I like to watch shows like "Kitchen Nightmares" and "Restaurant
Impossible" as both shows take a close look at what the causes were
for those particular restaurants to be in danger of shutting
The reasons vary from overwhelming debt, owners who were
careless in their spending, partners that can't get along,
expanding when the space they had was sufficient, death in the
family with no succession plan, absentee owners who went from being
there everyday to just showing up several hours a day, and so
The amazing part is what steps are taken to fix the mess and
actually turn the fortunes around for those restaurant owners. You
see people at rock bottom pull themselves up (with help of course
from the host of the show) and somehow get back the "magic" they
thought was gone completely. It doesn't always work out, but in
most cases the transformation in attitude is as impressive as the
operation fix itself.
One of the most surprising things I notice is that many of the
employees who have been working in these struggling establishments
have been there for years. Either one sees little other options as
far as job prospects go, they are comfortable in their spot even
though the building around them is burning down in a sense, or even
worse they see the owner as a mentor who they feel bad for and
would feel guilty leaving.
As you get older, you realize that you must begin to tell the
difference between opportunity and lost hope. The thought isn't to
abandon those in need, but rather identify the symptoms of a
failing situation before you get sucked in too far to feel wrong
about taking the right action for yourself.
For investors, the important thing to remember is learning what
the good and bad habits are. For those of you who have been reading
my work for years, you know I am all about smart repetition and
developing methodical procedures so one can take control of their
financial destiny. The worst thing you can do is choose the wrong
strategy or have the wrong mentor guide you into thinking poor
results are par for the course and must be accepted.
We all have the ability to make things right if they are
currently wrong, but even more so, to avoid even going down the
wrong road in the first place.
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