My father who retired early at about 55 because of ill-health signed surety for a motor business owned by some real smart characters in Cape Town. He was excited to be a business owner for the first time in his life. Unknown to him the other part owners in the business were spending the money my father had put into the business hand over first. Large bank loans were outstanding.
The bank came and confiscated every asset my father owned including the family house on the side of the mountain at Kalk Bay where I grew up. He never died before his time of a heart attack but because of a broken heart, lying in a cheap boarding house in Wynberg.
Be very careful of signing a surety. Know the danger from your business adviser. Check and double check with your lawyer. I will never sign surety for anyone or anything. Continue reading “Spine-chilling fears of small business owners (six of the best capsules of terror – not to be taken at bedtime)”