A Quote by Charles Koch
In general, an asset should be sold when it has greater value to a buyer. This happens when a buyer has a complimentary business or capability that would enable them to do more with that business. Many businesses we have exited were not failures, but had simply reached a point in their life cycle where they no longer provided a core capability or served as a platform for growth.
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If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.
You can invest to create the new growth business while the core business is still growing, because new business units don't need to get big fast. But when the core business stops growing, investing to create new growth businesses becomes impossible.
Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.
More great Americans were failures than they were successes. They mostly spent their lives in not having a buyer for what they had for sale.
India has the capability to create a fairly extensive defence manufacturing capability in many areas, and as a country and as an industry, we have matured in terms of technology and capability to make this happen.
I grew up in a family business... that really has provided the core of my belief in American small business, and in America's ability to grow and operate important businesses that can compete and be successful.
When I started at Bloomingdale's as a buyer, Alexander's was a discounter across the street, and every time Alexander's had something that we had at Bloomingdale's, we'd have to meet price. I didn't really want to be in a business where I had no control over my inventory, the value of my inventory.
In all our businesses, we are out to build local capability in four basic aspects - product line, manufacturing and supply chain, the service team, and the financing and investment capability.
One capability every business is expected to have is the capability to make money. It requires a certain kind of discipline, a certain kind of mindset.
The National Security Agency’s capability at any time could be turned around on the American people, and no American would have any privacy left, such is the capability to monitor everything: telephone conversations, telegrams, it doesn’t matter. There would be no place to hide. If a dictator ever took over, the N.S.A. could enable it to impose total tyranny, and there would be no way to fight back.
My family was in two businesses - they were in the textile business, and they were in the candy business. The conversations around the dinner table were all about the factory floor and how many machines were running and what was happening in the business. I grew up very engaged in manufacturing and as part of a family business.
I think that one of the greatest perspectives that I have, from being a buyer for my whole career until I became a producer, is that I have a pretty good understanding of the buyer's mentality.
Equal interchange of goods and service between buyer and seller is the keynote of tomorrow's business world when the vision of the modern business man awakens him to the wisdom of writing that policy into his code of ethics.
When you have to make a choice between capacity and capability, I would go with capability.
Anybody who can improve the business in the long run is a good buyer.
I can honestly say my music is always going to be greater than my business side. Because I'm naturally a musician. And I don't have to get paid, I don't even have to have businesses. Business is business. And music is life.
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