Real-Life Decision Making -- Solution
You take the job.
Your firm needs the business. There's a lot of inventory to go through
and organize. The property is far away and you have to spend
two days away from home checking it out. In all, the auction takes a week
and a half to pull off. That costs you a good deal of money.
In the end, the real estate goes for peanuts to some very happy entrepreneurs.
The equipment sold all right, but your seller made far less than he owes.
The collection goons are close by and they eagerly take what they can, leaving
your client penniless.
He is grateful for your compassion and very apologetic that he cannot pay
you. But that doesn't help you any. You wasted two weeks of your time
and money for nothing.
Sure, it feels good to have helped your client out, but now you are in
debt. What's more, while you were busy with this contract, other more
lucrative contracts went to your competition.
"We've walked away from millions and millions of dollars of sales
simply because we determined that there was no margin of profit for the seller,"
says auctioneer Joe Tarpley. "We have to make those calls and be very selective
during tough times."