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sannhet - the living with myself part would have been easy in this case.
This was back in a time when I did business with some heavy hitters. All as shrewd as they come and all willing to take a huge bite out of my butt at any opportunity. One must be made of the same stuff to deal with these people but having said that, I have always been able to turn it off when necessary. I too am the type to return change if given too much, or do the right thing in whatever instances that demonstrate we are too honest for our own good.
posted by
gomedome
on November 30, 2006 at 1:21 PM
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Gome -
I couldn't have lived with myself knowing that I got the better of somebody. But then, I'm also the guy who goes back to the store when I am given too much change, because it is the right thing to do. So I would have done just as you have.
posted by
sannhet
on November 30, 2006 at 11:50 AM
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Ariala - I think you missed a part here
The issue was that honoring the original price was my right but would have lost me a client and hurt my reputation within the local client base. I was not obligated to return any money but the client knew roughly how much the disparity had become between my purchase and selling prices due to the unusual currency fluctuation. I could have taken the short term gain and may have even come out ahead over the long term balanced against business that I would have lost from this client and others via negative word of mouth. (An intangible that I will never know for sure) . . . it was a tough decision to be sure.
posted by
gomedome
on November 30, 2006 at 11:03 AM
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If someone thinks they're buying something at a certain price, then I would
honor that original price (before all the differences from U.S to Canadian and vice versa). After all, if I put myself in his place, I would have felt the same way...I'm sure you would have, too...
posted by
Ariala
on November 30, 2006 at 10:48 AM
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SoloWriter - the first reality that must be considered when faced with
something such as this is that business planning is long term and must encompass the bigger picture.
The two most important considerations at the time were that no one offers to make up the losses when currency exchange goes the other way. In every case prior when I absorbed a loss because of fluctuating currencies, the client insisted that I stick to the original quote. That is ultimately why I did not give it all back. The other consideration is as I have mentioned in the previous comment, the most valuable thing I own is my business reputation.
posted by
gomedome
on November 30, 2006 at 10:43 AM
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SoloWriter - believe me when I tell you that I almost did the same thing
posted by
gomedome
on November 30, 2006 at 10:37 AM
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Your answer is smarter, Gome. Good for you,
and thanks for strengthening my understanding of the better business deal.
posted by
Jenasis
on November 30, 2006 at 10:36 AM
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David1Spirit - thank you - from my perspective there was no other solution
I could have kept the money, lost a client and hurt my reputation locally . . . but I still would have had the money to ease my sorrows. But when you are in a business where you are dealing with substantial sums of other people's money, a sullied reputation can be hard to overcome. I'm the first to admit that my reasons for giving the money back were as much self serving as they were based on my personal ethics. I also concede that I did think about keeping it all . . who wouldn't? . . . since that time however, my relationship with the client has gone from one of cautious trust to his absolute confidence in me. I've also made all of the money back and then some in the countless deals I have done with him over the years since. Two deals this week as an example.
posted by
gomedome
on November 30, 2006 at 10:33 AM
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I may have done the same thing gome; kudos to you for what you did!
Doesn't suprise me though; since I already consider you a friend spiritually.
Now I can ad "ethically" to the list! 
posted by
David1Spirit
on November 30, 2006 at 9:13 AM
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If anyone hands me $80,000 right now, I'll pay off as many of my debts as possible, and give credit to the gods of the exchange rate.
posted by
Jenasis
on November 30, 2006 at 8:03 AM
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