In my early 20’s, I took a job as a cost accountant for a large regional bank. This is probably one of the dullest jobs on the planet but taught me simple principles which I apply to every situation. My job was to breakdown processes into individual steps, analyze the time and human resources required to perform those tasks, then quantify the cost of the combined time and human resources to the bank. Sounds boring, eh?! The position trained me to look for opportunities to streamline processes to make more efficient uses of time and resources. I will forever be grateful for this early job!
When my employer was acquired by a larger Southeastern bank, I saw the opportunity to switch careers and become a bank stock analyst for a large independently owned brokerage house. Here, I earned the Chartered Financial Analyst designation. At the time, I chose the CFA because I knew it was more difficult than an MBA. I spent the better part of four years analyzing financial statements, building pro-formas, and advising our customer base on which stocks to own.
While a great opportunity, I knew in my heart I was meant to create something on my own. With nothing more than a few ideas, a college friend of mine and I started an international toy manufacturing and wholesale business. Within two years, we had placed products in most of the largest toy mail order catalogs, contracted with designers on three continents and launched distribution in several countries. This is how I got my MBA in the real world and was put to the test during the Great Recession. Periods of crises help clarify the importance of quantifying risk, protecting cashflow, understanding contracts, and assessing the potential financial impact on one’s family.
We were on track for a record-breaking year before the Great Recession, and by the time this period was done, we found we lost the nerve to recapitalize and instead, sold our designs to a company in the UK. With uncertainty in my career, I returned to financial services industry to provide fee-only financial planning and investment management advisory services. Inspired by the Certified Financial Planner program, I developed my framework for identifying goals and objectives, assessing risks and limitations, and the ability to analyze multiple moving parts in complex situations.
While growing more and more discontent under inept firm management, I met with a life coach who had the most tremendously impactful advice, “you must align what you do with who you are.” After much soul searching, I chose to pursue entrepreneurship again and launched a franchise with two locations. The lessons learned from this experience were invaluable primarily with regard to marketing, operations and human resource management. After three successful years, I completed the sale of the businesses and continue to enjoy interest income from the seller financing to this day.
Around the time of the sale of the businesses, my wife, Tonia, was unhappy as a partner at a mid-sized law firm. It was time to use all of the tools in the toolbox to launch a law firm. My official title is Comptroller, but I provide all administrative services outside the practice of law. I am utilizing my full range of expertise and absolutely love it. We work when we need to and vacation when we don’t. We have tremendous freedom and are both truly maximizing our potential. We provide the same freedom and flexibility to our employees as we get to control the culture of the firm and set the expectations. Every conversation with a potential new hire starts with the simple question: what are you trying to achieve? For me, my goal is to provide people like you with the confidence and know-how to take control of your destiny and start your own business.
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