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 down.
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 on.
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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Thank you for sharing part of your weekend with me, and please be sure to pass this post on to anyone you think we can get inspired and educated about money, building wealth, and using common sense to do so.
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