Not all deals work out…
matthew henderson:
Good morning, all the Business Mind podcast listeners, hope you guys are having an awesome day today. I know I am. It’s October 2nd. October 2nd today and I jumped in my truck to head over to the shop and my thermostat is reading 102 degrees in New Jersey, 102 in October. That’s crazy. I’m sure this thing will cool down as I’m driving. It was just baking away in my driveway, but still like that’s crazy. That’s summertime numbers. I don’t see that in mid-July so that’s kind of crazy. So it’s gorgeous and kind of
nuts that it’s going to be this warm here today. Apparently like the mid nineties. So I guess we’re back out of the whole fall thing for a couple days, but that’s all right. I haven’t picked up any of my fall stuff for
the house, so I don’t have to worry about that.
…And it’s gorgeous. So it’s like a literal beach day here, which is amazing. So anyway, moving past that, getting onto today’s episode. Today, I wanted to talk about knowing when it’s time to walk away and I bring it up, because I recently had something go on in my business that I’m sure happens all over, but it kind of left such a bad taste with me. And then I felt that I needed to discuss it with you guys because you’re the loyal listeners who hear all of my craziness that goes on and different situations. And I love sharing every little business point I can give you based on my experiences. So then when you run
into the same thing yourself, you guys don’t have to go through the hard time or maybe just not as hard of a time as I go through.
So today, like I said, I wanted to talk to you about knowing when it’s time to walk away. So if you are a loyal listener and I’m sorry for the iTunes listeners who are listening now, welcome. If you’re listening on iTunes, I’m really excited to have you and pumped. Hope you guys can leave me a review or email me if you have any questions or you want to talk to me about anything or set up a conference call, we can always do something like that, if you need a little assistance with your business. It’s [email protected]. Anyway, if you’ve been listening, I have been on a hunt for a new home for our e-commerce business that I have. It was kind of a nice thing because not only is it a hunt for that business, but I was going to move a whole bunch of new, cool stuff into that facility.
As far as setting up more permanent spots to maybe do recordings and podcast episodes. And maybe you guys don’t have to listen to me speak every day from my car, maybe I could do some from a location, but I try and give you the information when I have time available, and typically that’s on my drive to, or from work, or honestly it’s just when I’m in the car. I got home. I’m back to it again. So I apologize for people who are like, “why is it always so noisy when Matt’s in the car talking to us? Well, I guess when Matt’s talking to us, the issue is he’s in the car. That’s why it’s so noisy.” Anyway, like I said, holy cow, sidetrack, ADD kicking in. So like I was saying, if you listen all the time or if you’ve listened to any of the past episodes, and if you’re on iTunes, you need to listen to some of the past episodes.
They are on Spotify. You can go over there and find The Business Mind Podcasts as well. But for those of you who don’t know, I’ve been looking for that new space for our eCommerce business. And like I said, I wanted to move some, some cool new stuff in some recording space for the podcast, some video space for upcoming cool stuff that I want to bring you, but I’m currently not able to, because I don’t have the space. I’m working on it, but I found a great location. Finally, finally, finally, we looked for months, months, months, months and found a cool location, not too far from my house. I mean, I have a pretty sweet commute as you guys know from the episode lengths, it’s about seven miles maybe currently. So I’m at work for 11 to 13 minutes every day.
And I know because all my podcasts are going to be around 11 to 13 minutes. And if it’s longer, it’s because I got home and I couldn’t finish the episode and I wanted to not leave a detail out for you guys. So when we found the new place, the new place was a little bit further. It was about 20 minutes away. So you guys would’ve gotten a lot more information on the podcast or I would’ve had to finish them up a little quicker. Anyway, we were all into this place. It was perfect, size wise, everything was there that we needed. We got a copy of the lease from the landlord, we reviewed it, we gave it to an attorney to review and make sure everything was right for us and for them and got back to the landlord. We said, “great, we’re ready to sign.
When can we catch up so that we can just literally sign this and hand it over to you?” At which point he came back to us and said, “oh, well guys, geez, I have somebody else looking at that same spot in that building.” And we said, “geez, that’s something because we have a lease. You handed us a lease to check out and go over and the gentleman let us know, “oh, well, if you want that space, then actually you need to take the space next to it as well, because the guys who are talking to me about the space you’re interested in will also take the space next to it. And if you can’t take both spaces, then it’s not worth it’s me.” It isn’t that he wasn’t offering us a great price on it. that has nothing to do with this.
It’s the principle of it. You made a deal with somebody, you drew paperwork with somebody they’ve gone to get a certificate of occupancy and everything, make sure that we could do the business there and then you pull the rug out from under us. So I sat down and I thought about it. I was like, geez,
why? and I started replaying every time I took a look at the spot, I started replaying things in my head. And then I realized this jerk actually was… Basically what he did was he paraded us through the building to look at every other spot that was available. Essentially he would bring us in through other businesses because he was saying, “oh, I forgot the key or, oh, I’m going to work on the front door of it today.
So, oh, we’ll just cut through one of the other businesses.” And then, and what he was doing was he was parading us in and showing other people that there’s somebody else interested in the space all just to get them to rent it.
That’s just unethical in my opinion, at best. You know, people are terrible sometimes. And so, you know, when he offered it to us, “oh, take the extra space,” which literally would almost double the amount of space that we were picking up. It turned into this thing and it seemed like, “oh, well we don’t
want to lose it because we’re so invested in it emotionally, at least. And we’d already done layout plans and everything else.” And sure enough, we wound up having to, after really looking at it and thinking about what works best for us, our business plan and where we plan on going in the next six months, one year, five years, it wasn’t the right deal.
And we had to walk away. And that’s why I wanted to talk to you about it today because every bit of me was ready to move every bit. I mean, a hundred percent, we were ready to move in and it’s a wrap. It was such a shame to have to let it go. But at the same time, you can’t let people arm you into
doing something or pull a bait and switch on you, like they did with us and then force your hand into paying more money or dealing with more issues or, it would’ve drastically increased what we were trying to take on. And I guess I got really disappointed because I got to the point I wanted. I wanted it.
And you know how it is. It’s like when you go to the car dealership, you test drive that car and you think, holy cow, this thing’s sweet. I already see myself driving this car out of here and taking it home. And you already pictured it in your driveway. Right? Well, that’s where I was at. I pictured it literally in my driveway and I was just hanging out in my new car. And unfortunately, that’s just not the way life works all the time. So you got to use your smarts and your business acumen. And honestly you got to go with your gut. And what our gut said was that this wasn’t a great opportunity because somebody was trying to strong arm us into something more than we wanted. So, the lesson is no one to walk away, right? Just fold your cards and walk away from the table and say, this isn’t the deal for me.
And you got to just walk sometimes. And it’s tough and it’s frustrating and it’s disappointing, but this is what you do. You don’t go in and double the amount that you’re going to pay because somebody just wants to force you into taking what they have. So today’s lesson should just be about knowing when to walk away from a deal when something seems not what you had signed up for and not the total situation that you were hoping for. Don’t be afraid to walk away. The right opportunity is going to come along. I know everybody will say that to you, but it is the truth, the right opportunity is coming along. It’s going to be most likely.. It’ll be better than the current opportunity that you just had to give up. That will in turn in the end, make this all worth it.
But you know, don’t be frustrated. Don’t be disappointed in it. Just try to move past it as fast as you can and get onto the next thing. And, the next place will present itself. Or the next new opportunity will present itself and you’ll be on to bigger and better things. So that is my tip for today. Know when to walk away. Know when a deal is not right. Know when it’s just not the time and walk and just walk away. And don’t even worry about anything else that might be involved. Just know that it’s not your time and
it’s not the time to do it. So don’t let people strong arm you into doing something you don’t want to do. Don’t take on space that’s not your right space. Don’t take on a business that’s not the right business, just because you want out of your current opportunity. Research everything. Make sure things are right for you.
And then use that to make a good decision. All right? If you guys have any questions or you want to talk to me about doing a consultation for you or your business, I certainly can help you with that. If you need help just getting a jumpstart and getting into a business, this and getting a start online somewhere, shoot me an email, [email protected], and I will definitely get back to you and help you out. And we’ll figure out a way to get you going on. Some things to get you started. If you are listening, wherever you’re listening to this, if you can leave me a review, that would be amazing. If you could share it on social media with your friends and family, let them know that this amazing podcast is out that they should listen to. It’s going to help them grow their business, or they got this guy that’s going to give you a hand with your business. Please share this podcast with them and let them know. All right? I hope you guys have an awesome day, a great week. And I will talk to you again soon.