Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives.
Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at firstname.lastname@example.org. We’d love to share it.
This week’s Lesson for Hannah
Hannah, Between this Lessons for Hannah and the next one, you will turn 9 years old. Nine! It feels like it was just yesterday that I held you for the first time and saw your first smile. Time goes so fast, and you wake up one day and your baby has grown into an amazing little girl who is already making her impact on the world. Hannah, you have impacted your mother and I in so many ways (most of them good, ha ha) and I wanted to take this time to give you 9 ways you are amazing as you turn 9 years old. Here goes.
Hannah, I could keep listing ways you are amazing, but you’ve got a lot more birthdays ahead of you and I need to save a few to add to this list each year. Just know that your mother and I, family, friends, etc. love you, are proud of you, and are so lucky to have your impact in our lives. Happy 9th birthday!
I love you,
Best Quote: Many people afraid to be by themselves and face who they are. You do it every day and can with ease because of your good heart and curiosity for the world around you.
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Five Minute Journal
This week’s Misfit Entrepreneur is Matt Lohmeier. You may have heard of Matt as he has been in the news over the last year when he wrote a book and spoke out about the dangers of marxism and its effect on people’s lives, especially the military. He was a lieutenant colonel in command of a space-based missile warning squadron for the United States Space Force and was subsequently terminated after writing the book and speaking out.
While Matt’s story has been controversial politically – politics is not why I asked him to be on the show. No matter who you are or what you believe, at some point in your life you will need to take a stand to defend your principles and in today’s day and age with seemingly endless twitter mobs and cancel culture rampant, that is not an easy, no, an almost impossible thing to do. I want to explore what compelled Matt to take his stand and use his lessons learned to help you for when it’s your turn.
And lastly, while I know Matt has deep concerns about marxism and its danger to the American way of life – I think there is something that is even more dangerous and that is the loss of entrepreneurs. We are going to explore all this and more in this episode.
Book: Irresistible Revolution
The views that Matt expresses are his views and not those of the military. Matt has served in the military for over 15 years and has been a fighter pilot logging over 1200 hours with F15s and other planes. Most recently, he was in command of a space unit in the Space Force. During 2020, as he saw what was happening in the culture and the woke culture, he recognized the seeds of marxism behind a lot of it. And he saw how much it was polarizing society. He recognized many of the talking points of marxism from his studies in the military and on his own.
At the 5:30 mark, Matt talks about the oppressor vs. oppressed mantra from Marx and the Communist Manifesto and started to see it being brought into and impacting the military. There were trainings being done in the military that re-enforced marxist principles. He saw it as his duty to speak up and wrote his book the Irresistible Revolution. He was fired a week later.
What was the catalyst that compelled you to take your stand?
Can you explain why marxism is such a danger to the American way of life, entrepreneurs, and the individual?
Entrepreneurs are great at using logic and reason to succeed, but as a whole, society runs more on emotion – how do we get back to using logic and reason as a society to better manage the emotional reactions so many have in today’s world?
Entrepreneurs are the biggest line of defense. Everything stems from entrepreneurship. To take an idea from nothing and do what has to be done to create something around it that creates benefits for others that impacts their lives and the lives of others. Capitalism and the principles of the US unleash this. What an incredible opportunity we have at our fingertips every day that most do not have.
What should entrepreneurs be doing to share and show the success of entrepreneurship and capitalism?
What advice would you give someone to get over the hump and take the stand they know they need to take?
Best Quote: The loss of entrepreneurship is a devastating blow to America and Marxist ideology directly threatens that.
Matt's Misfit 3:
Five Minute Journal
This week’s Misfit Entrepreneur is Jeff Wald. Jeff is a serial entrepreneur and founder of WorkMarket, an enterprise software platform that enables companies to organize, manage and pay freelancers efficiently and compliantly. Jeff built WorkMarket from scratch and sold the company to ADP in 2018 for over $400 million. Jeff and WorkMarket won the Stevie Award for best HR software, were ranked as one of CNBC’s 25 Companies to Watch and received several other awards.
But as with any entrepreneur story, it wasn’t success out of the gate. Jeff had failures and learned a lot of lessons on his way to success. His story and the legacy he has created with it is truly amazing and I cannot wait for him to share it with you today, along with his best advice to succeed as an entrepreneur.
Jeff says he was fortunate to be born into his family and be born in the U.S. He started his career in finance as an M&A banker at JP Morgan working 100+ hours a week. He then went to business school and when he came back, he realized that it wasn’t the best fit for him or his life. He ended up at a venture firm and after a few years in, he really felt the call to entrepreneurship. He was helping people create their dreams and there was something about that was so amazing to him.
His boss told him that he needed to go after this calling. He did and funded the business himself. The business failed and he lost everything. In fact, his mother called and asked him if he needed to move back home. He had 30 days before he couldn’t pay rent and figured out how to create some income. Ironically, several years later, he restarted the business and ended up selling it for a nice profit. For a while Jeff wouldn’t tell people about the failure and the 2-year depression he went through. He didn’t want to own it. Eventually, he did and learned that sharing his story and telling the truth about his journey helped him find his true self and become a more effective person. It was freeing.
At the 9 min mark, Jeff and talk about this process of freeing yourself, but realizing fear and those things are still there, but you learn to handle them better.
At the 14 min mark, Jeff shares the story or Workmarket…
What was in the PowerPoint slides that landed you $6 million in initial investment?
What is the future of work nowadays?
What are the main findings from work?
At the 33 min mark, Jeff and I discuss why it is such a good time to be an entrepreneur.
You’ve said, “Ideas are cheap.” Explain that.
Top 3 lessons learned going through a process to sell a company?
What are the values you used to build the company that resulted in a lot of other companies being created by employees?
"Best Quote: Ideas are cheap, the will to execute is expensive."
Jeff's Misfit 3:
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5 Minute Journal:
This week’s Misfit Entrepreneur is Aryeh Sheinbein. Aryeh is the founder of Results Driven Advisory, a firm that has 2 primary focuses. The first is to help business owners value their business, then improve the value of the business. Second, to help business owners grow their own wealth while focusing on the business. Aryeh has and still works with Alvarez & Marsal as a Managing Director. The company is one of the premier advisory companies to the world’s biggest hedge funds and private equity firms on business valuation.
He’s maintained this while building multiple successful companies such as Results Driven Advisory helping clients throughout the world.
And I wanted to have him on to discuss a few topics, of course how to make sure you get the full value out of your business and maximize your wealth, but also how to successfully build companies while still working in a professional you love under a company.
Aryeh went to college and got a degree in finance and wanted to be on Wall Street as an investment banker. After two years, he moved to a small private equity/VC firm that was more of a family office. They invested in early stage companies and small businesses that they grew and sold or took public. He did that for 4 years and it helped to shape his path. He was the only junior person on the team and worked with private companies. He then went back to Wall Street and spent time in hedge funds and equity firms, then ended up where he is today helping those firms in valuing businesses. He always had the drive to do other things on his own and built his own businesses or invested in them along the way.
What should business owners know about how to truly value their business? What do they get wrong?
What should an entrepreneur do to start increasing their value? And how does recurring revenue affect the multiple on a business?
How do you achieve a liquidity event without selling it?
Thoughts on exiting a business?
Thoughts on 401ks and other investment vehicles?
How do you manage it all and do what you do?
Best Quote: For most business owners, the majority of their net worth is tied up in the business, the asset. And most don’t think about maximizing that for themselves.
Aryeh's Misfit 3:
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5 Minute Journal: