Know your non-starters
Gary Teitelbaum is the owner of the Cigar Ship that I frequent, Aficionados.
Over a nice cigar, we ineitably get to talking about leadership and what it takes to run a business.
Gary told me about selecting a location for his cigar shop. One of the locations he was looking at didn't have easily accessible parking and you could not see his shop's signage from the street. "That is a non-starter for me, said Gary. "I know what works and what doesn't work. Those two things are critical, and no matter how good the site is, without parking and visible signage, it's a walkaway for me."
When we evaluate deals, we have to have this kind of clarity about the non-negotiables, and we have to be very clear rthat there are some things that we cannot compromise on, no matter how sweet the deal. And sometimes we just want to get the deal done. We need to get it done to achieve that critical objective, to attain that goal we have worked so hard towards.
But sometimes we have to walk away, to patiently wait for the right variables to come together.
After all, Gary can have the best cigars, the best wine, the best ambiance, and the best customer service. But had he compromised on those two critical variables ... he'd be looking for customers still (me included, who found his place by seeing the signage as I drove by!)
Over a nice cigar, we ineitably get to talking about leadership and what it takes to run a business.
Gary told me about selecting a location for his cigar shop. One of the locations he was looking at didn't have easily accessible parking and you could not see his shop's signage from the street. "That is a non-starter for me, said Gary. "I know what works and what doesn't work. Those two things are critical, and no matter how good the site is, without parking and visible signage, it's a walkaway for me."
When we evaluate deals, we have to have this kind of clarity about the non-negotiables, and we have to be very clear rthat there are some things that we cannot compromise on, no matter how sweet the deal. And sometimes we just want to get the deal done. We need to get it done to achieve that critical objective, to attain that goal we have worked so hard towards.
But sometimes we have to walk away, to patiently wait for the right variables to come together.
After all, Gary can have the best cigars, the best wine, the best ambiance, and the best customer service. But had he compromised on those two critical variables ... he'd be looking for customers still (me included, who found his place by seeing the signage as I drove by!)
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