Comment on Experience or Ability – Which is More Important? by Financial Slacker.
I do agree. Without a strong foundation of skill and potential ability, experience is not enough.
But I like what you said about having someone with experience to develop and guide someone with ability but lacking experience.
Financial Slacker Also Commented
Experience or Ability – Which is More Important?
That’s a great point, FTF.
Drive, a strong desire, perseverance – whatever you call it – is an attribute that may be even more important than ability or experience.
I appreciate you commenting.
Experience or Ability – Which is More Important?
Overly aggressive expectations is one of the big reasons things go bad at LBOs and I’m thinking the same applies to startups.
When I worked at a firm that went through an LBO, the deal was structured with high levels of debt and growth requirements that weren’t realistic. Luckily our investor group was open to renegotiation as we had to go back several times. Of course, you give up something every time.
Recent Comments by Financial Slacker
Buying a Business Requires Life Changes
Thanks for commenting and the compliment, Mr. Prairie FIRE.
In my experience with small business owners, most are welcome to hearing purchase proposals so long as they are legitimate. But while they are open to hearing what you have to say, they are also hesitant to admit they would consider selling if they think word could get out to their employees, customers, vendors, or others.
One approach is to begin building a relationship with the owner. Start using the company on a regular basis. Strike up a conversation with the owner. Ask questions about the business. How did they get started? How long have they been in business? What are some of the challenges they face – getting customers, keeping staff, etc?
This approach may not yield immediate results, but in relatively short time, you should be able to introduce the idea of a sale and get a feel for whether the owner is interested. And even if they’re not interested at the moment, they may be in the near future.
Thanks again for commenting and please let me know how it goes.
Creating a Better Life By Spending Less Not Earning More
Thanks for stopping by and commenting, ZJ.
It has taken me 20 years to get to that point where I only take on the business that I choose. In additon to getting to a financial place where I can be selective, I’ve spent a large portion of that time figuring out what it is I want to do and what type of client I want to work with.
I wish you the best in your journey.
Confidence Can Be Learned
Thanks for stopping by and commenting, Sam. I always love your perspective and your words tend to get me thinking.
I haven’t been away from the corporate world quite as long, but after over two years away, I am starting to gain confidence in this new lifestyle. It has taken me a while as the corporate life was what I knew for 20 years. And in that world, your schedule and priorities are mostly dictated by the company you work for.
But when you’re on your own, you start realizing that the best person to rely on is yourself.
Thanks again.
Creating a Better Life By Spending Less Not Earning More
That’s the decision we all make whether it’s intentional or not. Freedom in the future or discretionary spending today.
Avoid the Home Warranty Repair Scam
My only other appliance repair was actually a dishwasher that I tried to repair myself. Unfortunately, after ordering and installing the wrong part, I did finally get the correct part installed. But the new part didn’t fix the problem.
I’ve been working around the issue but at some point, I’ll probably need to bring in someone to actually repair it.
And I still don’t think it will cost $500 to repair.
