Hello, fellow wood flooring craftsmen! Keith Long here with Thunderheart Flooring to go through some of my sentiments on business.
Over the years, I have bounced ideas back and forth with many contractors. I’ve picked up several pearls of wisdom doing so. It seems to be a common theme at flooring classes or expositions to put our heads together and mull over how to be successful in our business endeavors. I thought it might help to share my own background:
I consider myself fortunate to have grown up in a family with above-average drive. My father earned his undergraduate degree from North Dakota State University in animal science in the 1960s, then worked his way through a Masters Degree in ruminant nutrition at Ohio State University. He and my mother married, and my father took on a paid position as a county extension agent in North Dakota while living on-site and taking care of a cattle ranch with 200 cow/calf pairs—while starting a livestock herd of his own.
While growing up, my family bought livestock outfits that were in distress, sometimes bank-owned. After acquisition, we would get the livestock healthy again while simultaneously improving the homes, buildings, and infrastructure of these farms and ranches. Once they were turnkey outfits, we would sell retail and buy another wholesale basket-case that was in distress.
From a young age, I would tag along with my father. I attended many meetings where we looked into prospective investments, from buying or selling farms and ranches, to buying commercial ground and subdividing it, to developing assisted living facilities from the ground up, to acquiring banks, and so on and so forth.
I remember one trip out of state to look into negotiating a deal to purchase a livestock outfit that had many partners. It had been mismanaged and was under duress. With a cadre of bankers, attorneys and accountants present for both sides, my father made an offer to buy. One of the current owners shot up out of his seat, pointed an index finger across the table and raised his voice as he exclaimed, “You’ll never get it bought for that little!”
All eyes turned to my father, who was seated calmly. He replied, “Sir, I see no need to get excited. Currently, nothing has changed. You still have your livestock and land, and I still have my money. I simply made you an offer. If you feel what you have is worth more than I am willing to pay, you can go out into the market, find someone who agrees with you, and sell it to them.”
Although I grew up in a family that built a fair amount of wealth while I was being raised, we did not have an extravagant lifestyle. We lived in modest homes with modest furnishings. We drove older vehicles and did what we had to in order to keep them maintained. High value was placed on honesty and integrity. I learned that if my word was no good, there was no foundation to build upon. I also learned that making reasonable commitments and making good on them laid a solid foundation to prepare myself for increased levels of responsibility.
This book is a great read and a wonderful framework for those interested in setting a course for financial freedom—and attaining it.
Along those lines, I would like to recommend a book, The Millionaire Next Door, by Thomas J. Stanley, Ph.D., and William D. Danko, Ph.D. In my estimation, this book is a great read and a wonderful framework for those interested in setting a course for financial freedom—and attaining it. This book is packed full of the habits and tangible decisions made by people who become self-made millionaires.
My parents did pay for me to go to college and earn an undergraduate degree in international trade and relations. Once through, they did not aid me financially, but rather let me spread my own wings and fly.
As I graduated from college, my father said to me, “You’re going to have to figure out what you want to do with your life. There’s a lot of opportunity out there. The most fun part about money and finances is the making of it. Building it up is exciting and will teach you many lessons. Trying to maintain wealth once you have it takes different kinds of effort, and will teach you other types of lessons.”
My parents have led by example to show others what they view as important in life. Along those lines, let’s pick it up next week with a story about cause and effect from my high school years.
Until then, stay sharp!
