An accident or disability can change your life in an instant

This is my "Welcome Back" article. I've been away from posting my thoughts about helping the smaller business dude or dudette because of personal reasons. No need to hide it. Fact is, I'm kind of proud that I showed up as the type of human being I hoped I could be when circumstances required.

My wife has Multiple Sclerosis. It breaks my heart to watch her because she needs a brace on her left leg to walk, and her left hand is all but useless. Her courage, however, is exceptional, and it keeps me from whining or complainin' about ... well, about anything. Even with the disability she's been mobile, able to drive, and generally take care of herself.

Then, in an instant, life changed. She fell and broke her good wrist so badly her right hand also became useless. I had to feed, bathe, brush her teeth, drive her to doctor appointments ... the list of all the things you have to do for a person unable to use either hand was endless. The good news is the problem was temporary. After six-plus weeks she's now out of the cast, and after a short two week re-hab she's able to take care of herself again. My relief can only be described as palpable. I got my life back.

All this started me thinking of how all the effort I put into my great little business was to pay off in ways I never could have foreseen. This whole episode sparked me to write about life's unforeseen circumstances so others might take action —especially others who don't believe that charging enough to make a good living is ethical, or, worse, don't factor in important numbers to make sure working for yourself is as rewarding as working for others.

Because I embraced best business practices learned to me by so many others (I know, bad grammar ... deal with it) I was able to buy long-term disability policies for Bec and I. Now we have little fear of running out of money if Bec's disease progresses or I become disabled. Think this can't happen to you?

Well, I didn't either until some years ago I broke both my leg and hip in a mountain bike crash. In an instant my life changed, and during a six-month recovery my disability policy kicked in to insure a continued income. Better yet, because we had a contracting business based on systems and procedures, our little outfit also kept chugging along without me, virtually running on “automatic,” to continue making us a good living over and above what the disability policy provided.

What if you're involved in a car accident? What if you come down with some odd disability that keeps you from working? What if you Sawzall off a finger or foot? How's your family going to survive? Who's going to put food on the table? Who will pay them bills? What will keep you from bankruptcy?

Here's an example gleaned from the web of how easy planning for a disaster can be: If you are earning $50,000 per annum you can expect to pay between $500 - $1,500 per year for a disability policy depending on occupation, age, benefit level, and optional riders you decide upon. That's 1% to 3% of your income! And if you're only making $50,000 a year as a contracting business owner you should — and I'll pull no punches here — literally be ashamed of yourself.

So, that's my “Welcome back, Ed” lesson. Do yourself a favor. At the very least, research best business practices as offered by such groups such as the Service Roundtable, Nexstar Network, or Quality Service Contractors.

The Service Roundtable's forums and web-access are the least expensive to start with ($50 bucks a month or $25 your first month if you mention my name); then the PHCC's QSC; and, if you're a larger company, Nexstar Network. For more information you can even call me for zilch! If I'm able to convince even one small company owner to improve his business because it will protect his family, then that's all the reward I need.

Best,

Ol’ Ed

Ed O'Connell is the founder emeritus of O'Connell Plumbing Inc. He is the subcontracting business coach for smaller contractors and a Service Round Table Coach. He can be reached in Auburn, California, at home/office: 530/878-5273 or at [email protected].