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.

Not paying attention to negative signals when hiring

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.