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Never Too Old

Andrew Morgan - Tuesday, May 22, 2018

Written by Andrew Morgan, Specialist Motel & Accommodation Broker

“If I was ten years younger I would buy that motel”

I wish I had a dollar for every time I heard the saying over the last 23 years.

I think in many ways this comment is often made, not as an excuse, but it is probably more about something many of us suffer from, procrastination.  It is often the worst enemy in holding people back from achieving more than they do, in any given situation, whether it be in our business activities, personal lives, sports and recreation, and so on.

The previous issue of Resort News included the article “12 Reasons to Buy”.  Within this article we looked at 12 very strong reasons as to why people invest in motels.  This article continues from last month where all those reasons are accepted, however procrastination results in them not deciding to go ahead.  It ultimately takes precedence over so many good reasons.  We considered these reasons based on the motel industry, current motel and accommodation market, wider economic factors, financial, family, and personal considerations, and others.  The quote above can be considered in many ways, an easy or convenient excuse not to act or invest in this case, for reasons such as, having too many aches and pains, the lack of motivation, too old, etc.  It is an easy way out in one’s mind for not making a positive decision when all the facts point toward it.  Opportunities lost are always recalled after the fact and filed under “hindsight” in months or years down the track and are always regretted.

In my opinion it is often people who are still young and active that make this comment.  It can be relatable at any age really.  I know myself having recently agreed to go back to playing a competitive sport now at age 43 that I have not played since I was 19 years old, at times seems like a bad idea.  Being beaten or out sprinted by an 18-year-old immediately has me looking to the easiest excuse, “well he does have 20 years on me” or “if I was 10 years younger I would have performed better”.  Of course, I would, however am I going to keep saying this week after week, after every game.  I was using this excuse a lot at first then I started to dislike what I was hearing.  I then started to consider a link between what I was saying and the comment I was hearing in regarding to investing in motels.  Both role off the tongue quickly and easily and really are throw away lines.

I have been very fortunate to have worked with some very good people over the years who have bought and sold many motels and worked as hard (or as little) as they wanted to as opportunities presented themselves.  Four individuals aged in their 80’s, who continue to buy and sell accommodation businesses are great examples that you are never too old.  They are always active, on the go, and looking for the next business challenge to work on.  They enjoy the opportunity and challenge and don’t want to slow down.  They may not work the businesses on a day to day basis like they once did, but there is no doubt who is making the important decisions to ensure the future success of their accommodation businesses.  These people immediately come to mind when anyone much younger than them says to me, “if I was 10 years younger” …….

Buying one’s first motel is the biggest step.  The acquisitions after that see the steps getting smaller and smaller.  In many cases it is a major change of life decision, in both career and lifestyle.  Procrastinating about it, not taking the step, and acting, then regretting it later down the track is never a good feeling.  Time has a way of creeping up on us very quickly.  Therefore, don’t put these things off any longer!  Go for it and take the adventure head on.  Procrastinating about it now will ultimately drag on for another 10 years.