Jimmy Buffett’s Famous Business Strategy Is Not For Everyone

Sep 5, 2023 | Financial, Growth Tips, Income, Leadership, Management, Pricing, Productivity, Strategy, Time Management

With the passing of Jimmy Buffett, I am inspired to ponder the oft cited “work/life balance” that Jimmy skewers.

Jimmy sings about working as little as humanly possible.

According to Jimmy, life should be about beach bumming, drinking whenever, and fooling around.

And yet, Mr. Buffett passed away a wealthy man based on the incessant hard work he invested into his business.

Success is 1% inspiration

Surprisingly, Jimmy Buffet had only one top ten song.

We all know Margaritaville. It peaked at No. 8 in July 1977

But he had a mind for business.

He saw that he could do better than most musicians if he could control his own “supply chain” of music, products and spin offs.

He had built up a following (called “parrot heads”) and he realized that they wanted more than his concerts, they wanted to live his lifestyle.

Selling the lifestyle

Jimmy built a business empire selling food, drinks, products, merchandise and experiences all related to that Margaritaville lifestyle.

That was his big idea (the 1%), the rest was hard work (99% perspiration).

Based on the advice of Warren Buffett (no relation) he built a management team, but he could never let go of the details.

He had become so diversified, that only he could grasp the level of authenticity needed with every detail.

He worked hard to keep it all going.

Work/life balance?

The term “work/life balance” became popular in the 1980s as hard charging baby boomers recognized the need to slow down to enjoy life.

Recently, there has been a counter trend.

Today’s experts say there is no work/life balance, but rather work/life “integration”, where we fluidly go from work to play to work again.

As an entrepreneur, I fully grasp the meaning of a blended life.

But it’s not enough. I propose we cycle back to how the early entrepreneurs pursued success.

My very successful grandfather would always implore us: Work hard, play hard, but do them separately.

I think he got it right.

To enjoy your success, find time for the people who matter most, including yourself.

But like Jimmy Buffet, you have to find your own path.

Your Challenge – Pick a business strategy that allows you to have a life.

As we saw at Mariani Landscape this summer: huge success requires a huge effort. There is no way around it.

The key is: Keep your business streamlined enough that you can scale it and still have a life.

Jimmy Buffett built an empire that only he could manage. Was that the best way?

Develop your own vision, but allow others to help you get there.

We will miss you Jimmy – hope you find that lost shaker of salt!

Now that the long weekend is over, let’s finish strong and make this year’s results worth all your hard work!

Go get em!

Regards, Jeffrey Scott!

P.S. You also need to work smarter – Join us for our upcoming virtual masterclass on Building Branches, here are the details.