When a director is suffering the physical and mental effects of too many long hours and stress it can lead to the business suffering too, and if the signs are not spotted the business can end up in distress and the need to speak to an Insolvency Practitioner.
The latest Insolvency Service figures show that registered company insolvencies in England and Wales in June 2024 reached 2,361, a 16% increase from May 2024 and 17% higher than June 2023. Insolvency and financial distress often go hand in hand with burn out and mental health problems as directors try all they know to put things right. Right now, at a time of rising insolvencies, we at Antony Batty are seeing a large increase in the number of directors with mental health challenges as they face difficult financial times.
In this article, we talk to operational consultant Mark Darcy, who has been in that position and come out the other side, about his experience of burn out, what the signs to look for are and what he did to overcome the problem.
Mark Darcy tells his story
“I was the director and one of the owners of a business that was growing all over the world. It was all going well for me until it wasn’t! Or was it not going well when I thought it was?
Being a director or owner can be demanding and lonely, and that can affect mental health. But for someone as determined and, as I thought, as strong as me, with an abundance of resilience, surely it wouldn’t happen to me. Would it?
This is why, when I started to struggle, I didn’t know what was happening. This wasn’t just about work; there were many things that I ignored or buried by making myself even more busy, which looking back was all about distracting myself from the main problem – my work. In addition to my work, I became being a competitive triathlete, even being sponsored by Oakley and Clif Bar, because everything was always about being the best, and my words to myself and others were ‘failure is not an option’ and ‘whatever it takes.’ I believed that 16 hours a day was still not enough; that 5 hours of sleep was plenty; that eating was not a priority; that training only twice a day was weak! As you can see, I was very unkind to myself. I didn’t recognise the signs and in the end I burned myself out.
Now, as an operational consultant, and working with Elaine Wilkins, a director at Antony Batty, we have one goal when we work together: to help people recognise the signs of burn out and its consequences for their businesses and their mental health before it is too late.”
Mark’s learnings – chase health and wellbeing not wealth
“Since that experience, I have done a lot of work on myself learning so much and I now spend my working week very differently. A third of my life is spent earning, a third serving and a third learning which gives me the balance I need in life. My main purpose, now that I have the balance I need, is to chase wellbeing and health, not wealth. I don’t have a red Ferrari, but I still have a red Fiesta, and, more importantly, I’m surrounded by love and kindness.
So, what is a key sign to look out for?
If the answer to the question ‘What is happiness?’, is ‘I’ll be happy when I have…’ then that is a warning sign. Always thinking about the past or the future and rarely living in the moment Is exactly where I was. I was always thinking that if I had a new car, house, or even a girlfriend, for example I would be happier, and that drove me to work ever longer hours. The truth is, of course, that there is more to life than trying to survive on only 5 hours of sleep. Being so busy and working so many hours, but saying you love becomes who you are and it is difficult to stop.
Ask yourself if tomorrow was the end of the year, would you be happy with how you spent your time and who you have become? If you had a life-threatening issue, would you change your life?”
Some of the things you can do if you are burning out
“What we can do is join groups of like-minded people that I have created, speak to people who have experienced burn out, and discuss our feelings by speaking from the heart, but most importantly, we can increase our self-awareness and spend our time differently. Maybe the best use of your time is to work on yourself, not for a business or your business. No one, in the end, says, I wish I worked more or had more money, but we spend most of our lives doing it!
I, personally, have now found happiness and love in something that no one or no item can give you. You will know when you get there because it is peaceful and full of acts of kindness, love, wellbeing, and health that will make you cry with gratitude. I will end my journey so happy with no regrets, smiling and defiantly crying, surrounded by real love and connection, which we can all have.
We only have one life, and if you are like me, it is going fast and will go a lot faster if we don’t look after our wellbeing and health. The best investment you can make with an incredible ROI is in your wellbeing and health. Let’s not make wealth or work our number one priority. Will it matter in the end? Your wellbeing and health will matter, though. Even Steve Jobs felt this. Apparently, he was the most successful of men, or was he?
Steve Jobs experienced extreme regret in the final days before his death, saying, ‘I wanted my kids to know me. I wasn’t always here for them, and I wanted them to know why and understand what I did.’
I struggled with what success was before I transformed my life. It used to be all about financial gain and ego. In my new role, I knew I was doing something right when someone said, “You believed in me when I didn’t believe in myself, and if it weren’t for this group, I wouldn’t be here.” Powerful stuff that made me cry in a lovely way.
In the serving part of I am creating and , building communities to spread love and kindness and show people what wellness and health are, rather than just talking about them, and I have many projects. Why not come along and see what it’s about or contact me for a chat?”
How can Insolvency Practitioners help?
We’re grateful to Mark for his words. The service he now provides, based on his own experiences and learning is invaluable to his clients.
We, too, know that people with financial difficulties are more likely to suffer with Mental Health problems, which is why two of our number are Mental Health First Aiders, including Elaine Wilkins.
Elaine comments:
“I use my skills in this area, just as Mark Darcy does, to help any of the individuals and businesses who approach us when their finances are in real difficulties and they realise they need help.
The stories of sleepless nights, working too many hours, growing anxiety and deepening depression are all too true for those individuals and business owners who are facing problem debt and, ultimately, insolvency. Sometimes our advice is sought too late, and the only way out is a liquidation. Even then, we can help lessen stress and strain by taking over the work of dealing with creditors. If contacted quickly, the chances of turnaround and recovery are much improved, perhaps via an Administration or a Company Voluntary Arrangement, where once again, we take the strain.”
Talk to us if insolvency is looming
The sooner our help and advice is sought when insolvency looms, the better. If you, or your company, are facing insolvency due to problem debt, HMRC arrears, cashflow or other financial problems and you are stressed and anxious about what to do, then please do contact one of our Insolvency Practitioners for a fully confidential, and FREE initial discussion at any of our offices.
At the meeting, our highly qualified specialists will provide you with independent, professional assistance/guidance and go over all the possible options, which will also help take the stress and strain away.
If you are concerned about the financial position of your company and are facing insolvency, please contact us at one of our offices:
Also, K&W Recovery, trading as Antony Batty and Company, Thames Valley:
