What Drives YOU? (Q2 2019 Recap)
This quarter, I read the handful of books below on leadership, discipline and performance. It led me to question my own motivation. I’m always working on something new and exciting because it energizes me, makes me feel valuable, and gives my life meaning. I want to set a good example for balancing work and play, expressing my creativity and passion, and using my gifts to benefit myself and others. I believe this contributes to me being a good father, husband and leader.
Like my father and father in law, both practicing CPAs in their 70s, I say I’ll never retire. I’m doing exactly what I’d be doing if I won the lottery. In the end, that’s what’s really driving me – I keep inching closer and closer to being 100% honest that nothing in my life would change if I won $100 million. Months ago, I gave a short talk at Homestead Air Force Base on this topic – you can watch it on YouTube HERE.
Trillion Dollar Coach: The Leadership Playbook of Silicon Valley's Bill Campbell
Self-Discipline: Develop Good Habits. Achieve Your Goals.
Raise Your Game: High-Performance Secrets from the Best of the Best
Can't Hurt Me: Master Your Mind and Defy the Odds
More Reading Adventures
Amanda and I had a debate – Is it “reading” if I listen to an audiobook? I happen to read with my ears as much as I can. As an auditory learner, it’s much more efficient. To me, it’s reading. Amanda thinks you can only read with your eyes. What about vision impaired people that read with their fingers? If I can’t read with my ears, then they can’t read with their fingers. What side are you on?
How to Talk So Kids Will Listen & Listen So Kids Will Talk (Recommended)
The Latte Factor: Why You Don't Have to Be Rich to Live Rich (Recommended)
Company of One: Why Staying Small Is the Next Big Thing for Business (Recommended)
Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days (Recommended)
Astrophysics for People in a Hurry
Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask
Tribe: On Homecoming and Belonging
Unoffendable: How Just One Change Can Make All of Life Better
King Icahn: The Biography of a Renegade Capitalist
Objections: The Ultimate Guide for Mastering the Art and Science of Getting past No
Storyworthy: Engage, Teach, Persuade, and Change Your Life Through the Power of Storytelling
12 Rules for Life: An Antidote to Chaos
Business Adventures
Our Freedom Real Estate Fund sold a 392-unit Class A apartment complex in Bentonville, Arkansas for a nice profit and refinanced a 76-unit complex outside Atlanta that will enable us to get all of our initial investment back. To complete our Fund investments, we acquired interests in over 1,000 apartment units spread between Georgia, Texas and Connecticut as well as an interest in a portfolio of 75 Class A office buildings as part of a $750MM recapitalization.
Since our real estate and private equity funds are now fully deployed, I will be syndicating each deal I invest in going forward. I’m launching a new website to facilitate transactions - www.InvestWithOurFamily.com – so I’ll send out a separate email when that is live.
With the stock market high and interest rates low, a lot of entrepreneurs have approached me about selling their company. There has never been a better time. We took on a new engagement to help set up the family office for owners of a high-growth company that should have a significant exit at the end of the year. I was able to add value to their process of selecting an investment bank, defining the goals for a transaction and laying out how different buyer’s financing strategies would impact the sellers net proceeds.
As someone that takes money seriously and has spent a lifetime focused on how to best manage capital for families, serving as Trustee allows me to utilize all my skills and experience. It is an honor and privilege to have become Trustee for a family that I’ve advised for decades. I look forward to mentoring and advising the beneficiaries – who are now just a few years younger than their parents were when I first started working with them.
I always enjoy the opportunity to speak in front of my Entrepreneur Organization peers, and this quarter I was invited to three Forums (groups of 6-10 entrepreneurs) to share my entrepreneurial journey and our family tax strategy. I’m often asked to weigh in on specific business challenges and a few members wanted one on one coaching (two on fundraising, one on moving from distribution to manufacturing). I volunteer my time to our members because the organization has brought me a tremendous amount of value, and this is one way to pay it forward.
My Forum had its annual retreat locally at the Hard Rock Casino. One member is active with the Jason Taylor Foundation, so we all attended a Gala event on site. The event honored three local community members with poems written by students, narrated over moving tribute videos. It was a great night, that ended with me winning a couple of auction items, too. Our retreat had one day that was facilitated, which always provides more value than the cost. I was responsible for our schedule, so I’m patting myself on the back by saying we also had fun outside our meeting times, kayaking in West Lake Park, eating Indonesian food, gambling and playing late-night games at Dave & Busters.
Family Adventures
Our most significant event was a Family Retreat that we held at our house with the help of three facilitators. Eden said, “I don’t want to stop. Can we do it again next weekend?” and Jared said, “I was reluctant to do this, but I felt it really helped a lot.” I couldn’t agree with them more. From discussing our Love Languages to our personality types, to identifying goals we each want to reach related to family, to sharing thoughtful letters to each family member - it was a weekend I will never forget. I’m glad we decided to make this investment of time and money now.
The kids had a strong finish to the school year. Eden had a fun Field Day and dance recital, while Jared was focused on maintaining his honor roll achievements. They got to spend a weekend with their grandparents and together as a family we all went to Reunion Resort and rented an 8 bedroom house with three other families. Amanda and I were able to keep up our new rhythm of weekly daytime dates, and we even did a double date with another couple getting massages and lunch while our kids were in school.
We flew to Barcelona after school ended and spent a week there, followed by an incredible one-week cruise on Royal Caribbean with stops in Spain, France and Italy, and then spent a week in Madrid. Amanda has been posting a ton of pictures on Facebook. If we aren’t friends there, send me an invite. Jared lost his phone on the 3rd day – and it may have been a blessing in disguise because he and Eden got along better than any prior vacation. I also think our family retreat effects were coming through, too.
Philanthropic Adventures
As a family we focus on food security, so it was easy to say yes to help a friend prepare summer food bags for Kids Care. Amanda also took on the responsibility of driving cold food from our local kosher food pantry to homebound Jewish seniors once a month.
At United Way I had a few more Legacy Society committee meetings where I am helping to design our 80th anniversary campaign to secure legacy gifts. To that end, I brought my friend Tom Rogerson from GenLegCo to United Way to discuss how educating families on how to effectively transfer wealth leads to strong donor relationships. I also had Tom speak to a group of successful local entrepreneurs, since I want to spread his message of being responsible stewards of wealth.
Amanda and I participated in the mentor training event for Viner Scholars. Soon we will be paired with a high school junior that will be granted a full four-year college scholarship. Our goal is to provide mentoring during their last two years of high school to make sure they stay on the college track.
Settle the debate
Let me know - can you read with your ears?
Yes, I agree with you.? You can definitely read with your ears.