The Excellence Expectation

Approach every social interaction expecting the best possible outcome, understanding that your positive expectation literally programs your subconscious mind for success whilst creating magnetic energy that draws others toward you. Positive expectation becomes a self-fulfilling prophecy that transforms both your social presence and life outcomes.

 
 

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Latest Episode - The Paul Truesdell Podcast

Business

Truesdell Recommended Artist: Sharon Crute Fine Art - sharon@sharoncrute.com - Owner of this amazing piece. For a private viewing, call 352-612-1000.

Regulatory Risk in Licensed Industries: When Government Privileges Disappear

Lessons from Florida Taxi Companies and New York's Medallion Collapse

The Florida Supreme Court ruling highlights a critical business risk: regulatory dependence in licensed industries. Tampa taxi companies lost when the Legislature dissolved their regulatory commission, making their permits worthless despite prior ability to transfer and sell them.

This mirrors New York's taxi medallion collapse. NYC medallion values plummeted from over $1 million in 2013 to approximately $150,000-$200,000 by 2019, devastating drivers who borrowed against these assets. Many medallion owners face extremely high debt loads and precarious economic circumstances through no fault of their own after rideshare companies disrupted the market.

The core lesson is regulatory privilege remains revocable. Permission to engage in regulated businesses like taxicabs constitutes a "revocable privilege" regardless of legal form, as Florida's Supreme Court emphasized. Courts consistently rule that regulatory agencies never promised to protect license values from competition.

Business owners planning retirement around regulatory assets face substantial risk. Many drivers purchased medallions expecting to retire on their sale value, but technological disruption and policy changes eliminated that security. Smart businesses diversify beyond regulated licenses and maintain flexibility to adapt when regulatory frameworks change, recognizing that government-granted competitive advantages can disappear overnight.

Paul Truesdell