Lesson 12 – Diversification Can Be Good
In 1998, we were rolling along and running very smoothly. We had an excellent, well-seasoned team and were well-positioned for growth. One day, one of our clients came to us with the idea to partner with them on a student planner. This wasn’t one of our traditional partnerships where we form a strategic alliance with our clients. This was a real partnership where we shared the costs and the profits. We loved the idea of using our expertise to diversify and we set out on the path to research the marketplace, develop pro formas and build our plan. We determined there was an opportunity to fill a void and we launched a company, developed a brand and started designing a product that students would love and use. What a great experience! Don’t let an opportunity pass you by. It might turn into something fantastic!