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.