Latest / Business Roundtable / Trading Leadership: What Financial Markets Teach Us About Business, Freedom, and Exit Strategy

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Trading Leadership: What Financial Markets Teach Us About Business, Freedom, and Exit Strategy · Business Roundtable

• 0:31
  Speaker 1: All right, welcome back to the Business round Table podcast.
• 0:34
  Speaker 1: I'm your host, David Carr of Stewart your Business bringing
• 0:37
  Speaker 1: teams together to accomplished great things and of course great guests.
• 0:40
  Speaker 1: We have a brand new guest this week and who's here,
• 0:43
  Speaker 1: and he's going to share some great insights and unlike
• 0:45
  Speaker 1: you've never heard on this podcast before. I'm super excited. Yeah,
• 0:49
  Speaker 1: look at that right, Adam, as you are, well, you know,
• 0:53
  Speaker 1: you bring up a different set of skills. We were
• 0:55
  Speaker 1: just talking before we started recording this podcast where I
• 0:58
  Speaker 1: wanted to dig into, you know, talk about trading leadership,
• 1:01
  Speaker 1: applying market discipline to life business exit strategy. Uh, you
• 1:05
  Speaker 1: have a wealth of experience, Adam, and so you have.
• 1:09
  Speaker 1: If you're if you're watching this podcast, not just listening,
• 1:11
  Speaker 1: you're gonna see Adam's credentials here c ft C, MT,
• 1:15
  Speaker 1: ce p A. Uh. If you don't know those meetable,
• 1:17
  Speaker 1: we'll pack unpack them a little bit. But basically, Adam
• 1:20
  Speaker 1: speaks Wall Street, Main Street c suite. He's going to
• 1:23
  Speaker 1: help you as a business owner as a leader to
• 1:26
  Speaker 1: you know, show up better as and and help run
• 1:29
  Speaker 1: your business whatever capacity that is better. It's about not
• 1:32
  Speaker 1: just We're not going to talk about money here today,
• 1:35
  Speaker 1: but really about how you think, how you lead, and
• 1:37
  Speaker 1: how could you exit your business with integrity. So, Adam,
• 1:40
  Speaker 1: before we dive into the meat of that, I always
• 1:42
  Speaker 1: like to give our guests an opportunity to take us
• 1:45
  Speaker 1: back a little bit, share us a little bit about
• 1:47
  Speaker 1: your background history, what got you to what you do,
• 1:51
  Speaker 1: and why you do what you do today.
• 1:53
  Speaker 2: I totally just stole Wall Street, Main Street and sweet Sweet,
• 1:56
  Speaker 2: I'm going to start using You're going to get texts
• 1:58
  Speaker 2: in the mail. I think that it is really freaking creative.
• 2:05
  Speaker 2: I can't believe I didn't think of that, or my friend,
• 2:07
  Speaker 2: oh tbt didn't think of that. But anyway, all right,
• 2:12
  Speaker 2: so I won't give you the long version because it
• 2:14
  Speaker 2: is long. I've been doing this. I'm forty six now,
• 2:17
  Speaker 2: forty six years old. I've been doing this for twenty
• 2:19
  Speaker 2: four years though, which is nuts. Very lucky to start
• 2:23
  Speaker 2: in this business, very young. But it wasn't a traditional path.
• 2:27
  Speaker 2: I went to school well. I grew up Northwest Ohio,
• 2:31
  Speaker 2: big huge Browns fan, very sad season ticket holder my
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  Speaker 2: whole life, but came to Ohio state, Middle of Ohio,
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  Speaker 2: Columbus Ohio. Went to college here because my parents, did
• 2:42
  Speaker 2: you know, my dad was first in his family go
• 2:44
  Speaker 2: to college. And I wanted to be a trauma surgeon.
• 2:47
  Speaker 2: So that's the weird part of my story. I guess
• 2:50
  Speaker 2: I wanted he was an optometrist. I love the medical field.
• 2:53
  Speaker 2: I still watch surgeries on YouTube for fun. I know
• 2:56
  Speaker 2: it sounds weird. I love it. I'm glad I didn't
• 2:58
  Speaker 2: do it, though, not because I didn't like it, but
• 3:00
  Speaker 2: because I'm glad where I went. So to make it
• 3:03
  Speaker 2: To make that long story short, i'll skip all the
• 3:05
  Speaker 2: reasoning behind why I pivoted. But my senior year in college,
• 3:09
  Speaker 2: I dropped out of the pre med program. I called
• 3:10
  Speaker 2: my dat up walking down Neil Avenue behind the library
• 3:14
  Speaker 2: actually Ohio State, and I said, you know, I said, hey,
• 3:17
  Speaker 2: I'm dropping dropping out the program and he says, you know,
• 3:20
  Speaker 2: what are you gonna do? And I said, I have
• 3:22
  Speaker 2: no idea. I thought about a couple of other ideas,
• 3:24
  Speaker 2: but I didn't really know. And he says, what about
• 3:26
  Speaker 2: becoming a financial advisor? And I'm like, what are you taught?
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  Speaker 2: I mean I had I took one econ class. I
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  Speaker 2: mean I didn't even know what the ticker tape was
• 3:34
  Speaker 2: that came across the bottom of the screen and CNBC
• 3:37
  Speaker 2: and he says, well, you know you're you've got that
• 3:39
  Speaker 2: virtual stock exchange account you're aways messing around with. And
• 3:42
  Speaker 2: he's like, you're really good with people, and I feel
• 3:44
  Speaker 2: like you're good at teaching and educating. And you know,
• 3:47
  Speaker 2: too many people in this industry are. You know, they
• 3:49
  Speaker 2: know the numbers, but they don't understand how to communicate
• 3:51
  Speaker 2: the numbers. So he's like, and plus, you could be
• 3:53
  Speaker 2: a financial surgeon. And that's what landed. Okay, yeah, emergency
• 3:58
  Speaker 2: surgery all the time, but it's it's still diagnosing financial
• 4:01
  Speaker 2: problems and fixing. So I met his financial advisor, was
• 4:06
  Speaker 2: very quickly kind of a fast tracked through their recruiting program,
• 4:10
  Speaker 2: a national brokerage firm that i'll leave unnamed, and I
• 4:15
  Speaker 2: just did really well there despite the market going against me.
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  Speaker 2: So I started my career at twenty one years of age,
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  Speaker 2: ten days before the World Trade Center went down, and
• 4:26
  Speaker 2: I was literally going door to door, business to business
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  Speaker 2: trying to get people three times my age to trust
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  Speaker 2: me with their life savings. And it wasn't easy. Yeah,
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  Speaker 2: when the market's precipitously falling right. I would wear prescription
• 4:36
  Speaker 2: free glasses to look older. I had one of those
• 4:39
  Speaker 2: Dick Tracy trench coats, you know. When I started my
• 4:42
  Speaker 2: office this is embarrassing but true, I bought nothing but
• 4:47
  Speaker 2: mahogany furniture and you know those big leather chairs with
• 4:50
  Speaker 2: the road that would make me look older. Now I think,
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  Speaker 2: now I just want to be younger, you know.
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  Speaker 1: But right.
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  Speaker 2: But anyway, so that that's how I got into the business.
• 5:02
  Speaker 2: And I was a fast starter. Just I always said
• 5:04
  Speaker 2: that I would work harder than everybody. I just needed
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  Speaker 2: the right gasoline. I saw a lot of member, a
• 5:09
  Speaker 2: lot of mentors.
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  Speaker 1: You know.
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  Speaker 2: I would always say the same thing over and over again.
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  Speaker 2: I'd said, look, nobody's going to outwork me. I'm like
• 5:13
  Speaker 2: a V twelve engine. I just need the right gas.
• 5:15
  Speaker 2: What's the gas like, Give me the gas. And I
• 5:18
  Speaker 2: had lots of mentors, some of which probably didn't want
• 5:19
  Speaker 2: to be my mentor, but I just kept boling until
• 5:21
  Speaker 2: they talked to me. I learned over the years that people,
• 5:24
  Speaker 2: for the most part, who are successful have had other
• 5:27
  Speaker 2: successful people help them, and they're willing to give the
• 5:29
  Speaker 2: shirts off their back to help you. So I'm the
• 5:31
  Speaker 2: same way, and I just you know, I love mentoring
• 5:34
  Speaker 2: others and lots of mentors myself. I was just today,
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  Speaker 2: like I was teaching doing a webinar the Chartered Chartered
• 5:41
  Speaker 2: Market Technical Association with a bunch of you know, nerdy
• 5:46
  Speaker 2: chartists and technicians stock traders, and I was telling him
• 5:49
  Speaker 2: about how during the twenty sixteen CMTA conference, I saw
• 5:53
  Speaker 2: Charlie Kirkpatrick speak, who's one of the four legends and
• 5:56
  Speaker 2: technical analysis. He's written books on the subject, and he
• 5:59
  Speaker 2: got done and boat on the way to Ellis Island
• 6:02
  Speaker 2: and it's cold, and nobody's up there except Charlie. So
• 6:04
  Speaker 2: I follow him upstairs and we're sitting there talking for
• 6:07
  Speaker 2: a while, and I start feeling bad that I'm taking
• 6:09
  Speaker 2: so much of his time. So finally I'm like, hey,
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  Speaker 2: do you care if I just be your house for
• 6:12
  Speaker 2: a few days and pick break And he goes sure,
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  Speaker 2: So I spent Wow. Four months later, I fly to Kittery, Maine,
• 6:19
  Speaker 2: and I spend a weekend with one of the best
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  Speaker 2: traders in the history, one of the most well known
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  Speaker 2: market technicians ever, hanging out is at his living room
• 6:27
  Speaker 2: table with our laptops out talking trading strategies, you know,
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  Speaker 2: and I think anyway, so I just I don't know.
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  Speaker 2: I've I always believe in that whole cliche that if
• 6:37
  Speaker 2: you're the smartest person in the room, find another room. Yes,
• 6:41
  Speaker 2: And then life changed for me again. I mean I
• 6:44
  Speaker 2: went through a lot, and you know, we grew up.
• 6:46
  Speaker 2: We have grown a very successful wealth management practice over
• 6:48
  Speaker 2: the years, you know, seven figures. And and then life
• 6:53
  Speaker 2: changed during COVID for me because I got I got
• 6:55
  Speaker 2: to the point where we were, you know, we were
• 6:57
  Speaker 2: having you know, twenty five appointments a week, and then
• 6:59
  Speaker 2: COVID it happens and we have eight weeks with three appointments,
• 7:03
  Speaker 2: like there's nothing. All that happened was happy hour got earlier, right.
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  Speaker 2: And I read this book called Walking to Destiny by
• 7:11
  Speaker 2: Chris Snyder, which was all about, you know, the end
• 7:14
  Speaker 2: of a business, a business owner's career, and it threw
• 7:18
  Speaker 2: some stats out there, frankly made me angry. And the
• 7:21
  Speaker 2: stats were this, A eighty percent of business owners networth
• 7:25
  Speaker 2: is in their company. B eighty percent of businesses never
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  Speaker 2: sell they dissolve, and C seventy five percent of the
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  Speaker 2: businesses that do sell sell for less than market value,
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  Speaker 2: and those three stats made me so angry. I decided
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  Speaker 2: it was time to start a business transition and exit
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  Speaker 2: planning company to help save these owners from themselves and
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  Speaker 2: you know, think about things in a little different way
• 7:50
  Speaker 2: as opposed to just being an employee of your company
• 7:51
  Speaker 2: and working really hard to kind of change the way
• 7:54
  Speaker 2: you run your company and really get enterprise value out
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  Speaker 2: of it and have something to show for it for
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  Speaker 2: you and your family, you know, monetizing your life's network.
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  Speaker 2: So so our life's work. That was way longer of
• 8:05
  Speaker 2: an intro than I probably shouldn't.
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  Speaker 1: It's okay, well you you you so here's here's what
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  Speaker 1: I want. Number one. I love that you have mentors
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  Speaker 1: and why we have people on this podcast like yourself, Adam,
• 8:15
  Speaker 1: so here other listeners are our listeners are are our
• 8:18
  Speaker 1: business owners or entrepreneurs or even if you're not quite
• 8:22
  Speaker 1: there yet, you're already starting to think about this and
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  Speaker 1: realize the value of somebody like Adam coming and helping
• 8:26
  Speaker 1: coming alongside you. Don't go alone, don't be siloed, but
• 8:30
  Speaker 1: you know, find somebody like Adam, and that's where we're
• 8:32
  Speaker 1: gonna dive into it. Adam because I want to talk
• 8:34
  Speaker 1: a little bit about like the ways of mastery, so
• 8:39
  Speaker 1: you know, treating, like you just talked about treading, isn't
• 8:41
  Speaker 1: just about the money. Really, it's about mastery. And I
• 8:44
  Speaker 1: was I was always going through this. I wanted to
• 8:46
  Speaker 1: do to maybe walk us through Adam, like, what is
• 8:49
  Speaker 1: the mindset of you know, you know, being a trader
• 8:52
  Speaker 1: looking at as a leader, like how do we show
• 8:54
  Speaker 1: up well? And one of the things that you've learned
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  Speaker 1: because I think, yes, you help them with exit planning,
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  Speaker 1: but there's a mindset, there's a way of being that
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  Speaker 1: you've you've transitioned, and you know, I want to hopefully
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  Speaker 1: impart that with our listeners today.
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  Speaker 2: Yeah, here's the good news. It's going to be really easy.
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  Speaker 2: Because you were talking about that offline. We didn't we
• 9:14
  Speaker 2: didn't get into it, but I immediately was like, oh, this
• 9:16
  Speaker 2: is going to be fun because nobody, nobody talks about
• 9:19
  Speaker 2: this stuff. And I don't think all the time. I mean,
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  Speaker 2: I don't think you're born with it, but you have
• 9:25
  Speaker 2: to learn resiliency. And if there is one thing that
• 9:29
  Speaker 2: has made me more successful than any other one thing,
• 9:32
  Speaker 2: it would be it would be resilience. I remember one
• 9:35
  Speaker 2: of my mentors, Tommy Dorsey. He owned Dorsey Right and
• 9:40
  Speaker 2: Associates sold it to Nasdaq in twenty fifteen for two
• 9:42
  Speaker 2: hundred and forty million dollars. I remember calling up up
• 9:45
  Speaker 2: and saying, hey, Tommy, it since you're not doing anything,
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  Speaker 2: you want to come hang out with me and my
• 9:50
  Speaker 2: wife for a weekend with your wife and talk to
• 9:52
  Speaker 2: my clients. And he's like, just so you know, I'm
• 9:54
  Speaker 2: not not doing anything anymore. But he did fly to town,
• 9:58
  Speaker 2: and you know, we hung out for the weekend. But
• 10:00
  Speaker 2: he taught me and I had it engraved back when
• 10:02
  Speaker 2: iPods were cool. Oh yeah, back on my iPod, I
• 10:05
  Speaker 2: had engraved fail fast and move on because the first
• 10:09
  Speaker 2: lesson is fail fast. Well, I guess the first lesson
• 10:11
  Speaker 2: is fail fail more than everybody. And then when you fail,
• 10:16
  Speaker 2: fail fast and get over it and then just move
• 10:18
  Speaker 2: on like if no, not yet, then who's next?
• 10:22
  Speaker 1: Right?
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  Speaker 2: So I think that I learned from a very young age,
• 10:27
  Speaker 2: and I'm gonna get really personal here. I grew up
• 10:30
  Speaker 2: in small well suburbs town west of Cleveland, and very very,
• 10:36
  Speaker 2: very very diverse place and I would not change my
• 10:38
  Speaker 2: childhood for anything. But there was no hope of a skinny, redheaded,
• 10:44
  Speaker 2: freckled ginger being popular in this school. It wasn't happening.
• 10:50
  Speaker 2: I got in some fights, I got picked on, you know.
• 10:53
  Speaker 2: Sometimes I had great friends. I think I had one
• 10:57
  Speaker 2: and only. I only had a couple of white friends,
• 10:59
  Speaker 2: you know. So it's like I grew up in a
• 11:01
  Speaker 2: place where I wasn't. I wasn't the majority, you know,
• 11:05
  Speaker 2: the popular person. You know, I was not going to
• 11:06
  Speaker 2: get in the yearbook is you know, most popular. I
• 11:09
  Speaker 2: got class clown and best sense of humor. That's all
• 11:11
  Speaker 2: I got. So what I think that taught me growing
• 11:16
  Speaker 2: up was that hearing no was no big deal and
• 11:19
  Speaker 2: then it was just a numbers game. And what I
• 11:21
  Speaker 2: try to tell my kids this because my kids are
• 11:22
  Speaker 2: not My boys are fifteen and almost twelve, and I
• 11:25
  Speaker 2: always tell them it's like every opportunity to fail isn't
• 11:28
  Speaker 2: at bat and major League Baseball, if you if you
• 11:30
  Speaker 2: go up to bat ten times, you and you miss
• 11:33
  Speaker 2: seven times, you get invited to the All Star Game,
• 11:35
  Speaker 2: right right, So the lesson there isn't just you know,
• 11:40
  Speaker 2: you hav to have a thirty percent conversion ratio and
• 11:42
  Speaker 2: whatever it is you're selling service product it doesn't matter.
• 11:45
  Speaker 2: I think the lesson there is you just have to
• 11:47
  Speaker 2: work and then you'll get better. It's like it's like dating.
• 11:50
  Speaker 2: It's like you go up and you ask for a number.
• 11:51
  Speaker 2: You don't get the number, you didn't come away with nothing.
• 11:53
  Speaker 2: You came up with a lesson. You're going to get
• 11:56
  Speaker 2: better at it. And and if you're hitting ratio, if
• 11:58
  Speaker 2: your batting average is one, well just that more than
• 12:02
  Speaker 2: everybody else. You get to as you go up to that.
• 12:04
  Speaker 2: Right Anyway, Yeah, I think resilience is something we could
• 12:07
  Speaker 2: probably talk about for an hour. But oh absolutely, well,
• 12:10
  Speaker 2: you're your failure getting your way. I mean, I don't know.
• 12:14
  Speaker 1: That's a great you're you're you're hitting me too, Adam,
• 12:17
  Speaker 1: because I was just talking to a colleague today and
• 12:19
  Speaker 1: we're talking about, you know, some things funk doing things
• 12:23
  Speaker 1: with my company, other elements, and he's like, you know,
• 12:25
  Speaker 1: just get the reps in there, and we try the
• 12:26
  Speaker 1: time we get p what is that that? Yeah, we're
• 12:32
  Speaker 1: just trying to get everything just right and we don't
• 12:34
  Speaker 1: even know if this is actually gonna even work. I mean, like,
• 12:37
  Speaker 1: you know how many companies try to get everything and
• 12:40
  Speaker 1: you know I had a conversation with one podcast about
• 12:44
  Speaker 1: like coming to getting a proof of concept. We're giving
• 12:47
  Speaker 1: me an idea, they're like, oh, it's going to be
• 12:48
  Speaker 1: this or whatever, and it's like, that doesn't work, it
• 12:50
  Speaker 1: doesn't matter. But we've got to figure these things out
• 12:52
  Speaker 1: quicker so that we're not spending all this time and
• 12:55
  Speaker 1: energy and we want to play honestly. Like you said,
• 12:57
  Speaker 1: I think play to win, not play not to lose, right, right,
• 13:02
  Speaker 1: And sometimes people are playing not to lose, and that's
• 13:05
  Speaker 1: a really dangerous place to be in my opinion. You
• 13:08
  Speaker 1: won't you won't.
• 13:09
  Speaker 2: You won't, you won't make it if you if you
• 13:11
  Speaker 2: play not to lose, that's the people at the risk
• 13:13
  Speaker 2: of sounding like like like one of these crazy YouTubers,
• 13:18
  Speaker 2: that's way too extreme for me. I would argue that
• 13:23
  Speaker 2: playing not to lose is somebody who works for someone else.
• 13:27
  Speaker 2: Is that fair?
• 13:28
  Speaker 1: Yeah? Yeah, because you're not betting all in your you're
• 13:31
  Speaker 1: not going all in yourself. I will say, as a
• 13:33
  Speaker 1: business owner myself, and when I made that decision, I'm
• 13:36
  Speaker 1: not relying on anyone else. I mean I was, I
• 13:39
  Speaker 1: was at a big company and two thousand and nine
• 13:41
  Speaker 1: when the market really was thinking and I realized there's
• 13:45
  Speaker 1: no safety there. I was, you know, I was. It
• 13:48
  Speaker 1: was a publicly traded company, like hey, we got to
• 13:49
  Speaker 1: cut your workforce x. It was kind of indiscriminate. I
• 13:52
  Speaker 1: just happened to be caught in the net though that
• 13:54
  Speaker 1: It was like, okay, well, I I'm like, they're a
• 13:56
  Speaker 1: big company, and then I got me to step into
• 13:59
  Speaker 1: a smaller company. Time was like, you know, there's no
• 14:01
  Speaker 1: quote unquote safety if you will, and I'm my best
• 14:04
  Speaker 1: bet is myself.
• 14:06
  Speaker 2: Yeah, isn't ironic, Yeah right, Yeah, it's weird, but yeah,
• 14:11
  Speaker 2: the analysis paralysis. I took down a note here. You know,
• 14:14
  Speaker 2: I'm guilty. This sometimes too, like planning to plan to plan,
• 14:17
  Speaker 2: to plan to plan.
• 14:18
  Speaker 1: Yeah.
• 14:19
  Speaker 2: One of my friends, one of my friends and fellow SIPAS,
• 14:22
  Speaker 2: which which by the way stands for a Certified Exit
• 14:24
  Speaker 2: Planning Advisors. So it's all about business traders exit planning.
• 14:27
  Speaker 2: One of my good friends in the In the EPI,
• 14:29
  Speaker 2: he talks about the importance of relentless execution, and I
• 14:32
  Speaker 2: just love that phrase because of a certain time, it's
• 14:34
  Speaker 2: time you just got to go just yep. It's like
• 14:37
  Speaker 2: people who are like, oh I'm gonna I don't already
• 14:39
  Speaker 2: have kids yet you know, I just gonna wait till
• 14:41
  Speaker 2: I'm financially ready. It's like, well, just you're never going
• 14:43
  Speaker 2: to be financially ready.
• 14:44
  Speaker 1: Right, just yeah, You've just got to get in there
• 14:48
  Speaker 1: and go right. I I one hundred percent agree. I
• 14:51
  Speaker 1: was just I would just you say that I was funny.
• 14:54
  Speaker 1: I was just putting a quote of that on my
• 14:58
  Speaker 1: uh LinkedIn the other day about that, just the fact
• 15:01
  Speaker 1: that hey, don't just get so stuck in just planning
• 15:04
  Speaker 1: so much. One of my one of my mentors is
• 15:07
  Speaker 1: Michael Hyatt. I'm sort of with full focus planner and
• 15:09
  Speaker 1: we're one of that is. He was just saying, you know,
• 15:11
  Speaker 1: you just got to get started. You've got to take
• 15:14
  Speaker 1: action today. And it's not perfect. You know, I used
• 15:17
  Speaker 1: the acronym start that the action required today. Start. You know, like,
• 15:22
  Speaker 1: what are you going to do? Get going? And you know,
• 15:26
  Speaker 1: rather than like you said, just kind of thinking thinking, thinking,
• 15:28
  Speaker 1: And I think that's what happens with a lot of us.
• 15:30
  Speaker 1: And I think probably from your faying business owners, maybe
• 15:33
  Speaker 1: they put their heads in the stand. They're not really
• 15:35
  Speaker 1: looking at some things and any in and investing. I'm
• 15:37
  Speaker 1: not just gonna put it I'm not going to think
• 15:38
  Speaker 1: about it. I'm going to try and put it away.
• 15:41
  Speaker 1: It's like, well, no, we need to need to be
• 15:42
  Speaker 1: taking action and be proactive here.
• 15:46
  Speaker 2: It's like it's it's so analogous to so many things, right,
• 15:49
  Speaker 2: like night exercise, like going to the gym, getting a
• 15:51
  Speaker 2: shitty workout, and is better than no workout?
• 15:53
  Speaker 1: Right? Right, you did did something, you moved, you know
• 15:57
  Speaker 1: in the in the sense of yeah, there's and I
• 16:00
  Speaker 1: like to say, there's there's pain either way. You're there's
• 16:03
  Speaker 1: gonna be pain. So there's your pain and your inaction.
• 16:05
  Speaker 1: Is there pain or in your action like that? You know,
• 16:11
  Speaker 1: you know, choose your pain, choose your pain, right, I'd
• 16:13
  Speaker 1: rather choose it than than have it kind of clicked
• 16:17
  Speaker 1: on me by I mean by you know, I'd rather,
• 16:19
  Speaker 1: you know, make the consequences like I want this because
• 16:22
  Speaker 1: I know it's gonna be better for me in the
• 16:23
  Speaker 1: long run. Yeah. Absolutely, And I think you're looking at
• 16:28
  Speaker 1: like you said, we're trying to we're trying to be perfect.
• 16:31
  Speaker 1: We're looking at some things and we're just taking these actions.
• 16:34
  Speaker 1: It was a progress over perfections. Another a statement I
• 16:37
  Speaker 1: like to say is that you know, keep keep moving
• 16:41
  Speaker 1: and I think you your example of this. You've gone
• 16:44
  Speaker 1: through these resilience saying hey, look I'm not going to
• 16:48
  Speaker 1: sit it out. I'm not going to be you know, uh,
• 16:53
  Speaker 1: just blaming everything. I'm gonna have to make a move
• 16:55
  Speaker 1: because I think we, you know, sometimes we can get
• 16:58
  Speaker 1: we're not where we're looking at the circumstances, if we're
• 17:01
  Speaker 1: letting that dictate instead of like we're we need to
• 17:04
  Speaker 1: make decisions. We need to be proactive here.
• 17:08
  Speaker 2: Yeah, I'm just talking to my son and coaching football.
• 17:12
  Speaker 2: The other day, it's like he got mad. Some kid.
• 17:14
  Speaker 2: He's playing right corner and he followed a guy across
• 17:17
  Speaker 2: the middle and somebody caught the ball in the flats
• 17:19
  Speaker 2: on his side. And I'm the coach and one of
• 17:22
  Speaker 2: the other players sitting next to me goes, you know,
• 17:23
  Speaker 2: his name's Cam Did He's like Cam, He's like, you
• 17:26
  Speaker 2: didn't stay home, And because that's all I'm I'm like, corner,
• 17:29
  Speaker 2: stay home, nobody gets outside, use safeties, nobody gets behind you,
• 17:32
  Speaker 2: you know, right. And Cam immediately gets defensive and says like,
• 17:37
  Speaker 2: well I was you know whatever. I don't even know
• 17:39
  Speaker 2: what he said. And I told him in the car
• 17:40
  Speaker 2: on the way home, like, look, I was like you
• 17:42
  Speaker 2: in life, not just football, but in life, when somebody
• 17:45
  Speaker 2: suggests something to you, especially when they're on your team,
• 17:49
  Speaker 2: realize they're probably doing it to help you, however it
• 17:51
  Speaker 2: might sound. So the first reaction shouldn't be to defend yourself,
• 17:54
  Speaker 2: but instead, well, why is he saying this? And am
• 17:57
  Speaker 2: I wrong? And is he right? And maybe I should
• 17:59
  Speaker 2: ask for clarification. And then at the end of the
• 18:01
  Speaker 2: day of all you do is say, you know what
• 18:03
  Speaker 2: I'm gonna think about it. That's a whole better than
• 18:05
  Speaker 2: a fight, a whole lot better than a fight.
• 18:07
  Speaker 1: Yes, absolutely well. And I think as as you're saying,
• 18:10
  Speaker 1: as you're coming on somebody's like team, I like literally,
• 18:13
  Speaker 1: they're you're in binding them business, you're working with business.
• 18:15
  Speaker 1: I'm on your tea. When I ask you these questions,
• 18:17
  Speaker 1: they are providing these insights. Can you speak frankly and
• 18:20
  Speaker 1: candidly with them or do you have to be like
• 18:23
  Speaker 1: you know, I want to be able like you like,
• 18:24
  Speaker 1: talk very frankly and like, let's help you get healthy.
• 18:26
  Speaker 1: And while they may it may sting sometimes that's not
• 18:29
  Speaker 1: my My point is I've moved from mister being nice
• 18:33
  Speaker 1: guy Adam myself to being kind, and I use kindness
• 18:37
  Speaker 1: as a way of connecting with people and not being nice. Unfortunately,
• 18:41
  Speaker 1: I wasn't too nice for many years, and people will
• 18:43
  Speaker 1: say I was nice, and I used to take that
• 18:45
  Speaker 1: as a complement, and I don't anymore. I'm like, no,
• 18:46
  Speaker 1: I don't want to be the nice guy. I want
• 18:48
  Speaker 1: to be the kind guy. But speak to that a
• 18:51
  Speaker 1: little bit, Adam, about where you've been successful with businesses
• 18:53
  Speaker 1: that can receive what you're just saying versus the ones
• 18:56
  Speaker 1: that don't.
• 18:57
  Speaker 2: Yeah, I think that in our business anyway. So I
• 19:00
  Speaker 2: have a few companies, by the way, so before I
• 19:02
  Speaker 2: totally come to everyone, You've got the firm, which is Libertas,
• 19:05
  Speaker 2: I've got Elevate an Exit which is the exit planning
• 19:07
  Speaker 2: business transition consulting firm. And then I have Adrenaline Advisor Consulting,
• 19:11
  Speaker 2: which is a firm to help other advisors grow financial
• 19:14
  Speaker 2: advisors grow their firms. And that's where I see this
• 19:16
  Speaker 2: a lot what you're asking about right now. Yep, there's
• 19:18
  Speaker 2: a I don't know where I heard this quote, but
• 19:21
  Speaker 2: it goes Actually it was my one of my mentors,
• 19:22
  Speaker 2: Mark is Inder. He said, you give a successful financial
• 19:26
  Speaker 2: advisor a good idea, and they'll come back in three
• 19:29
  Speaker 2: months giving you all the great results that that took
• 19:32
  Speaker 2: place because of the idea. You give an unsuccessful financial
• 19:35
  Speaker 2: advisor the same idea, they'll come back in two weeks
• 19:38
  Speaker 2: with five ways to make it better. Hm. Hm. So
• 19:42
  Speaker 2: I think that so much, so much is people are opinionated,
• 19:47
  Speaker 2: you know. It's like the old dog nutrix. I feel
• 19:49
  Speaker 2: like in order to be successful you have to be
• 19:52
  Speaker 2: open minded. I think that. I mean, everybody has an ego.
• 19:54
  Speaker 2: By definition, we all have egos, right, but I think
• 19:56
  Speaker 2: we all have to be really really open to being
• 19:59
  Speaker 2: coachable and change and improving and and then I really do, well,
• 20:03
  Speaker 2: I'm not this person. I don't understand this kind of person.
• 20:06
  Speaker 2: So you might be able to have a better, you know,
• 20:09
  Speaker 2: piece of advice on this than I do, but I don't.
• 20:11
  Speaker 2: I don't understand or nor can I wrap my head
• 20:14
  Speaker 2: around the person that's in the middle, that takes the
• 20:17
  Speaker 2: leap but then doesn't take the advice. I don't understand that.
• 20:21
  Speaker 2: It's actually frustrating for me.
• 20:23
  Speaker 1: Yeah.
• 20:23
  Speaker 2: Yeah, I can't count the number of times over the
• 20:25
  Speaker 2: last two decades that you know, a financial advisor has
• 20:28
  Speaker 2: said you know, Hey, you know, what is it that
• 20:29
  Speaker 2: thing you're doing? Can you teach me that? I'm like, yeah,
• 20:31
  Speaker 2: I'll teach you. I'm so excited to teach them. I
• 20:33
  Speaker 2: can't wait. I can't teach them, and more important, I
• 20:35
  Speaker 2: can't wait to get the text message that said it
• 20:37
  Speaker 2: worked and it's all the results right. And then they
• 20:40
  Speaker 2: don't do it, and then I follow up in four
• 20:41
  Speaker 2: months I'm like, hey, do you ever do Like, ah,
• 20:43
  Speaker 2: you know, I've been trying to get around to it,
• 20:44
  Speaker 2: and it's like, do you want to succeed?
• 20:46
  Speaker 1: Like do you know? That's a great question, you know,
• 20:49
  Speaker 1: that's a great question. I would say. There are times
• 20:52
  Speaker 1: where people in theory I would say, here's what I
• 20:56
  Speaker 1: say that I think there's genuine interest Adam saying, but
• 21:01
  Speaker 1: the question is are you actually committed to doing it?
• 21:04
  Speaker 1: Are you interested? Or you committed? And they're interested, They're interested,
• 21:08
  Speaker 1: it's appealing, it's something that I might be interested in doing,
• 21:11
  Speaker 1: but the reality is what it comes down to it
• 21:13
  Speaker 1: are you willing to do the work that required to
• 21:15
  Speaker 1: get the desired result of the outcome? And they're generally
• 21:18
  Speaker 1: y or not or they're not convinced that if they
• 21:21
  Speaker 1: do the work for the quote unquote sacrifice. Is it
• 21:24
  Speaker 1: going to get me what I really want? And to
• 21:26
  Speaker 1: your point, you really want this and maybe they don't
• 21:29
  Speaker 1: really want it, you know, they they they you want it,
• 21:31
  Speaker 1: you know, whether it's like, hey, I this is I
• 21:33
  Speaker 1: know it's good, but maybe maybe it isn't. Maybe it
• 21:37
  Speaker 1: isn't in aligned for you, but they think. I think Adam,
• 21:40
  Speaker 1: what you're saying is sometimes I think we as business
• 21:43
  Speaker 1: owners or in individuals, we try to be maybe like,
• 21:46
  Speaker 1: well this person is this way, I should try to
• 21:48
  Speaker 1: be like that, but it doesn't stick. Isn't them authentically right? Yeah?
• 21:52
  Speaker 2: That makes sense. The actually, maybe you think of something
• 21:54
  Speaker 2: else when you said that, Like the the one guy
• 21:57
  Speaker 2: I helped in New York, Will Tee years ago almost now,
• 22:00
  Speaker 2: that was the reason I started Adrenaline was because he
• 22:04
  Speaker 2: asked for help and I spent. I was like, look,
• 22:05
  Speaker 2: if we're gonna do this, like I'm gonna You're gonna
• 22:08
  Speaker 2: do everything I tell you to do, otherwise I'm not
• 22:10
  Speaker 2: doing it. And fourteen weeks and twenty seven hours of
• 22:13
  Speaker 2: zoom calls later, he brought in four million dollars of
• 22:17
  Speaker 2: new clients in four weeks, and then he grew at
• 22:18
  Speaker 2: forty one percent last year and had a record year,
• 22:20
  Speaker 2: and it was fun and he did it right. He
• 22:22
  Speaker 2: did the work. But one of the first things he
• 22:24
  Speaker 2: asked me, and the reason it all started, was he goes,
• 22:27
  Speaker 2: he's well. First it starts like, hey, how's things going.
• 22:29
  Speaker 2: I'm like, oh, we're having a record year. It's awesome.
• 22:32
  Speaker 2: He says, really, what are you doing, Like like, what's
• 22:35
  Speaker 2: the number one thing you're doing? And I'm like, Leo,
• 22:37
  Speaker 2: I can't. There is no one thing I'm doing. And
• 22:41
  Speaker 2: then he gets frustrated with me and he goes, all right, fine,
• 22:43
  Speaker 2: like just give me the top three. Like, Leo, there's
• 22:45
  Speaker 2: no top three, Like there is there. You build something,
• 22:49
  Speaker 2: whether it's something that takes ten minutes to build it
• 22:51
  Speaker 2: or ten hours yep. Then you systematize it, build a process,
• 22:55
  Speaker 2: and then you run it and maybe you're not even
• 22:57
  Speaker 2: running it right. And then it's all those things operate
• 23:00
  Speaker 2: like that twelve cylinder engine I was talking about earlier,
• 23:02
  Speaker 2: and you just fit it with gas effort. And the
• 23:05
  Speaker 2: more you have and the more you've built, and the
• 23:07
  Speaker 2: more it all works together like a nice, beautiful orchestra,
• 23:10
  Speaker 2: the more well oiled it all is. And the more
• 23:12
  Speaker 2: it produces. But it's not like there's no one thing.
• 23:14
  Speaker 2: There's no three things, and there's no free lunch. You've
• 23:16
  Speaker 2: got to do the work.
• 23:17
  Speaker 1: Like you said, You've got to do the work. And
• 23:19
  Speaker 1: I use this framework of what are you going to
• 23:22
  Speaker 1: start doing, what are you going to stop doing, what
• 23:24
  Speaker 1: are you going to sustain doing? And a lot of times,
• 23:26
  Speaker 1: at least for me, Adam, there's things I have to
• 23:28
  Speaker 1: stop doing in order to take on these things, and
• 23:30
  Speaker 1: other people aren't willing to stop take on that new
• 23:33
  Speaker 1: thing like you're talking.
• 23:34
  Speaker 2: Yeah, this was.
• 23:37
  Speaker 1: That's that.
• 23:38
  Speaker 2: Every quarter I started doing this a few years ago.
• 23:40
  Speaker 2: Every quarter I have a note on my calendar to
• 23:42
  Speaker 2: look back at the past quarter at the things I
• 23:44
  Speaker 2: should not have done that I said yes to, and
• 23:46
  Speaker 2: I look forward at the next quarter see if there's
• 23:48
  Speaker 2: anything I can say I'm sorry, no, thank you to
• 23:51
  Speaker 2: like because there's just people like you and I and
• 23:55
  Speaker 2: I kind people. Yes, yes, right, I'm saying no because everyone.
• 24:00
  Speaker 1: Right, absolutely, absolutely, that's why we're here. By the way,
• 24:03
  Speaker 1: as you're listening to this podcast, Adam and I are
• 24:06
  Speaker 1: making sure we're connected on LinkedIn, you guys connected with there,
• 24:09
  Speaker 1: and I'm gonna put all the show show notes to Adam,
• 24:11
  Speaker 1: all of your links to your different companies. You guys
• 24:13
  Speaker 1: can check out Adam if you connect with perfect You're
• 24:16
  Speaker 1: You're You're bringing up so many great points here, Adam,
• 24:18
  Speaker 1: of how you're helping people in different capacities. And that's
• 24:21
  Speaker 1: why I love having you as a business owner as
• 24:23
  Speaker 1: a leader on here. And you're you're living through I mean,
• 24:26
  Speaker 1: we're going through these ups and downs. Just look at
• 24:29
  Speaker 1: the market right now we're recording this in the beginning
• 24:32
  Speaker 1: of June twenty twenty five. There's a lot of uncertainty
• 24:35
  Speaker 1: and challenges and how do we do this? And so
• 24:37
  Speaker 1: you know, you help businesses, you know, adjust, and but
• 24:42
  Speaker 1: I say, take lessons from the market, like there's there's
• 24:46
  Speaker 1: patterns and how do we pivot, how do we successfully
• 24:48
  Speaker 1: navigate challenges? You know, it's it's so important what you're doing.
• 24:54
  Speaker 2: Thank you, thank you.
• 24:55
  Speaker 1: Yeah, yeah, you know why how as we're I would say,
• 24:59
  Speaker 1: why do you think you know you talk part of
• 25:03
  Speaker 1: what you help is leaders exiting, and you talked about
• 25:06
  Speaker 1: some of the statistics about why that isn't successful. Why
• 25:09
  Speaker 1: do you think leaders fail to exit when they can
• 25:12
  Speaker 1: do it healthy? Financially, emotionally. Why do you think that
• 25:15
  Speaker 1: there's this challenge of what are you seeing in the marketplace?
• 25:19
  Speaker 2: Yeah, there's a lot of reasons why. Unfortunately, there's I
• 25:22
  Speaker 2: think most owners if they're too busy and they're not
• 25:27
  Speaker 2: they're not scaling, they're not delegating, they're they're spending so
• 25:31
  Speaker 2: much time in the business that they can't sell it
• 25:32
  Speaker 2: because now no buyer is going to want to buy
• 25:35
  Speaker 2: something that's so dependent on the owner. That's the first thing, yep.
• 25:38
  Speaker 2: The second thing would be there's owners that have maybe
• 25:41
  Speaker 2: done a decent job of scaling, but they haven't put
• 25:43
  Speaker 2: a lot of places things in place to de risk,
• 25:46
  Speaker 2: continuity plans, customer concentration. You know, there's all these issues
• 25:51
  Speaker 2: with the company, but they're so busy running the company,
• 25:55
  Speaker 2: working on the business like they should, and they're doing
• 25:57
  Speaker 2: a good job of that, and they're making such good revenue.
• 26:00
  Speaker 2: They just keep saying to themselves, well, you know, I'll
• 26:03
  Speaker 2: sell it in three years. And then when you talk
• 26:06
  Speaker 2: to one a year or two from now, they said,
• 26:07
  Speaker 2: I'll probably sell in three years. And then they get
• 26:11
  Speaker 2: Parkinson's or dementia, they get divorced, they die, they have
• 26:20
  Speaker 2: a partner they have a disagree with and partner wants
• 26:22
  Speaker 2: to sell, they don't want to sell, and things just
• 26:24
  Speaker 2: go sideways. So then they're forced to sell it and
• 26:28
  Speaker 2: either at a fire sale or doesn't sell at all.
• 26:30
  Speaker 2: It's one of the reasons that businesses don't sell. So
• 26:32
  Speaker 2: I think that's the second thing that happens. And so
• 26:34
  Speaker 2: I think that in order to be not only success,
• 26:37
  Speaker 2: truly successful in business, you have to look at your
• 26:40
  Speaker 2: business like an investment, and you have to look at
• 26:43
  Speaker 2: it from the perspective of a buyer. And if you
• 26:44
  Speaker 2: were to buy a business, would you buy your own business?
• 26:47
  Speaker 2: And you know, there's a book written out there by
• 26:48
  Speaker 2: that same friend I talked about who mentioned relentless execution
• 26:51
  Speaker 2: as a catchphrase, and it's the book's called is Your
• 26:54
  Speaker 2: Baby's Ugly? And the metaphor is that most people think
• 27:00
  Speaker 2: their babies are beautiful, but the cutest things in the world,
• 27:04
  Speaker 2: you know, aliens and oftentimes businesses, I mean they're not
• 27:08
  Speaker 2: They're ugly, and they're not ready to sell, not even
• 27:11
  Speaker 2: remotely ready to sell. There's it depends on the business.
• 27:16
  Speaker 2: You know, we had a company a couple of years
• 27:18
  Speaker 2: ago that said, I want I want to sell in
• 27:21
  Speaker 2: nine months. I'm like, okay, well I can't really help you,
• 27:24
  Speaker 2: but I need like two to three years. Yes, right,
• 27:28
  Speaker 2: my target client is a business owner who wants to
• 27:30
  Speaker 2: exit in three years. Five years is fine too, but
• 27:32
  Speaker 2: you know, three years. Build a plan in six to
• 27:34
  Speaker 2: twelve months. Implement the plan in year two and three
• 27:37
  Speaker 2: will probably grow the value the company, both on an
• 27:39
  Speaker 2: absolute and relative basis at twenty five to forty percent
• 27:41
  Speaker 2: maybe more, which is awesome. But you got to do
• 27:44
  Speaker 2: the work. You gotta do the plan. You got to
• 27:45
  Speaker 2: be intentional. Yeah, you can't just sit around and pedal
• 27:49
  Speaker 2: the bike and think that things are going to get
• 27:51
  Speaker 2: better unless you actually, you know, make intentional change. So
• 27:54
  Speaker 2: this this you know, this person. I'm not going to
• 27:56
  Speaker 2: say anything more about like where they are, who they were,
• 27:58
  Speaker 2: but it's a company that was all paper, no electronic documents.
• 28:04
  Speaker 2: Their CEO is leaving, and they want to sell while
• 28:08
  Speaker 2: the CEO is leaving, I don't want to replace the CEO. First,
• 28:11
  Speaker 2: they just wanted to be done. It was a mess.
• 28:14
  Speaker 2: And then and then of course I'm gonna take I'm
• 28:16
  Speaker 2: gonna give you one guess.
• 28:19
  Speaker 1: Do you think that they.
• 28:20
  Speaker 2: Do you think the company is worth more or less
• 28:22
  Speaker 2: than what they.
• 28:22
  Speaker 1: Thought less less, much less, unfortunately much less.
• 28:27
  Speaker 2: So it's unfortunately. There's all kinds of reasons why, and
• 28:31
  Speaker 2: I think that there's also some fear in there, you know,
• 28:33
  Speaker 2: behavioral technology. And then the bad part is it's it's bounded.
• 28:38
  Speaker 2: Seventy what is it, seventy five to eighty percent of
• 28:41
  Speaker 2: business owners who are surveyed a year after selling strongly
• 28:44
  Speaker 2: regret selling.
• 28:45
  Speaker 1: M hmm.
• 28:46
  Speaker 2: That's an interesting I don't always why because what some
• 28:49
  Speaker 2: owners think is, well, I shouldn't have sold them, and
• 28:50
  Speaker 2: that statistic tells me I then the bad thing to
• 28:53
  Speaker 2: do is sell it. Like, that's not the answer there.
• 28:55
  Speaker 2: That's the why. Why is why? And the reason why
• 28:58
  Speaker 2: is because none of them have a plan for what
• 29:01
  Speaker 2: I call life after football. You know, the average football
• 29:04
  Speaker 2: player lasts what three point eight years in the NFL,
• 29:06
  Speaker 2: and then they're twenty six, twenty five years old and
• 29:08
  Speaker 2: now what now?
• 29:10
  Speaker 1: Yeah?
• 29:10
  Speaker 2: So business owners spend their entire life's work growing and
• 29:13
  Speaker 2: building something that they truly are part of. Like they
• 29:17
  Speaker 2: like when people say to themselves, you know, like they say,
• 29:20
  Speaker 2: you know, David, what are you?
• 29:21
  Speaker 1: Like? What are you?
• 29:22
  Speaker 2: I'm a business owner it's like, well, no, you're a dad,
• 29:24
  Speaker 2: you're a husband, you know what I mean. But people
• 29:27
  Speaker 2: identify themselves with what they do for a living all day.
• 29:30
  Speaker 2: So when they sell it and they don't have a
• 29:32
  Speaker 2: plan for what they're going to do when they're done,
• 29:35
  Speaker 2: they're lost. So you have a huge part of the
• 29:38
  Speaker 2: planning process in business transition and exit planning is in
• 29:42
  Speaker 2: step call it three and four, building a sound, specific
• 29:47
  Speaker 2: retirement plan for not just what the money looks like
• 29:49
  Speaker 2: what we do. It's like, oh, I'm gonna move my
• 29:53
  Speaker 2: wife and I've always wanted to build this this dream
• 29:55
  Speaker 2: home in Colorado. So we're building this dream home. I'm like,
• 29:57
  Speaker 2: what are you gonna do there? Well, you know, hang
• 29:58
  Speaker 2: out home, hang out in Colorado. Like, okay, what else
• 30:03
  Speaker 2: you gonna do?
• 30:04
  Speaker 1: I don't know?
• 30:05
  Speaker 2: Like why are you asking me all these questions? Because
• 30:06
  Speaker 2: you're gonna be bored. That's why you're gonna be You're
• 30:09
  Speaker 2: gonna hate your life, that's why.
• 30:11
  Speaker 1: Yeah, No, you're you're hitting on some points that I
• 30:13
  Speaker 1: work on adam with individuals too. When I'm coaching them.
• 30:16
  Speaker 1: I said, you know, we look at the business absolutely,
• 30:17
  Speaker 1: that's my leadings to your business name and my company. However,
• 30:21
  Speaker 1: to your point, we look holistically, like what does it
• 30:23
  Speaker 1: look like with your relationship? How is your how are
• 30:25
  Speaker 1: you taking care of yourself physically?
• 30:26
  Speaker 2: What is it your whatever?
• 30:27
  Speaker 1: Whatever your spiritual being life is, what is that your
• 30:30
  Speaker 1: are you living your purpose? The business just happens to
• 30:33
  Speaker 1: be a way to activate and use your purpose and
• 30:36
  Speaker 1: get talents and guess, like you're saying, Adam, but one
• 30:38
  Speaker 1: hundred percent, I've unfortunately heard many people that are very
• 30:42
  Speaker 1: financially well off, very well off, and they're miserable, lonely
• 30:47
  Speaker 1: people living in a big mansion or having lots of
• 30:49
  Speaker 1: cars or whatever, and they're like, I built all this
• 30:52
  Speaker 1: for what for what?
• 30:54
  Speaker 2: Right?
• 30:55
  Speaker 1: Money?
• 30:55
  Speaker 2: Money is a unit of choice. The more units you have,
• 30:58
  Speaker 2: the more choices you have.
• 30:59
  Speaker 1: M That's all it is. Yeah, you know, I think
• 31:03
  Speaker 1: you're looking at this and I think I would use
• 31:05
  Speaker 1: the word, I guess a financial term rebalancing, like looking
• 31:08
  Speaker 1: at things and our things out of whack, or like
• 31:11
  Speaker 1: where do we want to be and how we're alligating
• 31:14
  Speaker 1: our energy, our time, our attention. And I think that's
• 31:17
  Speaker 1: what I hear you saying. You're looking at helping them
• 31:20
  Speaker 1: plan and prepare so that they can be in a
• 31:22
  Speaker 1: better place for when maybe life does happen unfortunately, and
• 31:27
  Speaker 1: like I totally hear what you're saying, unexpected, you know, changes,
• 31:31
  Speaker 1: and you weren't as far as the business goes, And
• 31:35
  Speaker 1: if you're not planning years in advance, then you're really
• 31:38
  Speaker 1: going to be stuck. Like you said, maybe you can
• 31:40
  Speaker 1: sell it if you're lucky lucky, but it might just
• 31:42
  Speaker 1: dissolve all together. You know. That's really sad, all that
• 31:45
  Speaker 1: effort and energy that you created for years right into.
• 31:50
  Speaker 2: And it's And another thing that gets me kind of
• 31:53
  Speaker 2: fired up is the people that say, well, I don't
• 31:55
  Speaker 2: need to do anything is planning because I'm not selling
• 31:57
  Speaker 2: for like fifteen years. It's like, yeah, okay.
• 31:59
  Speaker 1: Well.
• 32:00
  Speaker 2: One of the things I learned the hard way, like
• 32:02
  Speaker 2: many owners learn many lessons the hard way, is that
• 32:06
  Speaker 2: the first stage, the first real stage of growth that
• 32:09
  Speaker 2: I experienced in my career was when I realized I
• 32:13
  Speaker 2: wasn't the owner of a wealth management firm that was
• 32:16
  Speaker 2: doing marketing. I was the owner of a marketing firm
• 32:19
  Speaker 2: that just happened to do wealth management. Once I learned that,
• 32:23
  Speaker 2: the next big Aha moment was learning how to scale
• 32:26
  Speaker 2: and that the business didn't need me all the time.
• 32:28
  Speaker 2: And then and it goes back to the identification with
• 32:31
  Speaker 2: I am the owner. I am an owner. That's what
• 32:33
  Speaker 2: I am. That you'll you'll you will love your life
• 32:36
  Speaker 2: so much more if you can let other people take
• 32:39
  Speaker 2: responsibility for things so that you can enjoy time with
• 32:42
  Speaker 2: your kids and time with your your spouse, maybe even
• 32:45
  Speaker 2: a hobby. Imagine that.
• 32:48
  Speaker 1: Yeah, I mean, so you're and that is why I
• 32:51
  Speaker 1: love our synergy, Adam. Why I have you on the podcast.
• 32:53
  Speaker 1: If I want here to folks, here's Adam that can
• 32:55
  Speaker 1: help you in that where I can help on this
• 32:56
  Speaker 1: on the people side of the delegation, where he's helping
• 32:59
  Speaker 1: you plan and looking at this this bigger picture and
• 33:03
  Speaker 1: the strategy. You know, we need all of those things.
• 33:05
  Speaker 1: So I agree, Adam, you can I'd say, I choose
• 33:08
  Speaker 1: I want to be in the business that guy held
• 33:10
  Speaker 1: hostage like I have to be. I want I want
• 33:12
  Speaker 1: to step in or where do I want to step
• 33:14
  Speaker 1: in the business? Right because it's fun exciting, not because
• 33:16
  Speaker 1: I feel like nobody else is going to pick up
• 33:19
  Speaker 1: the pick it up whatever the task or that you
• 33:22
  Speaker 1: know action done right. Yeah, yeah, I know we're getting
• 33:28
  Speaker 1: close to endo the podcast, and I so appreciate you
• 33:30
  Speaker 1: being on here. I definitely would love to have you
• 33:31
  Speaker 1: back again. So many things here, you know, this is
• 33:34
  Speaker 1: this is a great conversation.
• 33:37
  Speaker 2: Thirty minutes already gone.
• 33:39
  Speaker 1: I know we're just flying by, you know, but you know,
• 33:44
  Speaker 1: what would you say? I mean, there's so many different experiences.
• 33:46
  Speaker 1: You've already shared some great life experiences here. But I
• 33:49
  Speaker 1: always like to give you know, our guests an opportunity
• 33:52
  Speaker 1: to kind of like, Okay, if you've heard nothing else,
• 33:54
  Speaker 1: if you're just listening to this and you're like, what
• 33:56
  Speaker 1: would be like a key takeaway like take this tarts
• 34:00
  Speaker 1: as you're listening to Adam's speak, you know, what would
• 34:02
  Speaker 1: you what would that be for you? Adam?
• 34:04
  Speaker 2: I would say that it would it would probably be
• 34:07
  Speaker 2: that it's like delegation, you know. And and then they'll say, like, god,
• 34:15
  Speaker 2: how how do you figure all this stuff out? And
• 34:17
  Speaker 2: the answer is I spent a lot of money and
• 34:19
  Speaker 2: made a lot of mistakes, like I wasted a week.
• 34:21
  Speaker 2: And then the answer to that is kind of like
• 34:23
  Speaker 2: the business owner thing we were just talking about a
• 34:24
  Speaker 2: second ago, where most business owners were selling like oh
• 34:27
  Speaker 2: if you wasted a lot of money, and I don't.
• 34:29
  Speaker 2: I shouldn't do that. It's like, well, no, I wouldn't
• 34:32
  Speaker 2: be here if I didn't waste all that money.
• 34:34
  Speaker 1: So I think that.
• 34:35
  Speaker 2: I think the piece of advice I would give every
• 34:37
  Speaker 2: every owner is to invest in yourself. That means paying
• 34:43
  Speaker 2: other people. The sound so self serving, but pay other
• 34:46
  Speaker 2: people get mentors of coast, of course, but you know,
• 34:49
  Speaker 2: pay people like you David paid. I strongly believe if
• 34:53
  Speaker 2: your company's making more than a one and a half
• 34:55
  Speaker 2: million dollars a year and under fifteen million a year,
• 34:57
  Speaker 2: hire a fractional CFO and if you have one, you're
• 35:00
  Speaker 2: going to pay for it later. Hire coaches absolutely. Then
• 35:06
  Speaker 2: just take the advice and you'll be so much happier
• 35:08
  Speaker 2: and so glad you did. There's just so much we
• 35:10
  Speaker 2: don't know. It's like the e myth, right, and it's
• 35:12
  Speaker 2: deeper than the emaths. Somebody needs to write a book.
• 35:14
  Speaker 2: Maybe you can write it. David's deeper than the myth.
• 35:17
  Speaker 2: That breaks it down to more than just three categories
• 35:19
  Speaker 2: where you've got the entrepreneur, the manager, and the technical worker.
• 35:24
  Speaker 2: I am the entrepreneur and the technical worker. I'm a
• 35:27
  Speaker 2: terrible manager. I want everybody to like me, I'm not
• 35:30
  Speaker 2: good at it, but I think you can go deeper
• 35:32
  Speaker 2: than that and find that there's all these areas in
• 35:35
  Speaker 2: every business that we as owners in the beginning we
• 35:38
  Speaker 2: have to do it all, but as we grow, we're
• 35:41
  Speaker 2: so much better off if we let somebody else do it.
• 35:42
  Speaker 2: It's like the Dan Sullivan who not how thing, It's
• 35:45
  Speaker 2: just find lots of who's and let a love that.
• 35:50
  Speaker 1: And that's why we have the Business Roundabook podcast is though,
• 35:52
  Speaker 1: that you as a listener can hear a different voice
• 35:55
  Speaker 1: and say, hey, Adam is my guy whoever it is
• 35:58
  Speaker 1: on the podcast. You know, I have different voices because
• 36:00
  Speaker 1: I want everybody to say who is that team? Because
• 36:02
  Speaker 1: we're all we'll all make up differently. You can have
• 36:05
  Speaker 1: you talked about the baseball analogy of teams, just like
• 36:07
  Speaker 1: getting all that the right people in the right place
• 36:09
  Speaker 1: and that mix of those coaches advisors. You know. But
• 36:13
  Speaker 1: I agree with you, Adam, You're going to go much
• 36:15
  Speaker 1: further faster with those versus you just kind of going
• 36:18
  Speaker 1: on your own, isolated and alone. And I so appreciate
• 36:20
  Speaker 1: you coming on here and sharing with our listeners today.
• 36:23
  Speaker 2: I would love to do it again.
• 36:25
  Speaker 1: Yeah, This is a blast, This is fun. Thank you Adam.
• 36:28
  Speaker 1: As we're wrapping it up here on the podcast, I
• 36:30
  Speaker 1: appreciate all of you guys, of course liking and subscribing
• 36:34
  Speaker 1: the podcast. Lead your comments and we'll make sure that
• 36:36
  Speaker 1: Adam gets them. All of our links and everything will
• 36:38
  Speaker 1: be in the show notes so you know where to
• 36:40
  Speaker 1: connect with Adam and myself and come back again to
• 36:43
  Speaker 1: have the next episode. Thanks everybody for listening and being
• 36:46
  Speaker 1: here with us of the Business Around People Podcasts