Latest / The Relentless Pursuit of Winning Podcast / Financial Planning: Build Personal Wealth Beyond Your Business | Randall Avery

Transcript

Financial Planning: Build Personal Wealth Beyond Your Business | Randall Avery · The Relentless Pursuit of Winning Podcast

0:00
The currency of real business is not dollars and cents,
0:02
it's trust.
0:03
That effort takes time, energy,
0:05
and financial resources to actually nurture relationships on a regular basis.
0:10
Make sure you're building wealth while you're growing your business.
0:14
Business owners get to use special investment vehicles to put away a large
0:18
sum of money because they realize initially you're not gonna make a lot,
0:21
So whether
0:21
Mm.
0:21
that's a solo 401k, a SEP IRA,
0:24
a simple
0:24
Mm-hmm.
0:25
IRA, there's many different funds
0:26
so you can really supercharge your retirement plan.
0:30
Become independently wealthy from your business.
0:32
not bank on a sale of a certain amount because
0:35
most businesses that are put up for sale never sell.
0:53
Hey guys, welcome to another episode of the Relentless Pursuit of Winning podcast.
0:57
My name is Rick Meekins. I'm gonna be your host today,
0:59
and in our studio we have Randall Avery.
1:02
How are you today, sir?
1:04
I'm doing well, man. Excited to be here.
1:05
love your content. So hopefully I can provide some value to your audience.
1:09
Grateful, grateful. We are so grateful that you're here.
1:12
Hey audience, folks, if you haven't done it already,
1:14
we would be honored if you would like,
1:16
subscribe, and hit the bell so that you can get updates every time we drop
1:19
a new episode. And without further ado,
1:20
let's get to it. So tell me something,
1:22
Randall. on our show, we allow our guests to go in kind of deep on who they are,
1:27
what they do, and why they do what they do.
1:29
Would you get into your story a little bit?
1:32
Yeah, so my story has a lot of twists and turns,
1:34
like a lot of your guests has.
1:36
and I think any entrepreneur who's really in it has a has a long origin story.
1:40
So for me, it started off I graduated from Georgia State University with finance
1:45
and accounting. And I thought I was gonna be like this big time investment banker.
1:49
~
1:49
Mm.
1:50
but I graduated unfortunately in 2008,
1:52
which was the financial crisis.
1:54
Banks weren't hiring, nobody was hiring,
1:56
and the whole class of people in 2008 was worried,
1:59
am I gonna be able to get a job?
2:01
Luckily, I kind of pivoted and did internal audit for three years
2:05
for a large manufacturing company.
2:06
And with that, I learned a lot.
2:09
I learned about checks and balances.
2:11
Mm-hmm.
2:12
I don't think business owners really process what is a check to make sure
2:16
I did XYZ task? What is
2:18
Mm-hmm.
2:19
the thing to make sure that I'm doing the thing that I said I wanted
2:22
to do correctly? And that's kind of really ingrained in me.
2:25
I think an element for a lot of business owners is processes and procedures.
2:29
We just love doing our thing, but what is the check to make sure that
2:33
you are delivering consistent service again and again and again?
2:36
And that's what really internal audit taught me.
2:39
Mm-hmm.
2:39
Now, I really didn't miss finance.
2:41
So I did about seven years in kind of corporate finance working
2:44
for various companies in the Atlanta metro area.
2:46
And that's where I analyzed different books,
2:48
supported sales organizations,
2:50
operations. And that really gave me insight to how do big businesses really think
2:55
about their different segments and tasks.
2:57
and I love analyzing all those companies,
2:59
but I realized the work I did didn't have a soul.
3:03
Mm.
3:03
had a history of not enjoying the lot of times the people that I work with.
3:06
And I thought to myself, like,
3:08
how can I go out on my own? I think inside every entrepreneur,
3:11
a true entrepreneur, there's a bug that says,
3:13
I want independence. I want to do something my way.
3:15
Mm-hmm.
3:17
And once I
3:17
found about the term wealth management,
3:19
I literally jumped 10 toes down and said,
3:22
Hey, I'm gonna figure this out one way or another.
3:25
Mm. Mm. So so so y you work with people that what did you say?
3:29
You work with people that that he you didn't quite like?
3:32
Is it did you did you slide that in there?
3:34
I did I did I did slide
3:35
that in there. And so they were great people.
3:38
a lot of them were great people,
3:39
but it only takes one or two within a team that is like this this makes work
3:43
environment a little bit uncomfortable.
3:44
~ and
3:45
Yeah, yeah.
3:46
really it's that as an entrepreneur,
3:48
you kind of want to do things your way.
3:50
And the key word in corporation is being cooperative.
3:53
And if that is not a natural default for you,
3:56
you are gonna have some struggles.
3:59
Yeah, yeah, yeah, yeah, yeah. Totally,
4:01
totally. You know, the the the thing that always stands out to me with these types
4:06
of stories is like, you're going from a place where you get a nice paycheck,
4:10
every, you know, a couple of weeks or whatever it is,
4:12
you know exactly what that is,
4:13
to a high risk environment.
4:15
You know, and and with a family with student loans,
4:18
with you know, all all those things,
4:19
you know, they don't go away. You know,
4:21
you don't get you don't get a pass you're just because,
4:23
you know, hey, I'm gonna be an entrepreneur,
4:25
I'm gonna contribute to the American economy,
4:27
et cetera, et cetera. You don't you don't get any passes.
4:29
I mean, what what was your what was your thought process beyond,
4:32
hey, I hate working for corporate and not being able to control
4:35
my environment and want some freedom?
4:37
So even when I was in corporate,
4:39
I was big on kind of control,
4:40
control my time,
4:41
Mm-hmm.
4:41
control what I do. So one of the benefits I drunk Kool-Aid as a financial planner,
4:46
I was a big time saver. So I saved three years worth of living expenses to say,
4:51
hey, I'm gonna give myself three years to go a give a good go at it.
4:55
And I think that's where a lot of people kind of trip themselves up.
4:58
Most people have to go back to corporate,
5:01
have to shut down their business,
5:02
as you know,
5:03
Mm-hmm.
5:03
mostly because of cash flow.
5:05
Yeah.
5:05
And it's not cash flow from the business,
5:07
usually. It's usually cash flow from their lifestyle,
5:09
other obligations.
5:09
Yeah.
5:10
We talk about families, debt, and all those other things.
5:12
The second
5:12
Yeah.
5:13
thing I did was I'm a big was a disciple that time of kind of Dave Ramsey paying
5:17
off complete debt. And I'm a big fan of that.
5:20
I know that's kind of controversial now whether would invest or payoff.
5:23
But for me to never be in a situation where I have to compromise anything,
5:27
I think that goes back to audit checks and balances.
5:29
When you service
5:32
people in my world, being a financial planner,
5:34
you don't want to be compromised in any way because there's a lot of areas that
5:38
you can be compromised. So that was important
5:40
Yeah.
5:40
for me personally. I don't know if it's needed for everybody,
5:43
but if you're in a profession that you there are a lot of conflicts of interest,
5:47
make sure that you are secure in that area before you move forward.
5:51
Mm. Mm. I like that. That that speaks to integrity to me.
5:54
That says a lot, you know? So you said you talked about corporate
5:58
and you talked about it having no soul.
6:00
You know, so to me it's it means that you're just going through,
6:04
you're doing the processes and procedures and you know,
6:07
there's there's no depth, let's say,
6:09
to, you know, whatever work that you're doing.
6:11
What's the difference in what you're doing now,
6:14
you know, versus you know what you were doing in corporate?
6:17
So when I was in corporate, I was a senior financial analyst.
6:20
And the analysis they give you,
6:22
for everybody's out there, the decision's already been made.
6:26
You're just crunching numbers to support their already predetermined ideas most
6:31
of the time in the work that we're doing.
6:32
Most people, they make a gut instinct when it comes to business.
6:36
And executives are no different than that.
6:39
So the lot of the analysis that I was doing is just really checking the
6:43
box and see why.
6:45
Mm-hmm.
6:45
Now
6:45
when I work with individuals, they lean on me to say,
6:48
hey, what should I do? And I wouldn't say they follow through 100% of time.
6:52
I still work with adults who have autonomy and do what they want to do,
6:55
but I can
6:55
Yeah.
6:56
actually see them make the decision.
6:58
And on top of that, I see the results of that decision.
7:00
Whether that's increased wealth,
7:02
enjoyment of money, providing for their family,
7:04
all those little things that you can say,
7:06
hey, you know, I participated in that.
7:08
And that's what I desired. I just wanted to participate in the good of my labor.
7:14
Hmm. You know, I I I think it's I I think it's story time.
7:18
You know, I mean, you know, as as entrepreneurs,
7:20
I mean, a a lot of times, you know,
7:21
we're we're, you know, earning money and we're reinvesting in
7:24
the business because we want the business to to reach a certain level,
7:27
but you're thinking differently,
7:30
I'm gonna call it, you know, just in terms of how we as entrepreneurs manage
7:35
our cash. You know, you're thinking more of the long term where we're thinking
7:39
about, you know, payroll next week.
7:42
Help help us understand how we move from that,
7:45
you know, almost reactionary process to,
7:48
you know, that that proactive process.
7:51
And it's to be honest, it's tough because I I actually specialize working with
7:55
entrepreneurs as far as being a financial planner to business owners.
7:58
Yeah.
7:59
And I can't relate my situation to somebody else,
8:03
mostly because entrepreneurs are natural risk takers,
8:05
natural make a leap and jump. a lot of my savings and and and things
8:10
was a manifestation of you know control and all those other things.
8:14
people just they just make a jump.
8:16
And and to be honest, if a client comes to me and they didn't have three years worth
8:21
of savings and said, hey, I want to do XYZ,
8:23
I wouldn't hold them back. Of course,
8:24
Okay.
8:25
I would crunch the numbers to make sure that they knew their pressure points
8:28
and things like that. But traditionally nobody I don't think should completely hold
8:33
back because of money unless you have some internal things like I did,
8:36
like none not wanting to be compromised and wanted that peace of mind and control.
8:40
But I would say making that leap when you're going from corporate
8:45
to being self-employed or starting a business,
8:47
this is gonna be probably the first time you've seen your cash go down month after
8:52
month after month. and also where you had to trade down on different things,
8:58
whether it's different clothing items,
8:59
different trips, different repairs.
9:01
Sometimes, you know, back in the day,
9:02
it's like, hey, I need all four tires.
9:04
I pay off four tires. Now you have to say,
9:07
do I really need those tires?
9:08
And those things I think churn on you as an entrepreneur,
9:13
making knowing that you have to make those compromising.
9:15
And on top of that, you're working usually twice as hard.
9:18
So you're working
9:18
Yeah.
9:19
twice as hard and not receiving,
9:21
let's say, the financial benefits initially.
9:23
And that's tough.
9:26
It is. It is. It is. So what what was a what was a client that came to you,
9:30
you know, in this situation? And and I mean a lot of this in my mind is
9:34
is really a mindset shift. You know,
9:35
you've got your processes, you know,
9:37
but I mean processes don't work if we're not actually working the process.
9:40
So how do you how how did you guide one of your clients from that,
9:44
hey, I'm reactionary, I'm I'm just,
9:46
you know, reinvesting what I'm what I'm earning into,
9:49
you know, they're actually investing in their future?
9:53
When I talk to clients, it's really like a big,
9:55
let's pause. What do you want?
9:58
Well, I wanted I want a billion dollar business.
10:01
I wanted what do you want? What do you want?
10:03
What do you want? It's really going back to hey,
10:05
I want to steady cash flow. I want to provide for my family.
10:07
Mm. Mm.
10:09
I wanted this. So
10:09
it's really talking about what are your goals?
10:12
Mm-hmm.
10:13
Why did you start this business?
10:15
What does a successful business look like for you?
10:18
I think it's important to not only say those things out loud,
10:21
because that's part of my job is to get people to articulate it,
10:24
which
10:24
Yeah.
10:24
people don't articulate. They kind of keep it inside their heads.
10:27
So first step is
10:27
Mm-hmm.
10:28
articulate it. The next step is write those goals on a sheet of paper.
10:32
And then after that, we can actually provide do action steps to get people
10:37
to reach those goals. That's the
10:38
Yeah, yeah.
10:39
main value I really provide to business owners.
10:42
Of course, I know the technical side.
10:44
I can open you up an investment account.
10:45
I can invest your money. I can give you some accounting do's and don'ts.
10:48
I can give you some account structures and we could talk about those things.
10:51
But
10:52
Mm-hmm.
10:53
it's really about pulling that goal out of you because as entrepreneurs,
10:57
we know it's tough, right? It's hard.
10:58
Yeah. Yeah, yeah.
10:58
It's not, it's not easy. So when it
11:00
gets hard, what's stopping you from quitting?
11:03
Yeah.
11:04
And that that's what you always have to go back to.
11:06
This sucks. Go back to why you did this.
11:08
My client canceled on me. Go back to why you did this.
11:10
the regulators is in my office.
11:12
Go back to why you did this. And and that is,
11:14
I think, is is really important.
11:16
And it's okay to change that too.
11:17
I think that's important as well.
11:18
Mm-hmm.
11:19
Mm-mm. Mm. You ever notice entrepreneurs like pulling out like other people's whys?
11:24
Like the the standard textbooks,
11:26
I want a million dollar company or or whatever that is.
11:29
what I'm thinking is do you ever run into entrepreneurs where,
11:32
you know, revenue, you know, income,
11:34
stability isn't necessarily their why,
11:36
but perhaps, you know, something else impacting,
11:39
saving the whales, you know, what whatever that looks like.
11:41
And how do you work with folks like that?
11:43
There was a study that said most entrepreneurs,
11:46
and this is a you know a tax number.
11:47
So you have to, you know, we entrepreneurs get creative when it comes to taxes,
11:53
We pay exactly what we're supposed to do every single time.
11:54
Exactly, exactly. And then and if anybody's listening,
11:55
We make our contribution.
11:56
that's what I do. but entrepreneurs
11:58
are very few of them make over $40,000 after all their expenses.
12:03
Of course, it's fluffed because of tax return.
12:05
Yeah, entrepreneurs really know the real number if you report forty thousand
12:09
dollars. But that means a lot of us are not making a lot of money,
12:14
but we still decide to wake up and do the same thing over and over and over again.
12:19
And what that tells you is this isn't about
12:22
Maybe it's like me, it's about control.
12:24
maybe it's like
12:25
Mm.
12:25
me, it's like impact. For somebody else,
12:27
it's it's about making the difference in the area that they want
12:29
to make a difference. Going to
12:30
Yeah.
12:31
the in business to me is a very rare word,
12:35
and it's purely, just purely about.
12:38
Yeah. Yeah. I mean I I see people that,
12:40
you know, are definitely about the money and and they make a lot of money,
12:44
you know. and it's it's really interesting.
12:47
I I see their their thinking is a little bit different than mine.
12:50
I'm I'm more impact and relationship driven and that sort of thing.
12:53
And and I kinda look at them kind of kind of in awe.
12:56
You know, it
12:56
Mm.
12:57
but it's it took a lot for me to really,
13:00
you know, dial it back and say,
13:01
you know, like you said, you know,
13:02
what what really are my goals?
13:04
What really do I want to do with my company or in this world or or whatever that is?
13:08
It's is it was a difficult conversation.
13:10
I don't know how in depth you go with folks.
13:13
You know, you got your you sound like you got your five whys,
13:16
but
13:16
and the the thing is when you talk to people about money,
13:20
there
13:20
Mm-hmm.
13:21
really is no like thing that's off limits.
13:24
I go into the depths of who you want to marry.
13:26
I go
13:26
Yeah.
13:27
to the depths of whether we should have a child or not.
13:29
I go to the depths, do we need to reinvest into this business?
13:32
So when we talk about money, the conversations that I have,
13:36
I I feel privileged to actually have them because
13:38
I truly get what I like to say is the human experience.
13:42
Yeah. Yeah. I mean that's that's that's necessary.
13:46
But the the I mean I I I still have the same question.
13:49
You know, it's it's like how do how do we shift mindset?
13:51
How do we get from that place where again we're we're investing in the company,
13:55
we're used to that. to you know,
13:57
we're investing in ourselves. We're look investing in our future,
14:00
our in our family, and you know,
14:02
whatever else. You know, I mean it there's there's I mean,
14:05
there's so many conversations that happen like,
14:08
look, a bill came.
14:09
I wonder how that's gonna work out.
14:11
You you know what I'm saying? And I've seen that happen with,
14:13
you know, multi million dollar companies.
14:15
I've seen it happen with, you know,
14:16
very, very small companies. I mean,
14:17
there's there's got to be a mindset shift that says,
14:21
hey, you know what, I have to handle my money differently and ad
14:25
and maintain that discipline to do it.
14:27
And maintain the discipline not to look at that,
14:30
you know, that money that you're putting aside and say,
14:31
hey, you what, I can invest this back in the company.
14:34
I mean you I I need to I'd I would love,
14:37
I think we would all love to really understand how you guide people to
14:40
to change the way they're thinking about money and wealth.
14:43
I think it starts with respecting revenue,
14:48
profit, growth in your business as a measure of success.
14:52
It doesn't have to be the ultimate measure of success,
14:56
but it has
14:56
Mm-hmm.
14:56
to be a measure because if you really want to make an impact,
15:00
we live in a capitalistic society.
15:02
It takes money. So
15:04
Mm.
15:04
and people tell me all the time,
15:05
you know, I d I you know, I don't give money,
15:08
I give my time. I was like
15:09
Mm.
15:09
That's nice and I th I highly encourage that,
15:12
but it's a little naive to say I'm making the impact that I need
15:16
in this society where money runs without actually contributing money.
15:19
So similar to your business, if you're not growing,
15:23
you're not being able to pay your vendors,
15:24
your employees
15:25
adequately. Right.
15:26
Mm-hmm. Mm-hmm.
15:27
there's a there's a line item in the PL.
15:29
I know we're getting real like inside baseball.
15:32
It's called SG&A, Sales and General Administrative Expenses,
15:36
right? So you have
15:36
Mm-hmm.
15:36
your.
15:37
You know, your revenue, you have your operating expenses,
15:38
then your SGA. So what you do to make sales,
15:41
the decisions you make on your laptop and all those other things,
15:44
that's a powerful line for any business owner because that's how you really,
15:48
I like to say, impact your surroundings,
15:51
what vendors
15:51
Mm-hmm.
15:51
you use, who do you bring in as a cook or a chef,
15:54
the labors that you use in your household,
15:55
that's the impact you make beyond just the service provider.
16:00
And I think you have to value that as well.
16:02
So I think it's a mindset to shift to say.
16:05
Am I winning? Am I making an impact?
16:08
That is profit and loss. Okay.
16:10
Mm-hmm, mm-hmm.
16:11
And that's it's an important factor.
16:13
And I think to help people make that mindset shift is just exposure
16:16
and conversation over and over again:
16:18
like, hey, this was your revenue,
16:19
this was your profit, hey, this is why your expenses are high,
16:23
this is why your expenses are low.
16:24
And once you submerse yourself and really massage it,
16:27
it becomes like more of a commonplace.
16:29
It's like anything else. Like the first time you went into a kitchen.
16:32
There's a lot of funny different things there.
16:33
But after you go into the kitchen,
16:35
you don't even think like I don't think you consciously think of turning
16:38
on the eye of a stove. You just naturally grab and reach for it.
16:41
That's with anything with your finances.
16:43
Mm. Mm-hmm.
16:43
You naturally think
16:44
about how can I optimize my profit and my income.
16:48
Mm, mm. So it sounds like a lot of it is a a good piece of that is
16:51
is gonna be education. Just looking at,
16:54
you know, looking at our dollars,
16:55
looking at our P and L and that sort of thing differently and gaining some different
17:01
understanding, I take it. I I I like the way you said,
17:04
you know, you know, you you you look at impact,
17:08
but you know, revenue drives that impact.
17:11
that's an important conversation.
17:12
I mean, there's there's a responsibility to stay in business,
17:15
regardless of, you know, what the what the ultimate goal is gonna be.
17:18
And I it, you know, no different for not for profit.
17:20
Not for profit, if they're not bringing in,
17:22
you know, a certain amount of revenue,
17:24
their budget, you know, they're they're not gonna be able to be around
17:27
and make the impact that they want to make.
17:29
And and it's about being a good steward.
17:31
Like, you want to do the thing that makes the impact,
17:34
but like you said, to stay in the game.
17:36
Mm-hmm.
17:36
~ to do it, there's a saying that says you're not in business if you're
17:40
not able to repeat a service again and again and again.
17:42
You think about McDonald's, you get the same hamburger Chick-fil-A,
17:44
you get the same chicken sandwich.
17:46
That's
17:46
Yeah.
17:47
business. Can you do a repeatable thing again and again and again
17:51
and continue to wow your clients?
17:53
I think that's part of business that I think people miss.
17:56
Mm-hmm. Yeah, that that's sustain that's sustainability.
18:00
It's like how do how do we keep doing it?
18:01
How do we keep delivering? How do we develop a reputation?
18:03
You know, that that we can do the thing that we do.
18:06
Absolutely. one of the things that when we talked earlier,
18:09
you talked about relationship driven businesses.
18:12
Do you want to talk to our audience a little bit about that?
18:15
Sure. So, and this is the thing I'm I'm kind of hammering on,
18:19
probably a lot in 2027, like service-based business.
18:22
So when you think about, you know,
18:23
a financial planner, an accountant,
18:25
a therapist, a dentist, it's really all about relationships.
18:29
I think people get so focused in their talent and their skill.
18:33
They get focused on how much I can post on social media.
18:36
I'm guilty of that. You know, how does this look?
18:38
How does this branding and this color look?
18:40
But when it gets
18:40
Mm-hmm.
18:41
down to it, it's really about relationships.
18:44
Who do you know and who knows you and who can actually vouch for you?
18:48
That is the basic of Business 101 And The currency of real business
18:53
is not dollars and cents, it's trust.
18:55
Mm.
18:56
Do they trust Randall? Do they trust Rick?
18:58
Do they how can somebody vouch for what you do?
19:01
And I think a lot of people miss that That effort takes time,
19:05
that effort takes energy, and it takes financial resources
19:08
to actually nurture relationships on a regular basis.
19:12
Yeah, hundred percent, hundred percent.
19:13
What happens when the business gets bigger than the owner though?
19:16
You know, I mean you've you've got a sales team or you've got,
19:19
you know, you know, twenty or thirty people working.
19:21
I mean, the business owner obviously doesn't you it doesn't always make sense
19:25
for the business owner to continue being that front facing person.
19:29
You know, you still have that responsibility to create trust.
19:33
I mean that's that's not gonna go away.
19:34
Yeah, I mean we trust certain brands,
19:35
there's others that we don't trust.
19:37
Yeah, so what happens when you go?
19:39
So, and this is the issue. Some business owners last too long in their role,
19:45
in their thing. And it
19:46
Mm-hmm.
19:46
a couple other things happen. So I think Google is a good example of this.
19:50
The founders, you know, they went off into only doing special projects within
19:54
the business. other founders they leave and they maybe just operate on
19:57
the board as far as a senior advisor.
19:59
So I think that goes back to your purpose.
20:02
~ so
20:03
Okay.
20:04
Also, you have an option, you can grow with your business.
20:07
There's nothing wrong with that.
20:08
You can
20:08
Yeah.
20:08
gain competencies and skill set,
20:10
learn how to delegate, learn how to manage people,
20:13
learn how to be a better salesperson.
20:15
So you do have an option to grow with the business,
20:17
but I don't think you should feel obligated to grow with the business.
20:22
And a lot of that touches on my area of work,
20:25
which is Make sure you're building wealth while you're growing your business.
20:30
So you don't
20:30
Mm-hmm.
20:30
feel like, I have to hold on this business so tight and
20:33
Mm.
20:34
I can't let it go and it has to run through me.
20:36
I have to control, I can't give it away.
20:38
Because if you've built a certain level of wealth,
20:40
then you you're kind of at peace with whatever transition comes.
20:44
Because if you've been in been in business long enough,
20:47
you know you have to sway with the winds and go with it sometimes.
20:51
But we
20:51
Yeah.
20:52
hold on to it because we we like the cash cow.
20:55
Sure, sure. I mean, I think for smaller businesses,
20:57
I won't I won't say mom and pop,
20:59
you know, but I mean a company that has like twenty or thirty people,
21:02
you know, the founder's in there.
21:04
And if they're sitting in that role,
21:05
you know, as as the CEO, you know,
21:08
there's there's still a trust factor that needs to be embedded in the organization.
21:13
Again, you know, we're we're ultimately,
21:16
you know, we're still business doing business with with people.
21:18
And so the the my my question is like how do we maintain that.
21:24
relationship style business when,
21:27
you know, we as the founders aren't the fr aren't front facing any longer.
21:30
That's one of the things that I work with a lot of my clients with.
21:33
It's you have to train the people under you how to develop their own relationships.
21:39
~
21:39
Mm.
21:40
I I work with a therapist and she you know,
21:42
growing up a team of other therapists.
21:45
And we had a conversation about,
21:46
okay, what did it take for you to grow your business?
21:48
and it transitioned to the question of are you teaching your team what you did?
21:55
So for most therapy business, they have to go to doctor's offices,
21:58
give a presentation, you know,
22:00
take people out to dinner. A lot of times what we do is we get employees
22:05
and we get them to do the regular task,
22:06
you know, the the therapy
22:07
Mm-hmm.
22:08
business or whatever your business is.
22:09
But we
22:09
Yeah.
22:10
don't train them on how to get sales,
22:12
represent the business in a positive light,
22:14
and also potentially unlock new opportunities because they have
22:18
a different natural market than we have as well.
22:20
And the reason we don't
22:22
Do it a lot of times is it takes time.
22:24
it's not directly billable. And you can't control somebody if they're
22:28
in a sales effort or activity.
22:30
That's kind of free flow. ~ and
22:31
Right.
22:32
they can either, you know, botch the sale and ruin and hurt the reputation
22:36
of the company, or they can actually make the sale and take the client with them
22:39
on whatever they do because not only they're talented,
22:42
but they also know how to sell.
22:43
So I think
22:44
Yeah.
22:44
it's being at peace with that element.
22:47
when you are like creating a team under you to run the business for
22:52
So so you're so you're training or developing your team to be able
22:55
to establish a trust. what I almost heard was like you were alluding
22:58
to the idea that they essentially have their own company,
23:01
if you will. And they're they're you know,
23:04
they're bringing in the way that they would do it if they were running
23:08
the company essentially.
23:09
And then you still have the client delivery.
23:11
I mean, we're talking about service based businesses.
23:13
So they're handing off the business to,
23:15
you know, whatever, you know, internal therapist in in this in this particular case.
23:20
And so the the training just goes right down the right down
23:23
the the customer experience. Is that where that looks?
23:26
Correct. That's correct. So you can train somebody,
23:29
and they can be a sales and a servicer.
23:31
In
23:32
Yeah.
23:32
most service-based businesses,
23:34
the top partner law firm is a salesperson
23:37
Yeah, yeah.
23:37
and the servicer. the client and especially the top clients anticipate
23:41
the person that sold them will service them as well.
23:44
~
23:44
Yeah.
23:45
they're not writing every email and doing every memo,
23:47
but they expect that, and that's a service-based firm.
23:50
So developing the people under you to do both.
23:53
is important. I think the last thing I'll add to that is as a business owner,
23:58
you have to be the example. Like,
24:01
why do the people who work under you believe in you?
24:04
Mm.
24:04
Are you
24:05
putting in the hours? Are you the person that comes in for two hours and leave?
24:09
Like, is there something aspirational about you?
24:11
Because there has to be a reason why talented employees still decide
24:16
to be employed by you because talented employees
24:18
Mm.
24:19
can go anywhere they want.
24:21
so I think that's something a lot of business owners have to be.
24:24
Am I being the example of what I want to attract?
24:27
Mm. Mm. I love that. I love that.
24:29
What comes to mind for me is is even attracting,
24:32
you know, those talented employees because it's the same conversation about trust
24:37
and relationships. Is that something that
24:39
Yeah. And
24:40
you work with your clients on as well?
24:42
Yeah, so one of the my mentors told me,
24:44
I was like, you know, how do you find good people?
24:46
He was like, They're everywhere.
24:47
You just have to keep your eyes open.
24:48
When
24:49
Mm-hmm.
24:49
you go to a doctor's office and you receive excellent service from somebody
24:53
at the front desk, get their number.
24:55
~ stay
24:55
Yeah.
24:57
in contact with them, you know,
24:58
and and and and so you should always kind of keep your eyes open for like talent,
25:03
good
25:03
Yeah.
25:04
people, you know, you know, similar-minded folks.
25:07
and I think that that's part of the entrepreneurial because I think,
25:10
you know.
25:11
probably most of your audience he read the book Who Not How,
25:13
you
25:13
Uh-huh.
25:14
always have to find, you know,
25:16
the who to take your business to the next level.
25:18
So who's that person? Always looking for,
25:20
this person is really nice. I want that in my business.
25:22
What does it take? Because when you put out a like a job posting,
25:27
a lot of times you're getting like the disgruntled employee.
25:30
and not necessarily that superstar that you want in your business.
25:34
Yeah. That's funny. That's funny.
25:36
You you took me back, I used to have a restaurant
25:39
Mm.
25:40
and we would go out to other restaurants and and
25:42
Yes.
25:42
you you you meet the wait staff or you meet the host,
25:45
she's like, Hey, by the way, if you're ever looking
25:47
But the the caveat is you have to have a offering for them to make that leap because
25:51
it is a risk. So
25:52
Yes.
25:52
what is that offering? What what what is different about you?
25:55
and I think that should be consistent with how you market to customers,
25:59
similar to how you market to employees or potential service.
26:04
yeah, absolutely, absolutely. I'd I just add to that,
26:06
you know, we we we have to be intentional,
26:08
you know, with with our internal team because,
26:10
you know, in in a way they are customers as well.
26:12
You know. ~
26:14
I I I
26:15
was talking to an attorney and I was joking with him.
26:18
I was like, he was telling me his struggles and thing getting talent,
26:21
and he mentioned that. we're actually a recruiting and development firm more
26:26
so than a law firm, because that is the primary determinant of success.
26:31
Can I attract, retain, train talented people?
26:36
And that for most businesses of a certain scale,
26:39
that is the job.
26:40
yeah. yeah. yeah. We we were we were that way.
26:43
we had a a marketing company and it was just constantly,
26:46
you know, can we get the right social,
26:47
the right designer, the right writer,
26:49
da da da da and it was just We had these team meetings,
26:51
like these people would show up and just like,
26:52
Who's this person? and
26:54
You know, but we needed that. We actually had an HR person that was that
26:58
was out recruiting. She was interviewing people like every day.
27:01
It was amazing to me to watch.
27:02
one of one of the one of the other things that you talk about is planning,
27:06
exit planning. You know,
27:07
Yes.
27:08
we get to a certain age and it's just like or what whatever that is,
27:11
you know, it's not even necessarily a certain age,
27:13
but you know, you you talk about exit planning before you're ready to exit.
27:18
What do you what do you mean by that and what does that entail?
27:21
I think as business owners, if you have the privilege to love what you do,
27:25
you feel like you want to do it forever.
27:27
It's like, okay, I can at least do this thing to 70.
27:30
It doesn't take too much physical toll,
27:32
it's only mental. I can just
27:33
Mm-hmm.
27:33
keep on working. but there's something that happens,
27:37
I would say, around the age 55.
27:39
And
27:39
Mm.
27:40
something just clicks to say, I don't want to do this anymore.
27:42
I don't want to do this the way I've been doing this anymore.
27:45
So what I advise folks is prepare for that time,
27:48
okay?
27:49
And and it's kind of like a real reality check to say,
27:52
hey, yes, you feel this way now.
27:53
Yes, you're excited, yes, you have that energy,
27:56
but you need to prepare for the time that you don't have that energy.
27:59
And even worse, a healthcare scare could happen.
28:02
And it may not even be the business owner,
28:04
it could be a family member. That means you have to take a step back.
28:07
So when you are starting your business,
28:09
and I think a lot of business owners usually start around like 40 or so,
28:12
begin to put away money on a regular basis.
28:16
And the in the I think an amazing thing is and I think one where the like
28:20
the US tax system has has it correctly,
28:23
Business owners get to use special investment vehicles to put away a large
28:27
sum of money because they realize initially you're not gonna make a lot,
28:30
but over like
28:31
Mm-hmm.
28:31
10 or 20 years you can actually funnel away large amounts into
28:34
an investment account. So whether
28:36
Mm.
28:36
that's a solo 401k, a SEP IRA,
28:39
a simple
28:39
Mm-hmm.
28:40
IRA, there's many different funds where you can funnel 20 to 30 to 50,000.
28:44
into these investment accounts so you can really I like to
28:47
say supercharge your retirement plan.
28:49
And my goal
28:49
Mm.
28:50
for all my clients is for you to Become independently wealthy from your business.
28:54
Do not bank on a sale of a certain amount because most businesses that
28:58
are put up for sale never sell.
29:00
And they definitely
29:01
Mm.
29:02
do not receive what they expect to receive for the business.
29:04
So the goal is always
29:05
Mm.
29:05
to be independently wealthy for your business.
29:08
Mm, mm, mm. So so by your thinking,
29:11
it's probably legal way anyway,
29:13
but you know, business owners need to take a paycheck and they need to have
29:16
a d deduction from that paycheck in order to feed into,
29:19
you know, whatever retirement plan r retirement account they're they're looking at,
29:23
no?
29:24
That's correct. And and you know,
29:26
a lot of millionaires are call them accidental millionaires.
29:29
They just put money in a 401k over time and they have a a comfortable nest egg.
29:33
It
29:34
Yeah.
29:34
just works. People come with me at many different ideas.
29:37
Hey, you know, buy real estate,
29:38
buy this. And that does work for some people.
29:40
But in general, the average individual,
29:43
when we talk about building their wealth,
29:44
it's consistently deferring contributions into some type of account to
29:50
Yeah.
29:50
grow your wealth so you can have that nest egg.
29:52
And I think that's
29:53
It's almost like an insurance policy for when that life event happens,
29:57
because that life event will happen.
29:58
I guarantee you.
30:00
You you know you know what happens is there's always that it's as you said,
30:04
I mean, you know, we're we don't we don't necessarily have a problem with risk
30:08
and we always have that vision.
30:09
It's gonna be that that one more thing.
30:11
It's it's kind of like playing the playing the lottery or,
30:13
you know, gambling. It's just like,
30:14
you know, one more spin, you know,
30:16
and I'm gonna be able to get, you know,
30:18
the money that I want to be able to build my retirement account.
30:20
And and it's a it's a leg it's,
30:24
you know, to a degree, it's legitimate,
30:25
you know, because you just need sometimes it's you just need like one deal.
30:30
you know, that snowballs into I mean how I mean,
30:32
you know, think about how many,
30:33
you know, overnight, you know,
30:34
successes, you know, that that that exist.
30:37
How do you how do you know, and and I know I asked the question twice before,
30:41
but I'm gonna ask you again, how how do we switch that mindset,
30:44
you know, from
30:46
You know, it's like, hey, you what,
30:47
I just need one more spin and I'm gonna I'm gonna make I'm gonna hit the lottery,
30:51
you know, versus hey, you know what,
30:52
I need to keep building this nest egg.
30:54
Because we look at the nest egg,
30:56
it's just like, you know what,
30:57
I can take ten thousand dollars,
30:58
I can invest it in the company and I can,
31:00
you know, multiply that into a hundred thousand dollars,
31:03
two hundred you know, half a million dollars,
31:04
you know, whatever that looks like.
31:05
As you mentioned, it is a mindset shift.
31:07
So as I mentioned early, just transition your mind to say a measure
31:11
of success for my business is profit and loss.
31:14
Like that is a measure of success that I should value along with
31:18
the other things that I value with my business.
31:20
But
31:20
Yeah.
31:21
also a measure of success for your business as you,
31:24
as an individual, being more financially secure.
31:27
You make different decisions when you're financially secure.
31:31
Well, I'm amiss that hunger, that drive.
31:33
You make
31:34
Different decisions. You build different relationships when
31:37
you are financially secure. And
31:39
Mm.
31:39
I think if you folks value that and understand that that is a lever that
31:44
you pull to actually improve your business,
31:46
remember, you're trying to inspire your clients,
31:49
you're trying to inspire your employees,
31:51
you're trying to inspire, you know,
31:53
vendors, center influences at the same time that you're growing your business.
31:57
If they don't sense that level of financial security on you,
32:01
you are actually going to repel.
32:03
the type of business that you actually want.
32:05
So yes,
32:05
Mm.
32:06
you could take the roulette wheel and invest that $10,000.
32:10
But if people perceive financial security,
32:13
perceive a sense of peace in you,
32:15
you're going to attract what you really want,
32:17
which I think is what the goal of most business owners.
32:20
And I'm specifically talking about service-based business,
32:22
because it is that
32:22
Yeah.
32:23
relationship type business.
32:25
Yeah, yeah, yeah. I mean the r the relationship focus is is just so critical.
32:28
It's just so critical. I I love the I I love the the personal accountability,
32:35
what's interesting, you know, is as the as the dial of time starts
32:39
to change is we're incorporating,
32:41
you know, you know, artificial intelligence into our business operations.
32:46
You know, and you know, there's stories about people that are going you know,
32:49
organizations that are going too far.
32:51
You know, you pick up the phone to call the IRS,
32:53
you know, and if you don't ask the right question,
32:55
you know, you're pretty much gonna get hung up on you're not gonna get to
32:58
a per it's I don't know how to I don't know how to get to a human being.
33:02
You know what I'm saying? And it's it's it's what what are you seeing that people
33:07
are getting right? And we're we're talking about a trust economy here.
33:11
You know, what are people getting right and what are we we as entrepreneurs,
33:15
what are we getting wrong? What are where are we,
33:17
you know, kind of going over the edge?
33:20
I think today, and it's gonna shift over the years,
33:22
low value task. I think AI can do a great job on.
33:26
So, low value tasks, I think we've all seen this.
33:29
Somebody create a flyer for an event using AI.
33:32
I clearly see that's AI. But if it has all the details that you need,
33:36
I rather than work on sending that out versus spending an extra four hours trying
33:42
to get the color fine and spacing correctly.
33:45
Okay.
33:45
Yeah.
33:46
maybe we have some notes and we need to summarize in an email.
33:49
Some some of those low value tasks that that are important.
33:52
And I know we've hammered this over and over again in this,
33:54
but something that is a little messy as far as developing a relationship,
33:59
something that is as messy as a thoughtful client gift.
34:03
And doesn't mean you can't use that as a ideation machine,
34:06
but I think
34:06
Mm-hmm.
34:06
those human touch points, today,
34:10
and it could change, today I I believe that's when it goes too far when it's like,
34:14
Hey, I I
34:14
really wanted to have a human connection with you.
34:17
I really wanted you to do something thoughtful.
34:19
~ I
34:20
Yeah.
34:20
think that's where we miss the can miss the mark using AI.
34:24
So the lower value task, go ahead and let A AI do it.
34:27
But some of those higher complex sensitive subjects I think we still need
34:31
to own and handle. And to definitely review your work.
34:33
Mm, mm. yeah.
34:34
Let's start there. If AI spit
34:36
some now, just glance over it real quick.
34:39
Yeah, we're we were having a conversation about that yesterday with with with with
34:43
one with one of my mentors and it was like literally asking the AI.
34:48
It's like, did you actually review what I asked you to review?
34:51
It's like, well no, you know, I skimmed it briefly.
34:53
It was like I
34:55
Yes, yes, yes, yes.
34:57
was have some horrible conversations with AI,
34:59
but you know what? I I I love I love the the the thought partnership,
35:04
you know, that that you talk.
35:06
you know, use it for ideation and and that sort of thing.
35:09
You know, I gotta be honest with you though.
35:11
You know, I find, and I I don't know how you are with this,
35:15
but I find when I see something that is written or designed,
35:20
you know, with AI where it's obvious,
35:22
you know, it it kind of gives me pause.
35:24
You know, it it it kind of broaches that that trust factor for me.
35:29
You know, and it's it's really odd I find because I see a lot of sales emails that
35:33
come across, you know, like that.
35:34
And it's just like, dude, I mean,
35:37
you've got all of you know, you can take it literally drop it into Claude
35:40
or something like that, and Claude will be like,
35:42
Hey, I wrote this, you know. I mean,
35:43
what what are your thoughts on that?
35:45
It's such a it's a thin line. I I get the efficiency aspect because
35:50
you still got the email, right?
35:50
Uh-huh. Yeah.
35:51
~ maybe
35:52
you would have never received the email if they didn't leverage AI to
35:56
the time it takes to do that. So I I
35:58
Yeah.
35:58
see both ends of the spectrum.
36:01
I would just I would bank on trying to do a personal touch.
36:05
If you are leveraging AI, just like my background internal,
36:10
have a process with it so you can massage the output enough.
36:14
Yeah.
36:14
~ because we can definitely tell when you quickly copy and paste,
36:18
copy and paste, and
36:19
Yeah.
36:19
you keep it going. and and we could tell a prompt that wasn't really that
36:22
thoughtful, too. ~
36:23
Yeah.
36:24
he's like, yeah, you didn't really think through that.
36:25
So it's little things like that.
36:27
I think it's
36:28
Just like if you're using it in your business,
36:30
you should care about enough to have a process,
36:33
policy, and procedure on how you leverage that thing,
36:36
especially if it's going to be repeated over and over again,
36:39
like a sales email.
36:40
Yeah, yeah, absolutely. Absolutely.
36:42
Absolutely. Here's here's here's a sensitive question for you.
36:45
with the with the work that you do,
36:47
you know, someone and I I I want you to be really helpful,
36:53
you know, in your response. Someone could think to themselves,
36:56
you know, that they could get a a an AI agent or something like that
37:02
to replace ninety percent of what you do.
37:04
Or a hundred percent of what you do.
37:05
I mean it's and it's it's a belief,
37:07
you know, and doesn't necessarily make it true.
37:09
Help our audience really understand what the benefit of working with you
37:14
or you and AI is versus just again,
37:18
you know, building a financial management agent or whatever to to assist with their
37:22
finances.
37:24
Think so I don't I do some complex things.
37:28
I do a lot of number crunching.
37:29
I have to go into a lot of complex systems,
37:32
and the concepts are complex. But I don't place my role as a financial planner above
37:38
anybody else's service member role as far as what AI and A,
37:42
what they people can do by themselves and not do by themselves.
37:45
So
37:45
Mm-hmm.
37:45
I see myself as almost a how do you say this?
37:49
when you go take your car to the shop,
37:51
everybody.
37:52
intellectually probably could change their own oil.
37:56
Mm.
37:57
Go to YouTube, do it real quick.
37:59
Most people are physically capable,
38:00
change their oil. They might to buy some ramp to go up or whatever,
38:03
but you can change your oil. But we choose to go into a dealership.
38:07
why do we do that when it's a little bit more expensive?
38:10
Could be a time-saving factor,
38:11
it could be a lifestyle thing,
38:13
all those elements. So I do believe people will leverage AI as a financial planner.
38:19
~
38:19
Mm.
38:20
and I don't dissuade that because
38:21
Hopefully they get the people early on.
38:23
So eventually when they build a certain amount of wealth where lifestyle
38:27
and convenience matters, then they could pass that over to me.
38:30
So I hopefully see it as increasing the pool of potential customers.
38:34
~
38:34
Mm.
38:35
and I think it we I would actually be feeling that now if it wasn't
38:39
for the darn inflation, messing up everybody's budget and ability to save.
38:42
But
38:43
Mm.
38:43
I I think we have to leverage or think of AI like that.
38:47
I encourage it in the sense of,
38:48
yeah, push it down to the lowest common denominator.
38:51
I don't need to tell somebody how much to contribute to their IRA.
38:53
But once they have over $400,000,
38:56
they're 15 years from retirement now and they have two kids.
38:59
Now the complexity warrants a holistic viewpoint and somebody hopefully
39:04
is gonna value.
39:05
Mm. Mm. Mm-hmm. That makes sense.
39:07
That makes sense. That makes sense.
39:08
last question for you. the name of the show obviously is the Relentless Pursuit
39:12
of Winning podcast. And for most people,
39:16
you know, defining winning is is not that difficult,
39:18
you know, as as as long as they work with you to understand,
39:21
you know, what their goals actually are.
39:22
The hard part of it, and we've talked about it a little bit,
39:25
is just maintaining.
39:27
you know, that relentless pursuit,
39:29
being able to get up every single day and do the thing that they have to
39:33
do in order to achieve, you know,
39:35
that that winning goal. What would you recommend to our audience so they
39:38
can put in their toolbox of things that would help them maintain that relentless
39:43
pursuit?
39:44
I would say habits, day in and
39:47
Mm.
39:48
day out habits. whether and and everybody's gonna have a different habit profile,
39:52
whether that's waking up in the morning,
39:54
working out, whether that's loving on the people that you need to love on,
39:58
almost kind of systematize how you flow day in and day out,
40:02
kind of almost like a machine.
40:03
You're gonna have some flexibility
40:04
Mm-hmm.
40:05
within that, but you need to have certain checks as a business owner.
40:09
To to check in with yourself, to give you your time,
40:12
because the business can be all consuming.
40:14
So when we talk about being relentless,
40:17
we also have to be relentless in taking care of ourselves,
40:20
loving on ourselves, loving on our people,
40:22
and catching those weak spots,
40:23
whether they're financial weak spots,
40:25
they're relationship weak spots,
40:26
make sure, whether it's your faith based weak spots,
40:29
make sure you're covering those weak spots and have a ritual to make sure those
40:34
things are being touched. I think for me
40:35
Mm.
40:36
that has been extremely valuable.
40:38
Mm, mm. I love that. here's a follow-up question for you.
40:41
how do you avoid creating a a life that is so structured that
40:45
you can't actually enjoy it?
40:47
I think if somebody can be as structured to plan their life rigid,
40:52
I I would challenge them to structure their life in as far as implementing fun.
40:58
Study as you study what makes your business go.
41:01
You need to equally study what gives you enjoyment in life,
41:06
what gives you that ROI, that thrill,
41:08
that happiness, that joy, those butterflies in your feelings.
41:11
Just apply the same analysis and vigor you do to your business towards your
41:16
own personal self and who you are as a person.
41:18
So that's what I would say. Yeah,
41:19
schedule fun and schedule
41:21
Mm.
41:22
all types of fun. I don't think there's any fun that you can't really
41:25
put on the calendar.
41:26
a block out, just be as rigorous with having a full life as you
41:31
are with being functional within your business.
41:35
Excellent, excellent, excellent.
41:36
Love it, love it, love it. So if somebody wanted to learn more about
41:39
you and your work, and how you can help them achieve their their financial
41:42
and their wealth goals, I mean,
41:43
what's what's the best way to get in touch with you?
41:46
Yeah, to learn more about my business and I have a lot of resources on
41:50
my on my blog, go to my website.
41:51
It's gonna be www.deasilwm.com I also have a YouTube channel where
41:56
I interview some of the new business owners.
41:58
But what we focus on is what are the things they're doing to build wealth?
42:01
It's all we talk about. So if there's something,
42:04
if building wealth is an aspiration for those who are listening,
42:07
that may be a resource for you as well.
42:09
And we put out episodes.
42:11
We span different professions.
42:13
And what you're going to see is there is a common theme and thread.
42:16
And not only do I apply that to the people who listen,
42:19
but I apply it with my clients.
42:21
So it's not only the knowledge that I know,
42:23
it's not only the knowledge that my clients know.
42:24
It's really what works across multiple different industries.
42:27
But definitely check
42:28
Mm.
42:28
out my website. You can schedule a free 15-minute consultation.
42:31
No sales will be done. And I think a lot of people get a lot of value from that.
42:36
Nice, nice, nice. And w and what's the handle for your YouTube channel?
42:40
Yeah, it's going to be under my name,
42:41
Randall Avery. So just search R-A-N-D-A-L-L Avery A-V-E-R-Y.
42:45
And I should pop up. And hopefully it's content that you'll enjoy.
42:49
It's real people, real businesses who are actually winning.
42:53
There's actual criteria before you come as a guest.
42:55
And I think you'll enjoy what those folks are able to say and put out.
43:00
Randall, thank you so much. I I've enjoyed our conversation.
43:02
I really appreciate you coming on the show.
43:04
No problem. I enjoyed it and hopefully you have me back.
43:08
That'd be amazing. That'd be amazing.
43:10
And folks, thank you so much for watching or listening to another episode
43:13
of the Relentless Pursuit of Winning podcast.
43:15
We'll catch you next time.