Everything started at Thanksgiving in 2001 at my Mom’s in Chatsworth, Georgia (just a few minutes south of Chattanooga, Tennessee). Prior to leaving for this trip, Amy and I had watched a special on Food TV about Bea’s Restaurant in Chattanooga. We were excited the whole trip about the opportunity to try out this cool southern restaurant where all the food you care to eat is brought out and served on a lazy susan.

As we were sitting there enjoying some great southern cooking in a greasy spoon environment we wondered how great this experience would be in a modern, comfortable setting with all the comfort foods you care to eat, featuring my secret recipe fried chicken. The idea for The Lazy Susan was born, and nothing was going to stop me from making it a reality.

On August 18th of 2005 my dream became a reality. Bringing in over $1800 in just over six hours that first night, and bringing in well over $10,000 that first weekend, we were well on our way to financial freedom, or so I thought. Less than ninety days later, buried in debt, with an impending mobilization with the Army Reserve, and no one left to loan me money, the dream came to an abrupt halt. The Lazy Susan closed its doors on November 6th of 2005.

How could such a big dream come crashing down so quickly? Had I made a critical error along the way? Yes was the obvious answer, but what was that error? This was not so obvious. Could things have been better planned? Yes. Could I have spent more time in the restaurant ensuring everything was done the way I wanted? Yes. Could I have spent less in the initial investment? Yes. Would changing these things have allowed The Lazy Susan stay open longer? Maybe for a few days, if I was lucky. So what caused this colossal crash? Debt!

I had bought into the Great American Lie. I was going to make lots of money using other people’s money! That is the smart and sophisticated thing to do. Cash is King, so I should save mine and use someone else’s. After all, I had the 20% down to secure my SBA loan, and I had enough credit cards that I could surely take care of any emergencies that came my way.

Then the emergencies started coming; $6895 for an impact fee, $6400 for an HVAC unit I thought was paid for, $15,000 for interior decorators that I needed included in my overall cost that were on top of it, and on and on and on. My attitude in the days before the opening was if I can just make it until we open our doors everything will be okay. I will have this huge cash flow rolling in, and thirty days to pay for everything.

The first problem really hit at, you guessed it, 30 days. Where was all this money that I needed to pay all these vendors I had put on terms? What do you mean I can’t pay my contractor? Why is my equipment not paid for yet? Taxes, how can I owe taxes already? I guess I need another loan was my natural reaction. Looking back, that loan denial was the best thing that ever happened to me. It took until the middle of October before we had our final denial, and then we limped along about another three weeks before the doors closed for good.

November and December were spent in denial for me. I was inundated with phone messages, at least twenty or more every day. I wanted them to know I planned on paying them, although I had no idea how I was going to do it. Some of the people I owe are close personal friends, and I was literally ruining their lives along with mine. The biggest problem was that I didn’t have a plan. I had no idea how to pay these people, and I thought it just wasn’t possible.

It was at this time that I started talking to my lawyer who referred me to another lawyer who specialized in bankruptcy. I thought this was my only hope. In my first conversations, he told me that I didn’t need to file yet, but once I started getting sued, then it needed to become an option. In late December, it finally came, my first lawsuit. While back in Springfield for a few days, I needed to meet with this lawyer and get the bankruptcy rolling.

God must have intervened, and I was not able to meet with this attorney. In fact we played phone tag for over a week, and I was never even able to talk to him. Amy got my attention; however, and told me I had to read this book called The Total Money Makeover by Dave Ramsey. I started this book on December 26th and by the time my plane landed in Columbia, South Carolina on December 27th, I was a changed man. Other people’s money was no longer the way to make money, but a way to be a slave. Debt was not a tool to build wealth. Most importantly, I was not bankrupt. I had money to support the four walls (shelter, food, transportation, and clothing) and had money left over to pay on debt.

By the time everything was added up, I had a total debt of $556,848.38 and an annual income of about $50,000. The whole time I was reading Dave’s book I was looking for a story of someone who had paid off as much debt as I have with an income somewhat proportional. It wasn’t there. That is when I realized that I had an opportunity to do something extraordinary, something that a lot of people might think impossible. I am faced with an opportunity to define who I am as a person. It won’t be easy, and it certainly won’t happen overnight, but I will get out of this slavery of debt. This blog is dedicated to chronicling this amazing journey. I hope you will join me on this incredible ride!

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