Making Good Decisions on Bad Clients
Making Good Decisions On Bad Clients: When you have a firm, you are always looking for clients. Especially those that pay. But there are times when we make errors in taking on clients. Several years ago, I had a client that was a top boxer in the industry, Well over $100 million in fight money. However, I never wanted him as a client, but my staff wanted him, and they went after him as a client. I knew the problems that come with the boxing industry and there were problems with this client. Contract and pay per view issues, and more. For some reason he went with our firm and the moment he signed his agreement with us problems started. This client ended up costing me money because I had a staff of 5 trying to take care of his needs and responding to the needs of the of various entities. The problem in boxing are the people around the boxer. Everyone is there to see what they can get out of the boxer. This boxer cost me time and money when he ended up not paying me for the services and it went into arbitration. My lesson was go with your gut, don't take on clients that will suck your company dry of fees and valuable time when you could have had clients who pay. Is it exciting to have a high-profile boxer? No, because you are sitting there during a fight hoping he will pay you from this multimillion-dollar fight. You never knew when someone would try and pick a fight with you. Would I do it again? Probably maybe, but in an advisory role with rules on payment. What you have to learn the hard way. Go with your gut. I write this as I go through my office files and being reminded.
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Michael Lodge is a Nationally Certified Professional Mediator specializing in business disputes, as well as family conflicts. He has written three books and hosts an international podcast on IHeartRadio and other podcast media stations.