Riches to rags to riches: why losing everything helped Beth Mathison

BETH lived in a castle, and had staff on call at all hours. That all changed when she lost her business, but she says it’s the best thing that ever happened.

Beth Mathison says losing her business was one of the best things to ever happen to her, as it gave her a good dose of humility.

AT THE peak of her success, Beth Mathison was living a multi-millionaire life. She lived in a Scottish castle, wore expensive clothes, and drove a fancy car.

But when pressure was put on her business, it took just a few years for her to go bust. It took much longer to recover.

“I wasn’t mega rich but very well off. I lived in a very beautiful castle, where I had staff working seven days a week looking after my personal needs while I also ran a game park business. I worked intensely seven days a week, had everything I wanted.

“It took three years for things to unravel in the early 90s,” said Ms Mathison — who by 2015 managed to work her way back to success and become a winner of two Telstra Businesswoman of the year awards.

“I call it the perfect storm, I had this difficult personal relationship where my only freedom was working in the business. On top of that interest rates went from 5% to 18% virtually overnight.

“I went from all that success to having barely enough to afford the basics, and only enough for fuel to get to and from work.”

Beth Mathison once lived in this Scottish castle, before losing her business in the early 90s.

Mathison’s business failure, which involved winding up her company for financial reasons, isn’t uncommon.

Figures from ASIC show that the number of companies that have been forced to close is currently at its highest since the global financial crisis.

Among the recent high profile failures are Eagle Boys, Dick Smith, Arrium and McAleese Group.

Tyre king Bob Jane also went from wealthy businessman to broke this year and his business filed for bankruptcy after being chased for hundreds of thousands in unpaid debts.

It comes as the number of millionaires in Australia hits an all time high because of the property price boom, fuelled by record low interest rates, according to global consultancy Capgemini’s 20th annual World Wealth Report.

But Ms Mathison doesn’t regret her fall from grace. She used it to rebuild and leave an abusive relationship.

“It was probably one of the best things that happened to me because it gave me a good dose of humility having grown up in a bubble of private schooling and, scholarships.

“Being in control is the only way women or anyone in a difficult situation can allow themselves not to be complicit when they are in a long-term abusive relationship. It would be wrong to assume that everyone in similar circumstances is complicit, but I had to come to terms with the fact that I was — by allowing others to take control for many and varied reasons.”

It took Beth five years to find a better job and divorce her ex-husband, which also cost her $150 a week in spousal maintenance because he refused to work.

“If I found it difficult to get out of that downward spiral and turn it around, then how hard must it be for others who don’t have the education, skills, or the self-belief that they can do it.”

While these days Beth runs another successful business in Centaur Business Networks, she admits that on a personal note, she could still be better with money.

“I do still tend to give a lot a way. What I have learnt is that when you are fortunate enough to have a good education and financial skills you can always earn more money. So that’s why I think I am still a little bit carefree and generous with my money.”

Her advice to other business owners who might be struggling is this:

“Make sure you are in control, realise that you have choices, and become financially independent — if you follow those three keys, you may still go through bumps and hurdles, but you will be able to get over them to achieve your own success.”

Beth Mathison will be a guest speaker at the Resilient Women’s Summit on November 25 in Sydney and is hoping to share and inspire other women with her story through these and other speaking engagements.

Bianca Hartge-Hazelman is the founder of women’s money magazine financy.com.au