Success That Lasts

By Jared SiegelBusiness Investing

Success That Lasts episodes

October 15, 2020Entrepreneurship with Jerry Carleton and Joe Sullivan
Jerry Carleton is the Principal and Founder of Immix Law. Joe Sullivan is a partner at Delap LLP. They join Jared Siegel to discuss entrepreneurship.
Jerry and Joe talk about the origins of their careers and how they achieved success.
“It takes a special kind of crazy to have the audacity to create something where nothing exists,” Jerry says, “and to look at the opportunity to succeed rather than all the reasons for failure.” “It takes an optimistic kind of crazy to look at the odds for success and still walk into them,” Jared adds.
Jerry and Joe share insights about cash, their experiences with clients, and learning. They talk about how COVID-19 has impacted their business and what the pandemic has taught them.
The difference between a specialist and a generalist is having industry knowledge, according to Joe. Specialists have a higher probability of helping clients arrive at the best solutions for them, and can go in depth with clients about tricky transactions and specific types of issues.
A common mistake young entrepreneurs make is that, when selling their first start-up, they underestimate how much of their identity is wrapped up in the business. Consequently, they feel seller’s remorse and second-guess whether they made the right decision. Joe shares an experience related to this.

Resources
Jerry Carleton on LinkedIn
ImmixLaw.com

Joe Sullivan on LinkedIn
DelapCPA.com

After the Exit

Off Balanced by Matthew Kelly
The Five Love Languages by Gary Chapman
43 min
October 08, 2020The Value of Resilience and Planning with Mark Hornibrook
Mark Hornibrook is the CEO of Precoa, a company specializing in pre-need planning and marketing. He joins Jared Siegel to discuss resilience, adversity, and funeral planning.

Here are a few highlights from their conversation:
If you don't prioritize your organizational culture, it will build itself. Culture is not neutral; it's always growing and evolving. The default culture is one where everyone seeks their own interest, so if you want something different, you will have to manage it.
The happier and more successful you are in all other aspects of their life, the more effective and productive you will be at work.
Mark talks about his battle with cancer and how he survived despite being told he had a 97% probability of dying. Focusing on helping his partners at his company be successful instead of his own ego was healthy for him, he comments.
Planning your funeral ahead of time makes it financially easier for your family when you pass on, Mark says. Everyone thinks it's a good idea but no one wants to do it because it seems like a morbid affair. Ironically, he claims, it can actually be quite fun.
Jared asks about Precoa's core values and what they mean to the organization. Mark defines two of them.
Jared talks about the value of planning.

Resources
Mark Hornibrook on LinkedIn
Precoa.com
Mark’s book: Fear Not, I Am With Thee: Our Journey with Metastatic Melanoma

DelapCPA.com
Estate Plan Checklist
What Issues Should I Consider Before I Update My Estate Plan?
What Issues Should I Consider If My Spouse Has Been Diagnosed With A Terminal Illness?
42 min
October 01, 2020Effective Time Management
Jared Siegel uses the rocks, pebbles, sand, and water in a jar story as a motif to discuss effective time management in this solo episode of Success That Lasts.

Here are a few highlights:
We often mistake being busy with being important. However, when we’re busy but not effective, it creates stress.
The foundations for effective time management are laid when you identify your priorities - your “big rocks.”
“You waste years by not wasting hours,” Jared quotes. He talks about the dichotomy of being highly effective while also freeing your mind to think in “white space.”
‘Chunking’ refers to the activity of hyperfocusing on one task, in which you achieve a state of flow. ‘Flow’ is when you’re so focused on the task at hand that time seems to disappear.
Jared shares insights about the ‘attention economy.’
Time is a creative thing; saying “I don’t have time,” is really saying “I don’t want to.”

Resources

Resources
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
Free to Focus by Michael Hyatt

Cortana by Microsoft

Video: How to reduce distractions in outlook

Podcast Episodes:
The Neuroscience of Mindfulness with David Miller
Managing Your Time Wisely with Paul Schlumpberger
19 min
September 24, 2020The Sum of Our Choices
Jared Siegel talks about choices and priorities in this week’s solo episode of Success That Lasts.

Here are a few highlights:
Psychologists have estimated that, on average, an adult makes 35,000 decisions a day. Every choice you make consumes a resource, Jared claims.
If we do not prioritize our lives, someone else will do it for us. We need to be intentional if we want to have control over our lives.
When embarking on a new project or goal, begin with the purpose in mind, instead of the strategy to achieve it. Starting with “why” instead of “what” or “how” leads to better outcomes. Knowing what really matters to us can clarify and simplify many of the choices that we are forced to make on a daily basis, Jared says.
Jared shares his personal strategy for living his best life.
The Full Focus Planner is a tool that enables you to tangibly translate your plans into a document, and makes space for the important things in life that can’t be measured in a spreadsheet.
Those that persevere through 2020 are going to come out of the adversity stronger and better than ever before.

Resources
The Full Focus Planner from Michael Hyatt
14 min
September 17, 2020Effective Change Management with Kyle Renalds
Kyle Renalds is the Advisory & Assurance Senior Manager at Delap LLP with over sixteen years of experience in taxation, consulting and assurance. He joins Jared Siegel to discuss change and the relationship between success and adaptability.

Here are a few highlights from their conversation:
In the real world, we encounter setbacks and temporary failures that can be repositioned as learning opportunities.
A study from Harvard found that 70% of change initiatives in companies fail. Change is pain; it triggers specific areas of our brains and provokes physiological discomfort. Our biology is change averse.
Understanding that change is pain for your organization is important. Effective change management, according to Kyle, comes from engaging the teams and decision-makers in an organization. You need to know what drives them.
People don’t change until the pain of their current circumstances exceeds the pain of the change.
Great questions more often than not precede great answers. Kyle talks about instances where he, as an advisor, did not have all the answers or solutions to a client’s problem and had to ask questions until they arrived at the best solution.
To map out a path forward, we must know where we are now. Jared shares a story that illustrates this point.

Resources
Kyle Renalds on LinkedIn
DeLapCPA.com
31 min
September 10, 2020Planning Opportunities in 2020 with Jeanne McMains
Jeanne McMains is the Senior Vice President of Complex Gift Solutions at the National Christian Foundation. She is also a speaker, author and coach at Foreground Solutions and is on the Board of Directors for MOPS International. She joins Jared Siegel today to discuss wealth, generosity, and the planning opportunities that are uniquely available to us in 2020.

Here are a few highlights from their conversation:
A donor-advised fund allows donors to grow contributions typically tax-free and give grants to their favorite charities at their convenience. Jeanne calls it a give-grow-grant.
When making estate plans, Jeanne urges families to keep in mind that inheritance is the soil from which their next generation can grow.
Jared says that those new to generosity often begin by gifting cash, but that can be limiting. Give the apple tree instead of the apple, as this will be more beneficial in the long run.
Market disruptions are fantastic opportunities to capitalize on advantages that aren’t usually present.

Resources
Jeanne McMains on LinkedIn
NCFGiving.com
43 min
September 03, 2020The Pillars of Estate Planning with Mike Hackard
Mike Hackard is the sole shareholder of Hackard Law Firm and an attorney with over four decades of experience, specializing in estate litigation. He joins Jared Siegel to discuss the pillars of great estate planning, the predictable traps that people often forget to avoid, and ways to protect aging loved ones from legal challenges as they experience diminished capacity.

Here are a few highlights from their conversation:
Jared says an estate litigation attorney is like a paramedic or EMT: he is a first responder to bad or failed planning.
Even if you have a good plan, Mike warns, it can be rendered null if the beneficiaries are not made aware of every detail.
Oftentimes grantors are not specific enough with their instructions and people can easily misinterpret what they mean.
Gaining clarity as a planner of why the money matters is important because it enables you to make the most suitable plans for your client. Jared sees asset protection as loss aversion; after you spend a lifetime creating wealth, there is a fear of losing it through litigation. Mike discusses the role asset protection plays in estate planning.
In estate planning there are only three options: you can leave your assets to your heirs, the government, or charity.
Your reputation is important for credibility, but having a character that backs up your reputation is more important, Mike says.

Resources
Mike Hackard on LinkedIn
HackardLaw.com
41 min
August 27, 2020Why We Need Mentorship with Greg Sherwood
Greg Sherwood is the President and Chief Investment Officer of Quest Investment Management, an institutional investment advisory firm based in Portland. He has been on the board of executives at Quest for 31 years, and has over three decades of experience in investment advisory. He joins Jared Siegel to discuss the benefits and importance of mentorship, and why the world needs it now more than ever.

Here are a few highlights from their conversation:
Things have never been better for those in industries that benefit from remote working. However, in other industries like hospitality and tourism, it is an utter disaster.
Greg defines mentorship as a fundamental form of human development where one person invests time, energy, and personal know-how to help grow and develop another person’s abilities. He says that it’s arguably the most important work you’ll ever do.
Self-care is not selfish, Jared remarks. Taking care of yourself replenishes your energy. You cannot give what you don’t have.
Mentors are not only people living today. We can learn valuable, powerful lessons from people who have gone before us. Oftentimes they can be just as effective as a live mentor.
Greg describes life in three stages: the first is the formative stage in which you are the most malleable and willing to receive information. The second stage is when you are 25-55 years old: by then, you have figured life out and are regularly organizing your priorities. The third and final stage of life is when you are 55+ years old: you are at the summit of your career and focused on legacy.
Transitioning to retirement is often challenging for individuals who have assigned much of their identity to their profession and careers.

Resources
Greg Sherwood on LinkedIn
QuestInvestment.com
41 min
August 13, 2020The Importance of Cybersecurity with David Buchanan
David Buchanan is a partner at Delap LLP and serves as their Chief Information Security Officer. He is also a participant in the X9 F6 Working Group, an organization dedicated to the development of security standards for the retail payments industry. David has spent his entire career helping companies protect and manage their cybersecurity exposure. He joins Jared Siegel to discuss the importance of cybersecurity and cybersecurity education programs.

Here are a few highlights from their conversation:
Technology transforms your capacity to continue to work and add value remotely. It can, however, also increase the efficacy of bad actors looking to steal information and monetize it, Jared warns. Hackers are very active in the current pandemic.
According to David, the cybersecurity industry’s market value was $156 billion in 2019. The estimated value for 2020 pointed towards $165 billion, which is expected to increase up to $248 billion by 2023.
Today’s global connectivity grants us many conveniences and privileges. However, we are now more reliant on technology and therefore more open to a wider variety of security breaches.
Jared asks David about his approach to cybersecurity. David shares questions he likes to ask clients to get a gist of what needs to be done. You should be aware of what’s in your environment as it pertains to information storage and how it sprawls, he says.
David understands that non-cybersecurity organizations only have a finite amount of resources they can allocate towards cybersecurity. While you need to be aware of your security, you don’t need to be an expert, he remarks.
Social engineering is defined by David as someone using a sense of urgency or supposed authority to convince you into performing an action or divulging information you normally wouldn’t. They usually deceive you by pretending to be someone who has your trust or who has authority over you, to request information.
Implementing security awareness training is one of the highest impact, lowest cost things you can do to improve your risk management posture.
David talks about the origins of Delap’s cyber practice. What makes it unique is that it was developed at Delap, by Delap employees.

Resources
David Buchanan on LinkedIn | Twitter
DelapCPA.com
Delap Cybersecurity Blog
Delap Cybersecurity News
37 min
July 30, 2020Effective Change Management with Allan Koltin
Allan Koltin is the founder and CEO of Koltin Consulting Group, a professional consulting firm that specializes in strategic planning, mergers and acquisition, profit improvement, and executive coaching. He joins Jared Siegel today to discuss the key ingredients to effective change management in our personal and professional lives.

Here are a few highlights from their insightful conversation:
The harder you try, the luckier you get. Allan recounts many failures early in his short-lived career in public accounting, and gives words of wisdom about the relationship between success and failure. If you’re not failing, you’re not growing professionally, he advises listeners.
While there is some truth to the belief that leaders are born and not made, the reality is that many are made. Three characteristics of great leaders are trustworthiness, acquiring the people’s respect, and great communication skills. The most important one, according to Jack Welch, is the ability to make tough decisions.
Jared has observed that the most successful leaders have helpful mentors and peers that push them to constantly improve. They pace life with their peers, gain wisdom from their mentors, and generously invest into the lives of other people even early in their careers.This establishes a good equilibrium as a leader between pacing, taking and giving.
There are three kinds of performers, according to Allan. The first is the content, who stops growing professionally and is satisfied with continuing to milk what he has been doing for years. The second is the climber, who immerses himself in new skills and technologies every year because he is never satisfied. The third kind of performer is the crazy, who will climb to the top of the proverbial tree and jump to another tree.
What defines leaders is the school of tough love, Allan claims. Mentors who care for you personally but challenge you directly will elevate your skills as a leader, as they offer continuous support but never pull any punches. Jared shares his learning experience under his college football coach and how his mentorship prepared him to be a business leader.
The three types of financial partners are: customers who buy a few things from you, with whom there is no relationship so they hold no brand loyalty and eventually leave; clients, who buy multiple things from you, refer others to you and with whom there is a relationship; and cheerleaders, who market in the community for you, and recruit talent and clients.
Creating a healthy and wealthy business involves asset building instead of asset milking. Asset builders sow seeds today for a better tomorrow, whereas asset milkers eat those seeds. Asset builders invest the first cut of the year-end profit into improvement and development, whereas asset milkers take the profits for themselves.
The first year of a merger acquisition is like the first year of marriage, Allan remarks. There is going to be a lot of conforming, compromising, and change that may be painful. It’s not about getting the better of the other, but instead about understanding each other’s wants and needs in order to make a fair and sustainable deal that will stand the test of time.

Resources
Allan Koltin on LinkedIn
Koltin.com
42 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