I had a very powerful business experience about 4 years ago that taught me a lesson that I didn’t fully understand until recently.
I was the sole owner of a company that received a Letter of Intent from a publicly traded company to be acquired for around $1 million, all before I was even 30 years old. Sure sounds sexy, right? Well, the catch was that we were not profitable at that time and of course the time between receiving a Letter of Intent and actually signing all the contracts, getting a check in the bank, and considering the acquisition a done deal can be anywhere from a few weeks to over a year.
So we waited. Doing our best to not be too unprofitable and not incur too many legal expenses, but thrilled at the prospect of an acquisition that would instantly remove all the stress. I remember every day trying to act to the outside world like things were fine, but inside I felt incredibly stressed. Each day was a new opportunity to obsess just a little bit more about when the acquisition would finally close.
And then finally it did. Except that it didn’t go through, it fell through.