My Worst Investment Ever Podcast

I once worked with a family business run by two brothers and a sister. The sister was a dreamer, pushing niche markets and creative ideas. Her CEO brother was all about landing big accounts to keep cash flowing. Every strategy meeting turned into a shouting match. Nothing got decided, and the business was stuck. I pulled the creative sister aside and asked, “Do you want to be CEO?” She laughed, “No way.” That honesty was a game-changer. They finally aligned behind one leader, and the chaos started to fade. Is your family business stuck because no one’s steering the ship? Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/] SURVIVAL MODE KILLS PROFIT Family businesses are special, but they come with unique traps. The daily grind, orders, payroll, and customer complaints can bury any chance of big-picture thinking. You’re so busy keeping the lights on that you forget to ask: where’s this business going? That’s survival mode, and it’s a profit killer. Strategy takes a backseat when you’re just trying to get through the week. CLEAR ROLES FIX FAMILY CHAOS Then there’s the family dynamic. Loyalty and emotions can cloud tough calls. Maybe your cousin’s great at sales but terrible at managing people, yet no one says anything because he’s family. Or your parents are still on the payroll, even though they retired years ago. These are human issues, but they hurt your bottom line. The fix? Write down everyone’s roles, even if it’s awkward. Be clear: who’s in charge of what? I’ve seen families transform their businesses just by putting this on paper. It’s not about cutting people out but giving everyone a lane so the company can move forward. Always return to the core principle that increasing profit increases value for all family members. If every week feels like a scramble, you’re missing structure. Without a precise rhythm, you’re starting from zero every Monday. That’s exhausting, and it keeps you stuck. Try this: start one monthly owner profit check-in, 60 minutes max. Focus on one question: what’s driving profit next month? It could be following up on late invoices, cutting a small cost, or pushing a high-margin product. Get your team thinking about profit, not just staying busy. Structure turns chaos into progress. Family businesses also risk getting too comfortable. You might have a warm and loyal culture, but is it driving growth? Or is it just keeping the peace? Ask yourself: does our setup push us toward profit, or are we coasting on familiarity? One family business I know kept a low-margin product line because it was “part of our history.” Dropping it felt like betraying the past, but it freed up cash for marketing that doubled their revenue. Logic has to win. STRUCTURE OVER STRESS Here’s a quick story. I had a client who groaned, “Mondays are a mess.” Projects stalled, and he was micromanaging everything. We set a simple rhythm: Monday to set goals, Wednesday for updates, Friday to review wins. In just a few weeks, his team started owning their tasks. He wasn’t carrying the whole business anymore; he had breathing room. Structure doesn’t sound sexy, but it’s a game-changer. Now you see the real traps keeping your family business stuck. But what if the real problem isn’t your family, it’s you? In our next episode, we’ll face the hard truth about leadership and profit. Don’t miss it. ACTIONS FROM PRIOR EPISODES * Cut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example. * Find one drain: Review finances weekly, searching for one hidden loss. Act now. THE NEXT ACTION * Align the family: Hold a monthly, one-hour family meeting. Ask: “What will drive next month’s profit?” Prioritize profit over family tension. Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/]   ANDREW’S BOOKS * How to Start Building Your Wealth Investing in the Stock Market [https://amzn.to/3qrfHjX] * My Worst Investment Ever [https://amzn.to/2PDApAo] * 9 Valuation Mistakes and How to Avoid Them [https://amzn.to/3v6ip1Y] * Transform Your Business with Dr.Deming’s 14 Points [https://amzn.to/3emBO8M] ANDREW’S ONLINE PROGRAMS * Valuation Master Class [https://valuationmasterclass.com/] * The Become a Better Investor Community [https://astotz.kartra.com/page/become-a-better-investor-community] * How to Start Building Your Wealth Investing in the Stock Market [https://academy.astotz.com/courses/how-to-start-building-your-wealth-investing-in-the-stock-market] * Finance Made Ridiculously Simple [https://academy.astotz.com/courses/finance-made-ridiculously-simple] * FVMR Investing: Quantamental Investing Across the World [https://academy.astotz.com/courses/fvmr-investing-quantamental-investing-across-the-world] * Become a Great Presenter and Increase Your Influence [https://academy.astotz.com/courses/gp] * Transform Your Business with Dr. Deming’s 14 Points [https://academy.astotz.com/courses/transformyourbusiness] * Achieve Your Goals [https://academy.astotz.com/courses/achieve-your-goals] CONNECT WITH ANDREW STOTZ: * astotz.com [https://www.astotz.com/] * LinkedIn [https://www.linkedin.com/in/andrewstotz/] * Facebook [https://www.facebook.com/andrewstotzpage] * Instagram [https://www.instagram.com/andstotz/] * Threads [https://www.threads.net/@andstotz] * X [https://twitter.com/Andrew_Stotz] * YouTube [https://www.youtube.com/c/andrewstotzpage] * My Worst Investment Ever Podcast [https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2]

BIO: Jeff Holman, founder of Intellectual Strategies, is revolutionizing legal support for startups and scaling businesses. His Fractional Legal Team model provides expert legal guidance without the cost of a full-time team. STORY: Jeff started a cold plunge and sauna business during the pandemic. The company looked great, but he had employee issues, which affected its success. Soon, tens of other studios, brands, and franchises were all popping up within a mile of Jeff’s studio. LEARNING: Create strategic alignment incrementally and iteratively.   > “Create strategic alignment incrementally and iteratively because the business that you’re operating today might not be the business that you pivot to tomorrow.” > Jeff Holman   GUEST PROFILE Jeff Holman [https://www.linkedin.com/in/holman/], founder of Intellectual Strategies [https://www.intellectualstrategies.com/], is revolutionizing legal support for startups and scaling businesses. His Fractional Legal Team model provides expert legal guidance without the cost of a full-time team. With expertise in engineering, law, and business, Jeff helps companies navigate complex challenges, enabling them to grow with confidence. WORST INVESTMENT EVER During the COVID-19 pandemic, Jeff decided to find ways to spend his time and invest some of his money. He settled on a cold plunge and sauna business. The spreadsheet looked great, and the numbers were fantastic. The business model followed another business that Jeff had previously done, which had achieved considerable success. Jeff found a local company in Utah that was manufacturing cold plunges at the time and secured a couple of investor friends to invest in the business. He rented an office space and converted one of the suites into a cold plunge and sauna studio. The biggest mistake that cost Jeff this business was hiring employees and trying to get them more involved in marketing. He would help train and incentivize employees, ensure tasks were completed, have people submit reports, follow up for accountability, and more. It felt like he was babysitting his employees. This eventually brought his business down. However, the final nail in the coffin was a proliferation of other studios, brands, and franchises, all popping up within a mile of Jeff’s studio. LESSONS LEARNED * If you’re part of a franchise, consider visiting other franchise businesses that may not be competing with yours or those a little further away from your customer base to observe how they operate. * If you’re pivoting your business, create strategic alignment incrementally and iteratively because the business you’re operating today might not be the one you pivot to tomorrow. ANDREW’S TAKEAWAYS Find a business that does what you want to do in another state and go work with them for a while. ACTIONABLE ADVICE Validate the business idea you want to invest in well beyond the spreadsheet. Research regulations, test your MVP, identify channels that you’ll use to drive revenue, and much more. JEFF’S RECOMMENDED RESOURCES Jeff’s journey has taught him the value of seeking expert advice. He recommends holding a strategy call with him if you need legal expertise to scale your business confidently. He also suggests reading Rocket Fuel [https://amzn.to/3S86UUc] and Traction: Get a Grip on Your Business [https://amzn.to/4is3hmP] by Gino Wickman to learn how to align intellectual property, assets, patents, trademarks, and copyrights with your business objectives and strategy. This advice can provide reassurance and confidence as you navigate the complexities of business. NO.1 GOAL FOR THE NEXT 12 MONTHS Jeff’s number one goal for the next 12 months is to expand his law firm and also evangelize the fractional legal team model. PARTING WORDS   > “Innovate with confidence.” > Jeff Holman   [spp-transcript]   CONNECT WITH JEFF HOLMAN * LinkedIn [https://www.linkedin.com/in/holman/] * Facebook [https://www.facebook.com/profile.php?id=61554259033445] * Instagram [https://www.instagram.com/intellectualstrategies/] * Youtube [https://www.youtube.com/@intellectualstrategies9742] * Website [https://www.intellectualstrategies.com/] ANDREW’S BOOKS * How to Start Building Your Wealth Investing in the Stock Market [https://amzn.to/3qrfHjX] * My Worst Investment Ever [https://amzn.to/2PDApAo] * 9 Valuation Mistakes and How to Avoid Them [https://amzn.to/3v6ip1Y] * Transform Your Business with Dr.Deming’s 14 Points [https://amzn.to/3emBO8M] ANDREW’S ONLINE PROGRAMS * Valuation Master Class [https://valuationmasterclass.com/] * The Become a Better Investor Community [https://astotz.kartra.com/page/become-a-better-investor-community] * How to Start Building Your Wealth Investing in the Stock Market [https://academy.astotz.com/courses/how-to-start-building-your-wealth-investing-in-the-stock-market] * Finance Made Ridiculously Simple [https://academy.astotz.com/courses/finance-made-ridiculously-simple] * FVMR Investing: Quantamental Investing Across the World [https://academy.astotz.com/courses/fvmr-investing-quantamental-investing-across-the-world] * Become a Great Presenter and Increase Your Influence [https://academy.astotz.com/courses/gp] * Transform Your Business with Dr. Deming’s 14 Points [https://academy.astotz.com/courses/transformyourbusiness] * Achieve Your Goals [https://academy.astotz.com/courses/achieve-your-goals] CONNECT WITH ANDREW STOTZ: * astotz.com [https://www.astotz.com/] * LinkedIn [https://www.linkedin.com/in/andrewstotz/] * Facebook [https://www.facebook.com/andrewstotzpage] * Instagram [https://www.instagram.com/andstotz/] * Threads [https://www.threads.net/@andstotz] * X [https://twitter.com/Andrew_Stotz] * YouTube [https://www.youtube.com/c/andrewstotzpage] * My Worst Investment Ever Podcast [https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2]

I met a family business owner in the Philippines who was proud of his “stable” company. Two percent net profit, year after year. Sounds okay, right? Until I showed him the math: because his margin was deeply below average, he’d missed out on $1.2 million in potential profit over three years. That “stability” was a slow bleed, draining his business while he didn’t even notice. Are you losing money you can’t see? That’s what this episode is all about: how profit problems silently grow while you’re looking the other way. Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/] SMALL LEAKS, BIG LOSSES Profit problems don’t usually hit you like a freight train. They creep in quietly; a slight inefficiency here, a missed opportunity there. Maybe it’s a subscription you forgot to cancel or pricing that hasn’t budged in years. These leaks add up, and the longer you wait, the harder they are to fix. Think of it like a leaky pipe: today’s drip becomes a flood tomorrow. The longer you delay, the more risk and complexity you’re piling on. Your margins shrink, your stress grows, and suddenly, you’re vulnerable to a bad month or a competitor’s move. I experienced this in my own business leading up to the government COVID lockdowns. The good news? You don’t need a massive overhaul to start. Just find one recurring cost that’s dragging you down. It could be an overpriced vendor, software you barely use, or a process that wastes your team’s time. One client I worked with found $1,500 monthly in unused cloud storage. Cutting it took 10 minutes and saved him $18,000 a year. That’s the kind of win you can grab right now. Small tweaks today prevent painful losses tomorrow. DON’T OVERTHINK, JUST REVIEW Here’s a simple way to start: schedule a 30-minute profit review this month. Pull your profit and loss statement and look for one leak. Don’t overcomplicate it. Just ask: where’s money slipping away? If you don’t know your P&L, ask your accountant to walk you through it. You may need a new accountant if your accountant can’t do that. This isn’t about being a finance wizard but knowing your business. One owner I know avoided his financials for years, trusting his bookkeeper. When we finally looked, we found $40,000 lost to outdated pricing. A 30-minute review fixed it. That’s the power of paying attention. Don’t wait until you’re desperate. I’ve seen too many owners hold off until they’re scraping by, thinking they’ll fix profit when things “calm down.” Spoiler: things don’t calm down. The time to act is now when you still have options. If you wait until you’re broke, your choices shrink fast. You might have to cut staff, take a loan, or close up shop. Acting early keeps you in control. Here’s a question to spark clarity: if a third party bought your business today, what’s the first thing they would fix? Maybe it’s a product line barely breaking even or a client who pays late but demands your time. Write down one fix and tackle it this week. That mindset, seeing your business with fresh eyes, uncovers profit you didn’t know you had. Don’t wait for the third party to arrive. Fix your business now. SEE YOUR BUSINESS WITH FRESH EYES Let’s pause for a story. I worked with a client who never tracked profit by product. His team was convinced their manufactured products were the cash cow, way better than their imported products. We dug into the numbers, and guess what? The imported products they sold were nearly twice as profitable. He immediately shifted strategy, focused on imports, raised prices on the manufactured stuff, and boosted gross profit by 17% in three months. That money was sitting there, waiting to be found. What’s hiding in your business? You now see how delay kills profit, but why is breaking free from survival mode so hard? In our next episode, we’ll dig into why family businesses stay stuck and how to finally escape. Don’t miss it. ACTION FROM THE PRIOR EPISODE * Cut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example. THE NEXT ACTION * Find one drain: Review finances weekly, searching for one hidden loss. Act now. Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/]   ANDREW’S BOOKS * How to Start Building Your Wealth Investing in the Stock Market [https://amzn.to/3qrfHjX] * My Worst Investment Ever [https://amzn.to/2PDApAo] * 9 Valuation Mistakes and How to Avoid Them [https://amzn.to/3v6ip1Y] * Transform Your Business with Dr.Deming’s 14 Points [https://amzn.to/3emBO8M] ANDREW’S ONLINE PROGRAMS * Valuation Master Class [https://valuationmasterclass.com/] * The Become a Better Investor Community [https://astotz.kartra.com/page/become-a-better-investor-community] * How to Start Building Your Wealth Investing in the Stock Market [https://academy.astotz.com/courses/how-to-start-building-your-wealth-investing-in-the-stock-market] * Finance Made Ridiculously Simple [https://academy.astotz.com/courses/finance-made-ridiculously-simple] * FVMR Investing: Quantamental Investing Across the World [https://academy.astotz.com/courses/fvmr-investing-quantamental-investing-across-the-world] * Become a Great Presenter and Increase Your Influence [https://academy.astotz.com/courses/gp] * Transform Your Business with Dr. Deming’s 14 Points [https://academy.astotz.com/courses/transformyourbusiness] * Achieve Your Goals [https://academy.astotz.com/courses/achieve-your-goals] CONNECT WITH ANDREW STOTZ: * astotz.com [https://www.astotz.com/] * LinkedIn [https://www.linkedin.com/in/andrewstotz/] * Facebook [https://www.facebook.com/andrewstotzpage] * Instagram [https://www.instagram.com/andstotz/] * Threads [https://www.threads.net/@andstotz] * X [https://twitter.com/Andrew_Stotz] * YouTube [https://www.youtube.com/c/andrewstotzpage] * My Worst Investment Ever Podcast [https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2]

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing [https://amzn.to/4ebG33x]. In this series, they discuss Chapter 31: The Uncertainty of Investing. LEARNING: Equity investing is always about uncertainty.   > “Most investors think of investing as much more like risk and forget there’s a lot of uncertainty. That’s a problem because investing is always about uncertainty. You have to recognize that we cannot rely on historical data to tell us that much about the future.” > Larry Swedroe   In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry’s new book, Enrich Your Future: The Keys to Successful Investing [https://amzn.to/4ebG33x]. The book is a collection of stories that Larry has developed over 30 years as the head of financial and economic research at Buckingham Wealth Partners [https://buckinghamwealthpartners.com/] to help investors. You can learn more about Larry’s Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks [https://myworstinvestmentever.com/ep645-larry-swedroe-beware-of-idiosyncratic-risks/]. Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 31: The Uncertainty of Investing. CHAPTER 31: THE UNCERTAINTY OF INVESTING In this chapter, Larry explains the difference between risk and uncertainty. He highlights that one of the most important concepts to grasp is that investing is about dealing with both risk and uncertainty. University of Chicago professor Frank Knight defined risk and uncertainty as follows: Risk is present when future events occur with measurable probability. Uncertainty is present when the likelihood of future events is indefinite or incalculable. Larry further explains that risk involves known probabilities, like casino odds or life insurance estimates, while uncertainty involves unknown outcomes, such as major events like the Great Depression or COVID-19. Larry explains that we sometimes know the odds of an event occurring with certainty. For example, because of demographic data, we can reasonably estimate the odds that a 65-year-old couple will have at least one spouse live beyond 90. However, we cannot know the exact odds because future advances in medical science may extend life expectancy. Conversely, new diseases may arise that shorten life expectancy. WHY MUST YOU UNDERSTAND THE DIFFERENCE BETWEEN RISK AND UNCERTAINTY? Larry insists that it is crucial to understand the difference between risk and uncertainty. This understanding is key, as many investors mistakenly view equities as closer to risk, where the odds can be precisely calculated. This misconception often arises when economic conditions are favorable. The ability to estimate the odds gives investors a false sense of confidence, leading them to make decisions that exceed their ability, willingness, and need to take risks. However, Larry adds that the perception of equity investing shifts from risk to uncertainty during crises. Since investors prefer risky bets (where they can calculate the odds, like investing in a stable company with a proven track record) to uncertain bets (where the odds cannot be calculated, like investing in a startup with an unpredictable future) when the markets begin to appear to investors to become uncertain, the risk premium demanded rises, and that is what causes severe bear markets. Further, dramatic falls in prices lead to panicked selling. Larry says that investors tend to sell well after market declines have already occurred and buy well after rallies have long begun. The result is that they dramatically underperform the mutual funds they invest in. HOW TO STAY SAFE DESPITE RISK AND UNCERTAINTY Larry emphasizes that one key to success is understanding that equity investing is always about uncertainty. Another crucial aspect is understanding the importance of choosing an equity allocation that doesn’t exceed your risk tolerance. To further mitigate these uncertainties, Larry strongly recommends diversifying your portfolios. This strategy can provide a sense of security and preparedness in the face of market volatility. Additionally, he suggests using Monte Carlo simulations to account for various potential outcomes. DID YOU MISS OUT ON THE PREVIOUS CHAPTERS? CHECK THEM OUT: PART I: HOW MARKETS WORK: HOW SECURITY PRICES ARE DETERMINED AND WHY IT’S SO DIFFICULT TO OUTPERFORM * Enrich Your Future 01: The Determinants of the Risk and Return of Stocks and Bonds [https://myworstinvestmentever.com/enrich-your-future-01-the-determinants-of-the-risk-and-return-of-stocks-and-bonds/] * Enrich Your Future 02: How Markets Set Prices [https://myworstinvestmentever.com/enrich-your-future-02-how-markets-set-prices/] * Enrich Your Future 03: Persistence of Performance: Athletes Versus Investment Managers [https://myworstinvestmentever.com/enrich-your-future-03-persistence-of-performance-athletes-versus-investment-managers/] * Enrich Your Future 04: Why Is Persistent Outperformance So Hard to Find? [https://myworstinvestmentever.com/enrich-your-future-04-why-is-persistent-outperformance-so-hard-to-find/] * Enrich Your Future 05: Great Companies Do Not Make High-Return Investments [https://myworstinvestmentever.com/enrich-your-future-05-great-companies-do-not-make-high-return-investments/] * Enrich Your Future 06: Market Efficiency and the Case of Pete Rose [https://myworstinvestmentever.com/enrich-your-future-06-market-efficiency-and-the-case-of-pete-rose/] * Enrich Your Future 07: The Value of Security Analysis [https://myworstinvestmentever.com/enrich-your-future-07-the-value-of-security-analysis/] * Enrich Your Future 08: High Economic Growth Doesn’t Always Mean High Stock Market Return [https://myworstinvestmentever.com/enrich-your-future-08-high-economic-growth-doesnt-always-mean-high-stock-market-return/] * Enrich Your Future 09: The Fed Model and the Money Illusion [https://myworstinvestmentever.com/enrich-your-future-09-the-fed-model-and-the-money-illusion/] PART II: STRATEGIC PORTFOLIO DECISIONS * Enrich Your Future 10: You Won’t Beat the Market Even the Best Funds Don’t [https://myworstinvestmentever.com/enrich-your-future-10-you-wont-beat-the-market-even-the-best-funds-dont/] * Enrich Your Future 11: Long-Term Outperformance Is Not Always Evidence of Skill [https://myworstinvestmentever.com/enrich-your-future-11-long-term-outperformance-is-not-always-evidence-of-skill/] * Enrich Your Future 12: When Confronted With a Loser’s Game Do Not Play [https://myworstinvestmentever.com/enrich-your-future-12-when-confronted-with-a-losers-game-do-not-play/] * Enrich Your Future 13: Past Performance Is Not a Predictor of Future Performance [https://myworstinvestmentever.com/enrich-your-future-13-past-performance-is-not-a-predictor-of-future-performance/] * Enrich Your Future 14: Stocks Are Risky No Matter How Long the Horizon [https://myworstinvestmentever.com/enrich-your-future-14-stocks-are-risky-no-matter-how-long-the-horizon/] * Enrich Your Future 15: Individual Stocks Are Riskier Than You Believe [https://myworstinvestmentever.com/enrich-your-future-15-individual-stocks-are-riskier-than-you-believe/] * Enrich Your Future 16: The Estimated Return Is Not Inevitable [https://myworstinvestmentever.com/enrich-your-future-16-the-estimated-return-is-not-inevitable/] * Enrich Your Future 17: Take a Portfolio Approach to Your Investments [https://myworstinvestmentever.com/enrich-your-future-17-take-a-portfolio-approach-to-your-investments/] * Enrich Your Future 18: Build a Portfolio That Can Withstand the Black Swans [https://myworstinvestmentever.com/enrich-your-future-18-build-a-portfolio-that-can-withstand-the-black-swans/] * Enrich Your Future 19: The Gold Illusion: Why Investing in Gold May Not Be Safe [https://myworstinvestmentever.com/enrich-your-future-19-the-gold-illusion-why-investing-in-gold-may-not-be-safe/] * Enrich Your Future 20: Passive Investing Is the Key to Prudent Wealth Management [https://myworstinvestmentever.com/enrich-your-future-20-passive-investing-is-the-key-to-prudent-wealth-management/] PART III: BEHAVIORAL FINANCE: WE HAVE MET THE ENEMY AND HE IS US * Enrich Your Future 21: Think You Can Beat the Market? Think Again [https://myworstinvestmentever.com/enrich-your-future-21-think-you-can-beat-the-market-think-again/] * Enrich Your Future 22: Some Risks Are Not Worth Taking [https://myworstinvestmentever.com/enrich-your-future-22-some-risks-are-not-worth-taking/] * Enrich Your Future 23: Seeing Through the Frame: Making Better Investment Decisions [https://myworstinvestmentever.com/enrich-your-future-23-seeing-through-the-frame-making-better-investment-decisions/] * Enrich Your Future 24: Why Smart People Do Dumb Things [https://myworstinvestmentever.com/enrich-your-future-24-why-smart-people-do-dumb-things/] * Enrich Your Future 25: Stock Crashes Happen—Be Prepared [https://myworstinvestmentever.com/enrich-your-future-25-stock-crashes-happen-be-prepared/] * Enrich Your Future 26: Should You Invest Now or Spread It Out? [https://myworstinvestmentever.com/enrich-your-future-26-should-you-invest-now-or-spread-it-out/] * Enrich Your Future 27: Pascal’s Wager: Betting on Consequences Over Probabilities [https://myworstinvestmentever.com/enrich-your-future-27-pascals-wager-betting-on-consequences-over-probabilities/] * Enrich Your Future 28 & 29: How to Outsmart Your Investing Biases [https://myworstinvestmentever.com/enrich-your-future-28-29-how-to-outsmart-your-investing-biases/] * Enrich Your Future 30: The Hidden Cost of Chasing Dividend Stocks [https://myworstinvestmentever.com/enrich-your-future-30-the-hidden-cost-of-chasing-dividend-stocks/] ABOUT LARRY SWEDROE Larry Swedroe [https://www.linkedin.com/in/larry-swedroe-18778267/] was head of financial and economic research at Buckingham Wealth Partners [https://buckinghamwealthpartners.com/]. Since joining the firm in 1996, Larry has spent his time, talent, and energy educating investors on the benefits of evidence-based investing with an enthusiasm few can match. Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need [https://amzn.to/3HC9QnZ].” He has authored or co-authored 18 books. Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television on various outlets. Larry is a prolific writer, regularly contributing to multiple outlets, including AlphaArchitect [https://alphaarchitect.com/blog/], Advisor Perspectives [https://www.advisorperspectives.com/search?q=Larry+Swedroe], and Wealth Management [https://www.wealthmanagement.com/search/node/Larry%20Swedroe].   [spp-transcript]   CONNECT WITH LARRY SWEDROE * LinkedIn [https://www.linkedin.com/in/larry-swedroe-18778267/] * X [https://twitter.com/larryswedroe] * Website [https://buckinghamwealthpartners.com/] * Books [https://amzn.to/3JfpUgx] ANDREW’S BOOKS * How to Start Building Your Wealth Investing in the Stock Market [https://amzn.to/3qrfHjX] * My Worst Investment Ever [https://amzn.to/2PDApAo] * 9 Valuation Mistakes and How to Avoid Them [https://amzn.to/3v6ip1Y] * Transform Your Business with Dr.Deming’s 14 Points [https://amzn.to/3emBO8M] ANDREW’S ONLINE PROGRAMS * Valuation Master Class [https://valuationmasterclass.com/] * The Become a Better Investor Community [https://astotz.kartra.com/page/become-a-better-investor-community] * How to Start Building Your Wealth Investing in the Stock Market [https://academy.astotz.com/courses/how-to-start-building-your-wealth-investing-in-the-stock-market] * Finance Made Ridiculously Simple [https://academy.astotz.com/courses/finance-made-ridiculously-simple] * FVMR Investing: Quantamental Investing Across the World [https://academy.astotz.com/courses/fvmr-investing-quantamental-investing-across-the-world] * Become a Great Presenter and Increase Your Influence [https://academy.astotz.com/courses/gp] * Transform Your Business with Dr. Deming’s 14 Points [https://academy.astotz.com/courses/transformyourbusiness] * Achieve Your Goals [https://academy.astotz.com/courses/achieve-your-goals] CONNECT WITH ANDREW STOTZ: * astotz.com [https://www.astotz.com/] * LinkedIn [https://www.linkedin.com/in/andrewstotz/] * Facebook [https://www.facebook.com/andrewstotzpage] * Instagram [https://www.instagram.com/andstotz/] * Threads [https://www.threads.net/@andstotz] * X [https://twitter.com/Andrew_Stotz] * YouTube [https://www.youtube.com/c/andrewstotzpage] * My Worst Investment Ever Podcast [https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2]

I want to tell you about a midsize business owner drowning in consultants. He kept hiring them, one after another, each promising to turn things around. They’d show up, drop off a fancy report, and disappear. Meanwhile, his profit stayed flat, his team was overwhelmed, and he barely slept. One night, he was alone in his office, staring at a payroll he wasn’t sure he could cover. That’s when it hit him. He told me, “I realized it’s on me. No one’s coming to save my business.” That moment was his turning point. So, what’s yours? Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/] THE TURNING POINT EVERY OWNER NEEDS Let’s be real: hoping someone else will fix your problems is tempting. A consultant, a new hire, maybe even some magic software. But here’s the truth: no one will care about your business as much as you do. Consultants can advise, pinpoint blind spots, and maybe even hand you a plan. But if you don’t act, nothing changes. I’ve seen owners spend thousands on experts only to shelve their advice because it felt too hard or the timing wasn’t “perfect.” Waiting for the right moment is a trap. Your business doesn’t have time for that. The problems are piling up: low margins, stressed teams, endless emergencies, they’re not going away on their own. You have to step up. YOUR CALENDAR TELLS THE TRUTH I know what you’re thinking: “I’m already doing everything I can!” But are you? Pull up your calendar right now. What does it say? If it’s packed with meetings, emails, and putting out fires, you’re probably not leading; you’re reacting. Your calendar tells the truth about your priorities. If there’s no time blocked for profit-focused work, like reviewing your P&L or cutting a bloated expense, you’re not owning the future of your business. One client I worked with swore he had no time for strategy. His calendar showed 12 hours a week chasing emergencies, zero on profit. We carved out just 90 minutes a week to review his financials. Within months, his managers solved problems without him, and the whole business felt calmer and more focused. That’s the power of taking charge. Here’s the thing: you can’t pay someone to care as much as you do. You can hire the best accountant and the sharpest operations manager, but responsibility for your business’s success rests with you. It’s not about working harder; it’s about working smarter. Start small. Pick one profit-related task this week. Maybe it’s canceling an unused subscription, renegotiating a vendor contract, or reviewing your pricing. Do it by Friday. One task, done well, can shift your momentum. A client thought he needed a complete overhaul to boost profit. Instead, we started with one thing: he cut a $900 monthly software he barely used. That small win gave him the confidence to tackle bigger issues. START SMALL, LEAD STRONG Your team is watching you, too. They feed off your clarity and energy. If you’re scattered, putting out fires, they’ll be scattered too. But they’ll follow if you show up focused with a clear plan. That client I mentioned. Whose calendar was filled with firefighting? Once he started those weekly financial reviews, his team noticed. They started coming to meetings prepared, pitching ideas to save money. Your leadership sets the tone. When you own your business’s future, you also allow your team to step up. Owning your business isn’t just about responsibility; it’s your biggest advantage. No one knows your customers, team, or vision like you do. That’s your edge. But you have to use it. Stop waiting for a savior. Stop hoping the market will turn or a new hire will fix everything. The power to change your business is in your hands right now. So, here’s your action step for this week: open your calendar and block 30 minutes to tackle one profit task. Review your P&L and look for one cost to cut. Maybe it’s calling a vendor to negotiate a better rate. Just do it. That’s how you start owning your business again. You’re ready to step up, but here’s the catch: what if your business is already leaking cash? In our next episode, we’ll uncover the hidden ways your company is losing money and why waiting even one more month could cost you everything. Don’t miss it. ACTION * Cut one cost: Block 30 minutes, review P&L, and cut one expense. Just one. Lead by example. Download The Profit Gap for free at TheProfitBootCamp.com to see 5 hidden reasons family businesses work hard but still fall short of profit. [https://www.theprofitbootcamp.com/]   ANDREW’S BOOKS * How to Start Building Your Wealth Investing in the Stock Market [https://amzn.to/3qrfHjX] * My Worst Investment Ever [https://amzn.to/2PDApAo] * 9 Valuation Mistakes and How to Avoid Them [https://amzn.to/3v6ip1Y] * Transform Your Business with Dr.Deming’s 14 Points [https://amzn.to/3emBO8M] ANDREW’S ONLINE PROGRAMS * Valuation Master Class [https://valuationmasterclass.com/] * The Become a Better Investor Community [https://astotz.kartra.com/page/become-a-better-investor-community] * How to Start Building Your Wealth Investing in the Stock Market [https://academy.astotz.com/courses/how-to-start-building-your-wealth-investing-in-the-stock-market] * Finance Made Ridiculously Simple [https://academy.astotz.com/courses/finance-made-ridiculously-simple] * FVMR Investing: Quantamental Investing Across the World [https://academy.astotz.com/courses/fvmr-investing-quantamental-investing-across-the-world] * Become a Great Presenter and Increase Your Influence [https://academy.astotz.com/courses/gp] * Transform Your Business with Dr. Deming’s 14 Points [https://academy.astotz.com/courses/transformyourbusiness] * Achieve Your Goals [https://academy.astotz.com/courses/achieve-your-goals] CONNECT WITH ANDREW STOTZ: * astotz.com [https://www.astotz.com/] * LinkedIn [https://www.linkedin.com/in/andrewstotz/] * Facebook [https://www.facebook.com/andrewstotzpage] * Instagram [https://www.instagram.com/andstotz/] * Threads [https://www.threads.net/@andstotz] * X [https://twitter.com/Andrew_Stotz] * YouTube [https://www.youtube.com/c/andrewstotzpage] * My Worst Investment Ever Podcast [https://itunes.apple.com/us/podcast/my-worst-investment-ever-podcast/id1416554991?mt=2]