Latest / Money Matters with Greg / Episode 197: Selling Your Business Starts With Purpose

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Episode 197: Selling Your Business Starts With Purpose · Money Matters with Greg

• 0:01
  SPEAKER_00: Welcome to Money Matters with Greg, where we dive into the money conversations shaping your life.
• 0:08
  SPEAKER_00: From investments to estate planning, insurance to taxes, we cover it all with a fresh perspective.
• 0:14
  SPEAKER_00: Join Greg and his guests each week to get inspired and take control of your financial future.
• 0:20
  SPEAKER_00: Let's get started.
• 0:22
  SPEAKER_00: Securities and investment advisory services offered through LPL Financial, a registered investment advisor, member PinRedis IPC.
• 0:43
  SPEAKER_01: Good afternoon.
• 0:44
  SPEAKER_01: The show's Money Matters with Greg.
• 0:45
  SPEAKER_01: I'm Greg Furrell, CEO and owner of Furrow Wealth.
• 0:47
  SPEAKER_01: And this is our podcast and our radio show on 103.1 FM called Money Matters with Greg.
• 0:54
  SPEAKER_01: And we talked money on this show.
• 0:55
  SPEAKER_01: And today we're going to continue our series on business owners and helping business owners with uh ultimately with exit planning.
• 1:03
  SPEAKER_01: Uh we did our first series last week, and uh that was our 196th episode.
• 1:07
  SPEAKER_01: So 197, here we come.
• 1:09
  SPEAKER_01: I'm very excited to be here and looking forward to uh filling you guys in on some things as far as uh how we can help business owners ultimately exit and uh add value to their uh companies.
• 1:21
  SPEAKER_01: Again, the show's on 103.1 FM WVLP.
• 1:24
  SPEAKER_01: Thank you to WVLP and the family that is uh the radio show uh station here locally in Valparaiso, Indiana.
• 1:31
  SPEAKER_01: And then ultimately uh we pod uh on Apple and Spotify and anywhere you pod.
• 1:38
  SPEAKER_01: Thanks for being here today.
• 1:40
  SPEAKER_01: We are a wealth management firm that is independent, um, backed by um LPL uh Financial, which is uh one of the largest broker dealers uh in the nation uh based on assets.
• 1:53
  SPEAKER_01: And they allow us to do our business as there are over 30-some thousand advisors that are nationwide.
• 1:59
  SPEAKER_01: And uh thanks for the relationship with uh with LPL as well.
• 2:03
  SPEAKER_01: Um just gonna throw out the uh for the compliance department, the opinions voiced uh on this show are um for personal information only and uh not intended to provide specific advice uh or recommendations for any individual to determine uh which strategies and investments may be suitable for you.
• 2:26
  SPEAKER_01: Consult your appropriate uh qualified professional prior to making any decision.
• 2:34
  SPEAKER_01: And um third-party guests are not affiliated with LPO financial or Faro Wealth.
• 2:39
  SPEAKER_01: So again, uh Faro Wealth Wealth Management Management Firm uh for clients.
• 2:44
  SPEAKER_01: We have uh clients in uh 25 states and work with conversations about investments all the way to debt, to you name it, uh as far as uh uh state planning, um, really anything to kind of be that person on the shoulder of just reminding people that there are things that we can help uh protect and also preserve, grow and create and uh distribute wealth in life and distribute wealth the life after death.
• 3:10
  SPEAKER_01: So um want to thank everybody for being here today.
• 3:12
  SPEAKER_01: Again, we're going on our part series.
• 3:15
  SPEAKER_01: We're gonna go two parts.
• 3:16
  SPEAKER_01: It looks like we're gonna have to go more than that uh just because there's just so much to cover.
• 3:21
  SPEAKER_01: But I wanted to talk about uh this basically the second part of the series.
• 3:25
  SPEAKER_01: You can listen to the previous episode um that is on YouTube, our YouTube channel, as well as uh anywhere you pod.
• 3:33
  SPEAKER_01: Uh so to catch up, we had introduced our uh three legs of the stool.
• 3:39
  SPEAKER_01: So uh that is the key component to the value you acceleration methodology that is the foundational concept of uh exit planning and uh and the core teaching prospect or core teaching of the Exit Planning Institute, which is EPI, which is where I got my CEPA from.
• 3:59
  SPEAKER_01: Um so it is a one wonderful institution.
• 4:03
  SPEAKER_01: I'm learning more and more about it, um, and highly recommend any business owner out there uh try to find a SIPA.
• 4:10
  SPEAKER_01: Um, whether they're there are lots of different uh CEPAs and how they work, whether it be lawyers, accountants, financial advisors, uh you name it.
• 4:19
  SPEAKER_01: Um some SIPAs work just specifically with estate planning for uh business owners.
• 4:24
  SPEAKER_01: Some SIPAs work as a value advisor to increase the value.
• 4:28
  SPEAKER_01: Um others work much like we do as financial advisors to help the business owner increase their uh financial wherewithal.
• 4:36
  SPEAKER_01: But the three legs of the stool are your business, your financial life, and your personal.
• 4:42
  SPEAKER_01: Um, so those three legs need to be all even um across the board, or you're gonna get wobbly and one's gonna basically create a gap.
• 4:52
  SPEAKER_01: Now, most owners have about 90% of their wealth tied up in their business, and so smart financial planning and smart it really bridges the gap.
• 5:02
  SPEAKER_01: And we'll talk about gaps here in the future here, talk about your wealth gap and your value gap uh for sure.
• 5:10
  SPEAKER_01: But uh those three parts of the stool um certainly need to be even.
• 5:16
  SPEAKER_01: And uh some of the warning signs that uh want to really talk about, talk to the business owners and and hit the heart here, because if you're a business owner, you really need to take a moment to be honest with yourself.
• 5:28
  SPEAKER_01: If you're um thinking about selling, and you should always be thinking about selling, that's the one thing I've learned.
• 5:36
  SPEAKER_01: But you can uh, you know, according to SCORE, the service core of retired executives study, and then that the study of business uh owners uh uh report years ago showed that a significant number work more than 50 or even 60 hours per week.
• 5:53
  SPEAKER_01: We all know this.
• 5:55
  SPEAKER_01: Uh it's higher than that.
• 5:56
  SPEAKER_01: Uh we don't necessarily work anymore in the same spot, uh, but we are working all the time and we're constantly thinking about our business.
• 6:04
  SPEAKER_01: You know we are.
• 6:05
  SPEAKER_01: Uh I've been a business owner since I was 23.
• 6:08
  SPEAKER_01: I can totally relate.
• 6:09
  SPEAKER_01: Um if it's not payroll, it's something else.
• 6:12
  SPEAKER_01: If it's not growth, it's uh compliance.
• 6:15
  SPEAKER_01: If it's not compliance, it's uh protection and trying to figure out what we need to do to grow the business.
• 6:22
  SPEAKER_01: So we talk about business planning, personal financial planning, and personal planning, um, really that are all part of that stool.
• 6:32
  SPEAKER_01: And you want to make sure that the future is not wobbly.
• 6:35
  SPEAKER_01: And when you dig into it, there's a 2023 State of the Owner Readiness Report that I'm happy to send if you want to email me, Greg at FerrellWellth.com.
• 6:47
  SPEAKER_01: I'd be happy to send you that report.
• 6:49
  SPEAKER_01: And uh basically it's a survey of business owners that was produced by the Exit Planning Institute.
• 6:54
  SPEAKER_01: And it really showed the business owners feel less prepared for their post-exit lives from a personal standpoint than the than a business um or personal financial standpoint.
• 7:08
  SPEAKER_01: So um business owner readiness exit, according to the 2023 owner readiness report, said that only 44% of business owners have done some sort of personal planning, 45% only of business planning, and only 47% of personal financial planning.
• 7:24
  SPEAKER_01: Now, 44% of owners reported feeling ready from a personal planning perspective, and it's clear that far fewer have done the necessary work.
• 7:33
  SPEAKER_01: Uh only 41% of business owners surveyed had a written formal plan uh for what they want to do next.
• 7:42
  SPEAKER_01: And only 35% had completed an assessment, sort of like a personal readiness for any sort of transition.
• 7:48
  SPEAKER_01: So some pretty staggering stats.
• 7:50
  SPEAKER_01: I'm not surprised.
• 7:51
  SPEAKER_01: Um, you know, I mean, uh, we all have doctors that uh back in the day, you know, doctors used to smoke.
• 7:58
  SPEAKER_01: Um, business owners, look, we're in the midst of it.
• 8:02
  SPEAKER_01: Sometimes you're working um in the business and not on the business.
• 8:06
  SPEAKER_01: And then that is uh what I'm here to tell you isn't how you can add value if you can if you can back away.
• 8:12
  SPEAKER_01: But if you think about that sample 50-hour work week, it's not just a lack of a plan that's the issue.
• 8:19
  SPEAKER_01: It's a lack of the framework that k keeps business owners from working on their personal plan every week and continuing to pour that time and effort into the business without this clear clear direction of where the owner wants their business to take them personally.
• 8:35
  SPEAKER_01: So most owners really have no personal plan.
• 8:38
  SPEAKER_01: And many of these, uh those owners who do many of those owners do not know what a personal plan should include.
• 8:45
  SPEAKER_01: So that's where we come in, where we have the conversation on the financial side and the financial planning on the personal side, not necessarily just for the business.
• 8:53
  SPEAKER_01: But even more owners do not consistently work on their personal plan.
• 8:58
  SPEAKER_01: And why is this?
• 8:59
  SPEAKER_01: It's really not because business owners do not hope to live a fulfilling and significant life.
• 9:06
  SPEAKER_01: Um, the more likely the reason is that the basic element of personal planning, identifying one's purpose, is not a really a core priority for business owners who view themselves as operators in their business in their business or of their business rather than operite operators of their life.
• 9:28
  SPEAKER_01: And perhaps the biggest warning sign comes from uh PW research that was said that 75% of business owners deeply regret exiting their business within 12 months.
• 9:39
  SPEAKER_01: And I can tell you from experience, that's absolutely the case.
• 9:43
  SPEAKER_01: I see it all the time, and we see it here in the wealth management world.
• 9:47
  SPEAKER_01: So this statistic really shows a lack of personal planning and action and a career of work, an identity tied to a business, the owner that the owner's built over a lifetime, and suddenly the owner finds that they have no life built with which to enjoy the proceeds of an exit.
• 10:07
  SPEAKER_01: So today we're gonna talk about personal purpose first.
• 10:10
  SPEAKER_01: Before we get into the weeds on valuations and EBITDA and all these other things you can talk about as far as valuation your company and company, I really want to talk about personal purpose first and say that the significant, meaningful impact on the world that drives personal fulfillment at every stage of your life is your personal purpose.
• 10:29
  SPEAKER_01: Now, personal planning does not have to come at the cost of business or financial planning.
• 10:34
  SPEAKER_01: In fact, the best personal planning drives business and financial planning.
• 10:39
  SPEAKER_01: So once you know as a business owner what's important to you and what might be your next path or what you might be doing, um things, things move right along and actually improves the business and the financial planning.
• 10:51
  SPEAKER_01: So for business owners, it can be as simple as remembering that, remembering what led you to believe that you would be success a successful entrepreneur in the first place.
• 11:03
  SPEAKER_01: You may have had a vision to create a product or a service that enhances lives, um, that uh or even solves a business problem.
• 11:10
  SPEAKER_01: But maybe your gifts of leadership, creativity, and technical skills have always set you apart and provide you that fulfillment.
• 11:19
  SPEAKER_01: So no matter the reason, try to identify the thing that we're you're both uh uniquely good at and brings you joy.
• 11:28
  SPEAKER_01: So that thing is likely uh uh able to be replicated across seasons of your life and uh applicable really to both your personal and your business life.
• 11:38
  SPEAKER_01: So honing in on this purpose, that identity uh you've you've you've cultivated and you've become this persona and it is um is is deeper than is deeper than the things you do.
• 11:51
  SPEAKER_01: It's really who you are.
• 11:52
  SPEAKER_01: And that person allows you to lead a business every day and is creating financial plan.
• 11:58
  SPEAKER_01: Um and finding fulfillment post-exit is really, really important.
• 12:03
  SPEAKER_01: So personal planning, therefore, really comes first.
• 12:07
  SPEAKER_01: And that's why I start with it.
• 12:08
  SPEAKER_01: When it doesn't, your business may grow in ways that you don't, I don't know, don't help you find fulfillment.
• 12:14
  SPEAKER_01: Um, and your financial plan may lack a meaningful uh a goal or an ultimate goal.
• 12:20
  SPEAKER_01: So with personal planning, there is basically two benefits.
• 12:24
  SPEAKER_01: So I already I think I already mentioned this, but business planning benefits and financial planning benefits.
• 12:30
  SPEAKER_01: So with business planning benefits, you can say, well, how can I show up at work in authentic, fulfilling ways at helping people every day?
• 12:41
  SPEAKER_01: With financial planning benefits, it's like what assets will I require to achieve the purpose at all the stages of my life?
• 12:47
  SPEAKER_01: So how do you start, right?
• 12:49
  SPEAKER_01: Let's talk about getting your personal purpose, working on your business planning, working on your financial planning, and that'll make all things better and uh add more value to everything.
• 13:01
  SPEAKER_01: So let's start about, since we're thinking about purpose, and since we're working on purpose here, um, let's start talking about baby steps.
• 13:10
  SPEAKER_01: So if personal planning is new to you, whether you're a business owner, a trusted, you know, or uh a growth coach or attorney or anything, um, it can really feel daunting.
• 13:22
  SPEAKER_01: Um before an owner can really build a personal plan, they really must clarify the their personal purpose.
• 13:29
  SPEAKER_01: And defining one's personal purpose is not a one-time event.
• 13:32
  SPEAKER_01: You cannot take a quiz, you cannot visit a coach for coffee, attend a retreat, or leave your personal purpose that will define your life's legacy in and sort of feel a stop gap, you know, in conversation.
• 13:46
  SPEAKER_01: One of the things that in the book Walking to Destiny, they talk about the 11 actions an owner must take to rapidly grow value and unlock wealth.
• 13:54
  SPEAKER_01: And you can find the book Walking to Destiny on Amazon, um, or really anywhere else you you go to buy books, but Christopher Snyder uh suggested that the step process is a great exercise to start thinking about personal purpose.
• 14:12
  SPEAKER_01: So thinking about baby steps, uh really there are four steps.
• 14:16
  SPEAKER_01: So S-T-E-P, super easy to remember.
• 14:19
  SPEAKER_01: Your first is spiritual.
• 14:20
  SPEAKER_01: So what drives your relationship with any higher power or spirituality if you have it?
• 14:26
  SPEAKER_01: Um, so thinking about your spirit, thinking about others' spirit, thinking about anything spiritual that you might like to be able to drive your relationship with those sorts of things in your life.
• 14:40
  SPEAKER_01: Um, it's you have to consider it.
• 14:42
  SPEAKER_01: You have to think about all right, you know, who am I talking to on a daily basis when I'm alone at night uh or driving in a car or wherever it might be?
• 14:51
  SPEAKER_01: So um spiritual is really very important to each at least to have that conversation with yourself about your spirit.
• 14:59
  SPEAKER_01: Second is is uh is things.
• 15:01
  SPEAKER_01: Like what things in your life help you achieve your personal purpose?
• 15:05
  SPEAKER_01: What things do you want?
• 15:07
  SPEAKER_01: Uh are there things that you want?
• 15:09
  SPEAKER_01: Or are you able to purge and able to say, look, I really don't need a lot of things.
• 15:14
  SPEAKER_01: I would rather uh focus on personal purpose uh in the next path that I move on after exit.
• 15:22
  SPEAKER_01: Then you go into experiences.
• 15:24
  SPEAKER_01: So experiences is like what experiences really excite me?
• 15:28
  SPEAKER_01: They bring you joy.
• 15:30
  SPEAKER_01: What are the things you love to do?
• 15:31
  SPEAKER_01: Whether go to um a Bears game like I did on Sunday, which is probably one of my favorite things to do, especially in October.
• 15:38
  SPEAKER_01: Chicago Bears are very dear to me.
• 15:40
  SPEAKER_01: I've lived in this loose city for a number of years and then now live outside the city uh for a reason.
• 15:46
  SPEAKER_01: I love the city of Chicago.
• 15:47
  SPEAKER_01: I also love the Chicago Bears when they beat the crap out of the Jets uh at home on an October day in the sun with no clouds.
• 15:56
  SPEAKER_01: It was gorgeous.
• 15:57
  SPEAKER_01: It's a great experience for me personally, but that's me.
• 16:00
  SPEAKER_01: Everybody's different.
• 16:02
  SPEAKER_01: But if that's something that you enjoy, whether it be going to college events, whether it be any sporting events, uh golf, you name it, what experiences really get you going?
• 16:12
  SPEAKER_01: And write them down.
• 16:14
  SPEAKER_01: Like, what experiences do you want to learn?
• 16:16
  SPEAKER_01: Are there any things that you want to be able to add to your life?
• 16:20
  SPEAKER_01: Do you want to take classes?
• 16:21
  SPEAKER_01: Do you want to do yoga?
• 16:22
  SPEAKER_01: Do you want to do Pilates?
• 16:24
  SPEAKER_01: Do you want to uh learn how to do uh pottery?
• 16:26
  SPEAKER_01: Do you want to paint?
• 16:27
  SPEAKER_01: Do you want to?
• 16:28
  SPEAKER_01: I mean, just keep on asking yourself things that are like no, no, no, yes, no, no, whatever it might be, what experiences ring your joy bell?
• 16:37
  SPEAKER_01: Which which what's your what what experiences bring you joy?
• 16:41
  SPEAKER_01: Think about it.
• 16:42
  SPEAKER_01: And then what about people?
• 16:43
  SPEAKER_01: So in the last step, in the four steps, spiritual things, experiences, and people, but who are the people that are most meaningful to you in your life?
• 16:52
  SPEAKER_01: Do you want to be around them more?
• 16:54
  SPEAKER_01: Is there a way to be able to figure out to be around them more?
• 16:56
  SPEAKER_01: Do you want to be with the grandkids?
• 16:58
  SPEAKER_01: Do you want to be with the kids?
• 16:59
  SPEAKER_01: Do you want to be around everybody on a regular basis?
• 17:02
  SPEAKER_01: And how does what does that look like?
• 17:04
  SPEAKER_01: Um, are there family vacations you can plan?
• 17:07
  SPEAKER_01: Because now you have this big check that was given to you because you sold your business.
• 17:12
  SPEAKER_01: Um, what is the plan for that?
• 17:14
  SPEAKER_01: Are you gonna do family vacations and have everybody fly in uh to uh rent an Airbnb for an experience or um buy a second home or whatever you want to be able to do?
• 17:27
  SPEAKER_01: These are things where you've got to know what your what your personal planning is before you can figure out the financial planning on the side.
• 17:34
  SPEAKER_01: So who are the people that are most meaningful to you in your life and how are you going to be around them more often?
• 17:39
  SPEAKER_01: So this entire uh full exercise is available to download at wtddownloads.com.
• 17:46
  SPEAKER_01: If you want to go there uh and and and get this uh exercise, uh it's free.
• 17:53
  SPEAKER_01: So go for it and uh take a look.
• 17:56
  SPEAKER_01: And if you have any other questions about um that, certainly just email me, Greg at FerrowWalt.com and uh or contact us on any of our socials, DMs, you name it.
• 18:07
  SPEAKER_01: Before I keep on going, uh I want to just station identification.
• 18:11
  SPEAKER_01: The show's broadcast here at WVLP 103.1 FM.
• 18:15
  SPEAKER_01: It's locally here in Valparaiso, Indiana.
• 18:17
  SPEAKER_01: We have uh uh office here in Valpo.
• 18:21
  SPEAKER_01: We also have an office in Tampa uh for a wealth management firm, Faro Wealth.
• 18:26
  SPEAKER_01: We also have another firm that's called Feral Wealth NIL that works with college athletes.
• 18:30
  SPEAKER_01: Uh, we can talk about that at another time.
• 18:32
  SPEAKER_01: We talk about it on a couple different pods that I've produced for sure.
• 18:36
  SPEAKER_01: But um that's us.
• 18:38
  SPEAKER_01: Uh you can find us at Feral Wealth on any of uh anywhere socially on the on any socials, and this will ultimately be broadcast on our uh YouTube channel as well as uh any other venues that we have, of course, um WVLP.
• 18:54
  SPEAKER_01: And I will also um blog this.
• 18:56
  SPEAKER_01: You can find our blog at faralwealth.com.
• 18:59
  SPEAKER_01: So let's get into purpose versus mission.
• 19:01
  SPEAKER_01: Um, this is really important because uh while it may take some time to discover your purpose and really think about um those four things that I mentioned spiritual things, experiences, and people.
• 19:13
  SPEAKER_01: But once you can articulate it, your purpose really shouldn't change.
• 19:17
  SPEAKER_01: Um Dr.
• 19:19
  SPEAKER_01: Fred Johnson, he's a founder of Initiative One, he describes a purpose as the space in life where you can make your greatest impact on others while experiencing the greatest joy with the least effort because it just comes naturally.
• 19:36
  SPEAKER_01: Um and that makes perfect sense to me.
• 19:39
  SPEAKER_01: I I don't know about you, but purpose, therefore, really is a broad concept that applies to many areas of stages of life.
• 19:47
  SPEAKER_01: And you work to understand your values, develop your gifts, and make intentional choices.
• 19:53
  SPEAKER_01: But your purpose is a lifelong static concept that you keep on adding to.
• 19:58
  SPEAKER_01: Now, your mission, on the other hand, is how you apply your purpose throughout life stages.
• 20:04
  SPEAKER_01: And this transcends the divisions between your work and your personal lives.
• 20:08
  SPEAKER_01: Now, your mission will change as you age, as the world evolves around you, as uh relationships shift, and as you pursue your personal plan in which in each of the seasons of your life, whatever those might be, but your mission's gonna change.
• 20:27
  SPEAKER_01: So why would you let me just talk about activities?
• 20:31
  SPEAKER_01: So, like, well, why would activities not be purpose?
• 20:34
  SPEAKER_01: So, like 42% of business owners surveyed in that national state of owner readiness report I mentioned before, say they plan to retire after they exit their business.
• 20:44
  SPEAKER_01: Now, when people envision retirement, and look, we walk people to the sunset all the time.
• 20:49
  SPEAKER_01: Um, so it is amazing the emotions and things that like that that go on with the approaching retirement, getting closer retirement.
• 20:58
  SPEAKER_01: And they really think of activities and hobbies that you enjoy in retirement.
• 21:02
  SPEAKER_01: So golfing, fishing, travel, spending time with spouses, grandchildren, I've got it all.
• 21:07
  SPEAKER_01: This is just sort of the Hollywood version of retirement that focuses on activities rather than purpose.
• 21:12
  SPEAKER_01: So that's really it's also a major reason why business owners regret their exit within a year, as stated earlier.
• 21:21
  SPEAKER_01: And so while it's true that retirement will afford an owner more time to engage in activities like this, uh, if they're not purpose-driven, they will quickly feel empty.
• 21:33
  SPEAKER_01: And we see it all the time.
• 21:35
  SPEAKER_01: I can only golf so much, I can only fish so much.
• 21:38
  SPEAKER_01: Great.
• 21:38
  SPEAKER_01: Now what?
• 21:39
  SPEAKER_01: So, how much time can you spend on a golf course without an injury?
• 21:43
  SPEAKER_01: Um, will spending time with loved ones bring joy if relationships really weren't solid before retirement?
• 21:49
  SPEAKER_01: Um, that could happen, you know.
• 21:52
  SPEAKER_01: Um you love to be able to spend time with the grandkids as long as they want to spend time with you.
• 21:57
  SPEAKER_01: If they don't like you or whatever.
• 22:00
  SPEAKER_01: Then how's that going to work?
• 22:01
  SPEAKER_01: So remember, purpose does not change.
• 22:03
  SPEAKER_01: The personal plan for the post-exit life must account for ways to implement one's purpose to find full and true fulfillment.
• 22:13
  SPEAKER_01: You've got to know what really keeps you moving.
• 22:16
  SPEAKER_01: You know, it's really, really important.
• 22:18
  SPEAKER_01: So the core elements of a personal plan, let's go over that and then uh ultimately you're going to run out of time.
• 22:23
  SPEAKER_01: But and we'll catch up uh with the next uh pod after this.
• 22:27
  SPEAKER_01: But the core elements of a personal plan are this personal plans share similarities with other types of business planning.
• 22:34
  SPEAKER_01: So you should be able to relate to this, Mr.
• 22:36
  SPEAKER_01: Business, Mr.
• 22:36
  SPEAKER_01: and Mrs.
• 22:37
  SPEAKER_01: Business or whomever this is, such as strategic plans and growth plans.
• 22:43
  SPEAKER_01: Um, every effective personal plan has several elements.
• 22:47
  SPEAKER_01: So let me knock out the elements that are inside a personal plan.
• 22:51
  SPEAKER_01: So, one, um, let's go with purpose.
• 22:54
  SPEAKER_01: All right, what unique impact do you make in the world or on the world that brings you joy, fulfillment uh on a on a daily basis?
• 23:02
  SPEAKER_01: So write it down.
• 23:03
  SPEAKER_01: Like what impact do you make on people or on the world and try to revise until it's really it's in two, it's a very short as two words.
• 23:13
  SPEAKER_01: So this could be simple enough for anyone to understand and the broad, really broad enough to kind of apply to any season of life.
• 23:21
  SPEAKER_01: And for some, it's elevating experiences.
• 23:24
  SPEAKER_01: For others, it's developing culture.
• 23:27
  SPEAKER_01: I've heard many different things in my career.
• 23:29
  SPEAKER_01: The best purpose statements really are active, constantly moving, growing, evolving.
• 23:36
  SPEAKER_01: So you make sure you focus on a verb to show action throughout your life.
• 23:40
  SPEAKER_01: So let me give you some examples here and talk about uh how you uh get more detailed on this.
• 23:47
  SPEAKER_01: So, as a mission, so your mission is really how do you apply your purpose in the current stage of your life?
• 23:54
  SPEAKER_01: So you've already answered yourself, what is your purpose?
• 23:57
  SPEAKER_01: Who is your purpose?
• 23:58
  SPEAKER_01: How do you apply your purpose to the current stage that you're in now?
• 24:01
  SPEAKER_01: So now remember, your identity is more than just your business.
• 24:04
  SPEAKER_01: Your purpose transcends the way in which you segment your life.
• 24:09
  SPEAKER_01: And therefore, your mission really should be the same as it is at 7 a.m.
• 24:14
  SPEAKER_01: as it is at 7 p.m.
• 24:15
  SPEAKER_01: in the day.
• 24:16
  SPEAKER_01: Mission doesn't change.
• 24:17
  SPEAKER_01: Now, values.
• 24:18
  SPEAKER_01: What about what core principles are really not negotiable and guide your decision making every single day?
• 24:24
  SPEAKER_01: What are your values and how do you want to implement those and and and pass those on?
• 24:29
  SPEAKER_01: All right.
• 24:29
  SPEAKER_01: Vision.
• 24:30
  SPEAKER_01: In 10 years, how will you have moved closer to your personal purpose in every arena?
• 24:37
  SPEAKER_01: You sold your business, you found your purpose, you see where you are.
• 24:41
  SPEAKER_01: We're now let's let's look forward for 10 years.
• 24:43
  SPEAKER_01: How are things, what do they look like?
• 24:45
  SPEAKER_01: What is your vision?
• 24:46
  SPEAKER_01: What is the next 10 years, five years, whatever it might be?
• 24:50
  SPEAKER_01: And how do you get there?
• 24:51
  SPEAKER_01: So the strategy.
• 24:52
  SPEAKER_01: So what is one major three year step you can take to move closer to realizing your vision uh today?
• 25:01
  SPEAKER_01: You're a business owner now, you own a business.
• 25:03
  SPEAKER_01: Okay, great.
• 25:03
  SPEAKER_01: What's your strategy?
• 25:04
  SPEAKER_01: Uh everyone understands what that means.
• 25:06
  SPEAKER_01: Everyone in the business world understands what strategy is.
• 25:09
  SPEAKER_01: What are we doing?
• 25:10
  SPEAKER_01: Well, what is one major three-year step that you can take to kind of move closer to seeing that vision?
• 25:17
  SPEAKER_01: Goals, those are easy.
• 25:19
  SPEAKER_01: What measurable progress can you achieve in a one-year goal towards your strategy?
• 25:25
  SPEAKER_01: So knock it down to one year.
• 25:26
  SPEAKER_01: So set your goals for that.
• 25:28
  SPEAKER_01: And then action.
• 25:29
  SPEAKER_01: What specific steps are necessary in the next 90 days to help you reach your one-year goal?
• 25:36
  SPEAKER_01: So if you see what I did there, it's 10 years and then it's down to one year, and then it's down to specific goals, and then it's 90 days.
• 25:44
  SPEAKER_01: Now, the 90 day is a 90-day sprint.
• 25:46
  SPEAKER_01: So I love these because uh it really does create action.
• 25:50
  SPEAKER_01: And whether you implement 90-day sprints into your personal life or whether you implement them into your professional life, uh both is my answer.
• 25:57
  SPEAKER_01: Um, 90 day sprints are make you accountable.
• 26:02
  SPEAKER_01: Um, you ultimately set a goal to improve something in the business at 90 days.
• 26:07
  SPEAKER_01: You pick three of them every 90 days, maybe four, but no more than that.
• 26:11
  SPEAKER_01: And basically those are the things you work on in 90 days.
• 26:14
  SPEAKER_01: And then at the end of 90 days, you ask yourself, are we growing?
• 26:18
  SPEAKER_01: Do we want to grow?
• 26:19
  SPEAKER_01: Do we want to continue to grow or do we want to sell?
• 26:22
  SPEAKER_01: Because you just added more value because of the 90 day sprints you just did.
• 26:25
  SPEAKER_01: And so did your team.
• 26:26
  SPEAKER_01: So I love 90 day sprints and the fact that they teach a very, very quick, succinct movement for three months.
• 26:33
  SPEAKER_01: Here we go.
• 26:34
  SPEAKER_01: At 45 days, you check in.
• 26:36
  SPEAKER_01: How are we doing on our 90-day sprints?
• 26:38
  SPEAKER_01: And basically you use those measurables uh as progress and you improve.
• 26:43
  SPEAKER_01: And then some companies stay in a 90-day sprint for 10, 15 years.
• 26:47
  SPEAKER_01: But you personally, what are you doing as far as your 90-day sprint?
• 26:51
  SPEAKER_01: What are you doing to improve your personal life, to improve your purpose, to improve your mission, your values, your strategy, your goals, your action in 90 days?
• 27:01
  SPEAKER_01: Okay.
• 27:02
  SPEAKER_01: So I hope that's helpful to really start thinking about what 90 day sprints are.
• 27:07
  SPEAKER_01: We're gonna circle back on that uh for sure uh in the in the next pod.
• 27:12
  SPEAKER_01: But today we talked about a lot.
• 27:13
  SPEAKER_01: We talked about obviously just rehashing the three-legged stool.
• 27:17
  SPEAKER_01: We talked about your strategy uh as far as your purpose versus your mission, your steps, your baby steps, spiritual things, experiences, and people.
• 27:26
  SPEAKER_01: And then we talked about uh these activities and and your purpose and really the core elements your mission, your values, your vision, your strategy, your goals, your actions.
• 27:35
  SPEAKER_01: 10 years, one year, 90-day sprints.
• 27:38
  SPEAKER_01: With those 90-day sprints, you get better every single day.
• 27:41
  SPEAKER_01: And we always talk in sports and in business, you've got to what do you do to be 1% better today?
• 27:48
  SPEAKER_01: And all of that adds up to amazing amounts of success and growth.
• 27:54
  SPEAKER_01: But those are all big picture ideas that ultimately get whittled down and you start working on one step at a time or these baby steps uh overall.
• 28:06
  SPEAKER_01: So the show's Money Matters for Greg.
• 28:08
  SPEAKER_01: I'm Greg Farrell, CEO and owner of Ferrell Wealth.
• 28:10
  SPEAKER_01: It's a wealth management firm here locally.
• 28:12
  SPEAKER_01: Thanks for uh listening to us here at 103.1 FM uh at WVLP here in Valparaiso, Indiana, and also anywhere you pod, uh, we're really really thankful to have you here.
• 28:24
  SPEAKER_01: Thanks for being here and listening in.
• 28:26
  SPEAKER_01: And if you have any questions or anything else you want to be able to uh uh have me go over, uh again, we're working on this business owner's exit um plan and things for business owners specifically.
• 28:39
  SPEAKER_01: Um but uh if you have anything, any topics or whatnot, just email me, Greg at feralwalt.com.
• 28:45
  SPEAKER_01: I'd love to hear from you.
• 28:46
  SPEAKER_01: Thanks for being here.
• 28:47
  SPEAKER_01: Have a wonderful, healthy, and profitable week.
• 28:50
  SPEAKER_01: See ya.
• 28:53
  SPEAKER_00: Thanks for tuning in to Money Matters with Greg.
• 28:56
  SPEAKER_00: We hope you gained some valuable insights today.
• 28:58
  SPEAKER_00: Remember, your financial journey is personal, but you don't have to go it alone.
• 29:03
  SPEAKER_00: If you enjoyed the show, be sure to subscribe and share.
• 29:06
  SPEAKER_00: Until next time, here's to making your money work for you.
• 29:10
  SPEAKER_00: Securities and investment advisory services offered through LPL Financial, a registered investment advisor, member FINRA SIPCU.