George has owned a small machine shop for about twenty years. He’s very good at what he does. He delivers precision parts at good prices on time. He is so good that his customers are always pushing him to expand his capacity. You see, George has maintained his on-time delivery reputation by having the audacity (and the discipline) to turn down work he knows he can’t deliver on time.
Five years ago George had eight employees. The business consisted of a bookkeeper, an estimator, a production supervisor, and five machine operators. George took home $90,000 a year and paid cash for each new machine. He owned the building free and clear. He had no bank debt. ..more
