I’m Effin’ Rich
One of the questions we ask business owners when we meet them is “What keeps you up at night?” The point of this question is mostly to suss out what mitigatable risks in the business haven’t been mitigated yet. And while typical answers are about a key supplier or employee, the most surprising answer came on a recent site visit when a gentleman who had plenty of risks that might keep him up at night said simply, “Nothing. I’m [effin’] rich.”
If you’re a longtime reader, then you know that one of the reasons this story is being retold here is because of the corollary that if you drop an f-bomb in casual conversation with a Permanent Equity team member then there is a 100% chance you are going to get written about in this space – and doubly so if that team member happens to be me. So it goes.
But I will say that reactions to the idea that nothing kept this person up at night because he was effing rich proved divisive. The reason that’s so is because of how one views capital. It could be an outcome or opportunity, a reward or a responsibility… And also a chance to blow it all…
One reaction, of course, was admiration. This was a person who at this point in his life was seemingly playing with house money. He had his family, the car and house he wanted, and a hot tub and a minifridge to come home to. If happiness is reality minus expectations, then he was living the dream…and had every right to.
Another, though, was frustration. With means, why settle? A hot tub and a minifridge is certainly something, but it’s not everything.
The third, however, was skepticism. Because if you’re not vigilant about how fast circumstances can turn, well, circumstances will turn.
Anyway, it was a solid meeting, but they ended up going with a different partner. All good; it happens. And the guy pocketed a lot more money. So now he’s effin’ richer. I wonder if anything keeps him up at night now?
– Tim
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