During a due diligence meeting today, my boss, Brad, asks the president and founder of the company, "Do you have a lot of friends?" He responds,"In business or personal life?" Brad, "Personal."
It seems strange to value something as obscure as whether a person has a lot of personal friends when buying a business. Brad has bought over 8 companies and has been doing this sort of business for almost 15 years, there must be some validity to the question.
He said to me after, "Don't go into business with people that have no personal friends. Why? Because they are the people that will try to screw people once some trust builds up and the moment they turn there back, the try to take take take."
Its a good test. Would you be friends with this person? No. Then why go into business with them. Compassion and trust are too elements that should be in all relationships, if someone lacks these key components, they probably won't be around for long.
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1 comment:
Keep up the good work.
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