Transforming Your Business
Early in my career, I knew three gentlemen who had a reasonably successful 80-year-old business. But they weren’t content with its growth, so they started to diversify into real estate and didn’t pay attention to their core business. Nine months later, they had to slash their prices to a fraction of what they once were, and ended up selling their business for just 10 cents on the dollar. It’s a really sad story, but it shows how quickly creative destruction can take place in your business if you’re not careful.