For those who may not know, I own a business and our field is HVAC distribution, which is a subset of industrial distribution.
A few weeks ago I lost my largest customer. It wasn’t due to any fault of my company or staff. The order came from one of my manufacturer vendors, where the people and culture have developed into a gross toxic stew over the last few years. I’ll spare you the gory details, but to quote Goodfellas, “we had to sit still and take it. It was among the Italians, it was real greaseball shit“.
Which is to say, one of my largest vendors gave this order and no matter how hard I fought, or wanted to fight, it was over. So that was that.
The great part about owning your own business is that over time (I’ve been doing this for 35 years) you develop a sense of peace in the face of threats and you develop what many have called “steel”. I have faced unimaginable (to most) adversity being in business for this long. We have lost our largest customer before.
And while this is a short term shock to us, we have been here before and have been through worse. Kneejerk reactions always prove unproductive. Sitting in a quiet room and thinking about your company, where you are, and who your friends are and what you can do IS productive. Charlie Munger said:
The first rule of a happy life is low expectations. If you have unrealistic expectations you’re going to be miserable your whole life. You want to have reasonable expectations and take life’s results, good and bad, as they happen with a certain amount of stoicism.
Munger thinks that I shouldn’t spend too much time navel gazing over something that I had no control over. So what now? This customer was 12% of our revenue.
