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Success That Lasts

Success doesn’t always feel like success, and when it looks like you’ve ‘made it’ to the rest of the world, you can be left feeling like there’s still so much to do – but without a clear direction or plan. On the Success that Lasts podcast, hosted by Jared Siegel, we're going behind the scenes with business owners, real estate investors, and industry consultants to deconstruct the complicated topic of success. We'll be exploring questions, strategies and experiences that help create clarity and confidence surrounding your financial decisions.The content of this podcast is published in the United States of America and persons who access it agree to do so in accordance with applicable U.S. law. Delap Wealth Advisory LLC is wholly-owned subsidiary of Delap LLP. Jared Siegel is a partner in Delap LLP and is hosting the show in his capacity as a partner in Delap LLP. All opinions expressed by Jared Siegel on this podcast and on the show are solely Siegel's opinions and do not reflect the opinions of Delap LLP or its affiliates, and may have been previously disseminated by Siegel or the firm on another medium. You should not treat any opinion expressed by Siegel as a specific inducement to make a particular investment, decision or follow a particular strategy, but only as an expression of his opinion. Siegel’s opinions are based upon information he considers reliable, but neither Delap LLP nor its affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Siegel, Delap LLP, its affiliates and/or subsidiaries are not under any obligation to update or correct any information provided on this podcast. Siegel’s statements and opinions are subject to change without notice. No part of Siegel’s compensation from Delap LLP is related to the specific opinions he expresses.

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What Biden's Proposed Tax Plan Means for You with Joe Seifert

Joe Seifert is a partner, CPA, and the leader of the Homebuilding practice at Delap LLP. For over a decade, Joe has been providing clients with taxing and accounting services in various industries such as construction, assisted living, manufacturing, and retail. He joins Jared Siegel to discuss President Biden’s proposed tax plan and the potential implications for listeners. Here are a few highlights from their conversation: President Biden’s tax proposal may raise as much as $3.3 trillion over the next decade, Jared says. He is expected to raise long-term capital gains tax on wealthy Americans to 43.4% with the inclusion of the Medicare surtax. “I think this is an exciting time for us,” Joe remarks, “in terms of looking for new opportunities and structuring things differently. It’s going to create some more tax drag for a number of taxpayers but it definitely brings new opportunities.” The estate tax exemption has never been higher than it is today. Biden’s proposal may revert that exemption down to $3.5 million per person. This provides taxpayers with a window to do some estate planning, Joe says. Planning can be a great way to deal with the inevitable change that the future promises, Jared advises. Tax and financial plans are strategic scaffolds to navigate your priorities.  ResourcesJoe Seifert on LinkedIn DelapCPA.com2021 How Might President Biden's Tax Plan Affect Me? 2021 High Income Taxpayer President Biden's Tax Plan?

17mins

6 May 2021

Rank #1

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Becoming Time Affluent

In this solo episode of Success That Lasts, Jared Siegel shares what brings the greatest return on our time and increases our chances of experiencing true happiness.Here are a few highlights: According to research, happiness may depend less on how much of each resource is available to us and more on how much we focus on each resource. Perhaps the most important factor is how we choose to spend our time and money. People who are time poor are less happy, less productive, and more stressed out. Ironically, physical wealth can exacerbate those problems. Our interpersonal relationships have a powerful impact on our health, a study says. More than money or fame, close relationships are what keep people happy the most. Thinking about the economic value of our leisure time can actually undermine our ability to enjoy it, especially if it's not living up to our perfect ideals in our minds. ResourcesJared Siegel on LinkedIn | TwitterDelapCPA.comTristan Harris: "How to Unhijack Your Mind from Your Phone"

21mins

29 Apr 2021

Rank #2

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Replay: The Neuroscience of Mindfulness with David Miller

This week's episode is a favorite from the Success That Lasts archives.David Miller is the Chief Technology Officer of Dynamic Light, a company that develops next-generation technology for blood flow monitoring. He chats with Jared Siegel about their neurotechnology, entrepreneurship, and mindfulness.Here are a few highlights from their stimulating conversation: Dynamic Light was created based on David’s work on laser speckle contrast imaging. David says the hardest transition during this experience has been moving from the sense of “I know the technology” to the sense of “I don't really know how people are going to view it.”  Innovators like Steve Jobs have the ability to take the perspective of not only the short-term market but also the long-term vision. Hardware and software are being created to profit off of our shortening attention spans, Jared says. If the product we use is “free,” then we are the product. The essence of mindfulness is how long you can stay attentive to the task at hand, David says. Heart Math is a technology created by Dynamic Light for heart rate variability training. The human brain is on average only 2 to 3% of your body mass, but at any point in time, it consumes about 20% of your blood. To David, meditation means getting in touch with his internal subjective experience. When you jump into cold water, you get an extreme flight or fight response from your body, even though there’s no visible threat in front of you. Joy is the meeting place of selflessness and intentionality, Jared quotes. David would like to be remembered as someone who encouraged people to cultivate their inner sense of compassion and kindness. ResourcesDynamic LightDavid Miller on LinkedIn

1hr 14mins

22 Apr 2021

Rank #3

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Proper Preparation for Business Transitioning with Dave Delap

David DeLap is a tax partner and CPA at Delap LLP and a long-time friend of Jared Siegel. With over 35 years of experience, Dave is a seasoned expert in accounting and wealth advisory, specializing in estate and succession planning for closely-held family businesses. He joins Jared Siegel to discuss exit planning and family enterprises.Here are a few highlights from their conversation: “Exit planning combines a plan, concept, effort and process into a clear, simple strategy to build a business that is transferable through strong human, structural, customer and social capital,’ Jared explains. The future for you, your family and your business are all addressed by exit planning through creating value. The three main factors that influence transition timing are: personal timing, business cycle timing, and private capital markets timing. Jared briefly describes each factor and the roles they play.  As a company’s earnings increase, so does its value, Dave shares. Some internal organizational factors that contribute to its value are the strength of management, good internal controls and accounting systems, and sales contracts. The only certainty in life is uncertainty. The best business owner is one who has contingencies in place for the most common business uncertainties, which are death, disability, divorce, disagreement, and distress. By having a plan for each, they pursue financial unbreakability.  By giving your non-voting shares to family members while keeping your voting shares, you can gift value without surrendering control, Dave briefly explains. ResourcesDelapCPA.comDavid DeLap on LinkedInKnow Your GapsThe 5 D's: Have you planned for these contingencies?

26mins

15 Apr 2021

Rank #4

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The Art of Wise Money Management

Jared Siegel shares how he invests, saves, spends, gives, and borrows money in this solo episode of Success That Lasts.Here are a few highlights: A study done in 2008 revealed that professional money managers and stock pickers usually have none of their own money invested in their own funds. Very few actually invest in their own funds because they know the odds, Jared says. Vanguard and the Wall Street Journal have done research spanning a collective 15 years which shows that active stock pickers typically underperform their benchmark. According to Jared, the long-term track record of active managers is abysmal. “Money won’t buy us happiness, but it sure would help us avoid misery,” Jared advises. “Our values and beliefs about money form our foundation, that’s our ‘why,’ which creates the destination, [and] once we define the destination, how we get there becomes more clear.” The second step to wise money management is designing an investment thesis that is informed by financial science and decades of academic research. ResourcesJared Siegel on LinkedIn | TwitterDelapCPA.comSPIVA ScorecardIndexes Beat Stock Pickers Even Over 15 YearsVanguard’s CEO on the Future of Investment Management

22mins

8 Apr 2021

Rank #5

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On Real Estate and Generational Business with Vanessa Sturgeon

Vanessa Sturgeon is President and CEO at TMT Development, as well as the founder of Sturgeon Development Partners. She has over 20 years of experience in developing and managing mixed-use high-rise assets in Oregon and Washington and is passionate about giving back to the community. She joins Jared Siegel to discuss a plethora of topics, including civic responsibility, generational family businesses, time and priority management, and real estate. Here are a few highlights from their conversation: The average person is good at identifying problems, but very few people organize and take action to address those problems. Vanessa’s family taught her that “You can talk till you’re blue in the face, but action is where it really shows.” “A huge part of what we do in raising our kids is exposing them to different people and opportunities.” Vanessa explains how she instills humility in her children and the importance of demonstrating kindness. “Values are caught, not taught.” Vanessa shares what she likes most about real estate. Jared has observed that many people have successful, lucrative businesses, but their real wealth ends up being in their real estate. He asks Vanessa about the principles and the do’s and don’ts of real estate as an asset class. People tend to like investing in real estate long-term because it enables an easy transfer of generational wealth. Currently, interest rates are historically low, so now would be a good time to get into real estate, Vanessa advises. Landlords are having a difficult time during the pandemic. Vanessa reviews how COVID-19 has impacted her professionally. “Multifamily has been hit hard by the pandemic because of the widespread governmental policies with regards to rent,” she says.  “I feel like Millennials and Gen Z’s have been hurt the most by [COVID-19 professionally] because of how their careers are supposed to evolve,” Vanessa claims. “They’ve been at home and have not had the opportunities to learn from their colleagues or further their relevance in their respective industries.”  ResourcesVanessa Sturgeon on LinkedIn | TwitterTMTDevelopment.com

38mins

1 Apr 2021

Rank #6

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Purpose, Passion, and Identity with Kellen Clemens

Kellen Clemens is a former NFL quarterback and Partner and Head of Elateus Sports at Elateus. Although his career was athletics for over a decade, he did not let it become his primary identity. Kellen joins Jared Siegel to talk about his experience of transitioning careers and rediscovering purpose, passion, and identity. Here are a few highlights from their conversation: Elateus is the exclusive provider of a comprehensive behavioral assessment for the US and North America called Prism Brain Mapping. They use Prism to help recruit, build and develop high-performing teams. Kellen briefly describes the work they have been doing. Due to the sudden thrust into the virtual workplace, people are still trying to figure out how to work remotely and how to adapt their teams to the change. The pandemic has provided Kellen’s company with the opportunity to coach others in virtual team building. Kellen and Jared liken the experience to a new year on a college football team. “This is what you do, not who you are.” Kellen shares the advice a former colleague gave him when he was struggling with his identity. “[People] like to put you in a box [based on what you do], but it’s important to understand [your value]. Identify what can get taken away in a heartbeat, and what can’t, and place your value in what can’t,” he remarks.  Jared asks Kellen to describe his career-transitioning experience. “I was nervous because of the fear of failure and the unknown,” he replies. According to Kellen, the fear of failure and the unknown was a boogeyman that motivated him to seek alternative opportunities where he could apply his unique skills. In a lot of ways, we are products of our environment, Kellen comments. It’s all the more important to be mindful of the environment you choose to be in and the people you allow within it. He talks about the people who have been most influential in his life. “One thing I didn’t value [enough] early in my career is how important it is to connect with who you’re leading,” Kellen admits. “One of the things I failed to do was to connect better on an individual level and show a greater amount of empathy.” He and Jared discuss the significance of displaying empathy as a leader. “[Life] is like walking through the woods with a flashlight; what’s right in front of you is really clear, but once you get ten or twenty feet out in the distance it’s sort of shadowy,” Jared claims. “The only certainty we have is uncertainty, so creating optionality around your life and plans is a good way to live.” ResourcesKellen Clemens on LinkedIn Elateus

41mins

25 Mar 2021

Rank #7

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The Ultimate Question for Your Business with Casey Corrigan

Casey Corrigan is the Vice President of Sales at AskNicely. Casey is passionate about helping businesses extract value from their data to improve their overall business results via customer experience. He joins Jared Siegel to discuss the significance of the Net Promoter Score, and how it can help you earn the passionate loyalty of your customers while inspiring the energy, enthusiasm and creativity of your employees.Here are a few highlights from their conversation: There are very tangible benefits to understanding what makes a great customer experience, delivering it more consistently, and listening and engaging your customers, Casey remarks. He talks about the origin of AskNicely and explains their mission. According to Casey, organizations that use feedback to improve the individual 1-to-1 customer level, as well as their service standard and the way that they deliver it, experience significant revenue growth opportunities. Jared asks Casey to distinguish between the terms ‘customer experience’ and ‘customer engagement.’ Jared and Casey discuss insights from ‘The Ultimate Question.’ “The best way to measure retention, loyalty and future growth is by asking this simple question: “On a scale of one to ten, how likely are you to recommend [our business]?” This metric makes it easy to distinguish your customers from your ‘promoters,’ who are those most likely to stick with you and refer you to their network. The London School of Economics determined that for every seven points of your Net Promoter Score (NPS), there is an average increase of 1% in revenue, Casey shares. “The influence of the customer has been democratized,” Jared adds. “Twenty years ago, you could bully a customer and get away with it because their ability to share that experience was limited… now that everyone's got the capacity to capture something in a digital experience and then share it… [that would] leave the types of impressions that you don't want.” Jared asks Casey what feedback looks like in an organization that has mastered NPS.  “An outcome doesn't really knock people's socks off if it's exactly what they expected you to deliver in the first place,” Casey comments. “Customer loyalty is established through positive emotional connections, surprising and delighting people, and the way that your frontline staff treat your customers.”  A Harvard Business Review article claims that behavior is best changed when you emphasize the positive in a 6:1 ratio; identify 6 things you are doing well and 1 thing you need to work on.  Establishing a Maslow-esque hierarchy of needs of both your customers and employees can skyrocket customer experience, Jared shares. ResourcesCasey Corrigan on LinkedIn | TwitterAskNicely.comThe Ultimate Question: Driving Good Profits and True Growth by Fred Reichheld Peak: How Great Companies Get Their Mojo from Maslow by Chip Conley Admired Leadership

45mins

18 Mar 2021

Rank #8

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Change Readiness with Dr. Chris Mason

Dr. Chris Mason is an experienced business leader and owner and director of several companies ranging in size from 12 to 800 employees. He has authored two books, Value To Others (2017) and Change Success (2019), and is a member of the American Psychological Association. His extensive research into Industrial and Organizational Psychology, in which he has a PhD, has allowed him to glean new insights into change management and a new change success theory. He joins Jared Siegel today to discuss his research and how it can be applied. Here are a few highlights from their conversation: Chris credits his success to his dedication to providing value for people and educating himself. “[A PhD] is not what makes you educated,” he remarks. “What makes you educated is the problems and opportunities you deal with on a daily basis… the problem I help people solve every day is what makes me a reasonable operator, combined with my experience.” In the past 50 years, no new thinking in management has appeared, according to Chris. Pre-existent models were just shuffled around. Additionally, research shows there is a 70% probability of failure every time you try to do something new. Successful change is dependent on three variables, Chris says, which are readiness, capability, and belief system. The average firm is not successful with change initiatives because they lack one or more of these variables. Jared likens resistance to change to the force of inertia in a car. “One of the first things you learn as a driver is to be careful where you look because that’s where you’ll end up,” Chris says. “If you keep staring at the fence you’ll drive into the fence.” He talks about the importance of focus and trusting your abilities. Real learning comes from doing. Coaching gives you the confidence that brings you to the start line, but to move forward you have to take a step. Chris shares the five steps to change readiness and three factors that influence belief systems as a variable for successful change.  Chris shares advice from a method of therapy that can be applied to business. “Whatever is working, do more of it. Whatever’s not working, stop doing it and try something completely different.”  ResourcesChris Mason on LinkedInMindshop.com

44mins

11 Mar 2021

Rank #9

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Gritty Patience: Going Slow to Go Fast with Natalie Heacock and Sarah Padfield

Sarah Padfield, CPA is a Partner at Delap, LLP, specializing in financial statements, consulting, assurance, and employee benefit plans. Natalie Heacock, CPA, MBA is a Corporate Controller at Patrick Lumber Co. They join Jared Siegel to discuss how important patience is to success, and why taking it slow in the present helps you go faster in the future. Here are a few highlights from their conversation: “There are a lot of different textures to our identity”, Jared comments. “Who we are at the office is just another mask we wear.”  Overnight success isn’t a thing, Sarah remarks. Success involves a lot of hard work, dedication, and struggle. When you see others’ success, you may be tempted to assume their experience was linear, but what you see is often just a fraction of their story. She shares some background into her professional development and explains why giving yourself grace to make mistakes promotes growth. It’s easy to get wrapped up in your anxiety and apprehension toward the future. While having a strategy is good, worrying about things outside of your control doesn’t solve anything, Natalie advises.  Natalie and Sarah talk about how relationships influence career development. According to Natalie, mentors are people you interact with every day and have friendships with. Additionally, they are those you look up to, whose work and ideas you study and implement into your daily life. Sarah shares how hearing other people’s stories have helped her.  Jared encourages listeners to take time to show their gratitude for the people who have impacted them along the way. “It’s easy to be impacted by somebody and forget to tell them,” he says. Gratitude requires intentionality.   Jared asks Sarah how she juggles the various responsibilities that come with her various roles as a leader, a mother, and a wife. Sarah says that learning when to say no and how to depend on others is what helps her manage her responsibilities. “Every yes is a no somewhere else,” Jared adds. Natalie shares her framework for identifying what to say no to and briefly talks about why it matters. Things don’t get easier as time goes on. New challenges and struggles will always present themselves, but they offer with them the opportunity for constant growth.   Resources Sarah Padfield on LinkedInDelapCPA.comBreneBrown.comNatalie Heacock on LinkedIn | TwitterHow I Built ThisThink Again by Adam Grant

38mins

4 Mar 2021

Rank #10