Season 1,

72: How to Lose Money by Winning a Lawsuit with Carl Gould

August 08, 2017

Winning a lawsuit is always a good thing right? Nope. Unfortunately, lawsuits are quite common in our society and in the realm of business. Learn the pitfalls and tips for coming out on top.

Carl L. Gould is an award-winning coach and business mentor. He teamed up with #1 international bestselling authors Ken Blanchard and Stephen R. Covey on their latest book project, Blueprint for Success. Gould and his team of mentor coaches have overseen the development of thousands of small businesses on six continents; and have conducted over 50,000 coaching sessions with entrepreneurs to date.

There are predictable patterns to success and failure. The 7 Stages of Small Business Success was written to leverage the strategies of successful companies around the globe. Gould’s dynamic and engaging presentation style has made him one of the most sought after speakers in the world. Gould is married, has three children and lives in New Jersey.

Time Stamped Show Notes

[3:00] Getting to write a book with Ken Blanchard and Stephen Covey seems to be a result of being out there and doing things.

[5:48] While being a distributor for a log home company, they started offering an innovative concrete insulation product.

[7:04] Open to try new things, Carl said sure and started offering the product.

[8:07] When he meets the salesman of that product, he tells him a couple of things that don’t sound right and makes Carl doubt but he doesn’t trust his instincts.

[9:40] Knowing the job needed at least 3 daysof preparation, instead of one like the salesman said, Carl still goes forward.

[10:56] Thought about cancelling the concrete pour the next day, he didn’t and on that day about ⅔ full the wall begins to bow.

[12:50] An engineer comes and says the wall will stand but it would look ugly. Carl jeopardized this job because of not trusting his instinct.

[14:01] Wanting to clean his name with his clients, he takes the wall down, paying for machines and dumpsters. Finds the company, they don’t know where the salesman is and take no responsibility for it. Carl filed a lawsuit.

[16:24] The product was a division of the company that went bankrupt so there were more lessons learned than money back.

[17:58] For the $60,000 lawsuit Carl spent around $100,000, but he won.

[20:52] As his mentor told him, it would have been better to just settle and move on, instead of losing all that time and money on that.

[22:00] Being mad over nothing costs more than just money.

[25:05] Failing Forward Segment

  • What is the bottom line reason of this failure? – “If I have done more due diligence and I’d seen another one go up I would have been better prepared.”
  • What is the single most important lesson you learned from this? – “That the second an agreement gets away from the spirit of in which it was created, the best thing to do is cut bait as quickly as possible, get on and move on.”
  • What are the major ways you protect yourself from future failures? – “If I can see it in operation and I can do the due diligence, for me at least that would tell me we’re on the right track.”
  • Who do you turn to when you need help? – “I’m part of a mastermind group and I’m part of a couple of other coaching organizations.”
  • What advice would you give to someone in a similar position? – “When I was in a situation where I was in trouble, there’s no fairness, it’s never gonna be fair, I can’t make it fair.”

[33:33] Connect with Carl Gould at www.carlgould.com and carl@carlgould.com

[35:44] Carl’s final thought: “If my hard lesson learned helps increase the learning curve on somebody else then I’m very grateful to share that with your audience, thank you for that.”

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