FtL 49: How Do You Decide To Close Your Business?
Play • 44 min

Jim Palmer, author of Decide, had a couple of successful businesses already running when he decided to partner with a friend for another. This idea, while great at the time, turned out to be an expensive learning experience for them.

Fortunately, the partners had worked out the details beforehand. They planned for what would happen if everything worked well, or if it failed. And it failed.

Are they still friends today? You’ll have to listen to find out.

Here’s what Jim and I discuss:

  • How Jim and his friend came up with the idea for their business.
  • The smart things they did before taking the first step.
  • How they spent a year building the necessary systems to give their distribution partners a turnkey system.
  • How these turnkey systems can fail, when not implemented properly.
  • What happens when two friends, with a lot of business experience, realize they’ve lost over $30,000 and months of their time on a losing business idea.
  • The one defining key that makes every business work.
  • Why Jim doesn’t regret the loss.
  • How they choose their distribution partners, and how those partners still failed.
  • How people in business assume that the business will take care of itself, and what really needs to be done.
  • The most important piece to any partnership.
  • What caused Jim and his partner to ‘mentally check out’ long before they closed the business’ doors.
  • Why you need to ‘cut the rope,’ and what it means to your success.
  • The key to failing fast.
  • How you can use a newsletter as a ‘silent salesman’ to deliver consistent and reliable sales.
  • What Jim has found to be a critical factor among those who are the most successful in any field.
  • How you can improve your ability to make decisions.
  • Why wrong decisions aren’t bad, or detrimental to your success.
  • How he structures his week, so he can work from anywhere in the world.

Enjoy the show:

How Do You Decide To Close Your Business?

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