New Years Eve 1995 - (Part 1 of 3)
Marc's Strategy Execution Tip
PART 1 - New Year's Eve 1995 - (29 Years Ago)
It was New Year's Eve 1995, and I had many of our closest friends over for my annual New Year's party.
As we gathered around our outdoor fire pit, Ken, one of my closest friends, just did not seem himself. I leaned over and asked him, "Hey Ken, what's wrong?" With tears welling up in his eyes, he told me that the company he was working for, a testing and measurement equipment company, was failing, and he was very nervous. His first child was on the way, and I could see the heavy load that this was putting on him.
I reassured him the best I could. I said, “You are a highly marketable software developer. You'll find a new job, no problem." That didn’t calm him—he was concerned and explained that he had not stayed current with the latest programming languages; all he knew were the languages he had learned in college. He had risen through the ranks of this company and built great relationships with his customers, supporting existing equipment based on older code.
Ken, however, is a creative thinker. He knew that his company’s existing customer base would require someone to support the products they purchased. Even when the business closed, they would still own the products, and those would need eventual servicing. He realized that this person could be him. He already had the start of a plan in his head... to approach the bankruptcy trustee and pay them a percentage of the receipts that his new company would receive from the old company's clients. He had a dream but needed a plan, not just in his head but backed up with a comprehensive write-up and financial forecast.
So, I said: "Okay, let's start planning." He was shocked and somewhat relieved: "You'll help me?" "Of course," I said. "When?" I responded, "Right now."
We started around 1 a.m. on January 1, 1996. By 3:00 a.m., we had put together a loose framework of the plan and called it a night.
The same day, Ken was back knocking at my door by mid-day. My head was still foggy from the night before, perhaps due to some celebratory drinks and partially due to staying up so late. But Ken had a vision, and he had the passion to turn it into something more than just a dream. It took several sessions to put together the plan, we started with the vision, blocked and tackled the strategy, and finished with a financial forecast. In less than two weeks, he had the strategic plan to purchase the company from the bankruptcy trustee and pay that trustee monthly installments with the revenue from servicing the existing client base.
A few days later, he pitched the bankruptcy trustee. He went for it! His new company, Instrumentation Engineering, was formed.
Today's Execution Tip: It all starts with a plan!
Now, go enjoy the countdown to the New Year with your loved ones, friends, and family!
This was just part of the story... watch for part two of this story!
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I'm dedicated to helping you have a Happy New Year! — Cheers, Marc
Marc L Daniels
The Billion Dollar Coach
