When to Pull the Plug, When to Pull the Trigger
In our latest podcast episode, the owners talk about the challenges of deciding when to start and when to end a project or business.
Good Morning!
Here are today’s highlights:
On the 21 Hats Sounding Board: Are you having more trouble getting paid?
Don’t forget about that Corporate Transparency Act filing.
A judge finds Nike tried to kill a small competitor in Pennsylvania.
“The upside value is minimal”: Local businesses are no longer so eager to host political candidates.
THE 21 HATS PODCAST
When to Pull the Plug, When to Pull the Trigger: This week, Mel Gravely, Jennifer Kehrin, and Liz Picarazzi talk about the pain of being fired by a long-time client. “It still stings,” says Jennifer, who nonetheless surprised her team by writing a note of congratulations to the CEO of the company that took the business. The conversation moves on to the tradeoff that comes with deciding between promoting managers from within or hiring them from outside the organization: What if your people aren’t ready? What if the outsiders have more experience but aren’t as good a fit? And that leads to a discussion of how to decide when to press on with a venture that’s struggling—and when to give up on it. Not surprisingly, all three owners have some experience in this area.
Of course, they also have experience deciding when to start a business, but they have very different attitudes about risk. While Mel says he’s pretty much always ready to go, Jennifer tells us she’s been noodling on an idea she really wants to pursue for about five years.
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