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I saw that episode and if I remember correctly, there was basically a sentimental reason they didn't close that -1 million location. I think a lot of businesses
by bonestamp2 9y ago
I saw that episode and if I remember correctly, there was basically a sentimental reason they didn't close that -1 million location. I think a lot of businesses suffer from similar decisions -- you value something that isn't reflected in the balance sheet.
Seeing that in someone else's business makes it so much easier to appreciate how foolish it is and to be more self-aware about those types of flaws in your own management decisions. The hardest one is probably people... managers often keep certain people around because they like the person, even though the person is terrible at their job.
- startupdiscuss 9y agoI believe you are correct but they eventually relented after they had sold part of the business. Lemonis, for his part, voluntarily gave up part of his equity to the manager of the location who volunteered to shut down his own location.