Buffett's Advice on Business – Jimmy Buffett's that is
Business takes, imagination AND persistence. What do we mean?
It’s about Buffett, not Warren but the “other” Buffett.
“People who think too much before they act don’t act too much”
– Jimmy Buffett
It’s just after Memorial Day (many thanks to all those special folks in the services), the beginning of summer so let’s “lighten the load” and get away from the technical stuff.
Check this out:
- Date line: Nashville,1969. A new singer named Jimmy Buffett (JB) shows up at the studio to record his 2-album contract,
- 1st album fails,
- 2nd album master tapes are” lost”, some suspect the label just didn’t want the expense for another no play/no pay recording,
- JB heads to Miami for an alleged gig…that doesn’t happen,
- He heads further down A1A highway to Key West,
- We’re introduced to “Changes in Latitudes, Changes in Attitudes”,
- Margaritaville, is recorded and a “state of mind” is born for us mere mortals
- 1985 Margaritaville #1 in Key West FL opens; the Parrot Head lifestyle is for real
- 2007 the privately owned company grossed an estimated $100 mill+
- 2013 Margaritaville #27 opens in Atlantic City NJ.
How could a “state of mind” become a “state of being”? According to JB, the answer is simple: imagination.
- “…keep your eyes and ears open and keep an open mind. If you can listen and have a bit of imagination, you can create. I listen to everything. Go down to the local bar, to the waterfront where the fish are cleaned and listen to the local people. That’s where you get your information.”
- “I’m not a great singer or a great guitar player, but I’m a great Jimmy Buffett”
When asked if there was a song that was more lucrative then Margarativille, Robert Brauneis, professor of intellectual property at George Washington University Law School commented: “if there is anything on the same scale as Margaritaville,, it’s not a song, it a motion picture…you have to think Star Wars, Winnie the Pooh or Transformers. That’s probably in the same order of magnitude.”
It all started with a 3-cord song written in 5-minutes about lazy summer days and blended beverages. Today, his concerts are events: vacations are planned, marriages are postponed and schedules are changed to get to them.
Break out the white summer suit, the flip flops and start strumming. You could be the next JB.
It’s a simple message: a combination of imagination and persistence is needed to build a break-out business. Is it time for you can take a fresh look at your shop? We are.
Enjoy the beach, wear sunscreen !
Your Harvest Friends
By Ed Davis, CPA
Partner, Harvest Business Advisors