What’s more American than the Fourth of July, apple pie and baseball?
Not much. But when one of these institutions – in this case the Los Angeles Dodgers owned by Frank McCourt and family – experiences a financial downfall, business owners everywhere should take note.
Three quick take-aways from the Los Angeles Dodgers’ plight:
- Keep personal and business finances separate. The Frank McCourt family is said to have taken $108 million in personal distributions from the team to cover personal mortgages and real estate.
- Understand the power of a franchisor. Will your independent business decisions be overruled by the home office?
- Don’t overstaff. The lesson here is not to have more employees than you need and don’t overpay those you have.
What business lessons have you learned from major league teams or owners?