Let Me Speak To A Manager

Zack Bubb is a long-time fan of the show with one hell of a career trajectory. Recently promoted to manager of a technical team, we talk with Zack about how to establish himself as a leader of his former peers. In this show:

• Why you interview for your next position every day
• Two questions every employee asks of their manager
• How to reset your relationship with an employee
• How to frame a 1-on-1 conversation as a manager
• What is the actual role of a manager?

Berkshire Hathaway recently held its 2022 annual meeting. Dubbed the "Lollapalooza for Investors," Warren and longtime partner, Charlie Munger were in rare form. They answered questions for six hours on topics related to the economy, stock market, inflation, global relations, and how to protect your investments in a down market. Frank and Ian deconstruct some of their best soundbites and relate their advice to their businesses.

Running a small business is an emotional roller coaster. You can have the worst morning of your career and the best afternoon all on the same day. In this episode, Frank and Ian talk about how they stay sane amidst the chaos.

Growing your net worth isn’t necessarily about what you know. It’s about how you behave. And even really smart people struggle to control their unconscious instincts and biases.

Money―investing, personal finance, and business decisions―is typically thought of as a function of math. But in the real world, people don’t make financial decisions on a spreadsheet. Their personal history, unique view of the world, ego, pride, marketing, and odd incentives are scrambled their decision-making process and it is incredibly easy to make terrible decisions. We look at 12 of those mistakes in this episode and try to unpack techniques to overcome them.

Some interviewers lean too heavily on technical skills, others rely solely on personality. Most are fooled by some form of unconscious bias (recency, primacy, "just like me"). In this episode, we look at our egregious mistakes as young managers and the steps we've taken to limit them in the years that followed. This episode should be mandatory training for any new manager tasked with hiring employees.

The human brain makes thousands of daily decisions, most of which have no impact on your long-term success. And when we are faced with a decision that requires deep reflection, we are too often influenced by subconscious bias. Our brain creates a narrative and we are vulnerable to faulty decisions as a result. In this episode, we offer nine questions you can ask yourself to improve the quality of those big decisions.

Are you stuck? Not satisfied with your productivity? Do you have a big idea but can't seem to take the first step? You're not alone. We dive into the psychology of procrastination and list some tangible steps you can take to start moving the needle.

The gambler's fallacy, also known as the Monte Carlo fallacy, occurs when an individual erroneously believes that a certain random event is less likely or more likely to happen based on the outcome of a previous event or series of events. In this episode, Frank and Ian dissect this cognitive bias that prevents many people from making quality career and investing decisions.

Alastair J. MacDonald is an international analyst, forecaster, speaker, writer and investment consultant. He is the founder and editor of “The Parallax Report,” a subscription-based market, social and economic forecasting service for individual investors, and institutions. His specialty is identifying the dangers and opportunities in global markets, as driven by social mood. His analysis accurately predicted; the decline in the US dollar (2004), the bursting of the US housing bubble (2004-2005), the global financial crisis (2007), the peak in commodity prices (2008), the collapse of Lehman Brothers (2007), the bottom in US stocks (Spring 2009), the bull market in the US dollar (2011), the second term of Barack Obama (Aug 2012) and the election of Donald Trump (July 2016). He hosts a weekly podcast called “Alone in the Crowd.”

Also, Alastair is a business coach to Frank Cava, an exercise in maddening futility.

We don't often host guests but this episode has us re-thinking our strategy. This was a fascinating conversation about war, historical markets, business cycles, psychology, and surviving multiple hippo attacks in Africa.

You can watch his Ted talk here.

News of inflation is dominating the headlines for the first time in decades. But what does it mean to an investor? In this episode, Frank and Ian talk about how rising prices influence their investing decisions. Disclaimer: Frank and Ian are only stating opinions and personal preferences. Consult with a professional before making any investment decisions.

What if you spent twenty years of your career in one field and had to start over from scratch? That is exactly what Nick Clemente is faced with after a distinguished military career that is ending soon. In this episode, we work with Nick on how to approach his second act and share our experiences transitioning from corporate to startups.

In this episode:

• Giving up your identity, or adding to it?
• The highest return, entry-level position
• The reality of building something new and humble pie
• Adapting your vocabulary to adjust to a new industry
• Don't underestimate what your mind can accomplish when it is given back 40 hours per week
• You are in charge of your professional brand
• How to figure out what you do next

Did you know that 64% of Millenials have or have had a side hustle in the past 12 months? If you think this is just younger generations, that number is still 58% for Gen X and even 44% for Baby Boomers. The "Gig Economy" is defined by the Wall Street Journal as "a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs."

In this episode, Frank and Ian look at ways to profit from this shift to contract work. We look at side hustles that we've been paid for and how we use contractors to scale businesses much faster without hiring direct employees.

In Episode 41, Frank and Ian laid out a plan to raise $4,000,000 in private capital to fund a commercial real estate portfolio. This deal closed in Q3 of 2021 and we talk about the progress made to date in realizing the full revenue potential of the assets.

Few transitions are more challenging than managing a group of people who were once your peers. One day, you are grinding it out in the trenches. The next, you are giving them directions. In this episode, we talk about the four types of former peers you will encounter as a new manager. What are the pros and cons of the Advocate, Doubter, Worrier, and the Exposed? 

Managers are always on stage. Like it or not, we model behaviors that others emulate. When we are enthusiastic and positive, our teams follow along. And when leaders disengage, it feels like a rainstorm gathering over the office. In this episode, we break down a particularly bad day for Frank and how he snapped himself out of it.

And as a bonus, we dive into a ridiculous example of excess as Frank's frustration drives him to fly private. How did he book the flight? Where did he fly, and just how much does it cost to book a private jet?

Alone, hungry, tired, sick ... this is an account of one man's journey to stay alive and return home to his family against all odds. Also, it is about the time Ian tested positive for Covid and got stuck by himself in Mexico with no return date in sight.

In this episode, Frank and Ian debate how to lead superstars in a business. In many companies, 80% of the output comes from 20% of the producers. So should those stars be afforded different perks than their peers? *Ian is clearly the star of this podcast but his selfless willingness to also do all of the grunt work behind the scenes is really what makes the LMSTAM podcast go.

Frank and Ian coach one of their loyal listeners as he approaches a crossroads in his career. "Milosh" is a quality engineer in France who wants to make the move into sales and marketing. In this fun conversation, we consult Milosh on steps he can take within his company and potentially outside of his company.

*If you are interested in our coaching in a similar format, send an email to Ian or Frank and we will consider you for a future episode. We will keep your identity private if you so desire.”

From a young age, we're told that quitting is a form of weakness. We learn to equate quitting with losing. When it pertains to school or sports teams, this might be solid advice. But from a professional standpoint, it holds so many people back. Success is all about focusing relentlessly on a few high-ceiling opportunities. And to figure out where to spend your time, you must first try many things (and leave most of them behind).

At some point in your career, you will likely show up to your first day of work and realize that you made a terrible mistake. And you will likely look back at several points in the process when your gut sent off warning signals. This episode looks into hidden "tells" that you should ignore at your own risk.

Cava Companies acquires hundreds of properties annually and holds more than 300 rental units. To run a real estate machine of this magnitude, Frank Cava relies on a team of 50+ employees separated into multiple departments. It is a long way from the two condos in Charlottesville that formed the basis of his company.

In this episode, we pull back the curtains and look at how Frank generates leads, evaluates risk, makes acquisitions, and allocates capital.

We publish our 65th episode exactly one year after publishing our first. In this episode, we look back on our progress, missteps, processes, lessons learned and set some public goals for 2022.

If you had to start a company and could take any five Star Wars characters, who would you take? That is exactly what Frank and I set out to do in this fantasy Star Wars draft with a business slant. The ground rules are simple: Any character from the first three Star Wars movies (IV, V, VI) are eligible. How do you pick between a jedi, a wookie, a droid, or a princess? Tune it to find out.

"God gave us two ears and one mouth for a reason."

~Frank's mom

From Psychology Today, "Interrupting implies that you deem your words more worthy than the remainder of what the other person has to say. People will view you as not having the self-discipline to avoid being rude and egotistical."

In this episode:

• The evolution of interrupting and the role of technology
• The reasons why we interrupt
• Lack of self-awareness
• Fear of forgetting
• Desire to prove expertise
• Competitiveness
• Social norms ("Everyone else is doing it.")
• Tactics to control yourself if you have this problem
• How to deal with an interrupter

Gary Vaynerchuk is the chairman of VaynerX, a modern-day media and communications holding company, and the active CEO of VaynerMedia, a full-service advertising agency servicing Fortune 100 clients across the company’s 5 locations.

In the late 90s, after identifying “the internet” as a land-grab opportunity, Gary transitioned his father’s local liquor store into one of the first wine e-commerce platforms resulting in growing the family business from $3-60MM in sales during a 5-year period.

Gary is considered one of the leading global minds on what’s next in culture, relevance and the internet. Known as “GaryVee,” he is described as one of the most forward thinkers in business – he acutely recognizes trends and patterns early to help others understand how these shifts impact markets and consumer behavior. Whether its emerging artists, esports, NFT investing or digital communications, Gary understands how to bring brand relevance to the forefront. He is a prolific angel investor with early investments in companies such as Facebook, Twitter, Tumblr, Venmo, Snapchat, Coinbase and Uber.  

Gary is an entrepreneur at heart — he builds businesses. Today, he helps Fortune 1000 brands leverage consumer attention through his full service advertising agency, VaynerMedia which has offices in NY, LA, London, Mexico City, LATAM and Singapore. 

In addition to running multiple businesses, Gary documents his life daily as a CEO through his social media channels which has more than 30 million followers across all platforms. His podcast ‘The GaryVee Audio Experience” ranks among the top podcasts globally. He is a five-time New York Times Best-Selling Author and one of the most highly sought-after public speakers.

Ian spent a day with GaryVee and his team in Vayner's Los Angeles alongside David Moeller, the founder of Keep Technologies. In this two-part episode, we talk about how that experience came about and what it was like meeting GaryVee.

Gary Vaynerchuk is the chairman of VaynerX, a modern-day media and communications holding company, and the active CEO of VaynerMedia, a full-service advertising agency servicing Fortune 100 clients across the company’s 5 locations.

In the late 90s, after identifying “the internet” as a land-grab opportunity, Gary transitioned his father’s local liquor store into one of the first wine e-commerce platforms resulting in growing the family business from $3-60MM in sales during a 5-year period.

Gary is considered one of the leading global minds on what’s next in culture, relevance and the internet. Known as “GaryVee,” he is described as one of the most forward thinkers in business – he acutely recognizes trends and patterns early to help others understand how these shifts impact markets and consumer behavior. Whether its emerging artists, esports, NFT investing or digital communications, Gary understands how to bring brand relevance to the forefront. He is a prolific angel investor with early investments in companies such as Facebook, Twitter, Tumblr, Venmo, Snapchat, Coinbase and Uber. 

Gary is an entrepreneur at heart — he builds businesses. Today, he helps Fortune 1000 brands leverage consumer attention through his full service advertising agency, VaynerMedia which has offices in NY, LA, London, Mexico City, LATAM and Singapore.

In addition to running multiple businesses, Gary documents his life daily as a CEO through his social media channels which has more than 30 million followers across all platforms. His podcast ‘The GaryVee Audio Experience” ranks among the top podcasts globally. He is a five-time New York Times Best-Selling Author and one of the most highly sought-after public speakers.

Ian spent a day with GaryVee and his team in Vayner's Los Angeles alongside David Moeller, the founder of Keep Technologies. In this two-part episode, we talk about how that experience came about and what it was like meeting GaryVee.

We believe the answer is yes.

So what can you do about it? Frank and Ian talk about how they are handling their businesses, investments, and decision-making while believing this market is deep into bubble territory.

Frank has been dropping Ian's name for years, hoping to steal some shine from his golden career. But is this an effective tactic when building a career or business? In this episode, we look into the reasons why people do this and how to respond when you come across one.

"Gaslighting" is a topic often cited in politics but recently found its way into the mainstream with two high-profile scandals. This got Frank and Ian wondering, just what the hell is "gaslighting" and how pernicious is this problem?

What better way to learn about "mansplaining" than from two guys who do it for a living? What started as a joke led Frank and Ian down a rabbit hole of linguistics, conversational style, gender differences, and some incredible research from Deborah Tannen.

In this episode:

●   Geographic differences and the varying ways we take turns

●   How our conversational style is developed as youth

●   The differences in play between boys and girls

●   Credit-grabbing and promotions

●   Who speaks in "I" vs. "We"

●   Should I ask questions in group settings?

●   Do you apologize too much?

●   Should I boast in public?

Everyone lies. You might consider yourself saintly but you won't make it through the day without stretching the truth. We look at reasons why you might want to consider something other than absolute candor in the workplace.

In this episode:

· Does the truth put my job in jeopardy?

· Should I take the blame for a teammate?

· What if I don't want to socialize with my boss or people in the office?

· Lying to protect the feelings of people we care about

· Why self-preservation is undefeated

· Lying to get out of unnecessary meetings

We waste countless hundreds of hours sitting through boring, sleepy, and hastily-prepared presentations. This episode serves as a warning to would-be public speakers. If we are annoyed by these pitch mistakes, the rest of your audience is also.

In this episode:

· Stop reading your slides!

· Less is more when it comes to public speaking

· Short presentations force you to prepare more

· Why you must nail the first minute of your speech

· Why Adele restarted her performance at the Grammy's

· How to leave people with a compelling call to action

Winning begets more winning and losing begets more losing. Inertia sets in with any team, regardless of how many members are changed out. In this short episode, Frank and Ian lament the trajectory of their favorite football teams and relate their woes to any organization on a losing streak.

“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to a hundred other good ideas. You have to pick carefully. I’m as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” 

~Steve Jobs

In this episode:

● The secret to success for Warren Buffett and Ted Williams

● FOMO is killing your career

● Innovation is saying no to 1,000 things

● Finding your one big thing

● How to trade "good" for "better"

● Does this activity still serve me? (the curse of sunk costs)

Plus, 4 questions to ask yourself when you are lost:

1. What am I deeply passionate about?

2. What activities do you feel like you were "made to do?"

3. What makes economic sense?

4. What do you have fun doing?

Tom Brady left the New England Patriots after 20 years and six championships. He didn't leave under his terms and tension was bubbling under the surface.

His coach, Bill Belichick: "He looked at his options and he made his decision."

His owner, Robert Kraft: "If he wanted to be here, we would have put a deal together."

Tom Brady: "I made a decision to do something different."

On October 3rd, 2021, Tom Brady faced his former organization with his new team, the Tampa Buccaneers. It was one of the highest viewed NFL games in recent memory because most people can relate to a breakup with a company.

In this episode:

• Why companies won't root for you to succeed when you leave them
• How we are motivated to prove our old company should have done more to keep us
• Your boss will likely use fear to convince you not to take that competitive offer
• Yes, the grass CAN be much greener on the other side

With most goals, the hardest part can be starting. Regardless of how much progress we make in one area, most of us feel stuck in others. This episode was inspired by a recent blog post by Seth Godin in which he lists five useful questions to help you take action. We look at four major decisions we've been faced with recently and put the five questions to the test. They hold up well but we felt the need to add a 6th question by the time we finished.

In this episode, we look at five of the most common job interview questions. We start by discussing the purpose of each question from a company's perspective. Why are these questions valid and how do they help companies make better hiring decisions? Next, we approach each question from an applicant's perspective. What are the best kind of answers and what should be avoided at all costs?

The five interview questions covered in this episode:

1. "Can you tell me a little bit about yourself?"
2. "What is your greatest strength?"
3. "What is your greatest weakness?"
4. "Can you tell me about a failure that you learned from?"
5. "Why do you want to work here?"

With special guests David Neal and Jonathan Clark from The Eighth Mile Consulting, we break down Sun Tzu's famous book on strategy and leadership. Given that paintball is as close to combat as Frank and Ian have come, we brought in heavy hitters for this episode.

In this episode:

· "It's not about a fair fight, it's about winning."

· Why picking your battles is everything in business and war

· Lessons from Afghanistan for small companies

· Why context matters when evaluating risk

· Why do companies who stay on the offensive tend to last?

· How to link the goals of leadership with the team

The Eighth Mile Consulting: https://eighthmile.com.au/

Follow David Neal and Jonathan Clark on LinkedIn where they write daily about leadership lessons from the battlefield to corporate board rooms.

The Eighth Mile Consulting is built on a mantra of 'good people, helping good people.' Our Mission is to collaborate with organizations to improve their people, processes, product, and profile.

In particular, we provide services in:

Change Management,

Project Management,

Implementations,

Leadership/Management advice,

Individual and Team Coaching,

Risk Management, and

Representational roles.

We are different from other organizations because:

1. Our team is drawn from hands-on practitioners who have actually delivered what they preach, each with a reputation for delivering positive change to organizational cultures, and delivering complicated projects/tasks.

2. Our team consists of leaders with hands-on experience.

3. We are proud of our high-performing team, and we can help other teams perform to their absolute best.

4. We simplify the complex.

"The Peter Principle" is a book written by Dr. Laurence Peter in 1968. It was written as satire but contained enough truth that it touched a nerve with employees around the world. Today, the concepts in this book are accepted as a harsh reality. The Peter Principle observes that employees rise up through a firm's hierarchy through promotion until they reach a level of respective incompetence. As a result, every position in a given hierarchy will eventually be filled by employees who are incompetent to fulfill their job duties.

Clearly, Frank and Ian are proof of the Peter Principle with this podcast so we consider ourselves experts on "earned incompetence." In this episode:

· Why most people won't turn down a promotion they are not qualified for

· The mistake most companies make when promoting people

· How good timing contributes to so many people feeling they are better than they are

· Why do so many incompetent people get promoted?

· Fancy titles with no direct reports are the first to go during a recession

· Why highly competent people are pushed out of companies

· Why are there so many terrible senior executives?

In 2017, Ian worked long hours, traveled constantly, and no longer found his work interesting. But like most executives, he was locked in with golden handcuffs in the form of stock options. In this episode, we talk about how Ian decided to leave and replaced his salary and bonus with several industrial properties that require only a few hours of annual work.

In this episode:

• When the only thing keeping you at a company is money
• Resisting the temptation to spend and letting your money grow
• Giving up "more" and being happy with "enough"
• Where Ian got the inspiration for industrial property
• How I found my first deal
• Building a team to fill in your knowledge gaps
• How to raise money for an industrial property
• Deciding when to sell at a profit

Webster's dictionary defines loyalty as "a strong feeling of support or allegiance." Most people see loyalty the same when it comes to family, friendships, and relationships. But does loyalty have any purpose in business? Here we look at the pros and cons of demonstrating loyalty to a company.

In this episode:

· News flash: Your company will survive without you

· Dealing with a toxic manager while feeling loyal to your team

· Dealing with a toxic environment while feeling loyal to your manager

· Explaining a perceived lack of loyalty in job interviews ("job hopper" label)

· How to handle a better opportunity even when you are happy with your current situation

· Why loyalty needs to be a two-way street

· Show your support to a company when they show their support to you

· Companies need to earn loyalty every day

Does your company treat you like trash? In this episode, Frank and Ian dig into the underlying reasons for the miserable state of customer service. From unhappy employees to an overreliance on outsourcing and technology, we discuss steps any business can take to become more customer-centric (and thus, more profitable).

Are you an annoying employee? Does your boss wince when she opens your emails? Does your mere presence make your manager think about nails scratching on a chalkboard? In this episode, Frank and Ian grumble about people who annoy them to no end. Brace yourself for a lot of "Get off my lawn!"

This episode kicks off as Shaquille O'Neal walks into the lounge of Four Seasons to meet with Ian and his friend David. Frank interviews Ian as he shares every detail of this two-hour business encounter with the Hall of Fame legend.

In this episode:

●    "Don't stare."

●    Preparing to make a great first impression

●    A little luck never hurts

●    Anticipating every contingency

●    Knowing when to close, and doing it right

"It's not personal, strictly business."

In this episode, Ian shares his story of landing a meeting with legendary basketball star, Shaquille O’Neal. Both literally and figuratively, this meeting with Shaq was among the biggest of Ian’s career. Ian made Frank wait until recording to hear the details of the meeting, which makes this episode even more fun. 

In this episode: 

• What is Ian working on that could lead to this encounter? 
• Why choose Shaq as a potential partner? 
• How to prepare for a meeting that could change your life 
• The importance of taking big swings 
• Taking calculated marketing shots 

Fresh off a successful $10M real estate syndication that delivered a 30% return to investors, Frank and Ian are at it again. In this episode, we talk through the details of a real estate deal that will require a private capital raise of $4M+ in a short window. This episode was recorded before Frank and I negotiated terms so you can hear us working out the details as we go.

We pull back the curtain and share the details of a large real estate deal. In this episode:

• The difference between a real estate speculator and an operator
• The importance of buying at the right price
• Finding deals where you can add value
• Knowing the long-term prospects of your market
• Promoting a real estate deal and raising capital
• The power of a strong track record (successful deals beget more deals)

Get your popcorn and buckle up. Frank and Ian are going back to the movies! This time, we talk about the five movies that had the biggest impacts on our sales careers.

In this episode:

• Likable people tend to win in sales
• How to “act as if”
• Why you won’t get a second chance when it comes to trust
• There are those who sell and those who make excuses
• Lead with the most contentious point in any meeting

How honest can you really be in business? We all lie, at least a little. If for no other reason than to protect people's feelings. In this episode, we talk about the concept in two classic books on this topic and debate the merits of how just how "radical" candor really is.

In this episode:

●     "If you always tell the truth, you never have to remember what you said."

●     Honest feedback might hurt, but it typically leads to positive change

●     Great coaches understand the difference between skill and talent

●     Outbursts happen when we let irritations build up

●     10 things you can't say in an office (but we wish we could)

Can we change anyone's mind? Regardless of your occupation, persuading someone to your line of thinking can be incredibly helpful. We dig into the science of persuasion and look at techniques that have worked (and failed) for us in the past.

In this episode:

• Helping customers change their mind after they said no
• Getting an executive to approve your idea by convincing them it was theirs
• Letting someone fail their way into changing their mind
• The role of resilience in persuasion
• The assumptive close
• Giving up control to a stubborn person
• Using praise with a narcissist

Jeff Paxson is the owner of Jeff Paxson Real Estate, a team that led Indiana in sales volume from the years 2014 to 2018. A maverick who built his career going against conventional wisdom and twice making all-in bets on himself. For anyone interested in stepping away from corporate life and building something of their own, Jeff shares his path. 

Jeff Paxson Accolades:

Based on sales, Jeff Paxson has been named Wall Street Journal’s Real Trends Top 1000 Realtors aka

“The Thousand”

Annually top 5 Realtor in entire Indianapolis Metro Area

Annually top 5 Realtor in Indiana

Top 50 realtors in Midwest US

Named one of Indianapolis Business Journal’s top Realtors each of the last 10 years 

Johnson County Realtor of the Decade 2020

There are now 4 office franchises of Jeff Paxson Real Estate.

JeffPaxson.com

317-679-2121