Latest / The Inspired Stories Podcast / Changing the Way You Think: Brian Wygle’s 40-Year Philosophy for Turning Companies Around
Transcript
- 0:04Welcome to another edition of the Inspired Stories podcast,
- 0:08where leaders share their experiences so we can learn from
- 0:11their successes and be inspired by how they've overcome
- 0:14adversity. As you listen today, let one
- 0:17idea shape what you do next. My name is Anthony Kotos Bodi,
- 0:21and today's guest walked into a struggling oil and gas company,
- 0:25bought it, turned it around and walked out with a return.
- 0:29Then he did it again and again for 40 years across different
- 0:34industries. Each engagement begins with
- 0:36something that needs fixing. He has guided businesses through
- 0:40distress, helped owners exit on their own terms and stepped into
- 0:44the CEO chair when no one else would.
- 0:47The work is rarely clean, and the stakes are almost always
- 0:51high. Brian Weigel is the owner and
- 0:54corporate fixer at Help for My Company, the consultancy he
- 0:58built out of Lazarus Resources Group.
- 1:01He has served as CEO and CFO across companies ranging from 10
- 1:06million to $150 million in revenue.
- 1:10He lectured on ethical leadership at USC and now
- 1:13focuses on working directly with clients through Help for
- 1:16mycompany.com, choosing a smaller, intentional team so he
- 1:21could spend more time advising business owners.
- 1:25But before we get into all that good stuff, today's episode is
- 1:28brought to you by my company, Add Back Benefits Agency.
- 1:31Listen, if you run a business, you're likely stuck in the cycle
- 1:34of rising insurance premiums. You're paying more, but your
- 1:37team is getting less, and many people can't afford coverage at
- 1:41all. So we do things differently.
- 1:43We offer a solution that provides your employees with
- 1:46unlimited access to doctors, therapists, and prescriptions
- 1:50that's always free for them to use.
- 1:52Here's the part that surprises most people.
- 1:55Unlike every other employee benefit out there, our program
- 1:58puts more money into your company's bank account.
- 2:02As an example, we recently helped a client increase net
- 2:05profits by $900 per employee per year.
- 2:09Results vary, but gains like that can change how a business
- 2:12is valued. And the consultation is free.
- 2:15Imagine being the advisor that delivers over the top value by
- 2:19introducing this to your clients.
- 2:21See if they qualify today at AD back benefits.com.
- 2:24All right, back to our guest today, Brian Weigel.
- 2:27Thanks for making the time to Share your story today.
- 2:30Thanks for inviting me, it's going to be fun.
- 2:32This is going to be a good time. Let's roll up our sleeves here.
- 2:35So you've described yourself as someone who fixes things rather
- 2:39than starts them. Take me back to the earliest
- 2:42point in your career where you realize that was more of your
- 2:45true skill and instincts. OK, well, it, it goes back long
- 2:52before I actually, before I actually took it on as a career.
- 2:58I started out, I, I was young, I was probably 21 years old.
- 3:03I'd gotten a real estate license and was working in a real estate
- 3:07office just getting started, and I would eat at a restaurant
- 3:12across the street fairly regularly.
- 3:15And one day I said something to the manager about poor service.
- 3:22And he threw his apron on on the table and said if you think you
- 3:26can do this better, you do it. And I didn't realize at the time
- 3:30he had been feuding with the owner and he wanted out.
- 3:32The owner didn't know where to turn.
- 3:35So I ended up running the restaurant.
- 3:37I had no experience in restaurants, but I ran the
- 3:40restaurant for about 9 months before he, you know, in order
- 3:43for him to sell it off to, to an owner or operator.
- 3:47And that stuck with me. And then from real estate, I
- 3:52realized I didn't enjoy selling houses.
- 3:54I, I had more business mind in, in more of a business mind than
- 4:00holding open houses and things like that.
- 4:02So I, I, I joined the, the finance department at the real
- 4:10estate organization. And then when my boss left there
- 4:15and went to a, a banking institution, I went with him and
- 4:19I kept seeing the people were businesses were getting turned
- 4:22down for loans. I'd bring in a loan for a
- 4:25business and they got turned down.
- 4:27So I started wondering, was it me?
- 4:29What was I doing wrong? What are they doing wrong?
- 4:34So I started looking at the loan business from the view of the
- 4:40lender, not from the borrower. And I started helping a couple
- 4:44of the clients fix what the lender would see as an issue.
- 4:49Didn't tell your story, right? Didn't didn't have the systems
- 4:54in place to guarantee success, that type of thing.
- 4:57And eventually it just I just left the finance side of it and
- 5:02started working with clients to resolve their problems.
- 5:05Also, in that time I found that money is not always the answer
- 5:08to your problems. So can I pause you here for a
- 5:12second because I want to understand what were some of the
- 5:14things that you were seeing once you put yourself in the lender's
- 5:17shoes that the borrower was not understanding, where you were
- 5:23able to make that bridge and connect them?
- 5:26The number one thing was the the borrower's assumptions about
- 5:31their business. You know, financial projections
- 5:36and things like that really are only as good as the assumptions
- 5:40you make that you base them on. So that was 1 issue.
- 5:45The assumptions #2 was the not having an appropriate plan for a
- 5:53business structure to support the business.
- 5:55You have a great product. We understand that.
- 5:58We love your product, but we're not buying your product.
- 6:00We're lending you money to sell your product and you don't have
- 6:04a plan for the infrastructure and how that's going to happen.
- 6:09You haven't thought through some of the the problems.
- 6:12You haven't. We don't see how we're going to
- 6:14get paid back from from this if something doesn't go well.
- 6:19So it really begins and and it's still the same today.
- 6:23What are your assumptions? And I'm real big on changing the
- 6:27way people think. And so let's go back through
- 6:30your assumptions. Let's make sure that that they
- 6:33are in line with as close as possible to reality.
- 6:38What's really going to happen? Do you have contingency plans?
- 6:42And then, you know, I started getting a couple of clients that
- 6:47were really actually in trouble and they thought they could just
- 6:49go borrow their way out of trouble, but they weren't
- 6:51addressing the issue. They had no plan how to fix it.
- 6:55And so we would work together to to create a plan of here's how
- 7:00we're going to fix it. And then if you did need money,
- 7:02here's why this is going to work and why the money what what the
- 7:06money really does towards making this work as opposed to just
- 7:11giving you more money. And so you are making the point
- 7:13that you've discovered, yeah, often times money isn't the
- 7:16actual solution to the problem. And so you're going in and what
- 7:20you're looking at more like operational things?
- 7:23Yeah, it it, it's kind of a, a multi faceted thing.
- 7:28You, you have the financial aspect of a business and that's
- 7:31what everybody seems to focus on restructuring financially or
- 7:34whatever. A lot of times you, you have
- 7:38either external forces, a a crisis in your industry,
- 7:42economic downturn, something that that is forced on you.
- 7:48But most of the time it's how the business thinks, how they,
- 7:53you know, are the employees bought in?
- 7:55Have you, you know, I start first with can you make money
- 8:00making and selling your product or your service?
- 8:04If you can't make money doing that, you can cut all the
- 8:07administrative overhead you want, but you're not going to
- 8:10make money because you know your cost of goods are too high.
- 8:14So we look at that and we just start at the top of the income
- 8:17statement and work our ways down.
- 8:19And I look at what causes this. You can tell a lot about
- 8:25someone's decision making by reading their financial
- 8:27statement, what they are investing in, what they choose
- 8:32to overspend on. And so it really becomes an
- 8:35issue of trying to get the client to look at their business
- 8:40differently than they have. They're they're in the middle of
- 8:44it, they're in the thick of it. When, when a crisis happens or a
- 8:47problem happens, is it internally generated or is it
- 8:51external forces that we need to find a workaround?
- 8:55But at the end of the day, it's all about I, I have a favorite
- 8:59quote from Einstein. He says you cannot fix a problem
- 9:03using the same thinking you used to create the problem.
- 9:07So how do you get a client to think differently about their
- 9:11business, especially when they're in crisis mode?
- 9:14Well, I'm a little odd in that I use stories, I use word
- 9:19pictures, I use humor. I, I, I kind of jokingly, you
- 9:26know, in the, in the business world, they talk about, you
- 9:29know, management by wandering around.
- 9:31Wandering around, I say management by wondering aloud,
- 9:36asking philosophical questions. You know, I go deeply into the
- 9:42difference between what people and why people, what people do.
- 9:46You know, you tell them what to do and they do it.
- 9:48Why people? You tell them why you're doing
- 9:49it and then probably find a better way to do it.
- 9:52I find that most managers are not good at converting what
- 9:56people to why people they need to understand the whole
- 9:59philosophy behind why we're doing whatever we're doing so
- 10:04that they can then encourage their employees or other team
- 10:07members to to come up with their own creative ways.
- 10:13And so my methodology is really challenging to them, you know,
- 10:20challenge them to to think differently.
- 10:22Playing devil's advocate, wondering out loud, can this
- 10:26what it, what if you did this? Can this work and allow them to
- 10:31find ownership of that, that thing that fits for them?
- 10:35And then when the light bulb goes on and they go, oh, I never
- 10:38thought of that. Let's give that a try.
- 10:42And then creating a way to, to implement that and get buy in
- 10:46from all the stakeholders. So that that's kind of where I
- 10:50come in. And like I said earlier, I tell
- 10:54stories, I give examples of other clients or things that
- 10:59I've seen and, and I ask a lot of questions and, and, and I, I
- 11:06do a lot of business philosophy, if you will, you know, why do
- 11:11you think this is important to you?
- 11:13But what's this going to do for you personally, not just for the
- 11:17business and try and meld all that together into a plan that
- 11:21says, OK, we're going to, we're going to roll this all into a
- 11:24ball and we're going to start over and we're going to do this
- 11:27differently. Rather than trying to bolt on a
- 11:30fix on to something that's still moving.
- 11:32It's I, I say it's like trying to move, change a tire on a
- 11:36moving car. You know, it's, you got to get
- 11:41everybody to lean to one side, you know, if you're going to try
- 11:43it, but eventually you have to stop the car, you have to get
- 11:47out and fix the tire and so. So you're a storyteller.
- 11:53So let's let's go to one of those stories that we brought up
- 11:55in the intro, Max Oil, OK, we bought this company.
- 12:00It's the oil gas industry. You restructured it.
- 12:03You exited with a return. Take us back to kind of the
- 12:08early days there. How did this opportunity come
- 12:10about? What did you see that made you
- 12:12decide this was something you wanted to get involved with?
- 12:15Well, OK, so I had a small office in Glendale, CA, where I
- 12:22was living at the time. And it was one of those shared
- 12:25offices, you know, where people have their own office where we
- 12:29all share a receptionist and all that.
- 12:31And there was a small oil company that in there.
- 12:36And I got to be friends with the owners.
- 12:37And they were, they were older, all three of them were reaching
- 12:40retirement age and all three of them had other interests.
- 12:44And they would express frustration about this money
- 12:47losing operation. And I just saw some things that
- 12:54they wouldn't look at. I said, well, how about this?
- 12:57Oh, no, we can't do that. And I was thinking, well, I
- 12:59could, you know, and I wouldn't have any problem doing this.
- 13:04The company was a subsidiary of a small publicly traded company.
- 13:09And the publicly traded company was trying to do a reverse
- 13:12merger with another company and go into a different industry.
- 13:16They and the public company actually went went into laser
- 13:20eye surgery centers. So they merged with a company
- 13:22and used that as a way to go public.
- 13:26They divested themselves of this little oil company in California
- 13:31and basically gave the stock to the three owners.
- 13:35The business business was in the business of managing oil wells.
- 13:424 investors that you know, they'd put pools together.
- 13:46The investors were no longer putting money into the oil
- 13:48business or into their wells. They, they were just waiting for
- 13:52a return. They were behind on their
- 13:55royalty payments to the land owners or the mineral rights
- 13:59owners. But I saw some real
- 14:01opportunities that got me excited about it.
- 14:05And so I just one day said to all three of them, you know,
- 14:09what is the par value of your stock?
- 14:11And they said it's $100 each. And I said, OK, I'll give you
- 14:15$100 each cash. You give me your stock, I'll you
- 14:18can just walk away from all the liabilities.
- 14:20And so they did. And I knew I was going to have
- 14:22to put about 180,000 of my own money in to do some work on some
- 14:26of the wells. I knew that the guys who
- 14:29actually operated the wells up in Bakersfield were they knew
- 14:32their stuff and I didn't have to know that.
- 14:37And so I said about one of the things that that excited me was
- 14:42the balance sheet was all wrong. They had, they showed a
- 14:48liability of owing to the parent company $800,000.
- 14:52But I knew that the parent company from kind of getting
- 14:55involved in the, the public merger that they had written off
- 15:00that $800,000 loan in order to clean up their books.
- 15:04So I knew I was immediately going to have an $800,000
- 15:07improvement to the bottom line. And so I, you know, I, I changed
- 15:12that. The other thing that excited me
- 15:14was they had a two and a half million dollar tax loss carry
- 15:16forward. It was AC Corporation and I knew
- 15:19I could use that vehicle of the tax loss carry forward number
- 15:24one to write off the the 800,000 and not have a a taxable event
- 15:30but also. So explain this for folks who
- 15:32don't understand the tax implications here, because this
- 15:35is a big deal. So a tax loss carry forward or
- 15:37carry back is, is a calculation. If you've been, if you're AC
- 15:41corporation and you've been losing money for, you know, a
- 15:45couple of years, when you do make money, you can take your
- 15:49losses and apply it forward to under a certain formula towards
- 15:54gains or you can go look back and recapture some taxes you
- 15:59paid. I'm not an accountant, but I
- 16:02understand enough of it to know that it's a usable vehicle.
- 16:05I see it a lot of times it's a value in a business that a lot
- 16:09of people don't, don't recognize.
- 16:13So. You were able to acquire this
- 16:16ability to write off future profits by buying the stock at
- 16:21par value. Right and.
- 16:22Assuming apply it to. Yeah, assuming about $800,000
- 16:26debt. The other thing I know I knew
- 16:29was that these investors who were refusing to invest in the
- 16:32wells in their contracts, there was a right for the owner, for
- 16:39Maxwell to pay that amount, you know, on, on their behalf and
- 16:45then seize their interest. So I wrote letters to all the
- 16:49interest holders and said we need to raise $180,000 if you
- 16:54want to put the money in, you know, you could stay in with me.
- 16:57If you don't, let me know and we'll do a voluntary surrender
- 17:01of your interest. Well, I ended up getting 100% of
- 17:04the interest. So all the income was now coming
- 17:07to me rather than passing through and taking just a
- 17:10management fee. All the income from the oil was
- 17:15coming to into the company. I also had learned through my
- 17:20own study that the oil wells were in a growing residential
- 17:25area and developers were developing around them and in
- 17:29order to get them to abandon some wells, they had given them
- 17:33lots in their developments which were buildable lots.
- 17:37So I ended up with about 1/2 a dozen buildable lots in
- 17:41developments that were already built out and this was the only
- 17:43lot left. So I was able to sell those lots
- 17:47to other developer, other builders and use that money to
- 17:54improve the oil wells. And again, with no taxable
- 17:59income because I was writing it off against the tax laws carry
- 18:01forward. And then when, you know, and so
- 18:06we did that and you know, did that for about 5 years and at
- 18:10the end of five years, price for oil was high enough that it
- 18:14justified selling. And so I sold it to another oil
- 18:17company and made a tiny little profit.
- 18:20It didn't seem like a huge profit, but if you think about,
- 18:23you know, collecting almost 40,000 a month for, you know,
- 18:27five years, selling the lots, you know, having the tax loss
- 18:32carry forward. I sold the assets of the
- 18:34business, did not sell the corporation.
- 18:36I kept the corporation which I could write off the sale of the
- 18:41assets and when I'd used up the tax laws carry forward out just
- 18:45simply dissolve the the corporation.
- 18:49That sounds a lot like a lot of moving parching, but it was
- 18:51actually fairly straightforward. And I saw that from the very
- 18:54beginning. And I, I wanted them to do it,
- 18:56but they, they were just tired and they didn't.
- 18:59Did you try to explain it to them and they were like Nah?
- 19:02They they all wanted to go. One wanted to retire completely
- 19:05wanted wanted to go into a different business.
- 19:07And the third person who was a lady, ended up working for me
- 19:11for a couple of years before she retired.
- 19:15So I gave her a nice bonus for sticking with me and helping me
- 19:17through the business. She already knew all the
- 19:19accounting and all of that. And it wasn't a big business.
- 19:22There weren't a ton of employees.
- 19:24There were a couple of guys up in the field.
- 19:26But it was a good money maker for the time it was.
- 19:28And when it was time to get out, it was time to get out and, you
- 19:33know, go on to the next thing. So that's the story of Maxwell.
- 19:37And so was the next thing, Lazarus Resources Group.
- 19:41Yes, I actually turned renamed the Maxwell Corporation Lazarus
- 19:46Resources Group. OK, bringing it back from the
- 19:49dead analogy. But then I dissolved it and then
- 19:54I formed Lazarus Resources LLC because I wanted a little bit
- 19:57more flexibility and not deal with corporate returns.
- 20:01And I just started doing more clients.
- 20:05I'd already been doing it. I'd already been CEO of several
- 20:09fairly large companies. And so Lazarus Resources became
- 20:17an investment banking. Model and I went and got all my
- 20:23securities licenses and and set up shop to basically help people
- 20:28fix their company to sell it. The idea was, you know, it's
- 20:34very difficult to fix a company and then hand it back to the
- 20:37owners if they haven't changed their mindset.
- 20:39So we would fix it up and then I would represent them in the cell
- 20:42or I'd represent a buyer looking to do it.
- 20:45But it was very hands on and I would take on deals that other
- 20:48investment bankers didn't want to deal with because they were
- 20:50messy. They weren't an easy sell, kind
- 20:54of like buying a fixer upper house, you know, and and having
- 20:57to fix it up to sell it, knowing how much to put into it until
- 21:01it's you're there's no. Most other brokers want to walk
- 21:03into a situation where the business is ready to sell, They
- 21:07can get their transaction fee and move on to the next one.
- 21:10You like getting your hands dirty?
- 21:12You want to go when you like to fix or operate like, oh, I got
- 21:15some ideas here. Yeah, yeah.
- 21:19So then that morphed. I just, I got tired of the whole
- 21:23securities industry side, you know, all the regulation of
- 21:25having to maintain my licenses and all of that.
- 21:28And, and I found that some of my best sources of referrals and
- 21:35friends were investment bankers, brokers and I didn't want to
- 21:40take that away from them. I enjoyed the hands on part.
- 21:42So I got out of the, you know, buying and selling side,
- 21:47transactional side and would refer that to somebody else.
- 21:52And that allowed me to get referrals from another source,
- 21:56which is investment bankers who would say, hey, we need to get
- 21:59this company ready to sell. And I'm more than happy to roll
- 22:03up my hands and do the the work of helping the the owner prepare
- 22:08his company for sale so that the investment banker can then step
- 22:12in and sell the company, you know, more successfully so.
- 22:17And in your type of work, is there a success fee attached to
- 22:21that exit or is it strictly like a consulting fee?
- 22:24No, you know, I've, I've gotten a tip a few times for good
- 22:29service. No, I don't do anything on a
- 22:32contingent basis because then I would have to have licenses
- 22:35still and all of that. You, you really can't do that.
- 22:39But a lot of times we'll have a simple thing that says this is
- 22:42my hourly fee or my weekly fee or whatever we've negotiated.
- 22:47And if you successfully sell the business, you're going to pay me
- 22:50a flat bonus of X dollars. And it's a fixed rate.
- 22:54No matter what you sell your business for, It's not a
- 22:57percentage or whatever. But sometimes that's not really
- 23:01appropriate. I'm not involved in the
- 23:03transaction. I just did a sale where I had to
- 23:06help the company get ready, but I had to walk them through the
- 23:09whole I didn't find them. The buyer, the buyer found them,
- 23:12made an offer, but I walked them all the way through closing,
- 23:15dealt with the attorneys, dealt with everything that came up,
- 23:19help them through the due diligence and all of that.
- 23:21So yes, on that one, you know, while they were paying me, my
- 23:25retainer, my fee for consulting, they did pay a bonus after the
- 23:29sale and that was pre negotiated.
- 23:33So, you know, on that side. I, I still do that, but with
- 23:39help from my company, I'm moving more towards coaching, advising
- 23:44and in helping people kind of take a more do it yourself
- 23:48approach to things and, you know, guiding them, shepherding
- 23:52them through that process rather than saying get out of the way,
- 23:55let me do this. Got it.
- 23:57In the past you were a lot more hands on.
- 24:00Now you're moving into a little bit of a different model of a
- 24:03different mindset. Yeah, either.
- 24:07I mean, I've been CEO of $150 million company and I commuted
- 24:12it was back east and I commuted 2 weeks on one week off, 2 weeks
- 24:15on one week off while I was my wife was trying to raise two
- 24:19young boys. And and so I with new technology
- 24:25and being able to do what we're doing right here.
- 24:27I don't have to get on a plane and I don't have to fly to
- 24:31Chicago to meet with a client where I'm billing them for the
- 24:35flight time, the airline, the hotels.
- 24:38It's probably going to be two days to accomplish what we could
- 24:40do in two and in an hour, a day of actual time.
- 24:44So I can pass that savings on to the client, which means smaller
- 24:47clients can afford my expertise, I don't have to charge as much
- 24:52and and I'm not wasting my time with all the travel and all
- 24:56that. Yes, there are times when I need
- 24:58to be there, but for the most part, what has been successful
- 25:02is having clients book an hour, you know, an hour a week, hour a
- 25:07day. I have one client, I do 2A
- 25:09morning session and afternoon session almost every day.
- 25:13You know, what are we doing today?
- 25:14How did we do at the end of the day?
- 25:16That's still a lot cheaper for them than having me be there all
- 25:20day. And I want to be able to help
- 25:24more clients at one time. I'm curious if shifting into
- 25:30this model has been a challenge at all, or if it's been pretty
- 25:34smooth for you to make that transition.
- 25:38It has been a challenge #1 having to learn technology and
- 25:45#2 your referral source. The you know, my business has
- 25:49always come from attorneys, bankers, insurance companies,
- 25:53other investment bankers. When you go to what I'm trying
- 25:58to accomplish, you, you have to find new sources of lead feed,
- 26:05if you will. It's I always hate talking about
- 26:08the messy part of trying to client acquisition.
- 26:10You know, you like to think it's just going to, you know,
- 26:13somebody just says, hey, call Brian and then you, you know,
- 26:16everything's wonderful. But yes, you have to go through
- 26:19that. COVID changed a lot of things in
- 26:23terms of networking opportunities.
- 26:26It drove me a little bit more to think about online.
- 26:31And so finding new clients is more of a challenge.
- 26:36It's easier to find one big client and be with them for a
- 26:40period of time than it is to find clients that may be a
- 26:44little bit more in and out. And as, as all of us are getting
- 26:50older, a lot of my referral source, the attorneys, the
- 26:53bankers, if they're my age, they're retiring.
- 26:57You know, they've worked for a big firm, they get a nice
- 27:00pension and they, they say, hey, I'm out.
- 27:02And the new generation of attorneys, bankers and all of
- 27:06that, the way to, to reach to them is different than the old
- 27:12days where you knew an attorney and you played golf with him and
- 27:15you, you know, spent a lot of time with him and you went to
- 27:18the same organizational meetings.
- 27:21Now everything's online, you know, I've been hit up with a
- 27:26lot of offers to help with, you know, AI lead generation.
- 27:30And I'm, I'm studying that, but I'm at this point slightly
- 27:34agnostic about its success rate because what I do is not a
- 27:38cookie cutter. I'm not an IT consultant.
- 27:41I'm not a, you know, I'm not a, a tax consultant.
- 27:44I, I, I, I'm kind of a more broad range.
- 27:46So how do you put that into AI and have them find the
- 27:49appropriate lead content generation staying relevant.
- 27:55Used to be you stayed relevant with calling up someone or
- 27:59sending them an e-mail. Now you've, you're not on
- 28:02LinkedIn, you're not on Instagram, you know, you, you're
- 28:05not doing putting content up on my website.
- 28:09My, my SEO guy is on me all the time about stopping and writing
- 28:12an article, you know, to post on my website to keep it relevant.
- 28:16Those are the challenges. The challenge is not helping the
- 28:20client. That's as has is the same as it
- 28:23always has been, but it's a new model for me and it's
- 28:26challenging my way of thinking. As I said, I taught, I try to
- 28:31teach people to think differently.
- 28:32I'm having to teach myself to think differently.
- 28:36You know, I'm not. I don't mind saying it.
- 28:39You know, I'm in my 60s. When I worked in that first real
- 28:43estate company, we got one of the very first fax machines and
- 28:48it was about as big as your desk and it had thermal paper.
- 28:52And we were excited when the phone rang and we heard that
- 28:54beep and we had to put it down on the on the sheet machine.
- 28:57That's where I started. That was the technology and look
- 29:01what we have now. So that is a big challenge for
- 29:04me to stay up with it, to understand it, to know how to
- 29:09help my clients with it. Now, do you think that it's
- 29:12really changed in so much that you couldn't do the old things
- 29:18of playing golf and going to the organizational meetings or
- 29:21making phone calls? Or are they other people just
- 29:24not receptive? To that, well, I do that to some
- 29:27degree with some of the, you know, some of the people you got
- 29:30to get to know the people first. You know, so my marketing is, is
- 29:34often not to potential clients, it's to potential referral
- 29:39sources. It that is it, it's fine, but
- 29:45it's time consuming. If I'm out playing a round of
- 29:48golf with a couple of attorneys, that's not billable time.
- 29:53And while it it and so that's a longer play then the instant
- 30:02kind of the instantaneous response rates you get on the
- 30:06Internet. You know, I post something and
- 30:08I'm immediately checking every hour to see if any it's getting
- 30:11any traction, you know? It's are you finding that your
- 30:14online work is getting traction? It is getting it's getting
- 30:20noticed. You know, posted something on
- 30:23LinkedIn the other day and within a day I had a hundred
- 30:27impressions, no interaction. But I don't expect it to.
- 30:32I don't expect someone to look read an article I wrote or
- 30:35something ago. OK, that's it.
- 30:36I'm hiring the guy. But if they see if they come
- 30:40back and they see a trend that hey, I like what this guy is
- 30:44saying, then maybe when the situation comes up, they will
- 30:49know, hey, I should call this guy.
- 30:52That's why I named my website help for my company.
- 30:55It's pretty self-explanatory. So you have talked about the
- 31:00five stages of a company's life cycle, right?
- 31:02Startup and growth, stability, distress and exit.
- 31:05So typically when somebody does come to you, Brian, what stage
- 31:09are they in? They are.
- 31:12In some form of distress or disorganization or they are
- 31:19looking to exit. Those are the 2.
- 31:22So I tend to get more of the end stage then I do startups and
- 31:27growth and stability. But I, I want to be able to help
- 31:31those kinds of people. You have a stable company and
- 31:34your vice president is, you know, you want to groom him to,
- 31:37to move up the ladder. What better way to groom them to
- 31:42talk to than talk to an old hand who's been there, who's done it,
- 31:45who has some quote, UN quote sage advice, if you will.
- 31:50And, and I'm not really done a ton with startups.
- 31:54I did early in my career, But one of the big problems with
- 31:56startups, quite frankly, is they don't have the money to pay you.
- 31:59Although I did help a startup recently and I got paid in stock
- 32:06and last month the company went public.
- 32:10So that was a win. But and, and now that I'm older
- 32:16and more financially stable, I could do those kinds of things
- 32:19because I'm not having to make, I'm not having to feed my kids.
- 32:22You know, my kids are grown and gone and I have grandkids now
- 32:25they can feed themselves. So, but that answer your
- 32:30question, I, I kind of got off track is usually the time
- 32:34somebody calls me is when they need help.
- 32:37And that usually means some form of distress.
- 32:41It may not be financial distress.
- 32:44I had a client that called me in several years ago there.
- 32:48They went into their attorney. It was a family business and
- 32:51they couldn't get along. They were just destroying the
- 32:53business by destroying each other, you know, and what they
- 32:56were doing. And so they went to their
- 32:58attorney and said maybe we should just shut this down.
- 33:01Their attorney was one of those ones who said I'm not going to
- 33:04help you do that until you've talked to Brian.
- 33:07They became a client and I said to them, the best way I can help
- 33:11you as a family is remove the business from your day-to-day
- 33:17concern. And so we took it over and I ran
- 33:20it on their behalf until they were in a place where they
- 33:24wanted to come back and allowed them to resolve some of their
- 33:28differences. One of them retired said, you
- 33:31know, I, I, I'm just going to own my stock and I don't really
- 33:33want to be involved anymore. So I helped them through that.
- 33:38Right in the middle of that, the sister of these three
- 33:41businessmen who was running the business died of cancer.
- 33:46So I had to then take her role and find somebody to replace it
- 33:50and keep the the wheels rolling. So, but, but their business was
- 33:55was doing OK. So it wasn't financial crisis
- 33:59from that standpoint. Financial crisis because one of
- 34:03the problems is when you have that many owners trying to make
- 34:05a living off of a business, you know, you're usually taking out
- 34:08more from the business than you should.
- 34:11And that was one of the hardest things for me to get them to see
- 34:14was you have a choice. You can build value in the
- 34:16business so that you guys can sell it and, you know, make
- 34:20money, or you can continue to live out of the business, in
- 34:23which case you're going to have to grow this business because
- 34:25there's not enough in the pot for the all of you and your kids
- 34:29and everything else you're doing.
- 34:31How often do you find yourself kind of stepping into this role
- 34:34of being a therapist? Every client, I mean that's I
- 34:40actually have the therapist so I can talk about the therapy I
- 34:43have to do and we talk about it quite often that at at some
- 34:49point it is all basically being a therapist.
- 34:53It is basically hearing hopes, dreams, aspirations, fears,
- 34:57ideas, stupid thoughts, wrong headed plans and, and guiding
- 35:05them to see the light, see a different way of doing it.
- 35:08So really, I don't care if it's, you know, trying to restructure
- 35:13the balance sheet or whether it's trying to restructure the
- 35:17business operationally, it still comes down to, OK, we need to
- 35:22change the way you think, you know, because you, you, you
- 35:27know, Alcoholics Anonymous has a saying.
- 35:30My best thing, my best, and I quite frankly had a son who had
- 35:35an issue. And so he taught me this.
- 35:37My best thinking got me where, And that's the question they
- 35:41asked. So you need to change your
- 35:43thinking. And so I kind of take that
- 35:45approach is if, you know, we need to look at this differently
- 35:50and it doesn't matter what the issue is, what the problem is,
- 35:53you've obviously stared at it long enough to realize you need
- 35:56some outside help to do this. So let's walk through it.
- 36:00What have you done that didn't work?
- 36:03When this happens, what is your default thinking?
- 36:06Those kinds of things that helps me plan a more holistic plan of
- 36:11how we're going to address things.
- 36:13And, and I don't do it just with the owners.
- 36:15I do it with the key employees as well because the owner may
- 36:19change his thinking. The employees aren't so much
- 36:22they don't have, they're not invested or they've been told
- 36:26for so long to do it a certain way that they just, they don't
- 36:30see the light. So I love that aha moment when
- 36:34you know, I see an employee or an owner or something.
- 36:37Suddenly you almost can see the the switch flip when they start
- 36:42looking at it a little differently.
- 36:44And all of a sudden they become a little more creative in in
- 36:48their problem solving and teaching them to think
- 36:52critically about the choices they're about to make rather
- 36:55than knee jerk reactions or trying to just continue to do
- 36:59the exact same thing and hope it changes how it's how it comes
- 37:03out. Is there some common low hanging
- 37:07fruit, Brian, that you typically see when you go in to help
- 37:10companies turn things around? Yes, there are.
- 37:17There are a couple things that are basically easily
- 37:20identifiable and and you want to have a win quickly when you come
- 37:24in to something so that it builds the confidence with the
- 37:27client that, you know, yeah, OK, we're not just going to talk
- 37:30about it. We're going to fix something
- 37:31right now. Those are often poor
- 37:36relationships with vendors or customers, poor relationships,
- 37:41you know, employee morale and, and then the next one is they've
- 37:49usually gotten in trouble with lenders or, you know, out on
- 37:55their credit cards or something. There's almost always financial
- 37:59distress is a symptom of what's going on.
- 38:02And so if you can at least stem the flow of the symptom, then
- 38:05get back to addressing the, the, the root of the problem.
- 38:09So those are, that's kind of the low hanging fruit that every
- 38:12company will show something low employee morale, poor customer
- 38:18relations, losing customers, you know, tension with vendors or
- 38:24other stakeholders, defaults on their loans.
- 38:28And it may not even be at a payment default.
- 38:30It may be a default in covenants that they will or will not do
- 38:35certain things and they've defaulted on that.
- 38:37That can be just as deadly as a financial covenant, you know,
- 38:42payment. Explain that what's what's a
- 38:45covenant that breaking it could be as deadly as missing a
- 38:48payment. OK.
- 38:51So if you have a, there's, there's what they call positive
- 38:55and negative covenants. If you have a negative covenant,
- 38:59it says we will not do the following things.
- 39:04We will not take more than 5% of revenue as personal income.
- 39:11We will not will not borrow money from another institution.
- 39:20Positive covenant might be and this is one that people get hit
- 39:23with all the time that your your assets to liabilities ratio
- 39:30cannot slip below 1.5. Financial reporting requirements
- 39:37must provide, you know, quarterly financial reports to
- 39:40the lender. Maybe you didn't make any
- 39:43payment mistakes. You know, you didn't miss any
- 39:45payments, but you didn't file those reports with them.
- 39:48That that has the same rights to foreclose if you will, or to to
- 39:55discontinue lending as missing a payment.
- 39:59And it frankly, missing a payment is easier to fix.
- 40:03You call them up and you say, hey, we're a little behind.
- 40:06Can we stretch these payments out and work something out on a
- 40:08modification? If you don't have your
- 40:11financials together, that's going to be a little longer term
- 40:15trying to put them together. Maybe you don't have an account.
- 40:19Maybe, you know, lack of financial information is often a
- 40:23big problem in companies. They fly by the seat of their
- 40:26pants. They send everything off to the
- 40:27accountant at the end of the year, but they're not really
- 40:29looking at anything during the year or they're hyper focused on
- 40:33one issue over another. My accounts receivable or, you
- 40:38know, top line sales growth or whatever, and they don't have a
- 40:43holistic understanding and, and, and then that usually means the
- 40:46information is not available in a readable sense.
- 40:50Then that means I can't get it to the lenders if I have a
- 40:53lender issue. But you know, like I said, those
- 40:58are symptoms. Those are easy to, to kind of
- 41:00grab and say, OK, let's fix this.
- 41:02Let's get on the phone with the lender or let's get on the phone
- 41:05with the vendor and work something out.
- 41:09That's the easy part. People think it's hard because
- 41:11they don't want to call their vendor and say I'm struggling.
- 41:14It's not my company, I don't have a problem doing that.
- 41:18I'll call them and say, hey, you know they brought that.
- 41:21You know, they realize they have a problem.
- 41:22That's why they brought me in. I'm here to say, both of you,
- 41:27those are symptoms. You fix the symptom so that you
- 41:29buy the time to fix the root problems, which very simply
- 41:33could be broken. Manufacturing processes employee
- 41:38morale, which is a broad category, But if you don't have
- 41:42employees that are on the team and motivated, maybe they're not
- 41:45working that fast, Maybe they're they've cut output or whatever
- 41:51it is you have them doing in a way that is causing you to lose
- 41:56money on your product takes longer to make that product, so
- 41:59you're paying more wages on that product.
- 42:03So dealing with all those kinds of things.
- 42:04So what kind of things can you do to help with employee morale?
- 42:09Number one is here, the employees listen to what they
- 42:13have to say. I find a lot of owners of
- 42:17businesses do not have the level of respect for their employees
- 42:21ideas or opinions and that's a big problem in in a lot of
- 42:27areas. I had a client tell me another
- 42:32one where an attorney brought me in big crisis.
- 42:35We got the crisis settled down and and attorney and the client
- 42:38I were meeting and the client said I I said something about
- 42:43employees and he said I view my employees as my enemies.
- 42:47They're between me and my money and if I didn't have to pay
- 42:51them, I would make more money. That is not an uncommon thought
- 42:56process, really. Even or not that that.
- 42:59Shocks me. I Yeah.
- 43:01They don't look at their employees as assets or as team
- 43:04members. And there's a lot of talk about
- 43:06teams and team building, but it's really not the employer
- 43:13being part of the team that he's building.
- 43:15It's him trying to build a team under him.
- 43:18And so that, yeah, those are real problems I come across
- 43:22frequently. And that's why I would talk
- 43:24about changing your mindset, changing the way you think.
- 43:29I have an acronym I use acronym, sorry, not an anachronism, an
- 43:36acronym I use called PAIR. So when you're team building,
- 43:41when you're trying to get people to work together, is
- 43:44participate, anticipate, instigate, and reciprocate.
- 43:49And so I try to teach them that if you're a team and you're the
- 43:53leader of the team, you have to be paired with your team.
- 43:57You have to participate. That's the number one thing you
- 44:01got to be, you know, you got to anticipate what's going to
- 44:03happen, what they're going to need.
- 44:05You need to instigate. You can't just let it happen to
- 44:08you. And and when good things happen,
- 44:11you need to reciprocate. And so I have a little saying
- 44:14with Pear. I say, you know, PAIR if you
- 44:18don't participate, the rest is just air.
- 44:23So that's a way just to get people to start thinking about,
- 44:27hey, my employees, I need to pair with my employees.
- 44:32I need to be a part of them. They, they make me money.
- 44:36They're assets. They are not liabilities.
- 44:38They're not a cost center. They are assets.
- 44:42And I need them to be fully engaged and participating, which
- 44:47means I got to reciprocate when I do well, I've got to help
- 44:51them. Maybe it's financial, maybe it's
- 44:54not. I hear a lot of people say,
- 44:56well, we made the, the boss, you know, money this year and he
- 45:00bought a new car and we didn't even get a bonus.
- 45:04And the employer says, well, I pay them $25.00 an hour.
- 45:07That should be enough. That's, you know, that's all
- 45:11great when money's just flowing and your employees are, you
- 45:14know, blindly following you along.
- 45:15But when you need to make a change, when you need to turn
- 45:18left or right, you need those people on your team.
- 45:22So, and that's particularly an issue when you're in some form
- 45:28of distress. You know, when there's problem
- 45:31that needs to be solved, you're going to need those people to
- 45:34buy in and be a part of it and, and actually help you come up
- 45:38with ideas, not just wait for you to tell them what to do.
- 45:43You need to turn them into why people, as we talked about what
- 45:46people and why people. I'm genuinely surprised at how
- 45:51common you say that that viewpoint from owners towards
- 45:54their employees is. I mean, it's quite hostile in my
- 45:59opinion. And I don't know, maybe I'm
- 46:01tainted because this show perhaps attracts a certain type
- 46:05of mentality to it. And you know, those are the
- 46:08stories that I hear and my own experience as a business owner
- 46:11in the way I've treated my employees and my friends who own
- 46:13businesses. That's it's, that's just foreign
- 46:16to me. You know it and it is far more
- 46:20frequent, you know, in, in the, in Main Street America where
- 46:27they're not you're, you're not talking about a business that's
- 46:30innovative and, and doing, you know, all kinds of the latest
- 46:33things from McKinsey or whatever.
- 46:35You're talking about a guy who maybe sells some part for an
- 46:40aircraft or something and he cranks them out in a little
- 46:43factory in Kansas and he doesn't have all that training.
- 46:49Most business owners didn't go to Business School and then
- 46:51decide to start a business. They made a really good product
- 46:56or they provided a really good service and they've kind of
- 46:58built a company around it as it grew.
- 47:02And nor do a lot of them have time to.
- 47:06I will tell you, I've got 5 clients right now that I'm
- 47:09working with. I don't think one of them
- 47:12watches a podcast, listens to anything other than news in
- 47:16their car on the, you know, it's still listening to AM radio.
- 47:19The average age is, is 45 and up.
- 47:23You know, they're not the, the bright young entrepreneur style,
- 47:27the old way of doing things. You know, your employers or your
- 47:30nine to five workers is much more common in what I find.
- 47:34And maybe that's why some companies are in, in some kind
- 47:37of trouble. I have a client right now,
- 47:39they've got 20 employees. They're very nice to their
- 47:43employees. But in their mind, the employees
- 47:46are, are workers. They're out in the field working
- 47:50and they're not part of any conversations.
- 47:54They're not part of anything. You know, they get their their
- 47:55orders and they go out and do their work and they get paid.
- 47:58And if they do a good job, occasionally there's like
- 48:00bonuses. I've been trying to get them to
- 48:04engage with these people and, and the owners don't really want
- 48:08to. They're, they're, they're just,
- 48:11you know, I keep them busy. I keep them working.
- 48:14I pay them. That should be enough.
- 48:17And they're not sending them for any training for anything.
- 48:21They're not helping them anything.
- 48:24They're too busy doing the work. And frankly, I see they don't
- 48:27have time. They're too busy to call their
- 48:30employees in for a day and do something.
- 48:33OK, maybe they'll have a Christmas party or whatever.
- 48:37There's also a language barrier. All of their employees are
- 48:39Hispanic and they are not. And they've never taken the time
- 48:42to learn how to communicate very well with their employees.
- 48:45And they kind of look down on them because they're it's a down
- 48:48and dirty business. And so that is not uncommon,
- 48:54unfortunately. And so that is probably the
- 48:57biggest challenge is getting first to the owner to think
- 49:01differently and then by that happening, get the employees to
- 49:05view themselves and their business differently, understand
- 49:08the whys of the business and understand how they benefit.
- 49:12When the employee, when the company makes more money,
- 49:16they're asking it all has to tie together or they're not going to
- 49:19move at the same pace you want to move.
- 49:22So Brian, how would you describe the ideal client for help my
- 49:25company? I'll say simply, anyone who
- 49:32wants to learn to view their business differently, to take a
- 49:40step back and view themselves and their leadership abilities,
- 49:46how to think through problems, anybody who wants to do that is
- 49:48an ideal client. Anybody who just has a problem
- 49:52but wants me to fix it but doesn't want to change anything
- 49:54themselves, however big that project may be, is not an ideal
- 49:59client because we're going to just have frustrations all the
- 50:02time because you're expecting me to fix something and you're
- 50:06going to stay the same. Typically my client range is I,
- 50:12I, I say generally 5 million to $150 million, your business.
- 50:17My sweet spot is I actually like to go a little lower than that
- 50:21sometimes if I can really be helped.
- 50:23They don't have the management level, you know, if you got a
- 50:26$2,000,000 business, you don't have, you know two vice
- 50:30presidents and ACEO. You have a couple of people and,
- 50:36and I really like things that are under 50 million because
- 50:39again, in that spot, the infrastructure isn't there for
- 50:48multi divisions of, you know, leadership training and going to
- 50:52seminars and sending everybody to Florida for a week for, you
- 50:55know, to fall back on each other's arms or whatever.
- 50:57The latest thing is they're busy doing what they do and they're
- 51:02they're trying to make it happen and, and I want to be a part of
- 51:05that. So.
- 51:09You've answered it. It does.
- 51:10Thank you. You've lectured at USC on
- 51:13ethical leadership. What are the kinds of things
- 51:16that you talk about in that room?
- 51:19Well, so my conversations, my lecture was, is was targeted
- 51:25towards the investment banking program in particular at SC, but
- 51:30I can't help but not talk about leadership.
- 51:34So for me, you know, I know there's a term out there that
- 51:37everybody throws out ethical leadership and, and all that.
- 51:41Mine starts with being an ethical person.
- 51:44You know, you can, you can care about the environment and you
- 51:48can do all your, you know, pardon me, I'm not being
- 51:52derogatory DEI stuff. You can do all the right things,
- 51:56but if you are not an ethical person, you're never going to
- 52:00lead ethically. So it and so I talk about
- 52:05defining your ethics. What guides you?
- 52:07What's your worldview? How do you see the world and how
- 52:12do you see yourself in it? Then how do you want to lead
- 52:17people according to your standards?
- 52:21So we did some exercises to to again think differently, to
- 52:29drill down and say what is your worldview?
- 52:33How do you view the world from, you know, religious, moral,
- 52:40ethical, financial standpoint? How do you view your business,
- 52:46your place in the world, and what do you want to accomplish
- 52:53that's going to guide how you lead.
- 52:55And if you've got your ethics, you could be true to yourself
- 53:00and be a horrible person because your ethics are horrible.
- 53:03So it's really not about trying to lead from some moral
- 53:07standard. It's really trying to stay true
- 53:11with integrity to what you believe.
- 53:14And I may not agree with what you believe, but if you can
- 53:17articulate it, if you can envision it, you can put it
- 53:21together and you can lead from that place and be successful.
- 53:25That's ethical leadership in my book.
- 53:31You know, if somebody I think is, you know, they're if, if, if
- 53:35they're, if their ethics disagree with mine, but they're
- 53:39consistent, they're cohesive and well thought out.
- 53:42I, you know, I can't really, I mean, maybe I could challenge
- 53:45you and say, well, I, I think that's pretty lousy way to look
- 53:48at things, but it certainly ties to everything else.
- 53:51The way you look at things, understanding yourself first
- 53:55before you try to understand anyone else and before you try
- 53:58to put together any kind of leadership.
- 54:02The, the first thing I say is the definition of a leader is
- 54:07someone who has followers. If you are not, if you don't
- 54:10have any followers, if nobody's following you, you can call
- 54:12yourself a leader all day. You're not leading anything.
- 54:15You're just out in front. The the next thing I thought was
- 54:21the role of a leader is to envision, empower, equip and
- 54:26encourage. It's my ease of leadership.
- 54:30So the vision comes from your ethics, from what you, you know,
- 54:35your worldview of you, your business, the world around you,
- 54:38while your competitors, your moral compass, whatever.
- 54:43You have to set the vision as the leader.
- 54:46And then you have to make sure that those who were following
- 54:49you have the right equipment, the right tools to do the job,
- 54:51to do what they need to do. And you have to empower them.
- 54:54You have to give them the permissions.
- 54:56You have to break down the, the, the barriers to make it happen.
- 54:59And then you have to encourage them.
- 55:03And that is not always positive. Sometimes it's it's negative
- 55:07carrot and stick. Encourage simply means to come
- 55:09alongside, ties into the pair. You need to participate, you
- 55:13need to come alongside and you need to be part of that from
- 55:17that. The next thing, and you can see
- 55:19I love these little acronyms. The next thing is what we call
- 55:23Acme, and that is your communication style based on
- 55:27what you're trying to accomplish.
- 55:28Acme is speak with authority, communicate clearly and manage
- 55:32expectations. So I tie all of that into
- 55:36basically an hour long conversation of who are you?
- 55:40Do you see yourself properly? Have the students ask each
- 55:47other, how do you see me? You know, have those
- 55:51conversations. What are my flaws?
- 55:53What are my blind sides? I think I'm good at this.
- 55:57Do you agree? And, and being willing to take
- 56:01some of that and maybe reshape yourself to say, OK, maybe I
- 56:06need to change my ethics, my world view a little bit because
- 56:11I always thought I was this, but I'm not.
- 56:15I always do a little psychological analysis on my
- 56:18clients when I first meet them. And then after I worked with
- 56:21them for a while, I, I kind of go back to it and say, do I do I
- 56:24see the same thing? I have a client right now.
- 56:26There's three owners. One I assessed before I even
- 56:30started with him that he had a Napoleon complex.
- 56:34He's he's the shortest of them, the youngest of them and the
- 56:37bossiest of them. The other one has a Messiah
- 56:40complex. He's always hiring the wrong
- 56:42people thinking he can turn them into gems.
- 56:45And the other one is, is what I call an abdicator meddler.
- 56:50Sometimes he completely abdicates and disappears.
- 56:53Then when he feels like things are out of control for him, he
- 56:55gets in and medals in the smallest little things and you'd
- 56:58never know which one he's going to be.
- 56:59It's like leaning backwards on the last back two legs of a
- 57:02chair, you know, and just catching yourself.
- 57:05That's how it is being around him, because you just don't know
- 57:07which one's going to show up. Well, I've worked with them for
- 57:10several years and while I've gotten them to progress, my
- 57:14assessment of those 3 has still not changed.
- 57:17So I try to kind of get a little assessment after talking to a
- 57:20client. Who am I dealing with?
- 57:23And that's going to impact my leadership of them, guided by my
- 57:27own ethical standards, my ethic, my particular ethics standard is
- 57:35servant leadership. It's not being boss, it's it's
- 57:38leading from behind, it's leading in the trenches.
- 57:42And I always have. I have another saying if you
- 57:45practice servant leadership, you better get used to being treated
- 57:48like a servant. And and you got to have strong
- 57:52shoulders to put up with that because people will treat you
- 57:55like their personal servant. But that's the cost of showing
- 57:59them how to lead from humility from from servanthood rather
- 58:05than, you know, being the little Napoleon Bonaparte who comes in
- 58:10and tells everybody what to do and stretch around, especially
- 58:14when you don't know what you're talking about.
- 58:16So that's good. I hope that kind of ties it up
- 58:20in a nutshell. Ties, yeah.
- 58:21Lots of good topics there that you get into, yeah.
- 58:24What's 1 of the hardest things you've had to overcome
- 58:26personally in your life, Brian? If I had a deck of cards, I'd
- 58:33say pick one. But I'm going to, I'm going to
- 58:37go out a limb here and I and I hope I don't offend clients,
- 58:40potential clients. I think the hardest thing I went
- 58:44through was a series of about 10 years, from the late 90s to the
- 58:48early 2000s. My father became terminally ill.
- 58:55My mother could not take care of herself very well either.
- 59:00I had kids who were teenage. The relationship with my father
- 59:06because of his illness, which impacted his mental ability,
- 59:09became very I tried not to make it but but contentious.
- 59:14He had a lot of caretaker rage and I was essentially in charge
- 59:18of all his care. So I was trying to run my
- 59:21business, raise some some very rambunctious teenage boys, deal
- 59:29with a mother, and they did not live together.
- 59:31So I was going between two houses, you know, taking care of
- 59:34two people. And then in 2008, I was heavily
- 59:38invested in real estate and the real estate market went down and
- 59:42I was in place where I was having to sell properties in
- 59:45order to raise enough money for my parents treatments,
- 59:48financial, I mean, medical. So, you know, I, I basically ran
- 59:55down my tank to almost nothing. So while I was earning, I
- 59:58wasn't, I, I didn't have those reserves anymore.
- 1:00:01It took a far bigger emotional toll on me than I thought and on
- 1:00:05my kids. And, and so basically in mid
- 1:00:092006 or seven, I essentially had to start over again.
- 1:00:15My father had passed away. I'd learned some lessons from
- 1:00:19that on how to take care of my mom in a different way.
- 1:00:23And she lived for another 10 years after that.
- 1:00:28But I it was much easier to take care of her.
- 1:00:32I had to start over financially. My kids are both very strong
- 1:00:38willed 'cause I won as a professional athlete and you
- 1:00:41know, fairly successful professional athlete and we had
- 1:00:45to nurture that as he was growing up and his desire to do
- 1:00:49that along with that. And the, and the other one is
- 1:00:52my, my favorite, I hate to say favorite son, but he's my, my
- 1:00:57favorite non conformist and underachiever.
- 1:01:05And he's, he's the typical kid of his generation that is more
- 1:01:09focused on anything other than work, you know, and don't worry,
- 1:01:13Dad will always take care of you.
- 1:01:14But all of that happened in a time frame that really set a
- 1:01:20tone for me for the last 15 years, 20 years of my career and
- 1:01:27how I deal with my family, how I deal with others.
- 1:01:31It really humbled me because I was riding on the top and you
- 1:01:36know, big house, nice cars, all of that.
- 1:01:39And we had to make the decision to downsize and start over.
- 1:01:45And at that point, it really started my journey of am I doing
- 1:01:49what I'm doing for the money or am I doing what I'm doing
- 1:01:53because I really believe I can make a difference in my client's
- 1:01:56life. And, and I decided that's what
- 1:02:00drives me. And, you know, we rebuilt
- 1:02:04successfully. I mean, you know, there's a
- 1:02:05happy ending to that story other than losing my parents and all
- 1:02:08of that. But it taught me a a lot.
- 1:02:12I thought I was a pretty humble guy, but I wasn't.
- 1:02:14It taught me a lot about humility in how I deal with my
- 1:02:19clients because you never know if they're going through the
- 1:02:21same kind of thing that I went through.
- 1:02:25They're trying to run a business, put a good face on it.
- 1:02:27In the meantime, they've got a, you know, a mother at home with
- 1:02:31cancer or whatever. I just found out an employee,
- 1:02:35one of my clients that I work with on a regular basis, she
- 1:02:39started asking if she could telecommute a little bit more.
- 1:02:42And I had the authority. So I said, yes, you know, you
- 1:02:46can, let's work something out. And we did.
- 1:02:49But it wasn't until I really got to talking to her that I found
- 1:02:51out her husband has stage 4 cancer and she needs to be home
- 1:02:56more with him at this point in her lives and she can't afford
- 1:03:00to lose her job. The owner would have said well
- 1:03:05we don't need a telecommuter, we need someone in the office.
- 1:03:08That's their thinking. I was able to bridge the gap and
- 1:03:11get them to work together so that she is able to work when
- 1:03:14she can. One of the things I taught told
- 1:03:18him that changed his thinking was never confuse activity with
- 1:03:23achievement. Is she getting done what you
- 1:03:27need her to do? If so, can't you accommodate her
- 1:03:31or do you just need her there so she can look active from 8:00 to
- 1:03:355:00? And when we measured it out and
- 1:03:39said it's actually making her more productive, same as me with
- 1:03:43my, you know, online, it's a concentrated hour or two that I
- 1:03:48have to do that, got to get it done.
- 1:03:51I don't have time to just sit at my desk and look like I'm doing
- 1:03:56something. So those kinds of things happen.
- 1:04:00You know, life goes on around us and, and the focus so much in
- 1:04:05finance, in consulting, in turnarounds is on the business,
- 1:04:11you know, and how can we restructure this business and
- 1:04:15when it doesn't go well that the consultant or whatever doesn't
- 1:04:19understand? I didn't change the people.
- 1:04:22I didn't do anything to help the people.
- 1:04:24I just tried to put a new widget on their product or I just tried
- 1:04:29to open a new sales channel. I didn't think about how is this
- 1:04:34going to impact them? Do they have the capability?
- 1:04:37Is this, you know, is this going to work for them?
- 1:04:39And so I try to take that approach rather than just say I
- 1:04:43got this great thing, you need to buy it.
- 1:04:45It's such a powerful story to hear about how your own life
- 1:04:49stressors, you know, really help to reset what was already a
- 1:04:54really great mental foundation and mindset in a way that you
- 1:04:58can see is carrying forward for your clients and their
- 1:05:01employees. Brian, I've just got one more
- 1:05:04question for you today. But before I ask, I want to do 3
- 1:05:07quick things for the audience. Anybody who wants to get in
- 1:05:10touch with Brian Weigel, Help for mycompany.com is a great
- 1:05:14resource. There's a place in there where
- 1:05:16you can schedule a meeting with him and the first consultation
- 1:05:20is always free. You've heard all the wisdom he's
- 1:05:22dropped here on the show today. So if anything that he sounds,
- 1:05:26you know, he says sounds like it could be interesting or helpful
- 1:05:28for you, reach out Help for mycompany.com set up that first
- 1:05:31call. And if you're enjoying the show
- 1:05:33today, please take a moment to subscribe wherever you're
- 1:05:36listening. It sends a signal that helps
- 1:05:39others discover our podcast. So thanks for that.
- 1:05:41And as a reminder, you can be the hero advisor that helps
- 1:05:45clients give their employees access to therapists, doctors
- 1:05:48and prescription meds while paradoxically increasing their
- 1:05:52net profits, real gains that can change how a business is valued.
- 1:05:55So contact us today at AD back benefits.com.
- 1:05:58So last question for you, Brian. A year from now, what is 1 very
- 1:06:02specific thing that you hope to be celebrating?
- 1:06:09One specific thing, it kind of all fits together.
- 1:06:13I hope to be celebrating the success of the transition to
- 1:06:16more virtual consulting because I want more time with my my
- 1:06:23grandkids and I want more time with my family.
- 1:06:27And I don't want to spend all that time on the road trying to
- 1:06:32get from Place A to Place BI live in Los Angeles.
- 1:06:36So it could be, it could be 20 minute drive or it could be two
- 1:06:40hour drive, just depending on when you have to be there.
- 1:06:43So the thing I want to accomplish is, is the success of
- 1:06:48being able to reach more clients and provide help through my, my
- 1:06:53website and, and through Zoom meetings and things like that.
- 1:06:59And, and, and subsequently have more time for myself.
- 1:07:03That would be what I'd like to be able to celebrate.
- 1:07:07You know, I'm, I'm on my 41st, 41st year of marriage with my
- 1:07:10wife and we have not had a lot of vacations in our lives
- 1:07:14because I've run my business and I've run a business that clients
- 1:07:17depend on me to be available during their times of trouble.
- 1:07:21So it's been hard to to, you know, go away.
- 1:07:27I can sit in a hotel room and have a Zoom meeting and still
- 1:07:31accomplish and still be present. So that's really why I'm going
- 1:07:35where I'm going. And I'm hoping that within a
- 1:07:37year I will be able to reduce my in house presence with clients
- 1:07:43and more online presence with clients and hopefully from a
- 1:07:47business standpoint see the same revenue.
- 1:07:50Terrific, wonderful goals. Brian Weigel from
- 1:07:53helpformycompany.com. I want to be the first to thank
- 1:07:57you for sharing both your time and your story with us today.
- 1:08:00I really appreciate you being here.
- 1:08:01Thank you. Folks, that's a wrap on another
- 1:08:04episode of the Inspired Stories podcast.
- 1:08:06Thanks for learning with us. And if one thing stood out, put
- 1:08:10that into action today.