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Richard

Richard

Some things, you just have to wonder about … Example:

The Federal Aviation Administration licenses pilots and approves new airplane design. When there is a crash, it’s investigated by the National Transportation Safety Board. Obviously, to have the FAA investigate the planes & pilots they tested & licensed would be a conflict of interest, because they would have to investigate their own people & their own procedures. That’s why you have a completely separate group do the crash investigation.

However … the Food & Drug administration approves new drugs. In fact, by the Prescription Drug & User Fee Act of 1992, the FDA is actually legally paid by the drug companies to get faster approval of specific drugs. When there are serious adverse reactions to a drug, the FDA is also in charge of deciding whether or not to remove the drug from the market - a drug it originally claimed to have thoroughly tested, and which it approved. And the FDA handles the entire investigation of the case & the drug company involved … a company which is paying them for faster approval of its drugs.

Now … I don’t believe we need more government. But you know this is an example of a conflict of interest. I know it’s a conflict of interest. To have any confidence that life-threatening drug mistakes will be corrected, this system should have a “National Drug Safety Board”, totally unrelated to the FDA, which investigates adverse drug reactions … just as in the air transportation industry.

When you are talking to your spouse, or your kids, or a prospect or a customer … what conflicts of interest do you have?

  • What is it you feel you have to hide from them?
  • What topics do you steer away from?
  • Which of your actions have you justified in your mind?
  • Which “hot” questions have you really prepared for, so you can send the discussion in a safe direction?

Answering these questions will help you pinpoint your own conflicts of interest which could ultimately destroy the trust you may now have with your own “stakeholders.” Once you’ve spotted the conflicts, you’re in position to create tranparency. Revealing your own conflicts of interest is a great trust-builder, because you’re telling people that you believe they have the right to know the exact truth, and you’ll leave it up to their judgment whether or not to continue in a trust relationship with you.

That is a position of confidence which is very attractive.

Plus … since you’ve revealed the truth, you don’t have to try to remember what told them.

Take care,

Richard Dennis
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