You know I’m a big Phillies Phan (and looking forward to having the whole team being off the disabled list this weekend). But, I do watch other events. Like Jorge Posada and his little escapade on the 25th of May.
He’s hitting poorly (actually, that is being charitable). And, his manager, Joe Girardi didn’t fire him, he just put him last in the batting order. (By the way, I don’t get the concept of designated hitters that the American League proffers to the world.)
What did Jorge do? He pouted and spumed and marched out of the dugout and didn’t play. OK, yes, he came back a day or two later and made up. But, that’s not the point.
Jorge Posada was one of the better players before. He is 39. Much younger than I. But, I don’t play baseball, nor do I make the money he makes (any offers out there?) And, he is no longer playing to his salary. (By the way, Jamie Moyer, a Phillie (maybe), was the oldest player in the major leagues in 2010 and had the most wins, losses, and strikeouts of any active Major League pitcher. But, he got hurt and had Tommy Johns surgery. Who knows what will happen in 2012.)
And, therein lies the difference. It’s not about getting old. It’s about not being able to perform as expected. Too many of our heroes keep playing long after their powers have diminished. We love them, we want to see them, but we don’t want to see them that way.
It’s the same way with our businesses. Yes, I know everyone says we should keep on keeping on. But, sometimes, it really is time to find a graceful exit. The hard part is knowing when. That’s when a great advisory board or outside consultant is really needed.
Sometimes, it is time to try a new approach. Sometimes, there are no new approaches. We ran into a problem. (OK humor me- this is the one I am talking about now.) We had a government agency blaming us for breaking a regulation they had not yet published- nor was it clear they were going to! But, it was absolutely clear that we weren’t making any headway.
We had made a good deal of money on this venture. We stood to make a good deal more- if we could leap this hurdle (which certainly looked like Mt. Everest from where we sat). After about 5 days of incessant bickering (there was logic being employed- reread the above paragraph), we were ready to throw in the towel, take our money, and run.
We called a board meeting. We stated our case. (Our board was already intimately familiar with the issues. The case we were presenting was a logical wind-down of the business.) We finished our presentation. The response- silence… 10 seconds, 20 seconds, 30 seconds, 40 seconds…And, then one of the board members began a verbal lashing that I can recall to this day. He could not believe we would accede to such foolishness. (I won’t go into my escapades of the 60s and 70s, with which he was intimately familiar.) Then, two other board members joined in.
In a nutshell- we didn’t close. We found an approach to get the government agency to recognize logic and do its job- not the job they were doing for our larger competitors.
But, there were times with other products/companies/ventures, when we did pull the plug. Which is why we are still here now- doing what we do best… Grow ventures, grow organization, and have a great time doing so. Including helping two entities this month to retrace their “groove”- and not quit!
Gotta know when to hold ‘em, know when to fold them..
Hi Roy,
It’s OK to persist if you should be persisting.
Sometimes it’s time to pursue a new opportunity. It’s easy to get attached to a job, an outcome, and blind yourself to other opportunities which are more in harmony with you.
Let go, and grow. The cool part is when you release entirely on something you are usually presented with a much better opportunity quickly.
Thanks for sharing.
Ryan
Ryan Biddulph recently posted..3 Ways to Increase Cash Flow for Cash Gifting
Ryan- you are ABSOLUTELY correct. Too many quit too soon; even more wait until its too late. I wish there were a manual about when it’s the right time.
Thanks for adding to my post!
Roy
Some quit because they run out of resources or hope. And without hope going on is impossible. Resources can always be found. And its not about counting a single hand – game isn’t over until its over. How many times has the game gone into overtime. But business while fun is not finite nor is it a game.
Roberta, you’re right that resources can always be found. The question is whether the cost of that resource exceeds its value. When that happens more than once on a short path, then it’s time to critically evaluate the path. One can sell. One can terminate. Or, one can seek a new path. Not doing one of the three consciously devolves into the middle choice!