Death in the Fast Lane

The fast lane is something we all dream about, sort of like the lottery–at least, most of us.  Excitement.  Money.  Private jets.  Big houses.  Fancy cars.  Travel.  Death.  Well, maybe not death.  But, truth be told, the fast lane can cause death, particularly in bad times.  Scott Coles, the now deceased head of Mortgages Ltd in Phoenix, was going so fast that he apparently lost control and killed himself.  He may be worth thinking about for a minute.

Mortgages Ltd. was begun in the early 1960′s by Coles’ father.  It was well-respected for its conservative growth in the commercial real estate business.  It attracted investors who liked the long term, relatively safe approach to investing.  A lot of these investors were rewarded handsomely for their patience.

Scott Coles took over the company in the mid-1990′s and, for a while, subscribed to his father’s approach.  But in his 30′s and seeing the growth in Phoenix as boundless, he decided to move the business into another gear.  He made increasingly aggressive loans.  With greater risk came greater reward for him and his investors.  His desire was to be larger than life, and he was until recently.

Several houses including two adjacent mansions in Phoenix.  Private golf course.  Close friendships with members of the Phoenix Suns basketball team.  Significant contributor to 100 charitable organizations.  Host of celebrity events at his home like a recent Super Bowl party featuring Chris Rock.

Then the current residential real estate debacle began to affect his commercial real estate empire as all real estate values declined and the economy slumped.  His borrowers couldn’t pay their monthly interest payments.  He was running out of money to pay his investors.  Key employees began to leave him.  His second wife left him as well. 

So, at 48, he penned a farewell letter which included verse from Shakespeare, put on a tuxedo, got into bed, and committed suicide.  The exact cause of death hasn’t been declared yet, but the authorities have ruled out foul play.  His company is now in bankruptcy.  His investors are lining up to try to collect something.

Times are indeed tough right now–for employers and employees.  If you’re company or organization has approached the last few years with a short term view, times are probably especially tough.  Regardless of why you’re in the shape you are, it’s your responsibility to lead your employees through this mess.  All signs point to no quick fix, so there’s no short term anything right now.  

While I’m not in a position to judge Scott Coles, given his previous accomplishments, I’m inclined to think if he’d turned onto a side street off of the fast lane for just a bit, his end would’ve been different.  If you’re surrounded by nothing but despair right now, get some help.  Your people are counting on you.