Leadership Series: Decision Making
Leadership Series: Decision Making
It’s often said that being a decision maker is a necessary attribute to be a leader. But this is only, at best, a half-truth.
Why?
Well, on the one hand, it’s very important for a leader to be able to move an issue forward by making a sound decision but on the other, being the one that has to make the decision could be your organization’s biggest bottleneck. If you’re making all the decisions, you’re either too involved (i.e. you don’t trust your people) or you’re just plain egotistical (i.e. you don’t think your people are smart enough to make good decisions).
So, how do leaders approach decision making? They see themselves as decision drivers rather than decision makers. In other words, they focus on making sure that a decision is made vs. that they personally make the decision.
Liz Wiseman suggests a leader focus on three main issues around every decision:
- What question is being addressed?
- Why do we need to focus on this question?
- How will the decision be made?
- What’s the timeframe?
- Who will make recommendations?
- Who will ultimately decide?
In making sure that these questions are clear, the issue at hand can be fully addressed as timelines, motivation and ownership are established.
Once these questions are outlined, open, rigorous debate has taken place and a decision has been made, the final step is to discuss how the decision will be communicated.
Using this method of decision making, a leader will access the intelligence of all those involved and in turn, may spare his/herself some undue stress in the process.
Being a decision maker is a good leadership attribute but being a debate making, decision driver is essential to leadership acumen. So, go out, get out of the way, drive decisions, and look forward to the success that follows!
IRS Telephone Scams Again
IRS Telephone Scams Again
The IRS recently warned, again, of phone based tax scams happening to consumers across the country. They said current IRS telephone scams scammers are specifically targeting students.
People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested.
Real life IRS Telephone Scam Experience
Gary’s son-in-law, Clint, was a victim of one of these scams just last week.
See if you can identify all the “red flags” in this phone encounter.
It started with a voicemail. Clint got an urgent message from the IRS telling him to call back 323-365-8124 as soon as possible.
He called the number and the representative answered the phone by saying they were with the IRS. He then gave Clint his IRS badge number and looked up Clint’s case number. The represenative told him he owed $8,100 in taxes for mistakes on his tax forms from 2008-2014. The representative told Clint the amount owed included additional taxes and fees on top of the original amount owed as a result of the mistakes on the filed returns. This all seemed fishy.
Although Clint recognized that this was a scam, he decided to stay on the phone to see what would happen. He pressed the scammer for more details. Which exact tax year? How did they get the number $8,100? Was there another number he could call to verify the case worker’s badge number and his supposed case number? Apparently the number he called was the number to call to verify badge numbers. The representative also told him that his case number was not yet released so only the case worker on the phone and Clint knew about it. He gave Clint the ultimatum: pay the total owed now or appear in court. He was supposed to choose one of these options or else have an arrest warrant issued.
Lucky for Clint he immediately recognized the scam. What if this call we received by an elderly person? Or someone who less scam savvy? What about someone on probation or in other legal trouble who felt they could not risk having any additional legal complications? These scammers are tricky and professional. Leaving a phone number for you to call back makes it all the more “real” feeling.
Hopefully you will not be a victim of one of these IRS telephone scams but in case you do get a phone call from the “IRS” remember, the IRS will never
- Ask you to pay money immediately over the phone using a specific payment method.
- Use telephone contact as the first means of contact. The IRS generally sends a letter first so if you have not received a letter informing you of tax issues prior to receiving a call its most likely a scam.
- Threaten to bring in police or other local law enforcement arrest you if you cannot pay immediately.
- Ask for credit or debit card information over the phone.
- Demand that you pay immediately without having the opportunity to get more information or appeal the amount.
How to report a scam:
- Do not give out any information to the IRS telephone scammer and hang up immediately.
- Search the web for telephone numbers scammers leave in your voicemail asking you to call back. Some of the phone numbers may be published online and linked to criminal activity.
- Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
- Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
- If you think you might owe taxes, call the IRS directly at 800-829-1040.
Leadership Series: Debate
Leadership Series: Debate
In our most recent Leadership Series post we spoke about the importance of conflict; and today, we’ll talk about the importance of a related but unique interaction necessary for organizational/team success—debate.
Oftentimes it’s said of good leaders that they’re decision makers—and this may well be true in certain cases. But decision making leaders often leave something behind. The knowledge, ideas and intelligence of everyone else.
Liz Wiseman, in her best seller, Multipliers, teaches us how to make sure we’re seeking fact based, well thought through decisions; here is her formula.
- Ask the hard question. This means that the leader is in charge of sparking the debate by challenging the current standing assumptions around an issue and by bringing up the critical weak points in an argument
- Ask for data. It is essential to have fact based debates, or else it becomes an “opinion fest” which often comes tied with emotions. If a discussion is based solely on opinion, then those whose suggestions aren’t chosen may feel that they’re not being chosen because of who offered the opinion. Facts are incontestable.
- As each person. Typically, the louder people are the easiest to engage in debate, but have you ever heard the saying, “he whom speaks the most knows the least”? While that may not always be the case, it is often the case that the ones with the most analytical minds or those with extensive experience may not be the loudest voices—but they must be heard.
Overall, if we work on applying these three steps to debating decisions, we’ll address the right issues with fact based arguments that include the collective intelligence of everyone. Go out and make it happen!
Leadership Series: Conflict
Leadership Series: Conflict
Conflict. A word feared by many and a topic avoided by most everyone. But should it be that way?
The answer is: NO
In fact, conflict is essential to drive results. Now, we’re not talking about yelling at your co-workers or bashing people–but healthy conflict. The kind that is based on trust, engenders commitment and accountability and leads to action. Have you ever heard the saying, “if we both see things the same way, one of us isn’t necessary”?
Patrick Lencioni, author of The Five Dysfunctions of a Team, provides an excellent model for how to ensure that your team is prepared for and willing to engage in healthy conflict, all in order to seek truth and the best solution possible.
He explains that teams fall apart for five main reasons–here they are listed in hierarchical order from bottom to top.
The words to the right of the pyramid’s segments are symptoms of the conditions listed segments to the left. If you feel any of these symptoms in your organization, family, group or team, then you know where to start!
The first and perhaps most important piece to overcoming these issues is trust. Once there is trust, you can engage in conflict without people becoming hurt or defensive. When people can express themselves openly and honestly, they can commit to decisions made and will be willing to accept accountability for their actions. And finally, if people are holding each other and themselves accountable, results will follow.
So where do you and your team lie on the pyramid? Do you ever feel like you need to hold back? Or that even if you disagree, you can’t say so? Perhaps you feel unclear on the objective and therefore don’t feel like it’s your fault that things aren’t going well.
Start at trust and work your way up. From there, conflict is impersonal and for the greater good of everyone involved.
We wish you the best in seeking truth and clearing the pathway to achieving success!
Choosing a Guardian for Your Minor Children- 7 Things to Consider
Seven Things to Consider When Choosing a Guardian for Your Minor Children
Who would take care of my kids if something happened to me? Would they be okay? We’ve all had these thoughts and although its not something we like to think about it is something we should think about. It is something we should not only think about but do something about now, while we can. Choosing a guardian is not something to take lightly. It is something to think about and plan while we are alive and well and can make good decisions. With the right plan we can make sure our kids are well taken care of no matter what.
So as a parent, where do I start? The first thing to do is to decide what you want to happen. Who do you want to care for your kids? Here are seven questions to ponder as you think about who you want to designate at the guardian.
#1 – Where does the potential guardian live?
Closer is better, but not always possible or practical. It is possible to have an out-of-the-state Guardian. The Designation gives them the tools they need to get officially appointed as Guardian.
#2 – What are the potential guardian’s religious, political and moral beliefs?
Are there certain beliefs that are important to you? If so, you may want to consider whether those are beliefs you’d like to keep instilled in your children and think about whether or not a potential guardian would support them.
#3 – What do you know about the potential guardian’s parenting skills?
She may be your best friend or most trusted Aunt but would she be able to raise your children the way you would want them to be raised?
#4 – How old is the potential guardian?
Consider whether or not age is an important factor for you when choosing a guardian. No mater what, a minor can’t be a guardian of another minor so the guardian must be at least 18 years old. Would your grandma be able to take care of your child for the rest of their life? This is also something to reconsider as time goes on and may be something you’ll want to update in your Estate Plan down the road depending on how a potential guardian’s health or life changes.
#5 – What is the potential guardian’s family situation?
This again is something that may change as time goes on. Therefore, make sure to revisit the guardianship designation as the guardian’s family situation, or yours, changes.
#6 – What is the potential guardian’s financial situation?
Will the potential guardian be able to care for your child financially?
#7 – Have you asked the potential guardian if they’re willing to serve?
Ask these questions and you will be able to better figure out who to choose as a potential Guardian. Of course we hope this guardianship designation will never need to go in to effect, but remember, this is for peace of mind and family protection!
Once you decide who you want to designate as the guardian, its time to meet with an Estate Planning attorney to make it official by creating a “Guardianship Designation.” Gary Quackenbush, San Diego Estate Planning attorney and father of 4, knows firsthand how big the guardianship decision can be and is here to help. The information in this article is not legal advice but we’d love to help and advise you on your particular situation. Give us a call to set up a time to meet, 858-549-8600.
GQ
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Can You Get a Loan on Your Inheritance?
Can You Get a Loan on Your Inheritance?
Here is a new idea for people inheriting property: You can, in fact, take out a loan on your inheritance!
Why would you want to borrow money against your inheritance?
Let me explain. It is pretty common for children to inherit a house or houses as part of a parents’ Estate Plan. Sometimes, however, more than one kid (beneficiary) wants to have the house but there is not enough money in the Trust (or Estate) to give the house to one and an equivalent amount of cash to others. So what do you do?
How can you make an equal distribution to all the kids when one wants the house?
The beneficiary who wants the house would need to buy the other beneficiaries out. In other words, she would pay the other kids for their share of the house. For example: Let’s say the house is worth $400,000 and there are 4 kids. They each have a 1/4 share or $100,000 in house value. If one sister wants to buy her siblings out, she has to come up with $300,000 to pay them for their shares. But how would that beneficiary come up with the $300,000 in my example?
My friend John Burroughs, a mortgage broker and I met today to discuss this very situation, when you might need or want to get a loan on your inheritance.
What we discussed what that she could borrow money against her inheritance in order to pay buy the other siblings out. She would get a house loan for $300,000 secured by the house. It is not an easy thing to do, because conventional lenders do not like to make these loans, but private lenders often are willing. Usually the loan is temporary until the estate is all settled. After the estate is settled, the borrower gets a better, permanent loan.
Why is getting the house better than getting the inheritance money and buying their own house?
In our example, since the beneficiary is still technically getting the house from her parents’ estate, after buying out her siblings, the benefits are as follows:
- The beneficiary gets to keep property taxes low (at parent’s rate) and own the real property.
- She gets the benefits of being a landlord.
- It makes cash available to the other beneficiaries quickly.
We see this type of situation in our office from time to time and like to remind our clients that in this and other complicated estate situations that they should considered the tax angle, the legal angle, and the estate planning angle. Please let me know if you need help structuring a deal like this.
AS ALWAYS – THIS IS NOT LEGAL ADVICE. If you need legal advice about how to get a loan on your inheritance, please contact me. My team and I are here to help. GQ
Leadership Series: Conversation
Leadership Series: Conversation
You’re heading to an important business event with industry experts and thought-leaders primed as the keynotes. Speaking starts at 8pm but the networking mixer begins at 7pm. So what do you do? In most cases, the average leader would justify his/her way out of thinking it necessary and show up at 8pm for the speakers. But why? Maybe because you’re busy, but we all know that making great connections is essential for success. How about because it’s uncomfortable? Tiring? Or perhaps you think you just don’t have much to say. Well then, you’re in the right spot.
Today, with the help of Debra Fine, author of “The Fine Art of Small Talk,” we’re going to discuss how to do three things:
- Start a conversation
- Keep it going
- Gracefully exit
Start a conversation
First things first. It’s important to know that conversation starting is completely in your hands. If we have the mindset that someone else will come talk to us or keep the conversation going, we’ll be in for a dull night that might just drag on in awkward glances and empty silences. Just go for it!
Here’s how most any conversation will start:
Person 1: Hi, I’m Sally Jones—[extends hand]
Person 2: [Extends hand]—Hi, Sally, I’m Dave Smith. Nice to meet you.
Person 1: Nice to meet you, too, Dave. What got you interested in insert subject of event here?
Simple (but maybe not so easy!). Give your name and a handshake. They’ll give theirs with a pleasantry. You offer a pleasantry and pose an open-ended question. We’ve started.
Keep it going
Once you get past the initial background questions (where are you from, etc.), it’s time to get some good conversation rolling—the kind that lasts beyond facts and gets into a little more meaning.
Here are some examples of conversation provoking questions and statements:
- Tell me about…
- Why…?
- How does/do you….?
Try to avoid yes/no questions or simple “what is…?” questions that don’t have a follow up.
Gracefully exit
Now you feel like the conversation has been well but it’s time to move on to the next person. So what do you do? Here are a few of Fine’s suggestions:
- Ask for a referral – “Do you know anyone else that works in the … industry here? I’d love to talk to them.
- Ask them to join you – “Let’s go meet the speaker.”
- Show appreciation – “I’ve really enjoyed talking, I’m glad we crossed paths.”
- Issue an invitation – “It would be great to continue talking, we should do lunch sometime.”
The key here is to be both brief and kind. Because as Fine puts it, “done properly, an authentic farewell will actually enhance your relationship.”
This is just scratching the surface on the subject. But the hope is that these suggestions will help you feel more confident in going to that early networking mixer–or just conversing wherever you find yourself. And not just that but having a great experience as you start up conversation, keep it going and then gracefully exit.
Good luck!
Leadership Series: Mentors
Leadership Series: Mentors
Behind every successful leader is a great mentor. Think about it—Bruce Wayne (Batman) had Alfred, Luke Skywalker had Obi-Wan Kenobi (who had Qui-Gon, who had Count Dooku, who had Yoda…sorry, nerded out there…), Martin Luther King Jr. had Benjamin Mays, Warren Buffett had Benjamin Graham and Shaquille O’Neil had John Brown.
Do you have mentors?
That’s what we’ll discuss in the section of our Leadership Series—the how and why of acquiring and learning from different mentors. This content is inspired by a recent issue of Success magazine.
First off, there is a difference between a role model and a mentor. A role model is someone that you can look to and ask, “What would insert someone’s name here do in this situation.” And a mentor is someone that conveys knowledge and perhaps more importantly wisdom, to you as a seasoned expert in a particular area.
Let’s talk about role models first.
Darren Hardy, former publisher of Success, suggests that we create a list of our role models in each of the eight areas of life. These are:
- Family
- Relationship
- Spiritual
- Health
- Business
- Financial
- Mental
- Lifestyle
Now, these role models don’t have to be perfect in all aspects of each of the eight areas, but they should be stellar in at least one. For example, I might choose a former professor as my mental role model and think of what he would suggest doing when it comes to keeping my mind healthy and active. What kind of books would he read? How does he stay sharp?
Mentors, on the other hand, serve a more intense training purpose. And these should come in four main groups:
- Inner circle – These are people that you work with personally and have a vested interest in your success. They know your industry or function well and can give great insight from within. However, they may be guarded because the way you think of them may impact their careers. That’s why we need the next group.
- Outer circle – These are mentors that have a total outsider perspective and they know their candid and honest feedback won’t come back to haunt them. They can be highly valuable for telling you what you need to hear, not what you want to hear.
- Seasonal mentor – This mentor is an expert in the particular stage of life you’re facing currently. This could be a financial expert while you’re trying to tackle large amounts of debt or a successful founder of multiple companies as you launch your new venture, etc.
- Skills mentor – This person is in place to help you develop the particular skill that you’re working to develop at the moment. Darren Hardy recommends that you tackle hard one particular skill for a full quarter.
It’s important to note that these last two groups of mentors, the season and skills coaches, don’t need to be people you know personally. They could be mentoring you through books you read, videos you watch, seminars you attend and so on. Some of life’s greatest lessons can be learned from people that have passed on ten, twenty, a hundred or even a thousand years ago. In the information age, we have access to the minds and experience of incredible mentors!
With these four groups in place, you’re sure to have a strong group of guides to help you weather the seasons of life and continue to grow in the future.
As John Maxwell put it:
“One of the greatest values of mentors is the ability to see ahead what others cannot see and to help them navigate a course to their destination.”
So go out and find your Gandalf, Coach K or Shrimad Rajchandra (Ghandi’s spiritual mentor), and never forget that:
“We make a living by what we get, we make a life by what we give.” — Winston Churchill
Be sure to be the mentor you once had!
8 Documents You Need in Your Estate Plan
8 Documents You Need in Your Estate Plan
What you need in your Estate Plan from California Estate Planning Attorney, Gary Quackenbush of GQ Law.
What exactly is a “complete Estate Plan”? You’ve probably been told to get a Will or a set up an Estate Plan at one point or another in you adult life but what exactly does that mean? Here is our quick list of the 8 most important documents to have in your Estate Plan.
1 – Living Trust
The first thing you need in your estate plan is a Trust. Every good Estate Plan needs a Trust at its core. The Trust is what gives the instructions to the Trustee, the person managing your stuff after you die. These instructions allow them to provide for the care and maintenance of the beneficiaries, to take care of your kids, pets, etc.
A Trust can manage distributions to beneficiaries who are not old enough or mature enough to handle the inherited money. That means a Trust can detail how much of the inheritance your kids get to start and when they get the rest.
2 – Trust Certification
Every bank and investment manager will want to see your Trust Certification therefore, you really need to have one in your Estate Plan. The Certification gives the bank all it needs to provide services to the Trust.
3 – Will
Another really important document you need in your Estate Plan is a Will. A Will helps put money and assets into the Trust in case there happens to be a problem with trust funding.
4 – Guardian Designation
A Guardian Designation is a document that helps provide safety and security in an otherwise chaotic situation. It is through this document that you can decide what will happen to your kids if you should die. Since the document can handle more than one child, each minor needs to be listed individually. This critical document is most definitely needed in your estate plan.
5 – Powers of Attorney
Another essential document, at Power of Attorney, assigns and allows others to help out in a situation where you can not do it alone.
6 – Deed to Transfer for Your Home
A Deed Transfer for your home is very important. Without transferring assets, like your home, into the Trust, the Trust itself it is invalid.
7 – Life Insurance
Life insurance is a super affordable way to greatly increase the size of your estate. Therefore, adding life insurance to your Estate Plan will help leave more to your heirs.
8 – Health Care Directive
Without it, the Doctor may not have anyone to make decisions for you. A healthcare Directive is also something you need in your estate plan.
This information is not a substitute for legal advice from an Estate Planning professional. Please contact my office if you are ready to set up an Estate Plan so my team and I can to help you.
Leadership Series: Networking
Leadership Series: Networking
Have you ever heard the saying, “It’s not what you know but who you know?” That could not be more true than when it comes to leadership. Behind every great person, are many great people.
Today we’ll discuss briefly what David Bradford, former Chief Executive at Fision-io and Chairman of HireVue, calls his six “Up” principles of networking/relationship building in his book Up Your Game.
- Start Up – This is perhaps the hardest part–getting out of your comfort zone to meet people who can make a difference! If you sometimes feel uncomfortable, skeptical or even resistant to the idea of networking, don’t feel alone. It’s not easy with the busy lives we run and with the fear that we’ll be imposing on others. But in truth, what’s the worst that can happen? Perhaps a slightly awkward conversation and maybe a little rejection? But the best that can happen is unimaginable! Deep friendships, great partnerships, an enhanced skills base and more.
- Show Up – To make number one above possible, we need to be where we should be and show up. Perhaps you think that the 30 minutes of “meet and greet” before the conference you’re attending isn’t necessary, but that 30 minutes is where champion connections can be made.
- Follow Up – Once connections are made, it’s essential to keep them alive. How many times after an conference, meeting, interview, dinner or other event do we leave behind the great connections we’ve made. Grabbing business cards and sending a follow up email can be just the way to keep connections around for the long-haul.
- Stand Up – Be real and be the type of person someone wants to connect with. It’s essential that our social media accounts and personal relationships are of upstanding quality. We’ve all heard stories of people being fired for insenstive posts on Facebook and the same goes with building network relationships. Be the person that people want to associate with at all times and in all places–even social media.
- Link Up – The internet and especially social media have given us an unprecedented ability to stay connected with others. LinkedIn, Facebook, email and many other mediums are excellent ways to keep relationships alive through linking up. Be sure to schedule time to link up and stay connected.
- Scale Up – Scaling up involves repeating steps one through five, over and over again! And this is how good people become great–they surround themselves with people who know more and can do more than they themselves can do alone.
In all of this, Bradford makes very clear that networking isn’t about just getting people to do stuff for you. It’s about a reciprocally beneficial relationship between two people. Mother Teresa said it perfectly:
“I can do things you cannot, you can do things I cannot; together we can do great things.”
Now let’s go out and Up our game!