Ever had a hunch to make a phone call, write a letter or go see someone? I have, and I have never been sorry when I have decided to follow one.

Now, I'm not suggesting that every entrepreneurial hunch you have should be followed. But it won't hurt to investigate each one - and it just might pay big dividends.

I remember a Thursday morning more than 10 years ago. I had a hunch I should call a competitor and see if he wanted to sell his business. I hadn't heard any rumors; no one whispered in my ear. They didn't have to. It was no secret that this company wasn't keeping up with the competition. They were losing market share to everyone. The signs were all there to indicate they were ripe for the picking. And I had a hunch it was time to make a move.

My phone call was put through to a vice president, who asked if I could come to his office the next day to discuss what I had in mind with the owner. I arrived at the appointed time, only to be kept waiting for two hours while the owner of the company was Christmas shopping. Some might have been bothered at this slight, but I saw it as an opportunity to ask some questions. He provided vital information that helped me to know what was really going on in the owner's mind.

For example, I learned that on the morning of the day I called, the division was supposed to be sold to a South Dakota company, which backed out at the last minute. In their minds, the owner and his employees already considered the division sold. They were emotionally finished with it. Acting on a hunch, I called only hours after the sale had been called off.

When the owner finally showed up our negotiation proceeded quickly. He not only wanted to sell me the division in Denver, but also inquired if I would be interested in buying the Salt Lake division as well. As I left that office, I was thrilled with the deal. The day it closed, my Denver operation would grow instantly by more than 35 percent. If I purchased the Salt Lake operation, my total business would more than double in four months. And I knew the owner was happy with the deal because he wanted to get rid of what he saw as a real money loser.

In our negotiations, I gave him just about everything he wanted. He seemed most pleased about the 14.5 percent interest he was charging me to carry a two-year note on the purchase. He also sold me some broken down trucks and equipment, plus I agreed to buy product from his company for as long as he was carrying the note (I agreed to these concessions because I knew I could combine his business with mine and do very well). He even allowed me to "lease" one of his employees for four months during the transition so his customers would feel comfortable changing suppliers.

Nearly four years later, when I sold the entire company, I figured that following that hunch added about $3 million to the final selling price. By that time, the 14.5 percent interest was long forgotten, and the broken down trucks and outdated equipment had been long since retired. What wasn't forgotten - and never will be - is the value of following a hunch.

I wish I could tell you where these business hunches come from. The fact is, I don't know for sure. I just know it would be unwise not to follow-up on a hunch when it comes - wherever it comes from. One of them could change your life forever.

It certainly did for me.