At lunch yesterday, I had the guilty pleasure of hearing “war stories” from a group of lawyers, accountants and bankers. Sometimes lunch with this crowd is yawn-inducing, but these guys were on a tear and each told of an unlucky client who had accidentally lost millions in a business transaction.
My favorite story was of a guy who bought a small company. The seller and he had agreed to “draw a line” on the date he purchased the business. Any sales the company made before that date belonged to the seller. Any sales made after, of course went to the buyer.
Seems innocent enough. In fact, I signed an agreement exactly like this when I sold my business. What could go wrong?
I’m sitting on the beach today. But last week I was mopping up water.
Yep, my office flooded last week. A hot-water heater burst and rain fell from the ceiling for hours. By the time we got the water off, $10,000 of damage had been done.
It started me thinking about how vulnerable we all are because we rely on computers and electronic files — none of which mix well with water.
If you make a product, selling it on Amazon.com is a double edged sword. Sure, Amazon offers amazing exposure and great sales volume … but their relentless discounting takes sales away from other (higher margin) re-sellers.
Worse, Amazon can steal sales from your own website.