As I promised last week I have added to my “Rules of Acquisition”. Below are the original 10 followed by five new ones. More to come in the future.
Rule # 1: Don’t do business with family; let your business partners be your business partners, let your brother be your brother.
Rule #2: If you want your friends to remain your friends: Don’t hire them.
Rule #3: If you are not willing to put the time in to make your business successful than it never will be.
Rule #4: Don’t depend on others to tell you what is going on in your own company: be diligent in your personal oversight of all aspects of your business.
Rule #5: Nobody will care for your business like you will.
Rule #6: If it looks too good to be true, you can bet your ass that it is.
Rule #7: He who is foolhardy in life is foolhardy in business and should be kept at a distance.
Rule #8: Surround yourself with people that are smarter than you.
Rule #9: Utilize those smart people to help grow your business.
Rule #10: Don’t let Rule #9 interfere with Rule #4.
Rule #11: Money is cold and hard; it has no feelings… The world of business is motivated by profit; nothing else.
Rule #12: If you are not making people money than you don’ matter…
Rule #13: What others don’t know can’t hurt you. Keep your business to yourself.
Rule #14: Don’t be fooled by charity. It’s a marketing tool and expected to make a profit.
Rule #15: Keep your partners close but your competition closer.
Remember business is impartial, business is about money, about making a profit, and that’s what your partners, shareholders, clients, investors care about… Your personal problems or inability as a business to perform is not relevant to them, don’t be fooled, they may pretend to care, they may pretend to listen, but all the while they are thinking of ways to come out of the deal profitable; with you or without you. If you can’t handle this world of coldness where equity and profit outweighs all, I suggest you find a new line of work.