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“Equal, or Equitable…?”

By Sherman Ragland | January 7, 2008

Last week my wife and I had one of our annual “scuffles”. We don’t “fight” as I am told many married couples do – its weird, but its who we are…

…and while we don’t fight, every once in a while, like about 2-3 times a year she and I completely disagree about something, and just choose to “agree to disagree”.

The topic of conversation centered around a set of vanity licenses plates I ordered for my new car, which she gave me as a combo anniversary/Christmas present.

As you know, my car was totaled in September, and after FIGHTING with several car dealers, I finally got the car I wanted to replace the one that was totaled.

Since it was a 2008, the insurance company would not cover the entire amount, so my wife kicked in the balance and told me “Happy Anniversary”, when it finally came in just before our Anniversary in October.

…. so back to the story.

I go down to MVA the first week in November to turn in the plates from the car that was totaled and at the last minute I decide to order some vanity plates for the new car. So while we were in St. Thomas, the tags come in, but since my wife bought the car, the tags come to her attention at the office.

Last week she “pops into the office” to grab the mail and she gives me this look that could cut steel when she hands them to me. Honestly, I thought she would get a kick out of them, I know I did, as have everyone else who has seen them, but instead of being pleased, she was actually a little “miffed” with me.

In any event, my youngest son sees the tags and he goes BONKERS! I mean, absolutely NUTS. He’s laughing and smiling and having a good time with them. He then helps me put them on the car the next day when it stopped raining.

Everyone in the family who has seen them has LOVED them and comes right up and says, “WE REALLY LOVE YOUR NEW TAGS!”

o.k. I wont keep you in suspense any longer…

So, just exactly what do these new tags on my new car say? and why did they get me in the dog house with my wife??? …. more importantly, what the heck do they have to do with real estate and real estate investing?

…. Drum roll please….

My new vanity tags say: DAVZDAD, which of course is what you would spell when the state only gives you seven letters on your license plates when you want to spell out: Dave’s Dad!

davzdad_plates.jpg

David, or Dave, or Davey, is of course our youngest son, who turns seven this month. So why did my wife not like this move on my part??

Because in her words, “it has me putting a distinction between our three kids!” To which I said, “ABSOLUTELY!”

You see my wife and I have a difference of opinion. She believes (or at least based on her statements) that you treat children “equally”, and I, of course, believe that you treat your children “equitably”. Seemingly similar words, big difference.

We both love our children, each and everyone of them – very much, but I think it is very much “o.k.” to treat them differently based on their: age, gender and most importantly, what they need… at the time.

Dave is the baby and every day I take him to school, so every day his buddies get to see me picking him up, or dropping him off.

Gregory, 16 and in high school and Yasmin, 21 and away in college – I think, could really CARE LESS what is on their “old man’s car” for license plates. But for David, telling the entire world that a (big part) of how I define who I am is “HIS DAD” is a big deal.

For the other kids, I show them how much they mean to me, and how I love them in different ways, such as giving Yasmin a Stun Gun and making a big deal about how she needs it to keep the boys away because of how beautiful she is… and for Gregory its about writing him notes and getting him “fancy watches” when I go on trips – its also a great way to keep him out of my jewelry box.

So, what the heck has this got to do with you?

Simple: In my opinion, you should treat the customers in your business “Equitably”, NOT “Equally”.

This is the time of year where people look at their “New Year’s Resolutions, or are still making them. Be resolved to TREAT YOUR CUSTOMERS AND CLIENTS – “EQUITABLY”.

If you have ever sat down (as you should) and looked at your business  – you will probably notice that your income does not come from your clients and customers “Equally”, but rather there is a small group of clients and customers who are responsible for 80% (or more) of your revenue – TREAT THEM DIFFERENTLY, or as Apple Computer might say: “TREAT THEM DIFFERENT”.

This 20% that is responsible for probably 80% of the bulk of your income needs to be treated differently, like the VERY SPECIAL people they are.

If you are wholesaling deals, look and see who are your biggest customers and think creatively about doing something EXTRA SPECIAL, just for them.

If you are using Bird Dogs to help you find deals, and there are a handful of these folks who are brining you more volume, and thereby contributing unequally to your success – let them know how special THEY are to you.

If you have income producing property (as you should), and notice that there is a handful of your clients (tenants) who ALWAYS seem to pay their rent on time, or early with ZERO hassles and who always seem to go the extra mile to keep your property in “tip-top” shape, let them know you really love having them in your property, cause if you don’t, they may go someplace else, which is a BIG PAIN for both of you.

Nothing in life is “Equal”, but most things in life are “Equitable”, and in my opinion, its o.k. to call it like it is, and treat them as such.

Thanks for reading…

p.s. – if you do not hear from me for a while, don’t worry, it’s probably becuase my wife has taken away my keyboard ;)

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