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[00:01.02]Tom Peterson worked for many years to build a solid business
[00:04.86]selling television sets, stereo systems, and home appliances.
[00:09.00]He gave people good value, a full satisfaction guarantee,and friendly service.
[00:15.26]With the help of his wife Gloria, who handled the books,
[00:18.66]Tom developed an excellent reputation.
[00:21.70]He was proud of his high percentage of repeat customers.
[00:25.32]About five years ago, Tom was approached by the owners of a competing company, Stereo Super Stores.
[00:32.23]They wanted him to buy them out.
[00:34.83]The price was very attractive.
[00:37.35]Everything looked good.
[00:39.32]Before making his final decision Tom asked Gloria what she thought about the purchase.
[00:45.22]She told him that even though the numbers looked good it didn¡¯t feel right to her.
[00:50.58]However, Tom was so self-confident and so convinced that this was a rare opportunity,
[00:57.15]he went ahead and made the purchase.
[00:59.77]Within months he discovered that he had made a big mistake.
[01:04.47]He had paid much too much for a dying company.
[01:08.74]He tried as hard as he could to make it work out, but he couldn¡¯t turn things around.
[01:14.42]He was forced into bankruptcy.
[01:17.05]He was about to lose everything, including his original business.
[01:21.75]Tom was embarrassed, but he is a survivor.
[01:25.58]He looked at his situation.
[01:27.44]He decided to openly admit his mistake and,
[01:31.22]rather than getting bogged down in lawsuits,
[01:34.15]he would focus his energies on saving and rebuilding his original business.
[01:38.97]He saw also that he had made a mistake by not listening to his wife,
[01:43.89]and that he needed to learn from this experience.
[01:47.38]Tom played up his mistake in judgment.
[01:50.67]He dealt with the crisis in a way that delighted many people and increased their respect for him.
[01:57.01]Old customers flocked into his store.
[02:00.18]He and Gloria adapted to changes in retailing and have built an even better business than before.
[02:07.29]In the business world, it is natural for businessmen to gain and lose.
[02:11.78]Only those who regard their mistakes as gifts and learn from them attract endless profits.