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Monday, April 11, 2011

Good advice

For the first 25 years of my business the most painful part was coming upon wonderful works of art that had been damaged.  This drove me crazy, broke my heart and filled me with anger that the employee that had done the damage had not told me.  It happened about 4 or 5 times a year.

Finally the solution to eliminating the painful surprise was that was new rule was instituted.

Any mistake will be automatically forgiven if it is reported to me verbally within 15 minutes of the accident.

It works.

Now the bad news is given to me when it occurs and ways to prevent it can be developed immediately.  It still stings but not nearly as much.

Another piece of good advice is that true experts working for you should be getting at least 33% of the net profit if you expect them to stay with you.  A true expert has to be able to live well.  In NYC that means a minimum of $150,000 a year.  If you think you are going to be able to hold on to someone good for less than that you are wrong.

You cannot pay a true expert who helps your business enough.  You cannot give them too much freedom.

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