Breakfast Leadership Show

Paths to 2X to 10X Revenue: Embracing Change, Passion, and Creativity with Paul Lemberg

 
 
 
Pablo's Journey to Business Coaching
Pablo shared how he invented the term "business coaching" in 1996 after a significant career change. He had been working as a consultant for large tech companies, but left his job to pursue his life's work after a voice in his head urged him to get busy. His friends suggested he become a coach, which initially didn't interest him, but after realizing he could apply his business experience to help others grow their companies, he started his own coaching business. Over the past 28 years, he has honed his skills to specialize in adding revenues to businesses, avoiding leadership coaching and corporate politics.
Maximizing Revenue and Managing Expenses
Michael highlighted the importance of managing both revenue and expenses for optimal organizational performance. He emphasized that focusing on revenue generation could lead to cost efficiencies and increased profits, which could also be seen as a form of revenue. He also criticized consultants who delve into too many details, instead advocating for a focused approach to identifying areas of improvement. Pablo agreed with Michael's points, particularly the emphasis on revenue growth.
Pursuing Passion for Business Success
Pablo and Michael discussed the importance of pursuing one's passion to prevent burnout and achieve business success. Pablo, who transitioned from programming to coaching, emphasized the value of focusing on revenue growth rather than expense-cutting. Michael shared his unsuccessful attempt at becoming a CPA and highlighted the example of John Madden as a successful career changer. They both agreed on the importance of keeping an open mind and being willing to try new things to find one's true calling in life. Furthermore, they touched on the experiences of their family members, discussing the potential of their daughter and cousin becoming coaches.
Music, Creativity, and Burnout Prevention
Michael and Pablo discussed the significance of music and its ability to evoke different emotions and memories in listeners. Michael shared the story of a friend who created his own successful guitar pedal company, emphasizing the importance of understanding the 'why' behind one's work to prevent burnout. Pablo agreed and shared his personal strategy of incorporating creative activities into his work routine to maintain focus and prevent burnout. Both underscored the importance of enjoying life and pursuing one's passions to prevent burnout and achieve creativity.
Connecting With Pablo and Discussing ADHD
Pablo, whose website is Lemberg.com, encourages people to connect with him through his blog or contact page. Michael appreciates Pablo's openness and his conversational format that makes listeners feel like they are eavesdropping on a casual chat. 
Bio:
Paul became an entrepreneur at 27. He sold his first company for just under $9mm and sold his second company to a large German bank. He’s published three books, including the business best-seller Be Unreasonable. For 28 years, Paul has coached entrepreneurs to grow revenues and profits, scale with chains and franchises, execute M&A, raise capital, and sell their companies. Clients typically grow profits from 2-10x. A number of them have sold their companies for millions. One client sold his healthcare chain for over $100 million. He’s spoken on stage for Jay Abraham, Tony Robbins, T. Harv Eker, Marshall Sylver, Brian Tracy, CEOSpace, Digital Marketer, Roland Frasier, and many others. He’s been featured in the New York Times, the LA Times, the Wall Street Journal, CNN, CNBC, Good Morning America, and hundreds of special interest publications. Paul has an undergraduate fine arts degree, an MBA from NYU Stern School, and is a Mensa member.https://www.linkedin.com/in/unreasonable/https://www.facebook.com/paullemberg/https://twitter.com/Paul_Lemberg

Wednesday Wisdom: Leadership Strategies for Thriving Organizations with Oddi Aasheim from FirstHuman

About Oddi:
Partner - Performance Interventions
 
I feel privileged getting to spend my days working with people that are up for making our world a truly exciting and fulfilling place. I partner with leaders and executives committed to transforming their organisations, develop groundbreaking strategic solutions, mobilising executive teams and organisations into passionate and purposeful action.
 
 
Quick recap
Summary
AI, Personal Growth, and Leadership
Michael and Oddi discussed using AI for personal growth and the concept of leadership, particularly in unfamiliar situations. Michael, the founder of Breakfast Leadership, emphasized the evolving definition of leadership and used the example of a new album that blends multiple genres to illustrate how things can be categorized in ways that may not fully represent them. Oddi, with a background in engineering and strategy consulting, showed interest in understanding what leadership looks like when faced with the unknown.
Addressing Analysis Paralysis in Leadership
Michael expressed concern about leaders with analysis paralysis due to over-reliance on KPIs and other data. Oddi responded by emphasizing the importance of leadership being contextually aware and committed to their circumstances. Oddi further argued that the fear of justification and criticism leads to analysis paralysis and discourages leaders from fully engaging with their situations. Oddi suggested that leaders should focus on tuning into their circumstances and identifying opportunities rather than trying to emulate past successful leaders.
Michael's Decision-Making Process and Trial Implementation
Michael shared an experience from his time as the head of a healthcare clinic, where his decision was initially questioned but later proved beneficial. He discussed how he implemented the decision after considering its impact on the staff and ensuring their approval. However, the change initially caused anger and dissatisfaction among the physicians, clinicians, and other staff. To rectify the situation, Michael proposed a six-month trial with the option to revert if necessary. He mentioned that the people affected by the change were still at their new location seven years later, suggesting that they had come to appreciate the benefits of the change.
Leadership Challenges and Self-Doubt
Michael and Oddi discussed the challenges of leadership and the importance of understanding and respecting individual motivations. Oddi emphasized that a leader's role is to guide people, not to impose a vision on them. Michael added that leaders should not expect consensus but focus on driving and directing. They also touched on the insecurity and self-doubt that often come with leadership positions and the need for leaders to recognize and manage these feelings.
Balancing Work Ethics and Focus
Oddi and Michael discussed the pressures and challenges of the modern workplace. Michael highlighted the familiar feelings of being overworked and overwhelmed among employees, emphasizing the importance of a work ethic. Oddi agreed, noting that as employees progress in their careers, their professional credibility becomes tied to their knowledge and ability to resolve complex issues. Both acknowledged the need for focus and tunnel vision in certain situations while stressing the importance of being open to opportunities and not becoming too narrowly focused.
Creating an Environment for Team Success
Oddi emphasized the importance of creating an environment that fosters new ideas and allows people to thrive without his direct involvement. Michael concurred, highlighting the danger of ego and the need for accountability partners to keep leaders in check. He shared his leadership philosophy of providing his team with everything they need to succeed, stating that the results would naturally follow. Both agreed that the success of their respective roles was due to their teams' efforts.
Building Trust and Open Communication in Work
Oddi and Michael discussed the importance of building trust and open communication in a work context. Oddi emphasized the value of creating a safe space for ideas to be shared, where people feel comfortable being honest and straight. Michael agreed, highlighting that such an environment fosters collaboration and innovation. Both stressed the need for individuals to show a genuine interest in the ideas and perspectives of others, as this encourages more open and honest communication.
Psychological Safety and Thriving Organizations
Michael and Oddi discussed the importance of creating a psychologically safe environment in organizations, emphasizing that empowering people and focusing on stakeholders, including customers and communities, leads to thriving organizations, especially during challenging times. They highlighted the significance of giving employees autonomy, being available for questions and ideas, and then letting them execute their tasks. Oddi also mentioned a study on successful Indian businesses, which showed that prioritizing people's thriving and alignment with company values was a key factor. Lastly, Oddi introduced their business, FirstHuman, which offers executives various programs and business coaching.
https://www.firsthuman.com/

Tuesday Tips: The V-Formula: Building Multi-Million Dollar Businesses with Christopher Volk

Christopher is the author of the highly rated book The Value Equation, which teaches entrepreneurs how to create profitable businesses that generate multi-million dollar wealth for them and their investors using a simple formula he made in 1999.Using his V-Formula, entrepreneurs can determine their companies' pre-tax return on equity and wealth creation potential in advance.Christopher, a recognized business model expert, shares in his book the ideas he used to lead and take three market-leading real estate investment companies, two of which he co-founded, public via the New York Stock Exchange.His companies provided $20B+ in growth capital to thousands of businesses across the U.S., helping them succeed. The strong business models Chris devised enabled his companies to outperform and attract some of the world's leading investors, including Berkshire Hathaway.https://thevalueequation.com/the-author/https://www.linkedin.com/in/christopher-volk-86848b3/
Summary
Career Discussion and Meeting Format
Michael and Christopher discussed their respective careers and their current meeting format. Michael assured Christopher that the meeting would be recorded and edited for corrections. Christopher shared his background as a finance professional, detailing his real estate experience and success in publicizing companies. He also mentioned his current role as chairman of another such company. Michael commended Christopher's work in creating opportunities for investors and providing funds for small businesses to grow.
Successful Companies, Free Enterprise, and Small Businesses
Christopher shared his success in creating a successful company and his belief in the virtuous nature of the free enterprise system. He decided to write a book to inspire others to create their own successful companies. Michael agreed with Christopher and highlighted the importance of small businesses, emphasizing their role in creating jobs and serving communities. He also shared his observation of the recent surge in people wanting to start their businesses. Both agreed on the need for more small businesses to meet the growing demand for services in suburban areas.
Discussing Book on Business Wealth Creation
Michael and Christopher discussed the time-consuming nature of writing a book and the motivation behind it. Christopher shared that his book, which took about a year to write, was inspired by 20 years of contemplation on how businesses create wealth. He noted that while there are many books on personal finance, there needs to be more literature on wealth creation through business. Christopher explained that businesses are the primary engine generating most of the wealth in the US, and his book aims to fill the gap by describing how to start and grow profitable businesses.
Entrepreneurial Motivations and Business Creation
Christopher and Michael discussed their motivations for starting companies, citing a desire to avoid regret and pursue their passions as primary drivers. Michael shared his experience and advice, emphasizing the importance of taking marketing classes and encouraging accounting students to be more entrepreneurial. He also highlighted the value of creating new businesses and products to benefit society and the economy, using his observation of new store openings as an example. Michael praised Christopher's book for providing practical guidance and encouraging people to prioritize their well-being and success.
Developing a Successful Business Strategy
Michael and Christopher discussed the process of developing a successful business. Michael emphasized the importance of curiosity, adaptability, and a desire to learn to build and improve a business continuously. He also highlighted the importance of giving back to the community and supporting other local businesses. Christopher agreed, noting that a well-designed business model could make a company worth more than it costs to create, leading to financial success, employee wealth, and the ability to impact the community positively. They both stressed the importance of considering all business model components to achieve these goals.
Mentorship, Wealth Creation, and Voting Preferences
Michael stressed the importance of mentorship and paying it forward, illustrating how Red Fox helped Marita buy a house. Christopher responded by discussing his book, "The Value Equation," which emphasizes the role of mathematics and accounting in wealth creation for entrepreneurs, investors, and leaders.

Motivation Monday: Addressing Healthcare Burnout: Resilience, Leadership & Creating Positive Work Cultures with Nurse Entrepreneur Phyllis Quinlan

President of MFW Consultants & a successful nurse entrepreneur, Phyllis is a healthcare consultant and has been a Legal Nurse Consultant specializing in defense since 2004. During her nursing career, Phyllis has practiced in clinical, educational & administrative positions in various venues, including critical care/emergency trauma, professional development, and Subacute Care/LTC.As a certified personal and career coach, Phyllis specializes in the unique needs of nurses & other professional and family caregivers. She is devoted to working with clients struggling with the emotional impact of Caregiver Fatigue, untying the knot of their COVID-19 response efforts, and career transition challenges.She has been the career coach for the Association of Perioperative Nurses since 2012 and was invited to be the career coach for the American Nurses Association-New York State Chapter in 2021. She has lectured extensively across the USA and Canada on subjects including, but not limited to, resilience, professionalism, leadership development, and creating and sustaining healthy work environments.She is very active on social media, regularly posting on her Twitter, Facebook, Tumblr, Instagram, and YouTube Channels. Phyllis has also authored two books: Rediscovering the Joy of Being A Nurse: A Holistic Approach to Recovery from Compassion Fatigue and Bringing Shadow Behavior Into the Light of Day: Effectively Assessing and Managing Bullying and Incivility in Healthcare.https://www.linkedin.com/in/phyllisquinlancoachspeaker/https://www.facebook.com/PhyllisQuinlanCoachinghttps://www.instagram.com/phyllisquinlanofficial/https://twitter.com/AskDrPhyllisRN
Quick recap
Summary
Addressing Workplace Burnout and Shortages
Michael and Phyllis discussed strategies to address workplace burnout and create a healthier work environment. Phyllis, a registered nurse and professional coach, highlighted the negative impact of disruptive behaviors like bullying and incivility, and the unique value of nursing skills in addressing physical and mental health needs. Michael agreed on the leadership imperative to foster a positive work culture, emphasizing the need to encourage employees during tough times and recognizing the potential for professional caregivers to feel stronger after navigating the pandemic. Both expressed concern about the shortage of healthcare professionals, especially with an aging population and more complex challenges.
Addressing Toxic Work Environments and Resilience
Michael highlighted the negative impact of toxic work environments on employees and called for a change in leadership behavior to address this issue. Phyllis agreed with Michael and added that the COVID-19 pandemic served as a wake-up call, revealing the importance of self-care and work-life balance for caregivers. She emphasized the need to build resilience and cope optimally, but also pointed out that employees should not be expected to do this in a toxic or unhealthy work environment. Phyllis underscored the necessity for leadership to lead by example and create healthy and sustainable work environments.
Adapting to Changing Workforce Expectations Amid Covid-19
Phyllis and Michael discussed the impact of the Covid-19 pandemic on the workforce and the need for organizations to adapt to the changing expectations of employees. Phyllis emphasized that those not willing to adapt risk losing talent to more flexible and capable organizations. Michael highlighted the shift in employee attitudes towards work and the realization that many found themselves in jobs that were no longer fulfilling, leading to a trend of resignations or entrepreneurship. Both agreed that the old ways of working are no longer effective and that organizations must prioritize employee well-being to retain their top talent.
Addressing Disruptive Behaviors and Humanism
Phyllis and Michael discussed the need for leadership to address disruptive behaviors and cultivate a more humanistic work culture. They highlighted the importance of understanding each individual's contribution, regardless of role, and the need for a culture of solidarity and cooperation. Phyllis argued that the success of their team during the Covid-19 pandemic was a result of a collective effort and a level playing field, and urged executive leadership to maintain this approach. Michael agreed, emphasizing the importance of a flat organization and the negative impact of silos and egos.
Remote Work, Collaboration, and Accountability Discussion
Michael and Phyllis discussed the challenges and successes of remote work and collaboration during the Covid-19 pandemic. Michael commended the team's ability to adapt and navigate the situation, highlighting the importance of working together. Phyllis pointed out the need for executive leadership to deal effectively with disruptive behaviors and poor performance, noting that many employees may no longer tolerate such issues. Michael agreed, sharing his own experiences of dealing with toxic work environments and the importance of hiring slowly and firing quickly. Both emphasized the need for accountability and the value of recommending employees to other organizations where they may be a better fit.
Employee Engagement and Strength-Based Approach
Michael and Phyllis discussed the issue of employee engagement and the importance of focusing on strengthening positive behaviors rather than trying to change negative ones. Phyllis emphasized the need to create a healthy work environment by building on the strengths of the 'green' employees, who are likely to positively influence those in the 'yellow' category. She also argued that 'red' employees, who display negative behaviors, are unlikely to change unless they are reassured of their job security. Michael agreed with Phyllis' views and appreciated her insights.

Founder Fridays: Thriving in Change: Ryan Kugler's Journey of Diversification and Adaptation in Business

Summary
Introductions and business overview @ 0:00
Ryan introduced his layered business model of running three companies with shared staff and discussed how it allows for diversification and flexibility. He described his event production, marketing materials, and wholesale liquidation businesses.
Pivoting businesses during the pandemic @ 3:51
Ryan discussed pausing his event business during the pandemic but pivoting his wholesale business to supply essential goods like PPE. He commended businesses' rapid adaptations to unprecedented challenges.
Importance of diversification and exit strategies @ 17:51
Ryan emphasized maintaining multiple revenue streams, as one business's fortunes may change. He looks to acquire passive businesses and plans selling his event business in 5-10 years. Exits must be planned to avoid surprises and headaches.
Future plans and expansion of existing businesses @ 18:16
Ryan seeks new acquisition opportunities in different industries. He'll grow his marketing and events businesses but diversify by finding replacement verticals as industries evolve past certain products. Continual adaptation is needed to avoid obsolescence.
Importance of recognizing industry changes @ 21:12
Half of 2000's Fortune 500 companies no longer exist. Industries constantly change, requiring anticipating new opportunities and exits. Businesses must evolve or risk becoming obsolete like buggy whip makers. Continual evaluation and flexibility are key to long-term survival.
Finding inspiration through varied interests and helping others @ 24:32
Both men find inspiration and networking through diverse interests like volunteering. Variety prevents burnout while helping others. Business success need not be sole focus; life should be enjoyed through meaningful pursuits.

Thoughtful Thursdays: Julie Cropp Gareleck’s Journey from Corner Booth to Corner Office | ‘Dare to Become’ Book Insights & Entrepreneurial Success

Julie is a CEO, Author, and entrepreneur. Julie is a respected and trusted leader in business communities that extend from the Northeast (Philadelphia, New York City, and D.C.) to the Southeast (including the Greater Atlanta region and Charleston, South Carolina.), and that includes CEOs and entrepreneurs of small to midsize businesses as well as the Fortune 1000. In her 25-year career, she has consulted with more than 1000 companies to build sustainable, revenue-generating strategies. Her first book, Dare to Become, From the Corner Booth to the Corner Office, hit shelves worldwide on September 3 and details her journey from working for her parent’s restaurant to building a successful agency.For millions, a significant component of the American dream is to start one’s own company and, ultimately, to become one’s boss. The question is, how exactly does one do that? Every successful entrepreneur has a unique story to tell. Julie Cropp Gareleck, CEO, Entrepreneur, and now Author, brings a fresh perspective on confidently navigating the journey from startup to success. Whether you are a new business owner, entrepreneur, or an employee, the insights shared in this book will prove valuable on your journey.
Links:Website: www.juliecroppgareleck.comFacebook: https://www.facebook.com/juliecgareleckIG: https://www.instagram.com/juliecgareleck/YouTube: https://www.youtube.com/@juliecgareleck/featuredLinkedIn: https://www.linkedin.com/in/juliecroppgareleck/Amazon: https://amzn.to/4f79dBf
Quick recap
Michael and Julie discussed the importance of self-realization, resilience, and adaptability in the face of challenges, particularly during the Great Recession and the Covid-19 pandemic. They also highlighted the value of early work experiences, problem-solving skills, continuous learning, and journaling in personal and professional development. Lastly, they discussed the promotion and availability of Julie's upcoming book, "Dare to Become," and the importance of networking and social media in book promotion.
Discussing 'Dare to Become' and Potential
Michael and Julie discussed the fast pace of the year and Julie's upcoming book, "Dare to Become," which aims to inspire people to reach their full potential. Michael expressed his excitement about the book's title and its message, emphasizing the importance of individuals realizing their unlimited potential to positively impact society. They agreed to keep the conversation organic and to include a summary of the interview in the show notes for those who might want to learn more about the discussion.
 
 
Launching a Business Amid Economic Challenges
Michael and Julie discussed the challenges and successes of launching a business during the Great Recession and the subsequent years of significant change and transformation. Michael praised Julie's boldness in starting a business during a difficult economic period and highlighted how both personal and working life have been significantly impacted by recent events such as wars, pandemics, and technological advancements. Julie shared his experience of launching a business during the recession and how his company managed to adapt and do well during the Covid-19 pandemic, despite the shift to remote work being a significant challenge for his sales team.
 
 
Overcoming Fear With Zoom and Sharing Journeys
Michael suggested that salespeople, who were initially uncomfortable using Zoom, should familiarize themselves with the platform by using it with their grandchildren. This approach helped them overcome their fear and gain confidence in using the app. Julie then shared his motivation for writing a book about his journey from working at his parents' restaurant to starting his own business. He found inspiration in his past journals and wanted to share the lessons he learned, as well as the ups and downs of his journey.
 
 
HVAC Industry Contributions and Family Businesses
Michael shared his conversation with Gene Slade, who has made significant contributions to the HVAC industry, particularly in lead generation and follow-ups. Michael highlighted the value of starting one's career in the family business, as it provides a unique opportunity to learn about running a business from a young age. He also discussed his own experience working in a family-owned grocery store, emphasizing the importance of understanding family and people dynamics in both professional and personal contexts.
 
 
The Importance of Early Work Experiences
Michael and Julie discussed the value of early work experiences in shaping one's career. Michael emphasized the importance of working with diverse individuals, as it teaches essential skills like communication and conflict resolution. Julie shared his experience working at his parents' restaurant, highlighting how it helped him develop a strong work ethic and provided a foundation for his future roles. Michael agreed, sharing his own experience of working in various industries and how each job taught him valuable lessons. Both agreed that these early work experiences were critical in preparing individuals for their future careers.
 
 
Embracing Challenges and Leveraging Learning for Growth
Michael and Julie discussed the importance of problem-solving skills, learning, and taking risks in personal and professional development. Michael emphasized the value of paying attention to details and continuously learning, sharing his own experiences of overcoming challenges through problem-solving. Julie agreed, highlighting his own journey of building a successful business despite not coming from a wealthy background or having an Ivy League education. Both underscored the significance of daring oneself to invest in personal growth and learning from others' experiences, particularly through reading and networking.
 
 
Journaling, Deadlines, and Mindset Shifts
Michael and Julie discussed the importance of journaling and using deadlines to manage tasks. Michael shared his experience of how writing has helped him remember his past and learn from his mistakes. Julie agreed, highlighting the value of reflecting on one's journey and using it as a source of inspiration. They also discussed the concept of shifting from a "have to" to a "get to" mindset when approaching tasks, which can increase productivity and job satisfaction. Lastly, they talked about the significance of publishing a book and the impact it can have on others.
 
 
Julie's Upcoming Book Promotion Discussion
Michael and Julie discussed the promotion and availability of Julie's upcoming book. Julie directed attendees to her website and various bookshops for pre-sale information. 
 

Thoughtful Thursdays: Harmonizing Family and Business: Insights from Avadhi Dhruv, Bestselling Author of The Family Business Guru

Avadhi is an International Bestselling Author, YouTuber, and Business Guru. She helps leaders of family legacy businesses run their companies in a way that fosters healthy family relationships.Avadhi is also the Chief Transformation Officer at Prabhat Industries, a three-generational family business involved in rubber product manufacturing and distribution. Founded in 1966, the global brand is a leading supplier of sealing solutions for multiple industries across North America, with revenues in the multi-seven figures.Avadhi's bestselling book, The Family Business Guru: A Secret Guide to Alchemize Conflict into Harmony, Lead with Confidence, and Generate Profits, offers practical strategies to navigate the intricate dance of running a family business while maintaining strong relationships with your loved ones. their first bestseller, Inner Genius Outer Guru: A Heart-Centered Entrepreneur’s Guide to Unlimited Potential for Growth in Income and Freedom in Lifestyle without Burnout, was a massive success amongst entrepreneurs ready to create real income-generating businesses they love.
https://www.avadhi.guru/
 
Family-Owned Businesses: Advantages and Challenges
Michael and Avadhi discussed the complexities and advantages of family-owned businesses. Michael shared their experience working at a family-owned grocery store chain, highlighting how family involvement can bring both success and challenges. Avadhi, who grew up in a family business empire, added that generational differences, personalities, and relationships can significantly impact the business. They both noted that leaving a family-owned business can be more complicated than leaving a regular business due to personal connections and feelings of loyalty. Avadhi emphasized the benefits of such companies, pointing out that family members' shared values and culture can positively impact the business, its employees, and its customers.
Overcoming Fears and Nurturing Relationships in Family-Owned Businesses
Avadhi shared their insights on family-owned businesses' challenges and fears, particularly concerning money and relationships. She detailed their journey of overcoming limiting beliefs and emphasized the importance of becoming aware of and addressing unconscious fears to foster healthy relationships and contribute fully to the business. Michael then contributed a personal story about their family restaurant, highlighting the unique dynamics and connections that can exist within family-owned businesses. He stressed the importance of maintaining human connections, even in challenging situations, and avoiding actions that could damage relationships at the workplace.
Harmony in Relationships for Business Success
Michael and Avadhi discussed the importance of creating harmony in relationships for a business's success. Avadhi emphasized that a harmonious environment boosts confidence and encourages a long-term approach to success rather than a quick profit. Michael agreed, highlighting that constant work and refinement are crucial for a business to meet the growing demands of customers and employees. Both stressed the significance of self-improvement and hard work in achieving harmony, which overflows into the business world, leading to revenue growth and profit.
Avadhi's Work and Upcoming Launch
Avadhi and Michael discussed Avadhi's work and how people could learn more about it. Avadhi encouraged viewers to visit their website, https://www.avadhi.guru/, and subscribe to their YouTube channel for their videos and healing meditations.

Wisdom Wednesdays: Develop Multiple Streams of Passive Income: A conversation with Allen Lomax

I inspire professionals to escape the tyranny of exchanging time, energy, expertise, and talent for money by empowering them to develop multiple passive income streams. Time and economic freedom are core liberating forces that allow us to passionately engage in our calling and significantly impact humanity and the planet.My Story: I'm a seventh grader, and an unexpected TV special on homosexuality comes on. This is the first I've heard of homosexuality. Like a ton of rainbow bricks, I'm hit with the reality that I'm gay. This revelation, combined with undiagnosed dyslexia and schoolyard bullying, led to two decades of persistent depressive disorder. Despite feeling directionless, I graduated college, married, and struggled with dead-end job after job.After divorce and therapy, I earned a master's in counseling, became a university counselor, attained a PhD, and excelled in higher education leadership and real estate investment.The 2008 financial crisis cost me everything, forcing deep introspection. I realize I'm still that 7th-grade gay boy consumed with homophobic self-hatred with an intellectual inferiority complex.Two decades after my first therapy, I confront the core issues. Step out of a closet more significant than a Kardashian's, label the intellectual challenge for dyslexia it is and embrace both my dyslexia and fabulous gayness. Worthy of self-acceptance and wealth, I build passive income, lead in education, and help others flourish.Those schoolyard bullies can call me Suzie—As I live abundantly and flourish, I get the last laugh.Topics;Five drivers that propel financial well-being to live abundantly while passionately engaged in the work of our calling.How do multiple income streams remove the tyranny of exchanging time for money?Transformational growth from the inside out.Contact Info and Social Media Links:allen@steedtalker.comwww.steedtalker.comwww.linkedin.com/in/allenlomax/www.facebook.com/allen.lomax/
 
Quick recap
Michael and Allen discussed the importance of diversifying income sources for financial stability, with Allen sharing his journey of overcoming challenges to build a successful career. They also emphasized the significance of authentic leadership, self-discovery, and addressing core issues for personal growth. Lastly, they explored the advantages of investing in multi-family housing units and offered guidance for professionals seeking to create multiple sources of income.
Next steps
• Professionals should explore passive income opportunities like real estate investing, starting an online business, or investing in stocks to create multiple income streams and achieve financial independence.
• Professionals will schedule a complimentary strategic consultation with Allen at steedtalker.com/strategy to clarify their vision, solve challenges, and get a blueprint for moving from exchanging time for money to financial freedom.
• Listeners should consider investing in apartment complexes or commercial real estate due to high demand, stability, and potentially higher returns compared to other asset classes, according to a Federal Reserve Bank study.
 
 
Summary
Diversifying Income Sources and Conversation
Michael and Allen discussed the importance of diversifying income sources, especially in times of economic uncertainty. Michael emphasized how having multiple revenue streams can alleviate stress and provide a cushion, which Allen agreed to. The pair decided to continue an organic, unscripted discussion, with Allen sharing his personaStoryry about a special on homosexuality that exposed him to new concepts. They planned to continue the conversation for around 20 minutes.
Allen's Journey to Self-Acceptance and Success
Allen shared a candid and personal account of his struggles with dyslexia, internalized homophobia, and intellectual inferiority. He described his journey from feeling like a misfit and outcast in his school years to eventually embracing his dyslexia and sexuality and finding self-acceptance and success. Allen shared how he overcame his challenges, including his disorienting college experience and financial loss during the 2008 recession, to build a fulfilling career in higher education and amass wealth through real estate investments. He emphasized the importance of facing and resolving one's core issues to achieve a sense of self-worth and acceptance.
Leadership, Authenticity, and Self-Discovery
Allen and Michael shared their insights on leadership, emphasizing the importance of authenticity, self-acceptance, and addressing one's core demons. Allen pointed out that everyone has unique gifts and skills, and valid leadership comes from authenticity and genuine concern for others. Michael added that mental health issues should not stigmatize individuals seeking therapy and that embracing one's true self is essential for personal growth. Both underscored the importance of self-discovery and self-awareness as foundational to good leadership.
Diversifying Income for Financial Stability
Michael and Allen discussed the importance of generating additional sources of income to achieve financial stability and security. They highlighted that half of the Fortune 500 companies from 2000 have either been acquired or no longer exist, emphasizing the need for diversifying income streams. Allen shared his own experience of the impact of economic downturns on his business, and both agreed on the significance of engaging in one's passion for generating income and the value of having a platform to share ideas. The discussion concluded with inviting others to share their thoughts on generating passive income and achieving financial goals.
Wealth Building Strategies and Challenges
Allen explained the three habits of wealthy individuals: spending less than they earn, investing wisely, and saving. He highlighted real estate investment as a secure and stable avenue for wealth building, citing its potential for generating income, reducing taxes, and appreciating over time. He also mentioned other alternative investment strategies, such as purchasing existing online businesses without personally running them. Michael noted some of the challenges of renovating and selling single-family homes for profit, emphasizing the labor-intensive nature of such ventures.
Multi-Family Housing Trends and Investment Opportunities
Michael and Allen discussed the increasing trend of multi-family housing units over single-family homes due to population growth and urbanization. They noted the rising cost of building single-family homes and the continued demand for housing, making it a secure and less volatile investment. They highlighted the importance of diligence and seeking guidance from experts like Allen. Allen also emphasized the advantages of apartments, including affordability, mobility, and eco-friendliness. They agreed that investing in apartments was an intelligent choice with significant returns.
Discussing Multiple Streams of Income Strategy
Allen shared his approach to helping professionals create multiple income streams to achieve financial independence and pursue their passions. He offered a complimentary consultation, usually priced at $497, to clarify their vision, solve their biggest challenges, and outline a blueprint for transitioning from exchanging time and money to financial freedom.