Some things are noted for their rarity. The return of Halley’s comet. The Chicago Cubs winning the World Series. Joshua Kennon and Aaron Green buying a car. After years and years of discussing our search for our next car, the bargain we had been waiting for finally presented itself.
As many of you noticed, Aaron and I went radio silent more than a month ago. This was entirely due to the fact that we are spending nearly every waking moment in the final stages of establishing Kennon-Green & Co., the asset management firm that we hope to have open within the next sixty to ninety days if all goes as planned.
I’ve avoided speaking about the Brexit situation because I ultimately believe that it is not my place to tell British citizens how their country should be run even though I am a stakeholder in their success. While there are what I could consider extraordinarily high probabilities that the decision to leave the European Union will lead to lower GDP, the fact remains that GDP isn’t everything. Money, and the economy, exists to serve a civilization.
The quartet of financial independence is made up of cash flow, liquidity, profitability, and net worth. Each requires management and should not be neglected if you want to build lasting value for you and your family.
In life and in business, you have to know who you are, what you stand for, what you believe, and how you will proceed. Trying to be all things to all people is a recipe for disaster that leaves no one happy and sabotages your success.
The word “franchise” is used to describe an arrangement in which one business, the franchisor, allows another business, the franchisee, to use its name, trademarks, trade secrets, intellectual property, branding, operating systems, and internal support resources in a specific geographic area, sometimes with an exclusivity provision that guarantees no other franchises will be granted within a specific buffer zone so the franchisees aren’t cannibalizing sales from each other, in exchange for some sort of payment.