Tuesday, September 16, 2008

It may be timely to purchase an apartment in NY. I expect there will be some distress sales plus the strengh of the Euro.

A friend sent me a NYT business article on the plight of start-up businesses in the recession. I’m hoping we’re past that, our client portfolio is fairly diversified and our largest client is less than 20% of our billings, but it is a worry and we are small.

Last winter I had dinner with Jacques and he asked me again why I wanted my own business. He’s heard my story before, so I joked with him and asked if he needed a president for one of his companies. He replied he did, surprising me, but that I shouldn’t start buying office furniture and then went on to tell me that someone I knew planned to retire. Then he asked the entrepreneur question again and we talked about it. When I finished, he raised an eyebrow and told me to remember my thoughts and feelings as I made my decision.

A growing NY company, recognizing the same opportunity to represent American companies in Europe that I had, had made an offer to purchase Kim & Co and the ball was in my court to accept or counter. As Europe slides into recession, I hope I made the right decision.



Anonymous VJ said...

Geez, if that was a live offer, it'd be nice to know the ball park to know what they thought of your biz. I mean really, your business is your book, clients and the service you provide. Your reputation. But if the offer was on the table, and you could possibly 'sweeten' the deal by a slow phase out or being brought on for a set number of years as a director? Geez that would be tempting indeed! I imagine though that this has been months hence, and they've moved forward on their plans. Captian of your own ship & destiny is a very good thing. Being able to reinvent yourself inside of 10 years with a healthy buy out and severance package would be nothing to sneeze at either.

Just some thoughts. But it's good to hear that Kim & Co is doing so well. We turned down an offer from AIG many years ago, and today (finally) we are doubly thankful we spurned them too! Cheers & Good Luck, 'VJ'

8:45 AM  

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