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Les Stewart has a good post on sunk costs and franchising.

People do not realize that there are hidden dangers in small business and especially franchises.

You stay in a failing franchised business much longer because of a concept called sunk costs.

Sunk costs are investments that cannot be recovered once they have been incurred. You can't get out of the water or reach the shore safely.

William Burroughs's advice to young people, hat tip to Felix Salmon.

People often ask me if I have any words of advice for young people.
Well here are a few simple admonitions for young and old.
Never intefere in a boy-and-girl fight.
Beware of whores who say they don't want money.
The hell they don't.
What they mean is they want more money. Much more.
If you're doing business with a religious son-of-a-bitch,
Get it in writing.
His word isn't worth shit.
Not with the good lord telling him how to fuck you on the deal.

Avoid fuck-ups.
We all know the type.
Anything they have anything to do with,
No matter how good it sounds,
Turns into a disaster.
Do not offer sympathy to the mentally ill.
Tell them firmly:
I am not paid to listen to this drivel.
You are a terminal boob.

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Full post as published by Misleading Advertising Law on March 01, 2009 (boomark / email).