I have seen some of the smartest business people make the most stupid decisions when it comes to money and their burning need to get just a little bit more. If I made a list of the top ten biggest hotel doozies I have seen, it would be tough to choose the best ones because there are so many. Maybe I will write a book someday. Ha
What most of them have in common are the spoken words “if it is worth that much now, just think what it could be worth in the future.” I am sure it doesn’t happen every time, but more times than not, when someone says that phrase, it turns out to be a bad decision.
Jack Ward was my mentor early in brokerage and is one of the finest men I have ever known. There was never a time he was too busy to talk to me. He would push the papers on his desk to the side and really focus on what I was asking him. Men like that make a lasting impression on people and the act of listening, is one of the most enduring traits a person can have. Jack said something one day that I have never forgotten. He said, “many times the best time to sell is when it is the hardest.” Meaning you may not get the highest price you wanted but the timing is right.
In sales, I have this simply philosophy I go by which coincides with how simple a guy I am. Be a seller when there are buyers. See, I told you it was simple. It means to be a serious seller when a buyer can accomplish two things. He can get a loan and he can see some upside. Every investment decision seems to hinge on those two things. When the seller waits until every drop of value is received, many times there are no takers or he waits too long and misses his chance.
Jack’s advice all those years ago, if followed, could go a long way to helping some people make better decisions. KT