None Of Us Do It Alone

By: Glenn Ayrton

When most people think of a business owner or entrepreneur, it usually conjures up images of the rugged individual who is out there on their own, risking it all and making it happen. But the reality is that this is rarely how it happens.

There is no doubt that the business owner is the driver, and there’s no question that they tend to take on most of the risk. However, that’s not the end of the story. While most great things are started by an individual, lasting things are invariably built by teams.

If you think about your own business, I imagine you clearly remember the moment when you brought on other shareholders or partners, or when you started to build your team by hiring people. Those are usually important moments, but they can be dangerous ones too. Here’s what I mean.

When we expand the team, we often have shared the work, but not the responsibility. The result is that we bring on other people that we want to work exactly like we do. This isn’t always the case, but it’s not uncommon. The result is that we have a team of clever people around us, but we don’t use their cleverness.

What happens is that we don’t actually get the full value of the leverage that’s available to us. It’s no different with financial planning. All of us are building wealth and tend to get better and better at it over time. And when we bring on others to help us grow or protect our wealth, it’s important to leverage them fully.

Here are a couple of things you can do to get the most out of any team.

1. Really satisfy yourself that they qualify. When you're interviewing someone for any role, that’s the time to be tough on them (that’s “tough”, not “mean”). If you really dig in deep to make sure someone is fully equipped to do what you need them to do, then you can relax a bit more once you make your decision. Putting someone through a stringent review allows you to have more confidence in them, which in turn gives you the freedom to put your attention on other matters.
2. Have a plan for them. It’s easy to spot a need and fill it, but it’s a whole different matter to spot a need, create a well thoughtout plan to address it and then fill it. Having a plan gives you two things. The first is that it forces you to confront the reality of the project you’re facing, and the other is that it gives the person a path to follow to success. It’s the same in hiring, or bringing on a partner, or working with financial advisor (or any other advisor for that matter). Have a plan and then everyone can succeed.
3. Let them do their genius. At some level, everyone is really good at some task or has an ability that may not technically be “genius” but it sure looks that way sometimes. If you think you don't have people like this on your team, go back to point number one. When you do start to spot what people are best at (a core role of a business owner), then do everything you can to get them doing that activity and trust them to do it. Let people do their genius (and that means you too).

Getting the most out of you team, including your advisors, is critical to getting the most out of your business and the most out of your wealth. None of us can do it alone, but with the right team you can make your business and your wealth go a lot further.

Glenn Ayrton is registered as an Investment Advisor with Sora Group Wealth Advisors Inc. (SGWA), a member of the Canadian Investment Protection Fund. This information is general in nature and is intended for educational purposes only. This should not be considered personal investment advice or solicitation to buy or sell securities. For specific situations you consult a financial professional. The views express are those of the author and not necessarily those of SGWA.