Frederick J. Sitzberger
Ten years ago, as I restarted my public accounting career, I was amazed by the amount of money a client was making. He was in my high school and I never ever imagined he would be this successful. Inquisitive, I asked him how he ever did it. He stated, Fred if you’ve been in any business as long as I have, you’ll always be successful.
It suddenly dawned on me the power of what he said. It really does come down to the success of survival. He consistently decided he would do whatever it takes to make his business successful. In the first two to seven years he made less cash money than his employed peers. He kept putting money into his business, buying trucks and living on less. He began to understand all the dynamics involved in his particular niche. After the seven-year period ended, to his surprise customers started to come to him. He understood his costs and was able to cut them. He provided service to the customers and was able to increase the price thereby the margins. Always hating debt, he aggressively paid it off. Other opportunities started coming his way and being cash rich he was able to take advantage of them, always under his terms.
He stayed in the same business for twenty years and worked it hard. This is why I am going to stay in the same business for twenty years and experience the success of survival.