How big’s your pocket?

I wish I could say that I always eliminated the confusions that occur when vague terms are used. The truth is that people think that they don’t have time to do so. Sometimes, you just want to get out of a conversational situation, and the last thing you want to do is prolong things by making absolutely sure that you have all the details correct. Other times, being specific just doesn’t seem that important. Rarely do any of these “reasons” outweigh the benefits of getting specific information.

I recently had a meeting with a wealthy investor. When we were finished discussing the subject of our meeting, he mentioned that he had given “pocket money” to one of my clients. I took that, quite literally, as a small amount of reimbursement for nonspecific expenses. I thought, “Oh, that’s nice” and said as much. In the South, we call that kind of money “walking around money.” Later, I learned that he had written a check for $100,000 and was annoyed and frustrated with my client at the way the money was being spent. He was also unhappy with me for not rectifying the situation after he had informed me about it. Needless to say, I was shocked to learn all of this from a trusted friend whom the investor and I had in common. Fortunately, we were able to remedy the problem right away.

If his comment had been the subject of the meeting, I would have sought clarification at the moment. As it was, I didn’t give the comment much thought, and his annoyance continued to simmer until I heard the complaint clearly two weeks later and was able to fix it. This story is a happy one because I learned the details fairly quickly. The situation could have smoldered and seriously damaged my client’s and (unfairly) my own relationship with that investor. And why? Lack of clarity. When my client explained carefully and completely how the money was being spent, the investor was not only satisfied, he advanced more money. Some of the best time you can spend in almost any situation is that extra moment it takes to make sure that everyone is communicating clearly.