In today’s post we discuss Rory McIlroy’s outburst at the Cadillac Championship and demonstrate why it is essential for business owners to always look for guidance before making important decisions.
Rory McIlroy got off to a bad start the first two days of the World Golf Championships at Trump National Doral and his disappointment was evident to everyone around him. After his second shot ended up in the water on the par-5 eighth on Friday, March 6 2015, he reacted by tossing his 3-iron club into the pond as well. McIlroy, who is normally very calm under pressure, explained his actions during an interview, “Felt good at the time. Look, I just let frustration get the better of me. It was heat of the moment, and I mean, if it had of been any other club I probably wouldn’t have, but I didn’t need a 3‑iron for the rest of the round so I thought, why not.” McIlroy admitted that he usually does not carry a 3-iron but had opted for it that week, which proved to be a bad decision. Nevertheless, he was able to regain lost ground once he changed clubs. At the 12th, he hit a fairway metal from 250 yards to reach the par-5 in two. Despite missing the 15-foot eagle putt he made birdie. He was also able to bounce back after making a sloppy bogey on 14 by sinking a 20-footer for birdie on 17.
What I found interesting about this incident was McIlroy’s decision to completely abandon his usual game plan and try something new during such an important tournament. He normally does not use a 3-iron, so he should have stuck to his reliable clubs or at least put in plenty of practice with the 3-iron before the Cadillac Championship. If he had listened to his advisors then he would not have buckled under pressure. The same can be said for insurance agency owners when they are undergoing a major transition of the business. Everyone should seek expert advice and guidance from those who have been through the process before.
Through my many years spent working as a consultant representing insurance brokers in business transactions, I have met many people who felt that they had prepared enough for selling their businesses upon reaching their retirement. They were astonished to learn that the process was actually quite difficult and required a lot of research and changes to be made in the agency in order to make sure that it was marketable. Our company was founded by such an incident.
In 2003, a friend called me for a favor. He had sold his company and wanted to know what I thought of the deal. I had done many insurance deals while serving as the Chief Financial Officer of a large bank. I was shocked at what I saw. The price was not good, but the deal structure of dreadful. His company was worth $10 million and he would never realize one penny from the sale. I helped him get out of that deal and we started from the beginning. Twelve years later he is doing very well with his new endeavor.
In his case, the consequences were much greater than losing a 3 iron. We acknowledge that this situation was extreme. However, if you are selling your company, you only get one change to do it right. There are no mulligans.
Over the weekend, NBC showed a diver retrieving Rory’s 3 iron. Hopefully, Rory got it back and got a good laugh. I’m guessing that the club is either in the diver’s home or on EBay.
By the way Rory, this is the 3rd time in the last month that you have been mentioned in one of our blogs. I’m still waiting to hear from you. Let’s not throw any more clubs, but you’re still my favorite golfer.
