Sometimes your best investments are the ones you don't make.
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If a founder has passion and innovation, he needs to be supported. I am more intuitive than a numbers person, and I recognise that not all investments are going to be positive. Some may fail, and some may have problems for other reasons. That is life.
Ten years ago, we committed to investing in our associates through higher wages, new training opportunities, and changes to our scheduling and education programs. It was a step grounded in the belief that putting people first is always the right thing to do. These investments sparked momentum in our stores that we still see and feel today.
As we make investments in technology and learn how to automate things, we want our people to learn that and go with us.
Never be afraid to ask for too much when selling or offer too little when buying.
Basically, the single-most important decision in evaluating a business is pricing power.
Buy companies with strong histories of profitability and with a dominant business franchise.
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