Ownership

Originally posted at: https://chenmark.com/weekly-thoughts/ownership/

Chenmark is in the business of owning things.? We own businesses because we like building things.? We own businesses because it allows us to meet interesting people and work on interesting problems.? We own businesses because of attractive financial opportunities.?

We intend to own our businesses indefinitely.? We do this because we believe in the magic of compounding.? As long-term owners, we believe we have a duty to invest, to maintain, and to develop.? Ownership implies responsibility,?which is something we take very seriously.?

We’re committed and enthusiastic about an ownership mindset.? However, as part of our Chenmark journey, we have come to realize that the most valuable thing we own is not a hard asset.? Rather, it is an intangible.? Let us explain.??

In small business, we often find ourselves trying to solve?problems and sometimes needing to have difficult conversations.? In these situations, we have found that the story you tell youself matters quite a bit.? Taking a victim mindset (i.e., blaming others) or viewing things with a negative lens is generally unproductive.? Instead, we do our best to own our emotions.? We don't always succeed, but when done well, this can be?incredibly powerful.?

Consider the following theoretical conversation between two people, where Person 1 doesn’t like a proposal:??

Person 1: “Why are you taking advantage of me? Don’t you want me to do well?”?

Person 1 is taking a victim mindset (they are being taken advantage of).? When accused of predatory behavior, Person 2 is likely to become defensive and the conversation will escalate accordingly.? (i.e., "What do you mean I’m taking advantage of you?!?")?

Consider an alternative.?

Person 1: “I feel that the full value is not being fully considered with this proposal. I believe you want me to do well, but the current offer doesn’t reflect what I’m looking for, and it doesn’t work for me. What do you think we can do to resolve this?”?

Person 1 is now owning her emotions, not blaming the other person, and, hopefully,?opening the door for a productive conversation.? How do you think Person 2 will respond?? In our world, a lot of great things happen.? A lot of bad things happen, too.? Employees may steal.? Clients may lie.? Subcontractors may overpromise and underdeliver.? Regulation may negatively impact operations.? Sometimes plain old bad luck strikes.? When these things happen, we have found the most valuable thing we own is?our emotions.? As Navy Seal turned Extreme Ownership cult guru Jocko Willink preaches, “Leaders must own everything in their world. There is no one else to blame.”? Once a person can do that, she can do some pretty interesting things.? And that, dear readers,?is pretty valuable.?

Have a great week,

Your Chenmark Team

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