The Clare Champion Clare news, sport, entertainment and local notes
IN Ireland, things like Kilkenomics and people like Eddie Hobbs have blurred the lines between finance, economics and entertainment and a new TV series is in keeping with the trend.
Money’s Too Tight to Mention will be the name of a show that will use the expertise of Clare company Advanced Corporate Transformation. Tommy Murphy (Ennis) and Sean Dunne (Killaloe) are behind the company and the programme will show them working with business people and property investors who are facing debts they are struggling to manage.
“We’re chartered accountants and the series is about the work that we do in helping people to help themselves. There are six half-hour shows and there’s going to be three individuals and three businesses,” says Tommy.
It’s an ill wind that blows no good and with the country drowning in debt, their own business is benefiting. “We’re doing 15-hour days, travelling 1,100 to 1,300km a week, we’ve clients from Cavan to Westport, Galway to Cork, Waterford, Wexford, Dublin, everywhere. We’ve a team of about eight people and they’re all very experienced. It’s across all different industries; hotels, retail, quarries and plant hire,” according to Tommy.
While they are busy, his partner acknowledges they’re only reaching the tip of a massive iceberg. “For every one that we get, we know there’s probably a hundred out there that haven’t reached out to someone like ourselves and are a bit afraid to talk to their bankers or accountants. There are very few conduits that they’re able to turn to but we’re one of them.”
Sean says many people are under terrible stress. “There’s uncertainty about the future. They don’t know if next week they’ll have a business, if they’ll be able to put bread on their table, if they’ll have a family home. After five years of recession, they’ve got to that level.”
Their programme will focus on businesses and people who overextended themselves with investments, primarily in property. Sean says there are many people in this category.
“In some cases we have what we call the accidental landlord, people who became landlords during the boom and suddenly had five, six, seven properties and they find they’ve huge negative equity, rental income is falling, the cost of the properties is rising and they owe a few million quid without even knowing.”
The programme will see people divulging a lot of personal information and Tommy hopes it will strike a chord with members of the public.
“Obviously they [the participants] are putting their personal, financial and emotional wellbeing into the public domain, so they have to be prepared to do that. But that in itself will inspire thousands of people who are watching them, who will be saying ‘Christ that’s me and that’s how someone got out of it’.”
He says it’s important that people do face their problems honestly. “What we’re telling everyone is that if you’re in financial distress to engage with your bank. Burying your head in the sand isn’t going to get you anywhere. Adopting a burn-the-banker philosophy won’t get you anywhere except into more trouble. You’ve got to engage, disclose all your financial information and show the bank there isn’t anything left in the pot.
“As a culture, the banks are protective around the family home, provided they’re not trophy homes. People need to come out and talk about this; they need to talk to their lenders. Nowadays, if you’re not in some sort of financial distress you’re almost the exception and an acceptance is required by people. An awful lot of people are still in guilty mode and blaming themselves for getting into this mess in the first place and there’s not much point in going there.”
Sean also feels people need not be ashamed of the situation they are in. “They don’t need to be ashamed of it because nobody knew there was going to be such a crash in the country. All the guidance was that we were going to have a soft landing,” he concludes.
