Success That Lasts

By Jared SiegelBusiness Investing

Success That Lasts episodes

July 16, 2020Managing Your Time Wisely with Paul Schlumpberger
Paul Schlumpberger is an experienced business executive in charge of managing five businesses. He joins Jared Siegel to discuss time management, overcoming fear, building an efficient and effective team, and juggling the professional and personal demands of life.

Here are a few highlights from their conversation:
Paul has developed an acronym for what he believes are the five sources of fear: SURF-T, which stands for Success, the Unknown, Rejection, Failure, and Time. He uses this acronym to categorize fear whenever he experiences it.
Entrepreneurship is different from intrapreneurship, Jared says. Starting from scratch as a standalone entity is not the same as innovating within a preexisting entity. Oftentimes for intrapreneurs, the status quo has a tendency to smother innovation. The entrepreneur’s challenge often lies with a lack of teammates whose strengths may compensate for the entrepreneur’s weaknesses.
Paul prefers to illustrate plans via a whiteboard to better visualize them. He shares an experience in which he created a graphic of a complicated ten-page document.
Employing the right people with the right attitudes is fundamental to creating your desired culture, according to Paul. Rather than qualifications, he interviews potential hires for character, asking questions that gauge the type of person they are.
Most issues in businesses do not happen with the individual doing the final assembly but instead occur upstream, Paul says. He encourages open communication between every function of a business in order to achieve maximum performance, as everyone has a unique contribution to make that will benefit someone else.
Time is a finite resource, but we can control it by what we choose to do and what we choose not to do, Paul urges. He talks about his personal and professional five-year plan and how he delegates his time. One observation Jared has made is that success begets success: as you climb in your career, opportunities, experience and talent increases.
Jared asks Paul what the core values are that he and his wife want to pass on to their sons. Some major ones are: to love and honor God; the importance of physical health; winning and losing gracefully; and the value of money. He discusses how he teaches his sons to work for what they want and how to use money wisely.
You’ll be the same person in five years that you are today except for the people you meet and the books you read, Jared quotes. The power of books is such that you can gather decades worth of insights synthesized into 200-300 words that took someone 30 years of experience.

Resources
The 7 Habits of Highly Effective People by Stephen Covey
Think and Grow Rich by Napoleon Hill
Multiple Streams of Income by Robert G. Allen
17 Things to Know Before Leaving Home by Paul Schlumpberger
43 min
July 02, 2020Financial Psychology with Moira Somers
Moira Summer is an author, coach, keynote speaker, assistant professor and wealth psychologist. She joins Jared Siegel to discuss financial literacy and the psychological impact of wealth.

Here are a few highlights from their insightful conversation:
As a clinical neuropsychologist by training, Moira has observed that there is a profound interface between money and well-being; those who had better relationships to and with money seemed to have much better outcomes than those who didn’t.
Though we generally consider ourselves to be rational beings, data shows that we may have biological predispositions to making irrational decisions. Moira believes in embracing the totality of the human experience: acknowledging that sometimes we get diverted by things outside our best interest, have trouble persisting in things in our best interest, and are influenced by things outside our conscious awareness.
Jared explains loss aversion - a concept in behavioral finance which claims we are motivated to avoid things that have negative outcomes - and how it may shape conversations about marketing.
Jared sees equilibrium as resource allocation rather than simply balance, and learning how to manage his time creates clarity around his financial decisions.
Moira says that those born into wealth often do not hear about the struggles and sacrifices that had to be made in order to acquire it.
Data shows that money can bring us sustainable happiness when we invest it in people and/or causes that matter to us.
Subsequent generations enhance family businesses by being more intentional about how to use the business to hold families together. Moira has observed that third and fourth generation business owners are holistically maintaining their businesses, instead of prioritizing profit above all else.
Financial literacy combines knowledge with emotional intelligence, and skills in delaying gratification.

Resources
Moira Somers on LinkedIn
MoneyMindandMeaning.com

Recommended Reads

Advice That Sticks by Moira Somers
Intentional Wealth by Courtney Pullen
The Coddling of the American Mind by Greg Lukianoff and Jonathan Haidt
When Helping Hurts by Steve Corbett and Brian Fikkert
Raising Financially Fit Kids by Joline Godfrey
The 3 Big Questions for a Frantic Family by Patrick Lencioni
Essentialism by Greg McKeown
39 min
June 18, 2020The Necessity of Antifragility
Jared Siegel talks about antifragility, resilience, and growth during adversity in this week’s solo episode of Success That Lasts.

Here are a few highlights from the episode:
Antifragility goes beyond resilience and robustness; the resilient resists shock and stays the same, but the antifragile grows stronger when faced with adversity. Jared likens antifragility to muscles which get stronger with strain, trees whose roots grow deeper in strong wind, and the renewal and restoration of the earth after forest fires.
The pandemic has brought with it new opportunities for companies in the manufacturing and technology industries to recapture previously lost market share and use existing technology to meet a current need.
VUCA is an acronym for volatility, uncertainty, complexity and ambiguity, which describes constant, unpredictable change. It was first used in 1987 based on the leadership theories of Warren Bennis and Burt Nanus, and was later utilized by the US Army to train and discover more resilient leaders post-Cold War. A major theme of VUCA sees the failure to learn from failure as catastrophic, and not failure itself.
Companies are monetizing your attention, Jared warns. Technology companies regularly hire cognitive scientists to engineer a user experience that appropriates your attention on conscious and subconscious levels. Additionally, a common tactic used is the amygdala hijack, in which content is created to specifically trigger a highly emotional, somewhat primal response.
As the ‘attention economy’ thrives, it distracts you from things that really matter. It directs your focus on things out of your control, but if you focus on the part of your life where you have control, you will be happier and more effective.
Life is short for those that forget the past, neglect the present and fear the future.
Resources
Summer Reading List as recommended by Jared Siegel:
The Ride of a Lifetime by Bob Iger
Trillion Dollar Coach by Eric Schmidt
Competing Against Luck by Clayton M. Christensen
What You Do Is Who You Are by Ben Horowitz
Stillness Is the Key by Ryan Holiday
Hatching Twitter by Nick Bilton
Super Pumped by Mike Isaac

Recession Checklist - Ideas to Prompt a Planning Tactic
19 min
June 04, 2020Mentorship and The Power of Financial Literacy with Earl Pierce
Earl Pierce is the newly appointed CEO of Delap LLP. He has worked at Delap for 15 years. He joins Jared Siegel to talk about his professional journey, mentorship, and the power of financial literacy.

Here are a few highlights from their conversation:
Being surrounded by a team of energetic leaders has made his transition into the position of CEO much easier, Earl says. It would have been more challenging to take on the responsibility without their comforting support.
Working in public accounting afforded Earl the opportunity to coach others; it brought him satisfaction to help people gain experience and develop the necessary skills to pursue their dreams and excel.
Jared shares that Earl was involved in his interview for Delap. He commends the company on its commitment to living its mission statement. Delap prioritizes their employees’ goals and aspirations over the organization’s objectives, so that if an employee wants to move on, Delap will assist them in every way possible.
People consider money as a metric to measure success because it is often correlated with a level of professional achievement. Other important investments, such as interpersonal relationships with friends and family, are not as tangible or as easily gathered as money, so they are harder to measure and easier to forget.
Teenagers can be debilitated if they do not have perspective about the necessities for living. Earl speaks about his experiences mentoring adolescents about financial literacy.
Earl’s “favorite mistake” was when he decided he wasn’t good enough to continue attending university, because it led him to the desire to improve himself and build relationships to help that goal.
A failure is temporary, Earl says.
The first step to combating team dysfunction is to be open, vulnerable, and build trust.

Resources
Earl Pierce on LinkedIn
DelapCPA.com
52 min
May 21, 2020Communications and PR with Ann Smith
Ann Smith is the President and Founder of A.wordsmith, a boutique communications firm that specializes in thought leadership. She joins Jared Siegel to discuss how her business operates, as well as share some insights she obtained from her 10+ years in business.

Here are a few highlights from their conversation:
One’s ability to create content is easier, faster, and cheaper than it possibly ever has been, which may lead to a disintermediation, says Jared. This phenomenon has created an echo chamber of content where businesses are clamoring for attention.
Some of the greatest opportunities are born out of adversity.
According to Ann, the financial crisis of 2009 was a blessing in disguise for her business; if it didn’t happen, she might not have had her current mindset which enabled her and her business to grow.
Business owners cannot control the economy or the coronavirus, but they can choose how they respond to it.
Self-care is not selfish: it is important as a leader within your family and organization to figure out how you are energized. Ann finds emotional, spiritual and physical renewal at the spin studio, where she works out her stress in order to be the best version of herself to her family, team, and clients.
A byproduct of success is profits and opportunity.
Conscientious capitalism is the intersection of need, passion, and opportunity, Jared says.
Good leadership during this time of crisis involves striking a balance between maintaining a sense of optimism and morale and being realistic.

Resources
Ann Smith on LinkedIn | Twitter
A.wordsmith.com
49 min
May 07, 2020Focusing on Culture with Shannon Inukai-Cuffee
Shannon Inukai-Cuffee is the President of Dick’s Auto Group and a second generation business owner. She joins Jared Siegel to share insights and resources that contributed to her growth as a business leader and owner.

Here are a few highlights from their conversation:
People often say accounting is the language of business; Shannon says that her start in the accounting office taught her the transactional side of the business.
Honesty and integrity were core values instilled into Shannon and her brother Scott by their father. His mantra was: never lie, steal or cheat.
Culture is a living, breathing thing that must be cultivated every day. It’s like hygiene; you have to do it daily in order to stay healthy.
Two fundamentals of Shannon and Scott’s partnership in running the family business are trust and respect. Shannon says they work well together because they are different and possess complementary skills that help them navigate the business.
Shannon says her consumption of books enabled her to grow as a leader.
Whatever you allow is what your culture becomes.
According to Shannon, navigating through the current pandemic as a business would have been significantly more difficult if they hadn’t taken the time last year to focus on a culture journey with their employees.
Jared emphasizes the importance of communication during the crisis: it eliminates the opportunity for misinterpretation.
Generous people are joyful because the psychological benefits of giving include joy, a sense of significance, and a sense of impact.
Dick’s Auto Group’s priorities for the next 6 months are ensuring employee safety, and profitability.

Resources
Shannon Inukai-Cuffee on LinkedIn
Dick’sAutoGroup.com
38 min
April 23, 2020Leadership, Culture and Exit Planning with Alex Potts
Alex Potts is the Chairman of Buckingham Strategic Partners, a partnership firm in investment management. Alex founded the business when he was 31 and over the next years grew it to a leader in the industry. He joins host Jared Siegel to discuss his organization’s leadership principles, company culture, and exit planning as a successful business leader.

Here are a few highlights from their conversation:
Growing up with little wealth gives you a different appreciation for money.
Alex believes that the younger a person is, the more important it is for parents or grandparents to make them understand that they need to work for what they want.
Money buys you things, experiences, and impact. You’ll spend some, give some, and save some. Once you have enough things, the opportunity to invest in experiences and impact is infinitely rewarding, Jared says.
Gaining clarity about the client’s visions and values is important to the financial planning process because understanding what matters to the client shines a light on what they want and makes the process easier.
The more complex people’s financial situations are, the higher the demand on the financial advisor.
The role of a CEO is to be the voice of the company and the cultural frequency holder.
Anyone who possesses altruistic attributes can be a good leader if they stay true to their values and help facilitate good to happen, Alex says. Leadership can be learned.
Alex’s company culture promotes a passion to progress, to serve others, and to do the right thing.
When business owners are selling their companies, they have to make a binary choice: either sell and walk away with maximum profit, or sell and stick around to ensure the business is being run with efficacy.

Resources
Alex Potts on LinkedIn
BuckinghamAdvisor.com
49 min
April 09, 2020Navigating Financial Turbulence with Kevin Adams
Kevin Adams is the founder, CEO, Managing Director and Principal of The Mountain Group, LLC. With over 25 years of experience, Kevin is an expert in guiding firms through periods of difficulties. He joins host Jared Siegel to share insights he has garnered while helping over 100 companies through turbulent times.

Here are a few highlights from their conversation:
The rapid onset of COVID-19 has introduced business owners to a new level of economic and financial uncertainty.
The Mountain Group works as a shareholder representative and specializes in financial restructuring, bankruptcy, and acquisitions/divestitures.
Kevin was hired as a CEO at age 24.
Jared asks Kevin to give some advice to business owners who may be fearful for the future of their businesses. Kevin says the first thing they should do is come to a conclusion of how long the impacts they are facing are going to last, in order to build a general framework to operate on.
Self-care in these times is not selfish; it is the equivalent of putting your oxygen mask on first before assisting someone else.
To determine the priorities business leaders should be focused on during difficult times, the core market, distinctive competency, and ways to preserve them must be identified.
Kevin likens a turnaround to a business fire: regular people run from fire, but leaders should be like firefighters and run toward it.
Being a CEO is a season of life and it eventually comes to an end.

Resources
Kevin Adams on LinkedIn
The Mountain Group
42 min
March 26, 2020Bridging the Identity Gap with Anthony Trucks
Anthony Trucks is the President and CEO of Anthony Trucks Industries. He is also an author, professional speaker, consultant and former NFL player. He joins Jared Siegel to talk about taking risks, making bold and “unconfident” decisions, and bridging the identity gap.

Here are some highlights from their conversation:
Jared advises that in the current global state of chaos and disorder, we should remain focused on important things. Our attitudes and belief in our identity are connected to our ability to navigate this moment of uncertainty.
Anthony’s tagline is “Make success second nature.”
When you’re able to close the identity gap between who you are and who you want to be, you are able to shift your identity.
There are seven interconnected levels of the self mastery loop: identity begets beliefs, beliefs beget thoughts, thoughts beget feelings, feelings beget actions, actions beget outcomes, and outcomes shows you your environment.
What you create creates you; which is to say that over time, the work that you do creates a different person inside of you.
Cognitive dissonance is our desire for alignment.
It’s not a requirement to have a singular life altering moment you can attribute to being the reason you changed; just waking up and deciding you don’t like your current circumstances and identifying your unhappiness is a valid enough reason to change.
Anthony believes ego is everyone’s greatest obstacle.

Resources
Anthony Trucks on LinkedIn | Instagram | Facebook | Twitter
AnthonyTrucks.com
40 min
March 12, 2020The Neuroscience of Mindfulness with David Miller
David Miller is the Chief Technology Officer of Dynamic Light, a company that develops next generation technology for blood flow monitoring. He chats with Jared Siegel about their neurotechnology, entrepreneurship, and mindfulness.

Here are a few highlights from their stimulating conversation:
Dynamic Light was created based on David’s work on laser speckle contrast imaging.
David says the hardest transition during this experience has been moving from the sense of “I know the technology” to the sense of “I don't really know how people are going to view it.”
Innovators like Steve Jobs have the ability to take the perspective of not only the short term market but also the long term vision.
Hardware and software are being created to profit off of our shortening attention spans, Jared says. If the product we use is “free,” then we are the product.
The essence of mindfulness is how long you can stay attentive to the task at hand, David says.
Heart Math is technology created by Dynamic Light for heart rate variability training.
The human brain is on average only 2 to 3% of your body mass, but at any point in time it consumes about 20% of your blood.
To David, meditation means getting in touch with his internal subjective experience.
When you jump into cold water, you get an extreme flight or fight response from your body, even though there’s no visible threat in front of you.
Joy is the meeting place of selflessness and intentionality, Jared quotes.
David would like to be remembered as someone who encouraged people to cultivate their inner sense towards compassion and kindness.

Resources
Dynamic Light
David Miller on LinkedIn
1 hr 15 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

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