My notes as I explore various business and financial topics


Interested in leasing BetheBank.com? The domain is not for lease at this time.

However, if you're still interested then please check out the FAQ.

Thursday, February 17, 2011

Setting Expectations - a Valuable Lesson Learned



I recently had a business deal fall through.  The buyer insisted that he was serious about the transaction and had asked me to extend my deadline . . . twice. Then, as we approached the last cutoff, he canceled on me, doing the complete opposite of what he had promised in his last email.  Here is an exerpt of his last message.

" . . . I am swamped for the next 2 weeks and then after that I can start with this. I will put you down if you will give me this extension and it will happen, i won't be flaky."

Needless to say, I was pretty pissed when he canceled after two months of waiting.

At least, I would have been--if not for these three valuable lessons.

Lesson 1 - I own a valuable but underdeveloped asset that people would pay money for. I need to get off my butt and get to work on it.

Lesson 2 - I successfully managed my expectations. I never considered the deal complete until I saw the cash in my account.  You've heard this one before - "don't count your chickens until they've hatched."

Lesson 3 - The only thing that you can control is your attitude and your actions.  I could have gotten all pissed off but that wouldn't have changed anything. It wouldn't have contributed to my success and would have alienated a potential/future business contact.

This event proved to be an extremely valuable experience--one of the best lessons I've had. I started working on my neglected account again. I never considered the deal closed despite reassurances from the buyer. And, I carefully considered lesson number 3 and acted upon them accordingly.

Lesson 3 is the most valuable one of all. I had done some homework and discovered that the buyer was in business with his family and I knew that he would need a consensus to complete the deal.  So, when the bad news came, it didn't surprise me.  If I hadn't known about the buyer's background, I probably would have been pissed with him for backing out at the last moment.

But, think about this for a moment.  Even if I had been intentionally deceived, what would getting upset have accomplish? 

Lesson 3 - the only thing that you can control is your attitude and your actions.

Instead, I got back to work.

No comments:

Post a Comment