Jack Welch on hiring a wedding planner

Although Jack Welch consistently tops the lists of most admired business leaders. he hardly seems like the man to turn to for advice on planning your wedding. After all, he is on wife number three. Yet I was intrigued by a column he recently wrote for Business Week (ironically, co-authored by his current wife Suzy Welch, formerly the "other woman" when he was married to wife number two.)

The column was about bad hiring decisions and how important it is to act quickly when things go sour. It is the same with your vendors. Perhaps a friend told you how great this florist is, and you were dazzled by their work. You signed a contract. But now, you think you made a mistake. Understandably, you want to change, but if you do so you will lose your deposit.

Move on. It is just like the bad hire that you hope will turn around but never does. It sucks, but cut your losses. You will be so happy you did. And so very unhappy if you don't.

25 Year Rule

Should I or should I not invite them? Sometimes it's easy, especially with acquaintances. It tends to be distant relatives that you rarely if ever see that present the toughest challenge. Then I use the 25 year rule, which is this:

If you think that there is a chance that at some point during the next 25 years they might become important to you, you should invite them.

Why? Your lives are about to change dramatically, and so will your circle of friends, both family and non-family. These people that you are not inclined to invite could become very close. And if you plan to have children, your kids could become close to their kids. It would be a shame to always regret not having invited these people. And why 25 years? Well, if you do have children, 25 years will get them past college. And it's certain that by then you will have forgotten the cost of those extra meals.