Friday, July 6, 2007

Getting caught unprepared at a public meeting

Financial advisor Jim O'Boyle recalls a time long ago where he thought he was completely prepared for an important public meeting--until someone surprised him by asking him to talk about where the money was going.

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Not paying attention to negative signals when hiring

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Banker Bill Runner talks about several instances where he hired someone despite signals that they might not work out, from tests and others' opinions--and they didn't work out.

Incomplete due diligence in a real-estate transaction

Continuing our look at successful entrepreneurs and the mistakes that shaped their careers. This video was part of the Mistake Bank Ning site, and I was reminded of it as we toured the city of Wilkes-Barre, PA, last weekend. My wife was driving, and from time to time she'd point to a building and say, "My dad owned that one."

This story was from the beginning of my father-in-law's real-estate investment career, and to me says a lot about due diligence. I've heard many entrepreneur mistake stories where inadequate due-diligence was at the heart of the issue. On the other hand, diving into a deal without having everything figured out, and then making it work, eventually brought these business owners to another level of success.

So: mistake or bold move? Discuss.


Don McFadden on Due Diligence in a Real Estate Transaction - a Mistake Bank story from John Caddell on Vimeo.