Success That Lasts

By Jared SiegelBusiness Investing

Success That Lasts episodes

February 04, 2021Happy Podcast Anniversary! with Jared Siegel
Jared leads Delap Wealth Advisory and is a partner and the Chief Development Officer at Delap. Fittingly, the podcast's first-ever guest, President of Cobalt Development Bart Dickson, acts as the host for this week’s show. He and Jared talk about wealth and the importance of planning.

Here are some highlights from their conversation:
Jared shares his professional background, from college football, to being an entrepreneur, to eventually joining Delap LLP, and then becoming the head of their wealth advisory sister company.
Bart asks Jared to describe his role as wealth manager. It’s a combination of ethics and values and the science of financial decision-making, Jared replies. Most importantly, the client is the one with control over the type of relationship they form and the conversations they have.
Not all goals are created equal: they can be categorized into needs, wants, and wishes. “Creating a plan that delineates needs, wants, and wishes allow us to inform future decisions,” Jared says.
A common denominator among first-generation wealth is a commitment to work ethic; the wealth was a by-product of their passion, it wasn’t their primary focus. It’s important to be intentional about transferring the values that created your wealth - instead of the value of the wealth - down to your second generation because it could easily be squandered.
Dedicating time to count your blessings daily can wire your brain to see the positives in life and be more grateful. “Gratitude is the ramp to joy,” Jared claims. In order to have joy, you must first have gratitude, which requires reframing your intentionality.
Bart asks Jared to give insight into his purpose for starting Success That Lasts, and how it has been fulfilling that purpose. “I started wrestling with this idea of ‘Hey, we all want to win and be successful. I wonder if there's a way to be intentional about questions so that it's a facilitated process versus prescription,’” he shares. “I wanted to use Success That Lasts to learn, so I don't sit here and lecture… I wanted to share what I'm learning with our community… and start a different type of conversation.”
Bart talks about the impact that Jared and Delap LLP have had on him as a client. He shows his appreciation for the time, effort, and consideration that they have invested in him.
Transparency is a good thing to foster with your children if you are an affluent family, Jared advises. You should ensure that they know early about the wealth the family has, why they have it, and how they think about it. He has observed that transparency serves as preparation for when children get older and become involved in the operations of the family business.

Resources
Jared Siegel on LinkedIn | Twitter
DelapCPA.com
49 min
January 28, 2021The Truth About Successful Conversation with Dan Solin
Dan Solin is a coach, consultant, and the President and founder of Solin Strategic LLC and Evidence Based Advisor Marketing. He is the New York Times best-selling author of the Smartest series, of which the most recent is The Smartest Sales Book You'll Ever Read. He joins Jared Siegel to discuss his book, and how to implement the research-based approaches discussed in the book in your personal life.

Here are a few highlights from their conversation:
Dan believes that 95% of financial media is misleading noise which drowns out the sound, academically-based information about the only intelligent and responsible way to invest. The financial media is oriented towards alarmist news that causes anxiety and prompts activity, which is the worst thing for investors.
According to a Harvard study, those with meaningful relationships are happier than those without. Listening is a key component in forming strong and meaningful bonds with people, but it is a skill that few seem to be doing. “Right now the world feels like everyone has a microphone and something to say, but they won’t listen,” Dan says.
Dan has observed that in business contexts, people are generally not interested in what advisors have to say: they are interested in how advisors can solve their problems. In order to effectively serve their clients, advisors must elicit information instead of conveying information, because an unknown problem can’t be solved.
Another Harvard study found that talking about yourself is one of the most highly pleasurable activities you can engage in, as it activates high levels of dopamine in the brain, and even more so when someone else is present to hear it. After implementing this research into interactions with his clients, Dan was able to generate almost 50% more assets under management in 1 year than he did in the previous 5.
People can generally tell when they are being manipulated or being sold. You must be genuinely interested in what people have to say and not just chase your self-interest, because they can tell when self-interest is involved as well.
Jared asks what the balance should be between eliciting information and sharing information. There is no formula, Dan replies. “If you trust this process, there will be a natural flow with most people. They will enjoy answering questions so much that they’re not going to show a lot of curiosity about you.” Additionally, the balance is one-sided more often than not.
“The ability and skill of listening and asking courageous, original questions is a big differentiator in the noisy world we live in,” Dan says.

Resources
Dan Solin on LinkedIn | Twitter
DanielSolin.com
The Smartest Sales Book You'll Ever Read: The Truth About Successful Selling
43 min
January 21, 2021Strategic vs Tactical Tax Planning with Aaron Newell
Aaron Newell is the Senior Tax Manager at Delap LLP. He joins Jared Siegel to discuss tax management and estate planning.

Here are a few highlights from their conversation:
Jared asks Aaron how he stays up to date with the rules, regulations, and planning opportunities of the frequently-changing tax laws. “With today’s age of technology, there’s always a lot of information available at our fingertips, and [staying up to date] requires a continuous investment [of time] in researching and figuring out how [the research] applies to your client,” Aaron replies.
When it comes to strategic tax planning, clients usually fall into one of two categories: proactive or reactive. The services that Aaron and his department provide are largely dependent on which category the client falls into, but they generally try to go beyond what is required of them, with their client’s best interest at heart.
Disappointment is a common emotion that heirs feel when a family member passes away and assets are distributed, Jared says. He asks Aaron how he minimizes disappointment in assisting families with estate planning. Communication and clarification are essential to the process, Aaron shares.
Aaron often has clients in their forties to fifties who have taxable estates but don’t necessarily understand why they should be addressing it urgency.
Aaron explains how changing one’s residency affects their tax plan. One factor that largely influences a client’s decision to change residencies is the opinions of family members, he shares.
If you want to have a value-centered, goal-driven tax plan, you must factor in a variety of different things, including tax expense management. Jared reveals why some clients may choose proximity to their family members over saving money when it comes to changing residencies.

Resources
Aaron Newell on LinkedIn
DelapCPA.com
34 min
January 14, 2021Cultivating Organizational Health with Chris Jenson
Chris Jenson is the Principal Consultant at The Table Group, and board member and Vice President of Elite Tree Service, Inc. He joins Jared Siegel to discuss the importance of organizational health, effective meeting strategy, and trust.

Here are a few highlights from their conversation:
Chris shares that The Table Group, started by Patrick Lencioni, was founded to provide assistance to companies for cultivating and maintaining good organizational health.
Jared asks Chris to make a distinction between the two types of trust. The average team’s foundation of trust comes from being able to predict one another’s moves, because they spend a lot of time around each other. This is predictive trust. “Great teams have a foundation of vulnerability-based trust,” he says. This type of trust is present when team members are willing to lay down their guard, admit mistakes, and not be defensive.
Organizational clarity involves how leaders communicate and reinforce their goals, vision, and disciplines, ensuring that everyone is aligned with what they are trying to accomplish.
Chris often encourages his clients to get rid of their agendas for meetings. “This is very counterintuitive, it’s not what anybody learned [to do], but we want to see teams get around the table… and spend the first 15 minutes asking themselves how well they are executing their strategy,” he shares. Additionally, he recommends that electronic devices should not be used in order to keep everyone’s attention.
Jared asks Chris about observable indicators of organizational health. One such indicator is the way team members interact with one another before a meeting starts. There is a buzz in the air among great teams, and their camaraderie and interest in one another is clear. According to Chris, starting the meeting with this buzz is the ideal beginning for something of such importance.
The Six Types of Working Geniuses, which is a model developed by The Table Group, identifies six requirements for production. Everyone has two geniuses, which are the two that they are naturally inclined towards, and two working frustrations, which are the two geniuses that they struggle the most with. Chris gives a brief description of the model and how to apply it to the workplace.

Resources
Chris Jenson on LinkedIn | Twitter
TableGroup.com

Meeting Framework
41 min
January 07, 20215 Lessons from 2020
Jared Siegel reflects on the year 2020 and the 5 lessons learned.

Here are the highlights:
Luck and risk are siblings: they both play a critical role in our life’s outcome, and they both are guided by things other than our own efforts.
When we experience personal, professional or financial success, we have to master the skill of knowing when enough is enough, and learning how to be content without becoming complacent.
“People are frugal in guarding their personal property,” Jared quotes, “but as soon as it comes to squandering their time, they’re the most wasteful with the one thing they have a right to be stingy with.” He talks about how the year 2020 gave us the opportunity to rebuild our schedules around what matters most.
Developing the daily discipline of gratitude is a great way to create more joy in your life.
2020 may not have been joyful for most of us, but we will still find joy when we reflect on the time we’ve spent with our loved ones and how much we’ve grown.

Resources
The Psychology of Money by Morgan Housel
10 min
December 24, 2020Vulnerability Based Change with Ryan Boatsman
Ryan Boatsman is a partner and the COO at DeLap LLP. He has more than a decade of experience in public accounting. He joins Jared Siegel to discuss vision, change management, strategy, and organizational health.

Here are a few highlights from their conversation:
“The benefit of failure is an objectivity that success simply can’t offer,” Jared tells Ryan. He asks Ryan about the role that failure has played in his life and how he has earned from it.
Ryan sees strategy as a roadmap to the future. “It’s looking into the future and seeing what we want to accomplish, using tools to figure out where we are now, and filling in the blanks, which is how we get to where we want to be,” he explains.
At some point in the future, technology will replace employees in organizations, which is why it is important to identify what we as humans can do better.
“You have to start with the foundation of trust and build the team on that,” Ryan says. “If you have a truly cohesive team that is completely bought in, you will execute [strategies] ten times [as effectively as you would have otherwise].”
“COVID has slowed things down for me,” Jared shares. “Some of the things that have been noisy in my life have been eliminated, which has created some space for unstructured time.” Additionally, the current pandemic has allowed him to focus on building his team and learning vulnerability.
Ryan talks about using the “four helpful lists” as a tool for change management. It’s easy to victimize yourself when faced with any challenge or adversity, Jared says. “There’s something uniquely empowering about deconstructing that process [of the four helpful lists] when I am feeling overwhelmed or frustrated,” he shares.
Being able to work with different individuals, seeing their strengths and unique value, and collectively coming together to achieve a common goal are the things that have sparked the most joy along Ryan’s professional journey.

Resources
Ryan Boatsman on LinkedIn
Four Helpful Lists
Now-Where-Here One Page
41 min
December 10, 2020 The Last Deal - Making a Difference During Business Exits
Matt Plooster is the CEO and Co-Founder of Bridgepoint Investment Banking – a boutique firm that focuses on Middle Market Business Owners, helping them sell their businesses as effectively and profitably as possible. Many business owners will spend 20, 30, 40 years or more building something – but they’re only going to sell it once. This is a high-risk proposition, and companies like Matt’s are there to smooth the way.
· Matt shares his story about getting into investment banking, an industry notorious for long hours and hard work. Starting his career right after the dot com bust, the firm was highly understaffed. Matt says this was a great experience, but he’s glad it’s behind him! When he started his own firm, doing important work where he could make a difference to people was a top priority.
· Jared shares a story about a fishing trip that helped him really understand the value of an advisor. Given that Matt’s company works exclusively with private companies, knowing what to look out for and how to maximize the value is a critical issue. Being a fellow business owner and employer means that Bridgepoint has empathy and understanding, as well.
· Matt talks about what creates value and interest for a buyer. This can include everything from the quality of your management team to the quality of the finances.
· Jared and Matt discuss what a company should start thinking about and preparing to sell a business. Often, Matt says, people call a company like Bridgepoint too late in the process. Preparation (and growing the key value drivers!) is everything.
· Matt and Jared wrap up the conversation by talking about the importance of family, making time for it, and hopes for the next generation. Matt believes that if you can get up in the morning and help people, that is the most important thing
Resources
Matt Plooster on LinkedIn
Bridgepoint Investment Banking
The 6 Financial Best Practices for Year End

46 min
November 25, 2020A Little Extra Tax Planning Strategy with Matt Mattecheck
Matt Mattecheck has been a Partner at Delap, LLP for 17 years. He spent his career helping auto dealers and real estate investors understand and navigate finance and tax strategy. He joins Jared Siegel to discuss how extra strategy and intentionality in your tax planning can offer a larger return on investment.

Here are a few highlights from their conversation:
Matt has noticed that clients who have roughly the same levels of professional and financial success often have different effective tax rates. This is due to the ways they allocate time and focus across their businesses.
In recent years, the tax depreciation rules in real estate have been very liberal. “[To step-up-in-basis] is a great estate planning tool for multigenerational wealth,” Matt says. Jared comments on the benefits of planning ahead.
Jared asks Matt how he has helped his clients gain clarity despite the current ambiguity surrounding tax laws. With tax planning, there is often no right or wrong answer, Matt replies. It’s about laying out the options and providing insights on those options.
Identifying why money matters, and where and why you want it to show up allows you to put together a sustainable plan for the future that is adjustable when change occurs. According to Matt, “[this strategy] allows us to stimulate potential changes and weigh the pros and cons of various decisions, which takes us from something intangible to tangibility.” Additionally, the visualization of the plan and the alternatives creates clarity amongst clients.
Matt shares one of his most memorable mistakes and how it taught him the value of humility.

Resources
Matt Mattecheck on LinkedIn | Twitter
DelapCPA.com
25 min
November 12, 2020Dangerous or Just Scary?
Jared Siegel talks about the key differences between things that terrify us and things that are real hazards, in this solo episode of Success That Lasts.

Here are a few highlights:
We are bad at differentiating between things that scare us and things that present real danger to our lives because we’re more relaxed around things we are acquainted with, Jared says. The average person is more likely to die in a car accident than in a plane crash, yet flying garners more fear than zipping down the highway at 75 mph.
Companies that cannot navigate changes like technology, globalization, and the current pandemic risk becoming defunct.
Change is scary because, by nature, it’s unfamiliar, but sometimes a lack of change is actually dangerous.
“Se hace camino al andar,” Jared quotes. It translates to “the way is made by walking;” you create the pathway itself by stepping into the unknown and embracing change.
Our emotions may impede logical decision making processes, but using the four R’s can help us overcome that. The four R’s are: recognize, reflect, reframe, and respond.

Resources
How I Built This by Guy Raz
14 min
October 29, 2020The Power of Perspective When Planning with Ken Weigel
Ken Weigel is all about strategy. He is a strategy consultant and the Strategic Advisor at The Contingent. He works in the Strategic Advancement department of The Bible Project. He joins Jared Siegel to talk about the importance of perspective in planning.

Here are a few insights from their conversation:
“Often it isn’t the mountains ahead that wear us out, it’s the little pebble in our shoes,” Jared quotes. Perspective is important; something that may seem small today may have the potential to be a disaster in the future.
People dislike the idea of life planning because it requires them to stop doing what they’re doing, which they feel they cannot do because their work is significant.
When you know yourself inside out, you acquire a self-awareness that allows you to have greater clarity for what opportunities are right for you. This clarity helps you make better decisions.
A well-updated dashboard gives you the tools to develop self-awareness and allow it to be disclosed in appropriate places for the appropriate people in your life.
Jared talks about the Thinking Wavelength, a tool that gives insights into one’s thought processes and patterns. He shares how it has helped him and his team.
“To be able to have a moment of clarity is to say what’s true about the current moment. We don’t want to only focus on what’s good or bad, but we do want to address the things that are confusing,” Jared says.

Resources
Ken Weigel on LinkedIn | Twitter
50 min

About Success That Lasts

From the publisher's feed

Success doesn’t always feel like success, and when it looks like you’ve ‘made it’ to the rest of the world, you can be left feeling like there’s still so much to do – but without a clear direction or plan. On the Success that Lasts podcast, hosted by Jared Siegel, we're going behind the scenes with business owners, real estate investors, and industry consultants to deconstruct the complicated topic of success. We'll be exploring questions, strategies and experiences that help create clarity and confidence surrounding your financial decisions.

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Success That Lasts

Success That Lasts episodes

About Success That Lasts