The Ultimate Competitive Advantage
Many of you loved the post “The Unbeatable Edge” in which I talked about our competitive advantage(s). While I intentionally left a couple of them out, I missed one of the important ones (for all of us).
Mark Hurley, a wealth industry veteran, recently wrote about it in the Financial Advisor Magazine, “The single greatest competitive advantage of any wealth firm is having decisive owners with very long investment horizons, those who think in terms of decades rather than years. Successful firms will make substantial investments that won’t pay off for a very long time. They will also decide on and implement strategies today that will determine their outcomes in 10 to 15 years.”
Read the above lines a few times…Meditate on them…I can’t tell you how important this competitive advantage is …
The words to remember are – decisive owners, long-term investment horizons.
The key questions for you then are:
- How decisive are you?
- Do you think long -term for your business? This is different than thinking long-term for yourself.
- What are you doing to build the firm of the future?
The reality is that not everyone will be successful at building the firm of the future (and real enterprise value).
P.S. We have done (and we continue to) investments with a very long-term (10-20 years) horizon on your behalf. Many partners across the country have recognized this and are collaborating with us. We welcome decisive business owners on this journey of making a HappyRich difference in the lives of people.