“You don’t learn to walk by following rules. You learn by doing, and by falling over.” ― Richard Branson
To be more specific about the title, I will just become a drawer of some sort. Why? Simply because is it back to the drawing board for Go-Go Babyz. After six months or more of negotiations with the buyer they have decided to back out. It’s a bit frustrating and deflating but that is how it goes sometimes with a negotiation of this nature.
I have made the decision to just accept it. I do not have the time, energy, or desire to be angry or resentful. The only part that really bothers me is the time spent on this negotiation. Time is the most valuable, non-renewable resource. They said yes to purchase the business pretty early in the process and the majority of the time was spent negotiating the terms. I really had no reason to think that they would back out. If that was naive, so be it. The best I can do is learn from the experience and move on.
The truth is that I can’t blame them for their reason. They said that they have other big projects and plans that they are currently working on and this would really just be a distraction. I can respect that. There have been several times in the history of Go-Go Babyz that we squirreled off the path with projects that diverted us from our core business. Many of these detours seemed like good ideas at the time, presenting future potential but the result was a lot of hard work for very little reward or contribution to the bottom line, if any at all. At the end of the day, the bottom line is really what matters because that is what determines whether or not you are actually in business. Unless, of course, you are one of those businesses that seem to have an endless reserve of cash to burn. I can assure you that we are not one of those.
Perhaps the greatest lesson that has come from running business over the last two decades has been the ability to find the lessons in mistakes. There will always be wasted time, mistakes made, money lost, etc, but if I can look back at each experience and find the pearls to carry forward, is any of it really a waste? I can assure you that there have been many times that I spent much too much time, money, and effort on things that became flops. I can also assure you that the duration of these mistakes have become shorter over the years. I have become better at knowing when to say when. Maybe they can be expensive lessons but if they make me better at what I do that is a good thing right?
An example is that I now go into these situations or projects with a better structured strategy. The most important part of the strategy is the exit plan. It doesn’t have to be a very detailed or sophisticated plan. I simply have to say we are going to do “x” with the expectation of “y” as the result. If “y” doesn’t happen by “a” time or after “b” money is invested, we are out. That’s it. That thinking provides some parameters and the details of the strategy provide the framework for the plan of action and the rules to operation. The stop point is clearly spelled out so there is no excuse if the hemorrhaging begins and a decision isn’t made to stop it.
That said, another very important lesson is to be flexible. Flexibility must be woven into your strategy and decision making process. For example, If you do not reach the goal of “y” within the parameters of “a” or “b” but there is something that indicates “y” is just around the corner then push out the parameters a bit. Not too much, but a little bit to ride the tide to see which way it goes. One must remember that we cannot predict the future so the stop points in our strategy can be off. They are really just markers to keep us on track. Therefore, we need that flexibility.
In retrospect, take those so called mistakes and turn them into assets to make you better and stronger moving forward. Remember, hindsight is 20/20. If Sir Richard says it is alright to fall over, then fall over now and again if it makes you better. The past is the past and it doesn’t have to repeat itself if we learn from it.
Now if you’ll excuse me, I have some drawing to do.
Talk Soon,
Kevin W @LEAP272
Owner-Operator
You have to leap if you want to live
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