We missed…

Just missed on a deal I really wanted and I’m upset because I didn’t follow my own advice.

When I’m brokering deals and people ask me what to bid, here is what I always tell them:

  • It’s impossible to know what others will bid
  • Instead, play with the numbers to figure out the highest price you can pay while still getting an acceptable return
  • Bid that price knowing that, if someone bids more, you don’t mind losing the deal

So, what did I do?

I bid a price where the returns were very tasty.

I could have bid more and had the deal end up at an acceptable number.

But I didn’t and I lost the deal.

Now, I’m filled with regret.