06 March, 2015

The Jimmy Love Test in 271 Words

Can you pass The Jimmy Love Test?

I first learned about The Jimmy Love test from the lips of the late great car dealer himself in 1989 or 1990 when my company sent me to a court-ordered bankruptcy auction to bid on and acquire the remains - office furnishings and equipment - of a failed Main Street consultancy.

Jim Love and his entourage were among the vultures circling the bones of the failed consulting business.

While we were waiting for the auctioneer to get things started, Jim Love turned to his flock of scavengers and asked in a stage whisper, "Who was this guy, anyway?"

While others shrugged their shoulders and shifted their feet nervously, one member of the volt said, "He was some kind of consultant."

"Consultant?" snorted Jimmy Love. "And he's bankrupt? Why would anybody need a consultant who's bankrupt? How much did this bankrupt consultant make last year?"

"I heard he made $60k," said one aide de camp.

Pay attention to what Jimmy Love said next for herein is the answer to the question "What is The Jimmy Love Test?"

"I made $4 million last year and this consultant made sixty-thousand? Why would I need him? Why would anyone need him?"

I've been reluctant to offer advice to rich guys - even when they ask me a direct question - ever since hearing The Jimmy Love Test. And I've often wondered how many good observations and ideas Jimmy Love didn't hear because of The Jimmy Love Test and how many more millions he might have made had he not measured peoples' worth by how much money they made. 

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