Wealth Well Done

E18: Rebuilding After Setbacks in Business and Life with Mike Morawski

Joining us again is Mike Morawski, a highly experienced, decorated real estate investor. From a 100-million-dollar company to prison, Mike's story teaches valuable lessons on scaling responsibly and avoiding pitfalls. His journey is a testament to perseverance, and that success comes at a cost. Learn from Mike's story on the importance of listening to those around you and having an 'exit plan' for your investments.
Here are some topics from today’s discussion:
How Mike built a 100-million dollar real estate company in just 30 months 
What led to the company's downfall during the financial crisis
How Mike landed a 10-year prison sentence
The chance encounter that motivated him to turn things around through his faith
The value of visiting prisoners and treating them as human beings
How Mike rebuilt his life through writing, teaching, and syndicating deals again
Listening more, attention to details, and understanding that your past mistakes don’t define you
 
Episode Highlights:
[08:00] Maximizing Investment Opportunities in Unprecedented Market Conditions
Don't chase any false dreams or something that seems too good to be true. You have to watch the market because we're in unchartered times right now. But with that said, this is the greatest time to be investing, especially in multifamily. If you get positioned right now, and you’re in front of the next Bull Run, you're going to be successful. This is going to be the greatest redistribution of wealth the world's ever seen – again. 
[11:51] Mike's Shocking Experience with White-Collar Crime
Mike was shocked to discover that he had violated the law, trusting his accountant and attorney who advised him to create a paper trail. Though he lived a simple life, Mike's world was turned upside down when he was sentenced to prison in 2013. Living in fear for two years, his reputation was destroyed, and even family members accused him of wrongdoing. Mike admits that his ego had gotten out of control, leading to his downfall. Despite being a Christian, he lacked a strong connection with God and focused solely on achieving his goal of owning and operating 10,000 units. His experience serves as a cautionary tale about the high price of white-collar crime.
[24:08] A Journey of Faith and Humility
Mike believes that God's design around his experience was impactful, and he sees it as an opportunity for growth rather than a setback. Though he knows many others who have gone to in real estate, he is one of the few that openly talks about it. Mike credits his faith in Jesus as the reason he was able to get through each day. He hopes that by sharing his story, people can see him as a humble Christian who loves Jesus and serves others, rather than the arrogant and prideful person he once was. Though things don't always happen the way we want them to, Mike strives to move in a positive direction.
[25:48] The Importance of Listening and Paying Attention in Life
Mike reflects on the importance of listening and paying attention in life. He acknowledges that he didn't pay attention to details, nor did he listen to the important people in his life. His wife expressed concerns about his partner's lack of trustworthiness, but he dismissed her. He thought he had everything under control, but his world crumbled. Mike believes that God uses our experiences to teach others, reminding us to pay attention to the signs around us. He emphasizes the need to listen to the details and people around us since God or the universe sends warnings that we need to heed.
Resources:
Multifamily Unplugged
Mike’s book: Exit Plan: Your Complete Guide to Multi-Family Investing and Why You Need an Exit Plan Before You Buy

E17: The Real Estate Syndication Playbook: How to Build Wealth Through Multifamily Investing

Mike Morawski, a longtime real estate professional with over 30 years of experience, shares his strategies for investing in real estate syndications. Mike started in the construction industry before transitioning to real estate. He built a large residential real estate team and property management business. Mike's syndications target a mid-teens return for investors through a combination of preferred returns, cash flow, and appreciation. Today, Mike stresses the importance of relationships, deal underwriting, and raising private capital as the key fundamentals of the multifamily syndication business.
Here are some topics from today’s discussion:
Mike's background and transition to real estate 
Mike's focus on multifamily syndications 
Mike's syndication strategy and target returns
The fundamentals of the syndication business 
Mike's mission of providing safe housing 
Mike's partnership approach through coaching 
Example of Mike's current syndication deal 
Episode Highlights:
[12:00] The 3 Key Fundamentals of the Syndication Business
In the real estate syndication business, there are many moving parts to consider. Whether you're looking to scale a small multifamily portfolio or a larger one, there are three key fundamentals that remain the same regardless of the playground you choose. These include building relationships, underwriting deals, and raising private capital.
Building relationships is crucial, whether it's with brokers, lenders, insurance providers, vendors, passive investors, or key principals with more experience who can join your team. 
Underwriting deals involves analyzing past, present, and future numbers to determine their potential profitability. This is where the math comes into play and where the ghost of the numbers of the past, present, and future come in.
Raising private capital is a critical strategy for funding your multifamily syndications. Syndication refers to finding a great real estate deal, bringing in private equity, and operating those deals in the middle. 
[17:19] When to Know It's Time to Hand Things Off
To delegate effectively, you need to know your strengths and become the best at them. Whether it's construction, finding deals, underwriting, or raising capital, everyone has unique talents to add value to a team. If you excel at building relationships, underwriting, and raising capital but lack attention to detail, find a partner who can handle those areas. Similarly, if you are a big-picture visionary, find a partner skilled in sourcing deals. By building teams with complementary skills, you can work together effectively on all fronts and achieve greater success than you ever thought possible.
 
[29:32] What to Look for in Syndication Deals
When considering syndication deals, market viability is crucial. Investors should look for markets with strong population growth, as this drives job growth and increases household income. Other important factors to consider are crime rates, quality of schools, demographics, employment diversification, and new units coming online. It's essential to check all these boxes before moving forward with a deal. For multifamily deals, investors should have a specific buying strategy that aligns with their goals. While there are various types of real estate deals to syndicate, multifamily properties offer attractive investment opportunities. Consider investing in senior housing, mobile home parks, self-storage, tax credit deals, or affordable housing within the multifamily space.
Resources:
Multifamily Unplugged

E16: IJM’s Mission to Combat Modern-Day Slavery and Human Trafficking

In this episode, Eric Scovill chats with Chuck Day about the fascinating world of donors, their mindset, and their philosophy. Last week Chuck shared some interesting insights on how they use intentional strategies to set themselves and their partnerships up for success not just in the present but also for future generations. Today, we're thrilled to dive deep into the International Justice Mission (IJM) and its mission to stop violent crimes against the poor and oppressed.
Here are some topics from today’s discussion:
What is planned giving?
About IJM and its mission
The Rwandan genocide
How slavery evolved into modern-day slavery
The devastating reality of human trafficking
Online Sexual Exploitation of Children (OSEC): How it works
 
Episode Highlights:
[02:17] What is Planned Giving?
Giving appreciated stock, real estate, and IRA assets can offer significant tax and financial benefits. As a stewardship advisor, Chuck’s job is to guide families in making effective charitable contributions by assessing their goals and assets. He determines the optimal asset to donate, timing, and arrangement for maximum benefits to all parties involved.
[03:10] A Mission to Combat Human Trafficking and Protect the Poor
The International Justice Mission is a human rights nonprofit organization headquartered in Washington, DC, originally established in 1997. Their mission is to protect the world's poor people from violent crime, as they are by far the largest victims of violent crime of any group in the world. IJM operates worldwide in various forms, but its primary focus is tackling human trafficking and slavery, an issue that many remain unaware of despite its massive scale. It is IJM's most notable area of work, and they strive to combat these atrocities targeted toward the vulnerable and oppressed.
[09:04] How Slavery Evolved Into Modern-Day Slavery
High school taught us that slavery ended in the Civil War, but that's only partly true. Slavery has taken on new forms such as sex trafficking and labor trafficking, affecting more people than ever before. Only 2 billion of the 7 billion people on earth are protected under the law. What happens to the remaining 5 billion?
[13:55] The Devastating Reality of Sex Trafficking: How It Happens and How We Can Stop It
Sex trafficking amounts to a $150 billion industry worldwide. Children are often tricked into this trade after being offered job opportunities by representatives. They remain trapped until someone rescues them. Online sexual exploitation of children (OSEC) is a new form of trafficking that occurs primarily in the Philippines. Here, perpetrators use streaming services to direct children in front of webcams, typing in the sex acts they want the child to perform. Sadly, the only circumstance in which relatives knowingly engage their children in sex trafficking is through OSEC. The International Justice Mission (IJM) focuses on ending this egregious crime before it spreads to other parts of the world. To that end, IJM and the US Government work together to stop the crime in its tracks. Learn more about the devastating reality of sex trafficking and how we can put an end to it.
Resources:
https://legacy.ijm.org/  
The Ruthless Elimination of Hurry by John Mark Comer

E15: Sustainable Giving: Strategies for Making a Lasting Impact with Chuck Day

Meet Chuck Day, a philanthropist with over 25 years of experience in the industry. With a law degree from Drake University, Chuck has dedicated his career to making a positive impact on the world through giving. In this two-part show, Chuck shares his insights on the mindset of a giver and the strategies he uses to approach giving at the highest level. Whether you're an individual looking to enhance your giving or a foundation seeking to optimize your impact, you won't want to miss this episode. Get ready to be inspired and motivated to take your giving to the next level.
Here are some topics from today’s discussion:
The impact of dollars on the environment
Sustainability in giving
Why a hand-up is always better than a handout
How to balance your giving: locally vs. abroad
Differences between a good foundation and an average individual donor
The characteristics of a good foundation
The generation transition into giving
How wealth increases the level of giving
How to engage your grandchildren in developing generosity
 
Episode Highlights:
[08:47] Sustainability in Giving: Making a Lasting Impact in the Developing World and Beyond
Sustainability is crucial for generosity, particularly in the developing world. To avoid leaving communities feeling frustrated and disillusioned, it's essential to use sustainable business models that provide long-term investment and support. Success must be measured consistently throughout the process, with resources invested for the long haul. Prioritizing sustainability creates a positive impact that reinforces the idea of giving as a powerful force for change, locally and overseas. By prioritizing sustainability, we can ensure that our efforts make a lasting and meaningful impact on the world.
[10:08] A Hand-Up vs. a Handout
A "hand-up" approach is far superior to a "handout." Providing a hand-up offers a more effective and sustainable solution that affirms human dignity, utilizes individuals' innate talents, and engages local investment and involvement. Ultimately, this approach determines the long-term success of any giving effort. While handouts may be appropriate for short-term disaster relief efforts, anything more engaging requires careful consideration to ensure that it's a hand-up and not a handout. By using a hand-up approach, we can create an immeasurable positive impact that lasts far beyond the immediate present.
[11:54] How to Balance Your Giving: Locally vs. Abroad
Treat your charitable giving like for-profit investing. Create different "buckets" that offer both short and long-term results, just as you would for stocks or bonds. Assess what matters most to you, where you feel called to make a difference, and what tugs at your heartstrings. Create a bucket for each cause and allocate resources accordingly. Applying the same level of due diligence to your philanthropic giving as you would to for-profit investing is vital to ensure a solid plan and successful execution. This approach allows you to make a meaningful impact in areas that matter most while guaranteeing that your giving is strategic and effective.
[16:00] Characteristics of a Good Foundation
Giving should bring joy and fulfillment to individuals and families. Addressing significant problems in the world and making a positive impact should be something eagerly anticipated, rather than a chore. Having a strategic plan in place is vital for success and continued enjoyment of giving. With a plan, you can achieve better results and experience greater happiness while giving. By setting yourself up for success, you ensure that giving remains a source of joy for years to come.
Resources:
https://legacy.ijm.org/ 
Charity Navigator

E14: Beyond Beneficiaries: A Helpful Guide into Estate Planning

As individuals with wealth, it's important to recognize our responsibility to use our resources for the greater good. Join us today for a conversation about cultivating humility and giving back through philanthropy and service. Let's work together to create a culture of generosity and gratitude. In today's session, we'll be providing an overview of estate planning. 
Please note that this program is solely meant for educational and informational purposes. It should not be considered investment advice, and we strongly recommend seeking the guidance of a financial advisor to assess the most suitable options based on your specific situation. Furthermore, please be advised that none of the statements made in the program should be taken as legal or tax advice.
Here are some topics from today’s discussion:
The difference between a living trust and a will
The importance of giving the trustee discretion
How to choose your beneficiaries
The irrevocable and revocable aspect of your trust
What goes into the distribution of the assets
The importance of controlling your children’s wealth
 
Episode Highlights:
[02:57] A Will vs. a Living Trust
When it comes to estate planning, a will is a popular option as it outlines instructions for asset distribution, powers of attorney, and guardianship. However, the probate process that follows can be costly, with creditors making claims against the estate before assets are distributed according to the will's directives. In contrast, a trust may come with higher upfront costs, but long-term savings often justify the expense. A trust allows for immediate asset transfer without probate fees or delay and remains private and confidential. While a will may seem like an affordable option initially, the benefits of a trust may outweigh the costs in the long run. It's important to consider your individual needs and consult with a financial advisor when making estate planning decisions.
[12:31] How to Choose Your Beneficiaries
When choosing beneficiaries and a trustee for your estate plan, it's important to remember that charities can also be included. The trustee selection is vital and should be someone financially competent with high literacy or an entity with clear guidelines. It's crucial to discuss fees upfront, especially if naming an individual as the trustee, ensuring compensation for their legal work while considering dependents' guardianship.
[29:21] The Irrevocable and Revocable Aspect of Your Trust
Understanding the irrevocable and revocable aspects of your trust is crucial when dealing with state estate taxes. The current federal limit for 2023 is $12.92 million per individual, or $25.84 million per married couple, allowing for tax-free transfer of assets in and out of your estate. However, anything exceeding this limit is taxed at a graduated rate between 18% and 40%. The federal government receives the state tax rate for amounts above the $12.92 million threshold. In addition to federal estate taxes, 13 states have their own estate taxes based on limits varying from over a million dollars to over $13 million, with some states applying low tax rates.
[39:01] Controlling Your Children’s Wealth
Being born into a wealthy family brings many advantages, but it also carries an important responsibility. As stewards of the resources that we have been given, it is essential to approach our privilege with humility. For those who have grown up in immense wealth, this can be a difficult task. However, it is crucial to cultivate a sense of gratitude and recognize that our wealth is not just for personal gain, but also for the benefit of others. Through philanthropy and service, we can use our resources to make a positive impact on the world around us. Let's strive to create a culture of humility rather than entitlement among the children of the wealthy.

E13: The Impact of Money Inside of Marriage: Understanding Needs, Recognizing Worth, and Setting Ground Rules for Conflict

Last week, Eric Scovill sat down with Jeff Miller and they talked about ways to help you get healthy with money on an individual level. But this is impossible until you get healthy yourself first. In other words, you have to heal from the inside out. It’s something most people really struggle with, and they don't even know they're struggling with it. This week, we are going after the impact of money inside of marriage. Jeff Miller is the co-owner of Glen Manor Counseling and has been a licensed therapist for almost 30 years. Jeff is also the chairman of the elder board at Northwoods Community Church.
Here are some topics from today’s discussion:
Understanding the different needs in a relationship and the role of money
The flawed mentality of tying success to a perfect life
Recognizing true worth in relationships
The importance of setting up ground rules for conflict
Financial union in marriage
How money can impact intimacy
 
Episode Highlights:
[06:27] The Flawed Mentality of Tying Success to a Perfect Life and Recognizing True Worth in Relationships
Many men tie their sense of success to their wife's happiness and having the appearance of a perfect life. However, this mentality is flawed because it does not address the underlying issues that occur behind closed doors. The goal should be to work on the root issues instead of merely painting a facade of a perfect life. Men are often taught that their worth lies in what they do, rather than who they are. This leads to them walling off their hearts, numbing their emotions, and ultimately damaging their relationships. To break free from this mindset and realize their true worth, men need to recognize that their role as a provider, protector, or caregiver goes beyond just earning money. It takes intentional effort to reflect, evaluate, and communicate with vulnerability and openness. While it may be challenging, it is crucial for building healthy and fulfilling relationships.
[23:51] The Importance of Setting Up Ground Rules for Conflict
Setting up ground rules for conflict is crucial in any relationship. It affirms the value of the relationship and sends a message that it matters. By establishing ground rules, we are essentially saying that we are not going away and that we value the other person. Ground rules provide safety and security, which everyone needs in a relationship. Without ground rules, there is no safety, and this can lead to fear of rejection and abandonment. Ground rules don't have to be elaborate, just two or three points can be enough. It's important for every couple to have their own set of ground rules to ensure safety and create a healthy foundation for communication.
[26:51] Financial Union in Marriage
According to the biblical context of marriage, two individuals become one when they leave their families and cleave to each other. This oneness entails sexual and intimate connection, but also financial union. Keeping money separately may lead to power struggles and control issues within the marriage. Trusting each other with finances and working together as a union is crucial in building a healthy and successful relationship. A woman will have no problem submitting to a man who is in submission to the Holy Spirit and to her. However, if she sees him making selfish decisions that do not consider the best interest of their family, it becomes harder for her to submit. Women typically operate from an emotional framework and fear being hurt or left behind, making money a significant representation of trust and security in a relationship.
YouTube Description:
Check out this week's episode where Eric Scovill and Jeff Miller discuss the impact of money inside of marriage. Jeff, a licensed therapist for almost 30 years and co-owner of Glen Manor Counseling, is also the chairman of the elder board at Northwoods Community Church. They dive deep into how healing from the inside out is crucial to achieving financial wellness as a couple. 
[03:16] Money or wealth as an issue of power
[05:19] The role of a husband in a Godly marital relationship
[06:27] The flawed mentality of tying success to a perfect life and recognizing true worth in relationships 
[15:52] Why we fake intimacy
[22:50] The importance of setting ground rules for conflict
[25:17] How money is about power and control
[27:53] How money can impact intimacy
[30:33] How money becomes a symptom of other issues
[35:51] The importance of taking time to slow down
 
TOP 10-20 KEYWORDS
money, marriage, intimacy, problem, conflict, conversation, couples, people, work, wife, issues, hearts, wound, spouse, good, men, husband, happening, ground rules

E12 Course Correcting Your Relationship with Money

In this episode, Eric Scovill sits down with Jeff Miller to discuss achieving financial wellness at an individual level. While the podcast often delves into tactical elements like tax and estate planning, as well as spiritual perspectives informed by the Bible, the focus today is on the practical side of money management. Many people struggle silently or subconsciously with finances, which can ultimately cause significant personal turmoil. They aim to help people develop financial health by examining the genesis of their relationship with money and the other subtle factors that may have been causing destruction for years without them knowing it.  They make the challenge to get one’s priorities right and take the leap of faith God is calling them into.
 
Here are some topics from today’s discussion:
Where our relationship with money originates
The concept of “strongholds, vows, lies, and wounds”
Money isn’t the solution to relationship problems
Quality time vs. quantity of time
The first step to getting healthy with money
The most important gift you can give your kids
Why wounded people have a hard time receiving
 
Episode Highlights:
[03:03] Where Our Relationship with Money Originates 
From as early as childhood, our relationship with money is shaped by our family dynamics. If we grew up in a family where money was the center of everything, whether it was about dad's career, keeping up with the Joneses, or accumulating wealth, it can set a certain parameter for how we value money and assign worth and value to it. On the other hand, if our family prioritized relationships, serving the Lord, and tithing, it can also influence our relationship with money. Ultimately, how we see our parents manage and view money plays a significant role in shaping our own outlook on finances. This process begins at a very early age and can have a lasting impact on our lives.
 
[04:43] The Concept of “Strongholds, Vows, Lies, and Wounds”
Our relationship with money can become a stronghold that controls and imprisons us. This can manifest in actions like staying in an unfulfilling job out of fear of losing the income needed to maintain a certain lifestyle. As we believe lies, make vows, and get stuck in these patterns, we may seek external validation through accumulating wealth or material possessions to anesthetize the pain of our wounds. These wounds can stem from feeling rejected, abandoned, or unloved in childhood, leading us to seek love through external means. By addressing each of these elements - strongholds, vows, lies, and wounds - individuals can develop a healthier perspective on finances.
 
[18:24] Getting Healthy With Money
It's easy to fall into the trap of thinking that money alone can solve our problems, but the truth is that true health and well-being come from within. Money may be a symptom of the deeper issues we face, but it cannot provide a real solution on its own. Too often, we get caught up in focusing on the surface-level issues in our lives without taking the time to dig deeper and address the root causes of our struggles. This is where true healing begins. It can be difficult to confront the emotional wounds and challenges that have been holding us back, especially for men who are more comfortable operating in a linear and cognitive world. Sometimes it takes a crisis or a wake-up call to force us to slow down and face these issues head-on. But by doing so, we open ourselves up to a deeper level of healing and growth that ultimately leads to true health and success in all areas of our lives.

E11: Institutional Level Cryptocurrency

Shownotes:
In recent years, cryptocurrency has emerged as an increasingly popular investment option. Investors are drawn to the potential for quick and significant returns, leading to a surge of interest in diversifying portfolios with crypto investments. But with so many coins and tokens available, making informed decisions about which to invest in has become critical.
Last week, we were joined by Tom Costello, who provided insight into institutional finance and how it differs from retail investing. In this episode, we dive deeper into the world of crypto, an area that is often overlooked by the media unless there's fraudulent activity involved. However, with the current focus on inflation and interest rates, understanding the potential impact on cryptocurrency investments is more crucial than ever. Join us as we explore the exciting and rapidly evolving world of crypto investments.
Here are some topics from today’s discussion:
How we got to this point
Cryptocurrency is an effective inflation hedge
Why crypto is an ongoing asset class
The importance of proper training in the hedge fund business
The challenge of differentiation in the highly correlated cryptocurrency industry
What is a carry trade?
The long-vol strategy 
The U.S. dollar vs. Bitcoin
 
Episode Highlights:
[10:49] Why Crypto is an Ongoing Asset Class
It is believed that crypto will continue to be an ongoing asset class, and it's unlikely to drop to zero. Since the current state of crypto is closer to the bottom than the top, it's a good time to invest. Bitcoin and ether are the largest and most well-known cryptocurrencies and have already been established as an asset class globally, despite some regulatory debates in the US. Although they are not perfect and have their issues, the large and well-traded cryptocurrencies are well-established as a speculative asset class. Whether it's considered a commodity, security, or currency, it doesn't really matter for the purpose of buying or selling based on our beliefs about its value.
 
[14:41] The Importance of Proper Training in the Hedge Fund Business
Assuming that trading your own money is the same as getting into the hedge fund business is a common misconception. However, there's much more to it than just managing larger amounts of money. To be successful in the hedge fund industry, one must understand counterparty risks and risk assessment broadly, which cannot be learned on your own. It's crucial to undergo proper training and education in real risk management before venturing into this business. In fact, it's rare to come across anyone who has taught themselves effective risk management without any guidance or training.
[20:51] The Challenge of Differentiation in the Highly Correlated Cryptocurrency Industry
The cryptocurrency industry poses a unique challenge in terms of differentiation because the most liquid assets are highly correlated to one another. While statistical arbitrage is a well-established process in the equity world, it relies on the idea that not all equities behave the same way. However, in the crypto world, the high correlations make it impossible to do statistical arbitrage. There's nothing you can buy that will go up when the other goes down. Thus, the only way to differentiate oneself in the crypto industry is through other means.
Resources Mentioned:
The Front Office: A Hedge Fund Guide for Retail, Day Traders, and Aspiring Quants by Tom Costello
99 Bitcoins

E10: Institutional and Quantitative Finance

In this episode, our host, Eric, sits down with Tom Costello, a quantitative industry expert and author of The Front Office. Tom shares his insights on the institutional finance industry and the key factors driving it. Tom also dives into the crypto industry and provides advice to investors looking for opportunities. Tune in now as Tom provides an informative look into the world of finance! 
Here are some topics from today’s discussion:
Tom’s insights on the institutional finance industry and the key factors driving it
The role of the hedge fund and what a quant hedge fund does
How quantitative risk management is used in banking and investing
Why Silicon Valley Bank was left more exposed than other banks due to its focus on startups
Investing in crypto and how to identify real players in this space
Interest Rate Situation – what’s next for interest rates
 
Episode Highlights:
[01:30] A Look Into Institutional Finance
Institutional finance involves managing money for large institutions such as pension funds, college endowments, and wealthy families. A small group of around 2,000 to 2,500 people globally, working in top-tier investment banks and hedge funds, manage all this money. Unlike retail investors who can afford to wait out market fluctuations, institutional investors are under constant pressure to deliver consistent profits. There is little room for error or loss, and failure to meet targets can result in being replaced by someone who can deliver the necessary results. This pressure can significantly impact decision-making within the industry.
[11:11] The Role of the Hedge Fund
Hedge funds serve as a hedge by delivering an uncorrelated positive return stream that is independent of other markets. Pension funds see them as alternative assets and limit their investments to a maximum of 5-10%. The industry is made up of highly-educated, hard-working, and motivated individuals who work in a high-pressure environment. It's a stark contrast to the stereotypical portrayal of Wall Street in popular culture and has nothing to do with "The Wolf of Wall Street.”
[23:12] What a Quant Hedge Fund Does
Quantitative hedge funds apply strict mathematical discipline to calculate the odds of an asset going up or down, and to weigh the risks and potential gains of different assets. They rely on a unified field theory of finance, where all finance is seen as a probability of discounted cash flow. Quantitative hedge funds base their decision-making solely on objective and verifiable quantitative phenomena, such as data and numbers. They try to buy cheap assets and sell expensive ones, using math as the basis for all their choices.
Resources:
The Front Office: A Hedge Fund Guide for Retail, Day Traders, and Aspiring Quants by Tom Costello

E09: Successful Succession Planning with Cal Rychener

Fear surely didn’t stop you from pursuing what you wanted to achieve. However, as we grow older, it's natural to accumulate more responsibilities and lose sight of our true selves. It's easy to let our fears take over instead of placing our faith ahead of us. But at some point, you must leave your fears behind and trust that God has a new path waiting for you. Don't be afraid to start anew, continue to cast your faith forward, and leave your fears behind.
In this episode of Wealth Well Done, we continue the conversation with Cal Rychener, as he shares his insights into how to approach transitioning a business, such as not putting it off due to fear. 
A good succession plan takes more time and preparation than one might think. Although you’re still going strong in your work, the time to start considering the first step of a succession plan may be right around the corner. Self awareness and selflessness are keys to knowing when to transition out of your leadership role. Leaving your hand-picked successor in a position to thrive is imperative to not only them, but to your business as a whole.
In this episode of Wealth Well Done, we continue the conversation with Cal Rychener as he discusses the process of his three and a half year succession plan.
 
Here are some topics from today’s discussion:
Put the Lord first in your house
How to know you’re ready for succession
Getting started with succession planning
The weight that goes with leadership
Knowing when to step back to become the coach and mentor
Episode Highlights:
[11:46] Put the Lord First in Your House
Your commitment to putting God first in your home would result in blessings and raise up one of your sons. Initially, Cal was unsure of how this would come to fruition since neither of their sons had shown an inclination toward leading a church. However, on the last day of their son John's student teaching at Toccoa Falls College in Georgia, John called his father and expressed a desire to be a youth pastor, stating that the kids needed the Lord more than anything.
[21:33] The Journey to Succession Planning
As a leader, you may wonder how to know when it's time to step away from your position. It can be difficult to put into words, but often we just know when the time is right. Maybe when you first took on your leadership role at 30, you couldn't imagine anyone else sitting in your chair. You were built for this position, and it was your calling. Then as you approach your mid-30s, 40s, and 50s, you may feel tired and need time away, but ultimately you can't wait to get back to leading your team. However, something may begin to shift for you when you reach 59 and realize that only a leader truly knows how to vet leadership and deal with day-to-day challenges. The weight of leadership can be heavy, and there are unique responsibilities that keep you up at night. Ultimately, there is always going to be a time to step away from your leadership role and transition to the next chapter of your life.
[25:06] Resources on Transition and Succession Planning
If you're at a point in your life where you're not considering succession planning just yet, there are two books that you might find helpful. The first is Gun Lap by Robert Wolgemuth, which is targeted towards those in their 50s and 60s who are approaching the last lap of their race in business or church. The book emphasizes that this stage doesn't mark the end of one's life, but rather the end of a significant chapter. The other book is Retiring Well by Dr. John Dunlop, which provides insights on transitioning to a new phase of life, including how to follow your desired path rather than one that is required. Even if you're not retiring, you might find the principles of these books useful as you look ahead to your future vision. Cal encourages us to let the Lord guide us toward new opportunities that may be different than what we have experienced so far. Remember, the Lord isn't done with you yet.
[27:03] Stepping Back to Become the Coach and Mentor
Find somebody in your business that wants to climb the mountain. It doesn't mean your job is over. Step back now and become the coach and become the cheerleader and become the mentor. And you're never done then. In order for the next person to put their thumbprint on it, you have to leave.
Resources:
Gun Lap by Robert Wolgemuth
Retiring Well by Dr. John Dunlop
Email: cjr@northwoods.church