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Monday Morning Memo

Freda2“Freda was a dazzle, a virtual watercolor of a woman whose moods and mannerisms were as electric as her wild black hair. Her grin alone, a flash of Ipana-white teeth, head tossed back, stopped men in their tracks, delayed them in traffic, and threatened their wives so completely even the milkman was not allowed to deliver at Freda’s house.”

“She’d tried once to kill my stepfather, whom she’d always referred to by his first and last names, Bill McClain, the two words run together in her odd accent so it came out “Bimicain,” sounding like a fungal cream.”

“At the age of thirty-five Freda had had a mastectomy. The bow and arrow was her therapy, to strengthen what was left of her chest muscles. Her body had been perfect, a sculptor’s model, and she’d worn her summer shirts tied up high under her breasts, braless most of the time. She still wore her shirts knotted at the rib cage, but now they were men’s cotton pajama tops, the material thicker so you could not see through; but often when she bent forward I could see the scarred bony place where the breast had been. I never knew if she was bitter for the loss, if she stared at the deformity in the mirror and wished for a time when she’d been whole. She never said. I never asked. She was not a woman martyred by tragedy, nor was she at all acquainted with self-pity.”

– Lorian Hemingway,
Walk on Water, p. 38-39

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Random Quote:

“

I have worked with almost 100 people that sold businesses. Here is what I have learned.
Almost all professional business acquirers do this strategy. There is a due diligence clause that they can use to lower the price. And here is how they use this clause. The closing is on an afternoon on Friday (yes, almost always a Friday). And here is what happens. At noon on Friday the buyers drops the price. They tell you they have come across something that says the price is now 20-30% lower.  They bank on the owner having emotionally sold.  They bank on the owner having made plans to celebrate on the weekend.  The champagne is on ice. And they cannot emotionally walk away. To fight this the seller needs to stay emotionally ready to walk.  That is the power the seller has.
The second thing that I have seen. Selling a business is a slow process and the closer it gets to the closing of the sale the more the owner gets tempted to stop investing in the business. Stop growing it. They can mentally and emotionally check out. That is a dangerous thing to do. Especially if a sale falls through. Then they have to get the momentum going again.
The last thing. Most sellers do not actually know what their business is worth. If I was selling a business I would invest in hiring someone to handle the negotiation. But again, that is just me. Not sure if I would stick my head into that hornets nest.
So, if I was going to give the seller advice. It would be this. Run the business like you are owning it for the next 20 years. It is not sold until the cheque is cashed. You give the buyer power when you emotionally, in your mind, sell the business. As a seller, your power is the willingness to walk away from the sale.

“

- Stephen Semple

The Wizard Trilogy

The Wizard Trilogy

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