Profit in Problem-Solving: The $10K Lesson from My First Business Deal

Profit in Problem-Solving: The $10K Lesson from My First Business Deal
Photo by Bench Accounting / Unsplash

In my first ever business transaction, I earned $10K in 15 minutes. 

Here is how.

Before we dive into this intriguing story, let me provide a bit of context. 

I was in the market to invest in commercial property when I stumbled upon the ideal place. 

I reached an agreement with the seller, but there was a complication—the property was still occupied by a tenant in the process of moving out. This tenant faced electrical issues in their new place, which complicated the closing process.

This is where my knack for problem-solving kicked in, presenting me with an opportunity to intervene and resolve the conflict at hand. I carefully assessed both sides of the situation.

From the seller's perspective, the urgency to sell and close the deal was paramount. On the flip side, the tenant was stuck because they couldn't leave until their new place was prepared. 

The tension escalated when the seller threatened legal action against the tenant.

Recognizing the potential to mediate, I decided to step in and offer a solution. 

Here's where the story takes an interesting turn.

I communicated with the realtor and conveyed my willingness to take over the tenant situation, allowing the sale to proceed smoothly. In exchange, I proposed that the seller grant me a discount equivalent to the tenant's deposit at closing. Surprisingly, the seller agreed, offering me a $5k discount on the property sale, and we closed on time, satisfying his need for a quick transaction.

At the same time, I spent around 10 minutes engaging with the tenants. 

I presented them with options to rent on a monthly basis, with no binding contract, and the flexibility to move at any time. 

I was able to collect rental revenue throughout this period since the renters requested an extension of 30 days but ultimately stayed longer than 60-90 days. 

After adding everything up, I discovered that the value I generated and kept during this process was more than $10,000.

What's more, all it took was a conversation with two parties to align them on a mutually beneficial solution. 

My goal was to come up with a solution that would work for everyone. I never set out to make money; instead, I tried to find a win-win solution that would benefit all parties.

I felt good about solving the issue, and I was pleasantly surprised to see some cash rewards as well.

This experience taught me a crucial lesson—always seek out solutions, as they can lead to outcomes beyond your wildest imagination.

I've come to understand the power of conflict resolution in the realm of business. 

By addressing conflicts head-on and finding creative solutions, you can unlock opportunities that may lead to unexpected financial gains.

In conclusion, the ability to resolve conflicts is a valuable skill that transcends financial benefits.

It opens doors to unforeseen opportunities and transforms challenges into triumphs. 

So, the next time you face a personal or business conflict, ask yourself:

What solution could turn this situation into a success story?

3 x 3 rubiks cube
Photo by Karla Hernandez / Unsplash