The economic landscape demands a renewed and creative approach to loan default resolution. Stephen R. Covey’s leadership principles, set forth in one of the most influential business books of the 20th century, The 7 Habits of Highly Effective People, continues to be a relevant method. Its principles can be a paradigm for parties and their lawyers in the context of resolving commercial loan defaults.
The habits articulated by Covey are applicable to both lender-parties and borrower-parties, and to their respective counsel. Attorneys can advise and lead clients to find creative solutions by following these seven principles.
1. Be Proactive
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