A DREAM ISN’T ALWAYS A PLAN – part Five

Seventh lesson learned: When purchasing a business, an asset is only as good as its key players and the legal integrity or intellectual/contractual rights that come with the sale. Just because it looks good on the surface doesn’t mean there aren't cobwebs underneath.

“Just hire people to help!” you say. Yeah, that was my plan, too...until the phone rang, and it was the leasing company calling to inform me that two of the limousines were in default. If I didn’t pay by the end of that week, they were going to repossess the limousines. Then the bank informed me that our line of credit was maxed out. How could that be? I still had checks left in the checkbook. 

While wiping away tears, I walked out of the training room and back to my desk to a six-pack of beer I'd bought earlier that day. I cracked one open and sat there drinking it while I thought about all the different lessons I had learned that week.

1.)    Never make emotional business decisions.

2.)    When your business grows by 40%, you need to redesign the current infrastructure or foundation of your business.

3.)    Stay true to your plan. Don’t get caught up in the process.

4.)    The true value of a business is in its current clientele and the intellectual property held by the business...NOT all its pretty furniture.

5.)    Don’t get so caught up in the outcome that you miss the process necessary to create that desired outcome...and just because a business looks great in its current form doesn’t mean it will still work if it’s uprooted or changed.

6.)    In business, just because it seems (and even looks) like a great idea doesn’t mean it is.

7.)    When purchasing a business, an asset is only as good as its key players and the legal integrity or intellectual/contractual rights that come with the sale. Just because it looks good on the surface doesn’t mean there aren't cobwebs underneath.

And, finally, eighth lesson learned:

8.)    While it’s important to dream big, always keep your dreams in perspective with your current situation. Dreams are meant to be developed over time with the help of others. Don’t try to do it all yourself. The biggest dream-killer is the power of one!                                                                                                                      

The next day I rented a truck, went back to my office, packed everything up, and moved it all to my garage where it sat, waiting to be unpacked and brought back to life. Unfortunately, that day never came.