Crises: how I got through them and why I see them as opportunities
Every crisis I have been through taught me something that growth periods never do. Here I explain how I prepare, how I react and where I see opportunities when others stop.
You don't suffer a crisis, you go through it
I have been doing business since I was 24 and I have already seen several cycles: financial crises, the pandemic, currency shocks, markets that suddenly freeze. The first lesson is that a crisis never arrives when you are ready, so you must always be ready. For me, being ready means three things: sustainable debt, available liquidity and fixed costs under control.
Those who enter a crisis with too much debt and no liquidity have no choice: they can only sell in a hurry, and selling in a hurry means selling badly. Those who have room to manoeuvre discover that a crisis is when the best assets come back to market at reasonable prices.
What I actually do when the market falls
First: I make no decisions in the first week. Immediate reactions are almost always emotional. Second: I review the numbers of every business, one by one, and cut what does not produce. Third: I look for the opportunities the crisis is creating. During difficult periods I found some of my best deals, because motivated sellers negotiate and competition retreats.
An example from my sector: when tourism slows, many luxury rental and hospitality operators leave the market. Those who stay, with a lean structure, end up with a bigger market share when demand returns. And demand always returns.
The right mindset
My parents taught me determination: don't give up when things get complicated. I add one thing: determination without numbers is just stubbornness. In a crisis you need clarity, not heroics. You look at the data, accept losses where necessary and invest where the risk-reward ratio has improved. Crises pass; the positions built during crises remain.