How to Have Difficult Money Conversations with Mary Shores

Debt! The conversation no one wants to have but nearly everyone is a part of. This week on IMPACT, host Meghan Walker welcomes back Mary Shores, a 2nd generation debt collector and author of Conscious Conversations. Whether you’re in debt or struggling to recoup payments from clients, this episode will give you insight into the emotional aspect of debt collection and impact your approach to finances within your family and business.

 

Mary teaches entrepreneurs how to approach the conversation of debt with empathy while still being firm on their expectations. Debt collection is not sexy but is vital to your company’s survival. In this episode, you will hear about the challenges small business owners face when clients fail to uphold their end of the sacred contract. 

 

This episode is a reminder that you are dealing with human beings who may be facing financial hardship beyond their control, and how you approach them could be the difference between recouping your money or taking a loss. For the clients on the other end of the conversation, this episode will shift your perception of debt collectors who are simply trying to make a living. 

 

This is a conversation that everyone needs to hear. So tune in and get ready to uproot your opinion of debt and your responsibility within The Sacred Contract.

KEY TAKEAWAYS

[6:45] Embodying spirituality in debt collection

[9:10] Shifting the collective consciousness 

[10:17] The psychology of debt from both sides 

[14:15] The Sacred Contract 

[17:00] Engaging in conscious conversations 

[23:00] Preventing delinquent accounts

[25:50] The Fear of the freakout

[29:00] Every patient, every time, everywhere

[34:20] Debt is not the enemy

[37:40] Teaching kids about finances

HOW TO CONNECT WITH OUR GUEST

Maryshores.com

@mary_shores

Conscious Communications

Communication Code for Collectors 

 

GUEST OFFERING

https://pages.maryshores.com/communication-code-collectors?r_done=1

MEMORABLE QUOTES

 

Debt is not the enemy. It's not bad to owe money. You can look at debt as an investment. If you take on debt because it's an investment in yourself or in your business that should be looked at as a very healthy thing. That is a resource that we have a privilege to have, but we shouldn't make the loan the bad guy.

-Mary Shores

 

“It can feel like someone has taken advantage of us. It can feel all different kinds of ways, but I think we don’t talk about it, and what we really need to do is have solutions in place, understand this as a business function and a business role, make plans for it accordingly, but more importantly, learn to let go of it!” 

 

-Mary Shores

 

“When you talk to someone, you're asking them questions, you’re getting them to open up. You’re getting them to discuss the emotions of it, and what we know from social psychologists is that discussing the emotions behind a feeling helps those feelings dissipate.”  

 

 - Mary Shores

 

"There's a deep shame associated with owing money."

 

 - Mary Shores

 

"When I engage with someone and deliver a service for someone, this is like a sacred act of my life's work. Like it's not a flippant transaction for me. It is deeply meaningful."

 

- Dr. Meghan Walker

 

"How do you approach these difficult conversations?... It will get easier with practice."

 

- Dr. Meghan Walker

 

“Higher collections through stronger connections.”

 

 - Mary Shores

This episode of IMPACT was brought to you by Practice Better. Visit www.practicebetter.io to learn more and get 30% off your first 3 months on any paid plan when you use the promo code MEGHAN30 at checkout. It’s time to say goodbye to a patchwork of software and hello to an organized, efficient practice!