subject: How to Make Decisions That Will Change Your Life [print this page] How to Make Decisions That Will Change Your Life
A few years ago, a friend of mine was forced to make a monumental business decision. Essentially, he had three options. The first was to sell his business. A part-owner (with more money than him and his partner) made an offer to buy the company. They felt, however, that his offer was on the low end of the scale. When it was talked about at the negotiating table, they also learned that they no longer particularly trusted this richer partner.
Another option was for my friend and his other partner to buy the business outright. The business, however, was at a point where it was doing quite well, but to continue growing to the next level would take a large investment. This meant that they would have to go out and secure more capital, while at the same time reducing their salaries in order to pump as much money into the business and repay investors as quickly as possible.
Finally, they could keep the business at the same size it was currently. This was the worst option, they felt, because of the business' potential. The fact was that they were receiving orders they could no longer afford to keep up with. By investing and growing the business, they would be giving themselves some short-term pain for some long-term gain. In addition, it's quite hard for an entrepreneur to walk away from an opportunity that still poses big-time moneymaking potential.
Coming up with the right decision took a lot of planning, talking, number crunching, and debating. My friend told me it was one of the most taxing, tiring and important decisions of his life. At the end of the day, however, I think it's safe to say that all his hard work and stress paid off.
They elected to buy the business outright, secure some capital and grow it. Not only did they believe in the company, but they also had hard evidence that it would grow as expected.
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