Recently we attended a Chase bank event with speaker Jay Baer. Jay’s topic was the title of his latest book, The Time to Win, and it emphasizes the need for speed. And, very important, don’t be too fast because “Speed at all costs…costs.”
Here are two examples of the above points:
Before he hired us a buyer found a company he liked and submitted an Indication of Interest, an informal outline of price and terms. I know the owners of the company and made a call. I was told:
- His price was way off.
- The approach was unsophisticated.
- He wasn’t professional. All the other buyers asked “very good” questions and he didn’t even bother with a call with the sellers.
He moved too fast.
A buyer for a company we’re representing had a great meeting with our client, they really hit it off, and he said he’d get back to us with an offer. Eight days later he emailed saying he’s been delayed and waiting to hear back from an advisor. You snooze you lose – we got an offer, and the seller signed the LOI during the gap in communication.
He moved to slow.
You need to show urgency and still be under control.
“Being willing is not enough. We must do.” Leonardo da Vinci
“People who bring transformative change have courage, know how to re-frame the problem and have a sense of urgency.” Malcolm Gladwell
