This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/10/28/do-you-have-the-mercedes-benz-syndrome/
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by Ruth King, president of Business Ventures Corporation and the author of “Profit or Wealth?: Simple Rules for Sustainable Business Growth”
A colleague was helping a business owner look for funding for his business. He introduced him to a potential investor at lunch. The next day the investor called my colleague and told him that the person was nice but he would never invest in his business. My colleague asked why. The investor said that he had the “Mercedes Benz syndrome”.
“What’s that?” asked my colleague. The investor explained that during the conversation at lunch he found out that this person was funding a $2200 Porsche lease through the business. He appeared interested in having the business pay for his personal lifestyle. The investor explained to my colleague that his money was not going to pay for a car lease. His investments were supposed to help grow the business; not the owner’s personal “finer things of life”.
He went on to explain that he called this the “Mercedes Benz syndrome” where the business pays for unnecessary personal assets, i.e. the owner’s “Mercedes Benz”. Investment that is supposed to go towards the business’ needs goes towards the owner’s personal needs.
It struck me that a lot of business owners and other people do this too. I know some. You probably know some. These are the people who, when they get a large influx of cash or have a lot of cash saved from their business proceeds, spend it rather than keep it in that savings account.
One of my clients never thought about the consequences of spending money in his savings account. He had a great year and felt he deserved a reward. He went to “The Big Boys Toy Store.”
When I found out what he had done, I firmly asked him whethe… Read More
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