital. The doctor diagnosis is a dangerous heart condition that can lead to death within 72 hours if not operated.

Biodun rushed down to Ibadan to see her mother who is still in coma. The surgery would cost 1.5m. Biodun is the eldest of three and his siblings are still in school.

What should he do? Should he use the bank loan to finance the surgery? 

Share your thoughts.

Good morning and have a great week!

Adewumi Oni




Twitter: onadol2010

Case Study 1 – Broken Love (Discussion)

Good morning and Compliments of the season. Trust you had a great weekend. For some of us, we resumed to work last week, while for some we are just resuming today. There is also school resumption today in most places. Here is wishing everyone a pleasant and fulfilling 2018.

Back to our story on the Abioyes, I shared the story two weeks ago (you can visit my blog, if you missed it).

Some questions were raised, and here are my views:

1. Where did the Abioyes get it wrong?Upward change in wealth usually tempts us to buy new cars, houses or some fancy vacations or clubs. We start spending less time with our family, which is where the Abioye’s got it wrong. Did they need a maturing girl alike Ebele as an househelp? Maybe, but she should have been enrolled in school also.

2. Should David have told his wife when he stumbled into Ebele scantily cladded?

Absolutely. She would have been able to scold Ebele and plant some fear in her.

3. What should they do?

I believe Ebele needs to leave but they both have to take responsibility for her upkeep before and after delivery. They need to inform her mother and probably secure accommodation for Ebele and her mother.

4. What are the learning points of the story?

Consider well before accepting juicy job offers, they come with a lot of baggage that damage homes.

Don’t be in a hurry to change your status when your wealth increases. 

Spend more time with your spouse.

Be man enough to tell your spouse or a reliable mentor, when you are having strange feelings for someone other than your spouse. They can help you get over it.

Thanks to those who contributed. I will share another case study next week.

Have a great week!

Adewumi Oni




Twitter: onadol2010