In this episode: “The best laid plans of mice and men often go awry.” Jon Peyton explains why you can influence the future but not control it, how his own firms changed course to focus on entrepreneurs and executives, and how to build a plan you keep revisiting so you can pivot quickly when things change.
Key insights
- You can’t control outcomes, only influence them, so plans need regular updates.
- Even with the right people rowing in the same direction, a plan may not unfold as expected.
- Jon’s firms narrowed their focus to entrepreneurs and executives, who often face the most complex planning problems.
- C-Suite Planning™ focuses on four areas: executive financial planning, exit planning, divorce financial planning and special needs financial planning.
- Track KPIs so you can see where a plan went off course and correct it early.
Episode timeline
- 0:00 The best laid plans
- 0:36 Where the saying comes from
- 1:35 Building on the first two episodes
- 3:08 Why “we can help everyone” didn’t work
- 5:35 Executive financial planning
- 6:34 Exit planning
- 7:39 Divorce financial planning
- 9:06 Special needs financial planning
- 10:18 Delegating to people you trust
- 12:42 Looking back five years, and ahead five
- 14:28 Applying the same lens to employees
- 16:47 Reflect, plan, execute, adjust, repeat
The episode in brief
The best laid plans. The saying comes from a 1785 poem by Robert Burns. The point: you can plan all you want, but you can’t control the future. You can only influence it. Even with the right people in place, rowing in the same direction, the plan may not unfold the way you hoped. You have to be able to pivot, and so does your whole team.
A pivot of Jon’s own. When Jon’s team started their wealth management firm, they believed they could help everyone. They learned that some people don’t want help, some want it but won’t act on it, and some can’t afford it. So they asked who has the most complicated problems and still struggles to reach their goals, often because they’re pulled in many directions and don’t know whom to trust. The answer was entrepreneurs and executives. They rebranded, spun out companies and refocused.
Four planning areas. On the personal planning side, C-Suite Planning™ focuses on four areas. Executive financial planning is traditional planning tailored to more complex tax, estate, investment and cash situations, such as how to take money out of a company efficiently. Exit planning looks at a sale through the lens of your personal finances: how much you need, why and how you’d sell, and what you’ll do with the proceeds. Many owners, asked what happens to the business when they retire, said they didn’t know. Divorce financial planning helps untangle complex assets, an area Jon’s clients had long asked for help with that his prior firms didn’t offer. Special needs financial planning helps families provide for a family member with a disability long into the future.
Plans need updating. Because no one controls the outcome, every one of those plans has to be revisited as circumstances change. The same thinking shaped the investment and consulting firms. Busy clients want a plan and want someone they trust to keep it on track, so problems are caught quickly instead of years later.
Look back, then ahead. Ask yourself: five years ago, where did you expect to be today? Are you happy with where you are? If not, step back and identify what derailed you, then decide who can help keep you accountable going forward. Apply the same lens to employees. When someone misses a goal, was it a lack of resources, people or systems? Fix those, move people to better-fitting roles, or bring in outside help.
Reflect, plan, execute, adjust. Build a plan, get buy-in from family or employees, and work it. Then track your KPIs so you can see when and where you’ve drifted, and hold each other accountable to get back on track. Otherwise, you may wake up five years from now nowhere near where you wanted to be.
Key action items
- Look back five years. Compare where you expected to be with where you are, and note what got in the way.
- Set your five-year direction. Write down where you want to be and what has to happen this year to get closer.
- Choose your accountability partners. Identify the people, inside or outside the business, who will help keep you on track.
- Track the right KPIs. Pick a few measures that will show early when a plan is going off course.
- Review your personal plan. If you haven’t updated your financial plan recently, C-Suite Planning™ can help.
Listen next: Episode 42: The Entrepreneur’s Mental Roadblock
Value Creation Consultancy™ has since merged into Founder’s Accounting™.
This episode is educational and isn’t legal, tax or financial advice. Speak with your own attorney and advisers about your situation.