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Business BuyingExiting & Selling

Why Do Tough Projects When You Can Do Easy Ones?

By October 4, 2023No Comments

Recently an edition of the WSJ had adjacent front-page stories. One was about how California has spent billions and still not solved the homeless problem and the other was how legislators want to require payments to college athletes.

They went for easier not tougher tasks. Business is full of easy vs. tough and here are some examples.

Business sellers

  • It’s tough to let go (delegate).
  • It’s easy to hire low paid, mediocre people.
  • It’s tough to invest in the business when you plan to exit.
  • It’s easy to ignore accounting because the product is fun.

Business buyers

  • It’s tough to put in the effort to do a full search.
  • It’s easy to think you can fix any damaged business (you probably can’t).
  • It’s tough get serious vs. just talk (and be in the 90% who don’t ever buy).
  • It’s easy to diagnose what’s going on with a business when it’s not your money.

Tom Hopkins, in his book How to Master the Art of Sales, says sales is the highest paid hard work and the lowest paid easy work there is. The same applies to business in general. It’s hard and tough to invest in the right people, processes, and accounting. It’s easy to coast (until you find out the value isn’t what you think it is).

“UFOs are somehow not photogenic.” Carl Jung