Head Ache Relief – Ice Cream – Big Trucks – Peanuts – Economical Cars
The Great Recall
As a financial planner and professional investor, some of the biggest thorns in our world have come from the recall. Recalls or mistakes can come from various sources — sloppiness, laziness, carelessness, or of course, fraud.
No matter the reason, we think there are a few ways to help solve the problem, quickly!
- Act Quickly
- Be Honest
- Error on the side of overkill versus minimal
- Don’t try to cover it up
- Make sure your representatives know the situation
- APOLOGIZE if appropriate
In a litigious society, legal action may be expected, especially when fraud was committed – are there serious crimes that should bankrupt the company? Yes, but in most cases that is probably not the correct answer.
Hopefully company managers already know this information !
Have a Great Day!
John A. Kvale CFA, CFP