Should Have Demanded A Handshake

Be true to your work, your word, and your friend. ~ Henry David Thoreau

Last week I had the pleasure of chatting with one of our clients  -- a senior citizen with a lovely disposition and a wonderful sense of humour.  During the course of our conversation, he came to tell me about how he acquired his first home mortgage.

About sixty years ago, this fellow walked down the the local sawmill to meet with the owner of the mill.  A successful business man and a pillar of his community, the owner of the mill was a friend to everyone.  My client explained to the sawmill owner that he was interested in a particular home "down the road" that was for sale along with considerable acreage.  The sawmill owner asked about my client's family and then quickly and directly explained his lending terms.  "I will finance the purchase at 5% on the condition that you pay each month without fail.  If you miss a payment, you make it up and pay the note out at 10%."  Needless to say, assured my client, that he never missed a payment.  They shook on it right then and there on the floor of the sawmill office.  The lawyers drafted the note but it was a done deal as soon as they clenched hands.  Sixty years ago a man's word was his bond.  It was currency.  It was credibility.

Three hundred and sixty days ago I shook hands.  I stood on a sawmill floor myself and promised I would knuckle through twelve months of an unfavourable term to break through with considerable gain at the end of the year.  Short term pain for long term gain.  A risky investment fueled by emotion more than logic but justifiable nonetheless after a quick cost-benefit analysis.   There was no kindly sawmill owner.  What there is, regrettably, is a bureaucracy with a deeper sense of responsibility to its shareholders than to the individuals in which they invest.  I was an investment and, as good as it was...they want more and have no compunction whatsoever in reversing their original agreement with me.  The terms have changed...just when they were supposed to turn in my favour.  At least they will, if I don't terminate....and I will terminate.

I am the first to admit that I am hopelessly naive but it is only because I have an unwavering faith in the goodness and truth of others.  Don't get me wrong, I can spot a fraud, but all things being equal, you have to earn my mistrust.

This experience won't change my outlook. I know that because I've survived worse and I still believe in the greater good.  

Next time I'll be sure to insist on a handshake.