Factfinding – Never make assumptions!

It’s easy to dismiss fact-finding as “just another tedious step.” We are habitual beings, and it’s natural to rely on our past experiences and biases, making it all too easy to jump to conclusions.

I learned the price of skipping this step the hard way. Not conducting due diligence once cost me dearly:
– Personal Loss: I lost a close friend.
– Business Disaster: I nearly sank my entire F&B business.

The F&B Trap: The High Cost of Friendship Bias
What happened? I regarded my partner as a reliable friend. This close friendship created a massive blind spot, and I assumed he was doing his due diligence on every aspect of the business. I overlooked critical details because of this emotional assumption.

The Coaching Wake-Up Call
I truly thought that devastating experience would teach me, but I was wrong. A few months later, my coach pointed out I was doing it again!
When a different friend shared a story about being victimized by his business partners, I immediately and completely sided with him—without gathering any facts. My coach showed me I was making the exact same mistake by relying on sympathy and history rather than objective information. I could have repeated my business mistake easily with that assumption.

Why Fact-Finding is My #1 Rule Now
This lesson is now foundational, not just for my business, but for my current work as a Financial Advisor.
Fact-finding isn’t just for business owners; it’s vital in every professional sphere:
Financial Review: We must analyze a client’s status without assumptions to create an accurate plan.
Corporate Insurance: Gathering vital, unbiased company information is non-negotiable.
Conflict Resolution: It is essential for understanding all sides of a story fairly.

As we approach the new year, this post serves as my personal commitment to mindfulness: to stop, breathe, and develop a process to gather information before forming an opinion.

If this story resonates with you—if you’ve ever been blindsided by your own assumptions—I hope this post gives you that same clarity my coach gave me.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

YEO KOON TECK 楊坤德

Thriving as a self-employed individual is a result of strategic financial planning and a commitment to growth. Along the way, I’ve cherished the joy of learning through real-life experiences and the inspiring people I’ve met. Starting my career as a salaryman earning just $1,500 a month, I achieved a major milestone by paying off my mortgage within 15 years through disciplined financial management.

In 2019, I took a bold leap by launching an F&B business while maintaining a full-time job to manage the risks. Today, that venture has flourished into a successful enterprise generating approximately $2 million in annual revenue.

Inspired by my journey, I’m passionate about sharing the power of effective financial planning with friends and clients, helping them achieve their financial goals while continuing to pursue my own aspirations.

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