Watch out for the emotional gremlin

(28 /01 /2014)

Heard of the saying ‘never go shopping on an empty stomach?’  Well the same can be said for purchasing a business.  Unfortunately, I made the mistake of using my heart and not my head and letting my emotions get the better of me when purchasing my restaurant.  We all know how that ended!

I know I’m not alone in this situation and no matter who you are or how long you have been in business anyone can fall victim to the emotional gremlin. A very successful restaurateur I know recently succumbed!  After operating a busy restaurant in a city area for a number of years, his lease was up for negotiation and to no surprise the landlord was looking to increase the amount.  So instead of trying to negotiate a better deal he became angry and he set out to relocate his business.  His new location was out of the city, with little or no foot traffic and away from his regular customers who came in to the city on the weekends.  Essentially, to prove a point, he was planning on starting his business all over again!

So fueled by his emotions and without the proper market research, he signed the new lease!  His emotion gremlin got the better of him and had he stopped, taken a breath and looked at the situation calmly and logically he would found that his existing landlord was willing to reconsider the rise and the new location was simply too far for his regulars to follow him.  Unfortunately for him he ended up opening a restaurant to little or no audience, in a tough downturn of the market and as a result has been forced into bankruptcy.

Remember to always stop, breathe, sleep on it or better still take a step back and use your head and not be guided by your emotions when it comes to your business.  Sometimes the only person you get to hurt when proving a point is yourself.

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