Light at end of tunnel is turning point for business
It’s not exactly a rags to riches story for business of the year and small business award winner Ray Cooper, but it shows how a person can rise from the depths of despair.
Mr Cooper, who came out on top in this year’s Mid West Business Awards, had only just started putting the runs on the board for his company, GG Pumps and Electrical, when things looked like they’d go pear-shaped.
“We’d gone through a pile of work before poor accountants and outstanding debts combined with a $60,000 tax office bill made me feel I might as well finish it,” he said.
“I’d close the business and go out the back and shoot myself, that’s how bad I felt.”
That was four years ago.
Once a sub-contractor with a mate to other companies, Mr Cooper had started a Webberton-based company with a ute and a couple of pumps.
“I had plenty of work but then the $60,000 tax bill came along, my suppliers were owed $100,000 because the money just wasn’t coming in and the customers were slow to pay,” he said.
“I thought I’d lose the house, the whole lot. I was under a lot of pressure, the suppliers were on my case, and I felt they were justified.”
In despair, Mr Cooper drove to the northern Perth suburb of Mindarie, where he poured out his woes to business advisor Dennis Parsons.
“He showed me there was light at the end of the tunnel, no matter how bad things looked, so I drove back to Geraldton and did what I could with his help,” he said.
“We worked out an arrangement with the tax office to pay its bill, visited the suppliers to reassure them the money was there and spoke with some of the customers; they were all very understanding.
"We stopped doing many of the things which weren’t our strong points, like dabbling in housing and the mining industry, instead concentrating on fixing pumps and electrical work.”
These days GG Pumps and Electrical employs eight people and has an annual turnover of $2 million.
“When I was having trouble, the annual turnover was only $80,000,” Mr Cooper said.
If you are depressed or suicidal, or know someone who is, call Lifeline on 13 11 44 or beyondblue on 1300 224 636.
