Podcasts about Frazer

Play Episode Listen Later Aug 12, 2026 45:57

Frazer and Joe go from 0-99 and pick the best player to ever wear that number.

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'GO AWAY YOU 300LB SACK OF NASTINESS' - FRAZER CLARKE ON WHO HE DOESN'T WANT TO FIGHT & AJ/FURY

iFL TV Boxing Podcast

Play Episode Listen Later Aug 11, 2026 8:06

'GO AWAY YOU 300LB SACK OF NASTINESS' - FRAZER CLARKE ON WHO HE DOESN'T WANT TO FIGHT & AJ/FURY

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Listen now | Recording of AURA - Tim Frazer & Shane Gibson on 5th August 2026

AgileBI

Play Episode Listen Later Aug 7, 2026 62:58

Raw and unedited :: https://agiledata.substack.com/p/watch-now-recording-of-aura-tim-frazer-0d1 Listen to more podcasts on applying Agile Data patterns over at https://podcast.agiledata.io/ Read more on the Agile Data Way of Working over at https://AgileDataGuides.com/ If you just want to talk about making magic happen with agile and data you can connect with Shane @shagility on LinkedIn. Subscribe: Apple Podcast | Spotify | Google Podcast | Amazon Audible | TuneIn | iHeartRadio | PlayerFM | Listen Notes | Podchaser | Deezer | Podcast Addict | Buy the Green Book now! Simply Magical Data Ways of Working

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Watch now | Recording of AURA - Tim Frazer & Shane Gibson on 5th August 2026

AgileBI

Play Episode Listen Later Aug 6, 2026 62:57

Raw and unedited https://agiledata.info/p/watch-now-recording-of-aura-tim-frazer-0d1?utm_source=youtube

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Founder Succession Roadblocks

Play Episode Listen Later Aug 4, 2026 29:51

When the Title Changes but the Authority Doesn't: Family Business Succession with Paul Edelman Most family business succession plans fail not because the legal structure is wrong, but because authority never actually moves. In this episode of Wealth Actually, Frazer Rice talks with Paul Edelman, PhD of Edelman & Associates about how to tell the difference between a real handoff and a cosmetic one. Edelman unbundles succession into six separate questions, explains the three behavioral tells that reveal who is really in charge, draws a hard line between a legitimate safeguard and an open-ended veto, and makes the case that agreement from a family is not the same thing as ownership of a decision. https://youtu.be/p2KCsftvM74 Key Takeaways Succession is not one decision — it is at least six. Who gets the economic benefit of ownership, who votes the shares, who appoints and removes directors, who runs operations, who receives what information, and who retains informal influence after formal authority ends. Watch behavior, not titles. Compensation changes and org charts are easy to read and easy to fake. How decisions actually get made — and whether they get reversed — is the real signal. Three tells that authority hasn't moved: the next management layer still routes real decisions to the founder; the successor has never had a disputed call stand; and in a genuine crisis, the founder is the one who walks into the room. Speed is not the test. A five-year transition can be disciplined development; a six-month transition can be denial with a deadline. The test is whether milestones and readiness criteria are observable and stable, or whether the goalposts keep moving. “Not ready” is not a concern — it is a placeholder. If a founder cannot restate it in specific, testable terms, the obstacle is emotional rather than substantive, and it needs a different path. Advisor impatience often masquerades as clarity. When you catch yourself thinking “why can't they just do this,” ask whose timeline is actually being served — the family's, or your need to close the file. A safeguard is bounded; a veto is not. Reserve specific extraordinary decisions with defined scope, thresholds, triggers, evidence, and duration. “The successor is in charge unless the founder feels uncomfortable” is an undefined operational veto. Agreement is not ownership. A family can be outvoted and formally agree while owning nothing. Ownership comes from having weighed the trade-offs and the implications of each option in the room. Timestamps [00:00] Cold open — why “he's just not ready” is untestable [01:05] Welcome: founders at the sell-or-transfer crossroads [01:48] Unbundling succession into six separate questions [02:23] Running a diagnostic on where the founder actually is [03:00] Watch behavior, not titles — and what the CFO tells you [04:00] Decision reversals and the second-guessing test [05:00] The crisis test: who owns the emergency [05:36] Fast handoff vs. staged succession and prolonged ambiguity [06:10] Milestones that show it's working — and goalposts that keep moving [08:00] Inside vs. outside successors and family dynamics [08:54] Competing heirs and the outside CEO as bridge or avoidance [09:47] Reading resistance: making “not ready” addressable [11:10] The advisory ecosystem's frustration with stalled progress [12:16] Whose timeline is being served? [13:31] Push, pause, or reframe — the art and science of advising [15:00] When to change the forum, the decision rights, or bring in a facilitator [15:36] Safeguards vs. vetoes and the trap doors founders build [17:37] Board composition: independence vs. familiarity [20:00] Restructuring boards to create seats for new expertise [20:54] Income-dependent family members vs. growth-minded owners [21:34] Agreement is not ownership: dividends vs. reinvestment [23:31] Matching complexity to the outcomes you need [25:00] Communicating decisions to people who weren't in the room [25:26] How to reach Paul Edelman [25:46] The Edelman–Shenkman trilogy for estate planning attorneys [29:19] Close Pull Quotes “If the CFO briefs the new successor CEO and then confirms things with Dad, then the org chart is not telling the real story.” — Paul Edelman “To have authority when things are going well is fine. But the person who owns the crisis is the one who's really owning the leadership.” — Paul Edelman “A safeguard should be limited, explicit, and connected to some extraordinary risk. A veto is an ongoing ability to stop or reverse any old ordinary decision.” — Paul Edelman “Just because there's an agreement in name doesn't mean there's ownership of the decision.” — Paul Edelman About the Guest Paul Edelman, PhD is a coach, facilitator, and mentor at Edelman & Associates, where he works with family enterprise and family office leaders on decisions that cannot be delegated. He holds a PhD in developmental psychology from Harvard University and a BS in physics from MIT, and serves as faculty at The UHNW Institute and the Bertarelli Institute for Family Entrepreneurship at Babson College. Contact Paul Edelman Email: paul@edelmancoaching.com Website: edelmancoaching.com (contact form on site) LinkedIn: linkedin.com/in/pauledelman The Edelman & Shenkman Trilogy Paul and Martin M. “Marty” Shenkman, CPA, MBA, JD, PFS, AEP (Distinguished), of Shenkman Tietz, have written a three-part series aimed at estate planning attorneys: Simplicity and its trade-offs — When Clients Ask for a Simple Estate Plan, WealthManagement.com / Trusts & Estates, July 8, 2026. The language of estate planning conversations — published in Steve Leimberg's LISI Estate Planning Newsletter (subscriber archive). Beneficiary education — forthcoming October 2026, expected in Estate Planning. Paul's running author archive: wealthmanagement.com/author/paul-edelman More from Paul Edelman Approval Is Not Ownership: Helping Family Office Investment Decisions Hold Under Pressure — Family Wealth Report, July 1, 2026 How Families Can Override Emotions to Make Better Judgments — Family Business Magazine, April 9, 2026 Lessons For Families And Their Advisors From A Hit TV Series — Family Wealth Report, February 24, 2026 Stronger Family Bonds and Better Strategic Decisions — FFI Practitioner, January 20, 2026 Frequently Asked Questions What are the six questions a family business succession decision should be broken into?Who receives the economic benefit of ownership; who votes the shares; who appoints and removes directors; who runs the company operationally; who receives what information; and who continues to hold influence after formal authority ends. Bundling these into a single “handoff” decision is what creates ambiguity. How can you tell whether authority has really transferred to a successor?Watch three behaviors. First, where the next management layer goes for real decisions — employees are excellent at reading where power actually lives. Second, whether the successor has ever made a call the founder disagreed with and had it stand. Third, the crisis test: when a covenant breaks or a key employee leaves, who walks into the room and who gets briefed afterward. Is a fast succession better than a gradual one?Speed itself is not the test. A five-year transition can represent disciplined development, and a six-month transition can be avoidance followed by an arbitrary deadline. What matters is whether responsibility moves against observable milestones, whether the successor learns from outcomes instead of being rescued, and whether readiness criteria stay fixed rather than shifting each time the successor advances. What is the difference between a safeguard and a veto?A safeguard is limited, explicit, and tied to extraordinary risk — selling the company, debt above a threshold, issuing new equity, changing core strategy, or related-party transactions — with defined scope, thresholds, process, duration, trigger, evidence, and who decides. A veto is an ongoing ability to stop or reverse ordinary decisions. If the founder can intervene whenever they feel uncomfortable, that is an undefined operational veto. How should advisors handle their own frustration with a stalled family?Notice that impatience often feels like clarity. When you think “I see exactly what they need to do, why can't they just do it,” that is often the moment to slow down and ask whose timeline is being served — whether the ambiguity is genuinely damaging the company, or whether the recommendation mainly closes the case and relieves the advisor's discomfort with uncertainty. What makes an independent director genuinely independent in a family company?The ability to exercise business judgment and fiduciary duty free from undue family influence or loyalty to a particular branch. A director who is the founder's golfing buddy or tied to one family faction will struggle to deliver the value independence is supposed to provide. Why isn't agreement good enough?Because agreement in name is not ownership. A family branch can be outvoted, formally accept the outcome, and still feel no responsibility for it. Ownership comes from working through the trade-offs — what each option makes better and worse — so participants can say they helped weigh the considerations even if the result was not their first choice. Full Transcript [00:00] Paul Edelman: The resistance often takes the form of some sort of concern that is stated like, for example, the most general concern that people will say is, well, he or she, the likely successor, is just not ready. But that phrase “not ready” is at a very high level of generality. It's not specific enough to be testable or to be capable of being satisfied. So the challenge is to work with the founder to help them express their concern in terms that are actually addressable. [00:36] Announcer: Welcome back to the Wealth Actually podcast, the show that features experts, entrepreneurs, and commentators that will give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at wealthactually.com. This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice and does not represent the opinions of the employers of the host or guests. [01:05] Frazer Rice: Welcome aboard, Paul. [01:07] Paul Edelman: Thanks, Frazer. Looking forward to our conversation. [01:09] Frazer Rice: Well, it's important because I deal with a bunch of founders and a bunch of other business owners, families, et cetera, that are trying to make sense out of the concept of passing along the business either to the next generation or deciding to sell it, and all sorts of parts of that tough crossroads that everybody has to go through at some point. And that's really the crux of your practice — to help people with those conversations. [01:34] Paul Edelman: Yes. [01:35] Frazer Rice: So when we're thinking about that and kind of unbundling the decision to pass the business along, when a family wants to talk about that, what are the separate parts of that decision that need to be contemplated? [01:48] Paul Edelman: Well, I see at least six different questions that need to be separated. One is who receives the economic benefit of ownership in the company. Another is who gets to vote the shares. And a third is who appoints and removes the directors. Then there's who runs the company from an operational standpoint, and who receives what information. And then, who continues to have influence even though they may no longer have formal authority. [02:23] Frazer Rice: So once you get into the… it always seems to me to be tough to sort of say, okay, here are six things that have to happen, and that's a lot for somebody to digest in the course of one or two meetings and get the buy-in from all the different constituencies that are interested in what the business is up to. How do you run a diagnostic to understand where a founder is — or generation one — in their own head space, and understanding what control being passed on looks like in summary form on those six different aspects that you brought up? [03:00] Paul Edelman: I think the key thing is to watch behavior more than titles. People often pay a lot of attention to when the titles have shifted or compensation shifts, things like that. But they pay less attention to how decisions are being made and whether those decisions get reversed. So when the title has moved but the authority hasn't moved, you tend to see three different things. First of all, you can see something going on at the next level down in management — not with the founder and successor per se, but with the other executives. You can ask yourself, who do they go to for the real decisions? If the CFO briefs the new successor CEO and then confirms things with Dad, then the org chart is not telling the real story. [04:00] Paul Edelman: Employees are excellent at reading where the actual power lives, because they can't afford to be wrong about that sort of thing. So that's one clue. Another is to look at decision reversals, or what is more commonly called second-guessing. You want to look for whether the successor has made a call that the founder disagreed with. And if so, did it stand, or did it get reversed? If the company is two years into succession and that's never happened, it's possible that the successor is pre-clearing everything with the former CEO and only making decisions that they know will be approved. So in that case, it's not real authority. And a third situation is what you could call a crisis test. [05:00] Paul Edelman: So when something genuinely bad happens — there's a breach of a covenant, or a key employee departs, or a lawsuit — the question is, who do people go to? Who walks into the boardroom and into the decision-making situation, and who ends up getting briefed afterwards? To have authority when things are going well is fine, but the person who owns the crisis is the one who's really owning the leadership, in a sense. [05:36] Frazer Rice: So one of the avenues that I think is interesting, that I read in your materials ahead of time, was the idea that a quick succession oftentimes — and maybe not often, but can be — a better avenue in terms of moving the succession forward, as opposed to having a staged succession where a long period of ruminating and decision-making often perpetuates ambiguity, or even confusion, amongst different constituencies both managerially and ownership-wise. [06:10] Paul Edelman: Speed itself is not the test. You could have a five-year transition that represents disciplined development of the successor, and you could also have a six-month transition that essentially is a denial of what needs to happen, followed by some kind of a deadline. But you certainly don't want to allow things to drift. If the transition is proceeding gradually, you can tell it's working if responsibility and authority are moving according to observable milestones. So the successor is making increasingly consequential decisions. They're learning from the outcomes rather than being rescued by the founder or the prior leader from their mistakes. [07:01] Paul Edelman: They're developing important relationships and they're becoming someone that others rely on. The criteria for readiness also should become clearer over time, and the founder's involvement should change in ways that are recognizable. So that's the ideal. But sometimes a gradual transition represents avoidance, and in those cases you see criteria — sometimes people refer to them as the goalposts — that keep moving. And decisions are repeatedly returned to the founder. Also, each step that the successor takes toward greater authority may be followed by a new reason why the founder feels that they're not ready. So the question that can be asked is: what are the capabilities that the successor is developing, and what specific evidence would demonstrate that? [08:00] Frazer Rice: When you're diagnosing what those capabilities are, as part of that diagnosis, if the successor is inside the family versus outside the family, how do you diagnose whether that is a positive or a negative, in addition to maybe the harder skill sets that are being dealt with? [08:29] Paul Edelman: If the successor is from inside or outside the family, I would say that many of the capabilities needed for leadership are the same. [08:40] Frazer Rice: Yeah, I was going to say — if you run into situations where a family member is capable skill-wise, but there are dynamics issues that have prevented their succession to the throne, essentially. [08:54] Paul Edelman: Sometimes there may be a situation in which you have more than one potential successor and they're in competition with one another, and the family is reluctant to declare a winner. And so one move that can be made in that situation is to essentially bypass the decision by going to the outside to bring in someone. It could be a kind of conflict avoidance mechanism. On the other hand, if no successor is really ready, then sometimes going to the outside can be an interim move. So some companies will hire an external candidate for CEO with the expectation that part of the responsibility will be to develop one of the family members who ultimately may take over. [09:47] Frazer Rice: And so part of your methodology is to read resistance in the room and understand where those pain points are. How does a founder, or generation one, or the successive generations understand what the resistance is? And how do you help them overcome that? [10:02] Paul Edelman: The resistance often takes the form of some sort of concern that is stated like — for example, the most general concern that people say is, well, he or she, the likely successor, is just not ready. But that phrase “not ready” is at a very high level of generality. It's not specific enough to be testable or to be capable of being satisfied. So the challenge is to work with the founder to help them express their concern in terms that are actually addressable. If you try to do that and you're unable to, that's an indication that the concern is less about something specific and addressable, and more about some unpleasant feelings that the founder is experiencing — and that implies a different path for how to address those, or what needs to be done. [11:10] Frazer Rice: For those of us in, let's call it the advisory ecosystem — that can be the wealth manager, or the lawyer, or the accountant, the people who help guide the technical succession issues, whether it's tax planning or trusts and estates or even just the corporate handoff — oftentimes we're presented with situations that just get muddled, and we look at lack of progress with frustration. How does an advisor deal with that, when the instinct and in a sense the business model is to try to push, to get resolution and to get progress on these types of issues? [12:16] Paul Edelman: The signal that I watch for is what that impatience feels like to the advisor. Sometimes it feels like clarity. The advisor says to himself, oh, I see exactly what they need to do — why can't they just do this? And in my experience, that's often the moment when it's helpful for the advisor to slow down. Not because the family should be allowed to delay indefinitely, but because the advisor's own need for resolution may begin to shape what they say and do, and the advice that they give. [13:00] Paul Edelman: One useful check that advisors can use for themselves is to ask whose timeline is being served. There may be a genuine business reason to act — it may be, for example, that the continued ambiguity is hurting the company, or weakening the successor, or leaving employees unsure about who's in charge. But I would also ask myself, and other advisors can ask themselves, whether their recommendation is mainly to help them close the case, or to demonstrate progress, or to relieve their own discomfort with uncertainty. [13:31] Frazer Rice: The concept of — this is really, I guess, the mix of art and science of advising — between push versus pause versus a total restructure or a reframing of the conversation. There's an intersection of, you have to have the technicals down, but then experience in dealing with personalities, experience with dealing with the specific family and situation, and guiding that. [14:15] Frazer Rice: I imagine occasionally you run into situations where, at the intersection between the advisors and the family, they feel stuck. And so then the concept of getting them unstuck — yet there is resistance to maybe bringing in a facilitator to help grease the skids and get the conversation moving again. How do you help that reframing discussion? [14:40] Paul Edelman: I guess the question I would ask is, where do things stand? Has a decision actually been made, or is the obstacle substantive, or is it the process? So when a decision has been reached through a legitimate process and what you see is some sort of executional drag or discomfort, those are the situations where I think it's helpful to hold the boundary. You can acknowledge whatever feelings may be slowing things down, but there's not a need to reopen the decision. [14:55] Paul Edelman: On the other hand, if the discomfort that people are feeling suggests that there's some sort of important concern that hasn't yet been understood, then that's where I would pause. And that pause can involve useful work. You can ask people, what is it you're trying to protect? What are the consequences that you fear? What would need to be true for proceeding to feel responsible rather than reckless? And then there are times when it makes sense to restructure or to add structure. So for example, the choices are pretty clear, but the same conversation keeps recurring and producing the same result. In that case, you want to think in terms of either changing the forum, or clarifying the decision rights, or maybe dividing the issue into smaller decisions, or even bringing someone in to help structure the conversation, like a third-party facilitator. [15:36] Frazer Rice: The handoff ultimately — when the founder, or generation one, has gotten to the point where they're ready to move things along to the next set of operators, the next set of owners — and at the same time, in order to feel safe, they've created some safeguards, or let's call it some trap doors or back doors, to be able to help influence decisions if they feel like things are going in a different direction. How do you think about it so that they don't turn into pain points — maybe regret that turns into a veto power that stymies the succession, even if it's already been decided and put in motion? [16:21] Paul Edelman: Well, I think you put your finger on it. There's a key distinction to be made here between a safeguard and a veto. A safeguard should be limited, explicit, and connected to some extraordinary risk, whereas a veto is kind of an ongoing ability to stop or reverse any old ordinary decision. So when it comes to safeguards, a family might reserve certain kinds of decisions — like selling the company, or taking on debt above a certain level, or issuing new equity, or changing the basic business strategy, or entering into a transaction with a family member. [16:59] Paul Edelman: Those kinds of things can be specified, and the scope, the threshold, the decision process and the duration of the safeguard should be clear — as well as who can invoke that protection, what evidence is required, and who decides whether the trigger has occurred, and so on. So the problems arise when the arrangement is essentially one in which the successor is in charge unless the founder feels uncomfortable. If the founder is allowed to intervene anytime they feel uncomfortable, as opposed to for these specific kinds of reasons, then you're dealing with more of an undefined operational veto. [17:37] Frazer Rice: To that end — boards of directors related to these companies, whether they're private or public, but we're really talking about private in most cases. The constitution of those boards: how involved do you get in that? And what is the importance of independence versus familiarity versus family member input, to act as a go-between in many ways between founder, the operational executives, and then ultimately the owners? [18:07] Paul Edelman: Well, in order to really add value — the kind of value that independent directors can potentially offer to a company — they need to be adequately independent. That is to say, they need to be able to exercise their sound business judgment and carry out their fiduciary responsibilities in a way that is free from undue influence by other kinds of family considerations, and potentially loyalty to particular family members. So I think in those cases where a so-called independent board member is actually a golfing buddy of the CEO or the founder, or has a tie to one particular family member or branch of the family, it may be harder for them to bring the full value that an independent director can bring. [18:55] Paul Edelman: Then of course, another reason why companies bring in independent directors is because they have some additional expertise that the current board members or family members lack. So for example, a colleague and I are working with a company right now where the core business has been subject to commoditization, and they've made a strategic decision to diversify. But in order to diversify, they need to bring in people with new expertise, particularly in the line of business that they want to move into. In order to do that, they need to create some space in their board or boards of directors — they have several different kinds of boards. And as part of this, we were brought in to take a look at those existing boards and help them think about how to restructure in a way that could create some open seats while minimizing the displacement of people who are currently board members, including family members who are board members, who may not feel too positively about losing their board seat. [20:54] Frazer Rice: Related to board seats, but more specifically to family ownership — the concept of family members who rely on the family business for income, versus maybe other parts of the family that are looking at the business and thinking of growing the valuation or innovating with the business, that type of thing. With the tension between those two different components, how do you solve for that and have that conversation stay productive, when I imagine it can get emotional very quickly? [21:34] Paul Edelman: This is where a third-party facilitator can be helpful to slow things down. When things begin to get heated, it's often helpful to have a neutral or impartial person present who can help to reduce the heat in the conversations. There are a number of things in particular that can be done under those circumstances. First of all, anytime there are these kinds of tough decisions, there's never a single right answer. There's always trade-offs involved. And some boards work their way through these things by voting. I'm dealing with a situation right now where some members of the family were outvoted. At the end of that vote, they say, okay, we now have an agreement, we're going to move forward with this. But just because there's an agreement in name doesn't mean there's ownership of the decision. [22:34] Paul Edelman: So in order to create ownership, I think it is helpful to have the difficult conversations and to consider the implications of going one way versus another. If we were to distribute all this money in the form of dividends, what would be the benefits of that, and what would be the costs associated with that? And on the other hand, if we were to plow it all back into growth of the business, what's the upside and downside of that? Only by considering different options and the implications of each can the family ultimately arrive at a decision where people feel like, well, I may not have agreed to this, but I was part of the discussion, I was part of the process of weighing the different considerations, and I'm willing to buy into this. In other words, I feel some ownership for this decision. [23:31] Frazer Rice: As we start to wind down here, an interesting concept is what should all the constituencies come away with from the decision-making process. And as a follow-up to that is simplicity versus complexity of the solution. How do you manage that so that you take care of the needs of the business and the needs for structuring, with the need for simplicity, so that everyone who comes away from the discussion and the decision-making understands what's been put in place? [24:06] Paul Edelman: As far as the solution itself goes, the level of complexity should match what's required to accomplish the desired outcomes. So complexity for its own sake is not useful. But when you're trying to accomplish more than one thing at a time, it may require a more complex approach to the solution. So that's on the solution side. Now the other side of it has to do with communication. How do you share what's been decided with other people, especially people who haven't been in the room? And I think that the best way to do that is to try to explain clearly what was the context of the situation in which the need to make this decision arose; what were the desired outcomes that the decision makers were trying to produce, what were they trying to accomplish; and the flip side of that is what were they trying to avoid, or what were they trying to protect. [25:00] Paul Edelman: When you share all of that, the rationale for the decision becomes more understandable, and also you have a better case for justifying any complexity that's part of the decision. As far as complexity goes, of course, you want to use the simplest, most straightforward language to describe what you've come up with. But I think the key thing to getting buy-in is to make sure that the rationale is clear, and people understand that there was a thoughtful and systematic process behind it. [25:26] Frazer Rice: Really good stuff. Paul, how do people find you to hear more about what you're up to? [25:32] Paul Edelman: My website is edelmancoaching.com. So people can go to edelmancoaching.com, read more about the work that I do, and there's a contact form there. Or people can simply email paul@edelmancoaching.com. [25:46] Frazer Rice: Just to — because you're being very humble — you have a couple of articles coming out with Marty Shenkman, where the intersection of probably the trust and estate planning and the actual, let's say, getting the business ready for the next generation, whatever form that takes, is probably front and center there. How would people find that? [26:06] Paul Edelman: So we've written three articles recently, kind of a trilogy, and they're each going to be carried in different places. Two have already come out, and one is due to come out. These are aimed primarily at estate planning attorneys. But the first one is on when the client asks for a simple estate plan. And this relates a little bit to what you were describing, in a different domain — the domain of trusts and estate plans and so on. But the point that we make is that the client's request for simplicity is understandable, and ideally the attorney will validate that. But at the same time, along with the request for simplicity goes potentially some compromises, because when you have multiple desired outcomes, it may take more of a complex structure to achieve those outcomes. So the role of the planner is not to introduce complexity for its own sake, but to make clear to the client [27:06] Paul Edelman: what trade-offs they'd be making if they went with a simpler plan, and what additional protections they can get by considering a more complicated one. Then the second piece is on the use of language in these estate planning conversations. And again, it relates to this concept we were talking about a minute ago, of the difference between agreement and ownership. Some clients are willing to agree to whatever the attorney says. If you say to them, “Well, I think this is the best plan for you,” they say, “Fine, where do I sign?” But the goal, ideally, is more than just agreement. It's ownership. Because in the absence of ownership — and by ownership, I mean that the client understands the trade-offs that are being made, they feel that they had agency in the process of making those trade-offs — [28:06] Paul Edelman: and ultimately, if something doesn't work out as well as hoped, people will not go back and point a finger at the planner and say, “You did this, how could you do this?” or something like that, but rather, “This was a collaborative effort. You made clear what the choices were, and we made them together.” So that piece talks about language, and how, for example, there's a difference between saying to a client “you should do this,” and speaking to them in terms of what they can do. [28:42] Frazer Rice: And then the third piece — when's that coming out? [28:46] Paul Edelman: The third piece is on beneficiary education, and that one will come out in October. And so the first piece came out in a publication called Wealth Management. The second piece came out in a newsletter that's published by, I think it's LISI. And the piece that's coming out in October is, I think, being published in a magazine or a journal, something like Estate Planning. [29:19] Frazer Rice: They're everywhere. So, terrific. Well, Paul, thanks for being on. I'll put all that in the show notes, and look forward to staying in touch. [29:26] Paul Edelman: Thanks very much, Frazer. [29:28] Announcer: This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice, and does not represent the opinions of the employers of the host or guests. Additional Links Mark Tepsich of Family Governance https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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Passionate Prayer - Chris Montgomery

Play Episode Listen Later Aug 3, 2026 37:50

Join Chris Montgomery in this insightful video on the significance of prayer in the Christian life. This engaging discussion explores the essential role of prayer, the profound relationship it fosters with God, and the joy it brings to believers. Learn about the eight desires of a praying heart and discover how prayer can transform your spiritual journey. Perfect for anyone seeking to deepen their faith and understanding of passionate prayer.

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Choosing a Trustee: Why Naming Your Kid May Be a Mistake — Marguerite Lorenz

Play Episode Listen Later Jul 28, 2026 28:03

Choosing a Trustee: Why Naming Your Kid May Be a Mistake — Marguerite Lorenz Short answer: Naming your child as trustee, executor, or agent under your power of attorney is the default choice for most American families — and it is frequently the wrong one. In this episode of Wealth Actually, host Frazer Rice talks with California Licensed Professional Fiduciary and Master Certified Independent Trustee Marguerite Lorenz about why roughly two-thirds of American adults still have no estate plan, why the job of a trustee is far more intimate and technical than families expect, and how to decide between a family trustee, a bank or trust company, and an independent professional trustee. https://youtu.be/56bzuORe8YI Episode Overview: Who Will Actually Run Your Plan? Most estate planning conversations stop at the documents. Marguerite Lorenz argues the documents are the easy part. The hard part is staffing — deciding who steps in when you can no longer make new decisions, and whether that person can absorb the technical, financial, and emotional weight of the job. Lorenz has served as trustee, executor, agent under power of attorney for finance, and agent for health care for hundreds of families since 2003. She is the author of three books — Luck or Control? The Life-Improving Power of Estate Planning, How to Be a Successful 90-Year-Old, and the newly updated Ethics for Trustees 2.0 — and she is Vice-Chair of the Independent Trustee Alliance. Her framing line, and the one that should stick with every listener: “If you don’t get your estate plan done, you’re suing your family. You’re making them go to court. And who would want to make anyone else go to court?”— Marguerite Lorenz This is the second time Marguerite has joined the show. Her first appearance covered the mechanics of individual trusteeship: EP.75 — Individual Trusteeship with Marguerite Lorenz. Key Takeaways •Only about a third of American adults have any written estate plan — and Lorenz argues half of those plans would not actually function when needed. •Professionals are barely better than the public. When Lorenz polls rooms of attorneys, CPAs, and financial advisors, roughly one-third raise their hands for a complete, up-to-date, ready-to-go plan. •The trustee role is intimate, not administrative. A trustee sees your paperwork, your bills, your medications, and your bedroom. “Who is going to be the first person in your bedroom when you are no longer able to make new decisions?” •Incapacity, not death, is the long tail. Many people live for five or six years unable to make new decisions. The trustee’s job often runs during your lifetime, not just after it. •A professional trustee can be temporary. Lorenz recounts stepping in for a client during cancer treatment, providing a full accounting, and stepping back down when he recovered — then serving again after his death. Would your child step back down? •Estate planning is about preferences, not predictions. “Our power in estate planning is not prediction, it’s setting our preferences” — and preferences can only be set while you are competent. •Quality of life belongs in the plan. Not just tax, legal, and financial terms — but how you want to live, where you want to live, and what small things matter (for Lorenz, an international selection of dark chocolate). •Digital assets are now a core trustee problem. Phones, social accounts, and daily transactions all require someone with access and authority. •A will does nothing while you are alive. “The will doesn’t operate at all if you go to the hospital and you haven’t granted authority to anyone.” •Cost is usually overestimated. Both an estate plan and an independent professional trustee typically cost far less than probate court. •Revisit every five years. Calendar a five-year check-in with your attorney to review law changes, marriages, divorces, births, and deaths. Chapters and Timestamps •[00:00] Cold open: “If you don’t get your estate plan done, you’re suing your family.” •[00:32] Welcome back — introducing Marguerite Lorenz, California trustee and author •[01:14] Luck or Control? — why fear keeps families from finishing an estate plan •[02:22] What a full-time trustee actually sees: trustee, executor, agent for finance, agent for health care •[03:49] Why families default to naming a child — and where that breaks down •[05:00] The skill set nobody screens for: negotiation, calm, empathy, and grief •[05:40] Case study: serving as temporary trustee through a client’s cancer treatment — and stepping back down •[07:51] Why even attorneys need their own attorney: nobody is objective about their own circumstances •[09:09] The five-year estate plan check-in as a life milestone •[09:39] How to Be a Successful 90-Year-Old — living well to the very end •[10:20] The “black box” problem: privacy, dignity, and care in your own home •[11:54] Preferences over predictions — planning for your future vulnerable self •[13:40] Rewriting an advance health care directive after hundreds of hospital bedsides •[16:13] The statistics: only a third of adults — and only a third of professionals — are actually ready •[17:47] Frazer’s challenge to advisors: you can’t advise well if you aren’t practicing what you preach •[18:22] The first question in Luck or Control?: “Hey professional, do you have your estate plan done?” •[19:21] Ethics for Trustees 2.0 — what’s new in the updated audio and PDF edition •[20:27] Family trustee vs. bank trustee vs. independent professional trustee •[21:52] The looming crisis: the great wealth transfer, incapacity, and digital assets •[24:54] Documenting the “why” behind hard trustee decisions •[25:23] Probate courts overrun, bioethics committees, and next-of-kin defaults •[26:54] Where to find the books, the podcast, and the Independent Trustee Alliance directory About the Guest: Marguerite Lorenz, MCIT, CLPF Marguerite Lorenz is a California Licensed Professional Fiduciary (CLPF #319) and a Master Certified Independent Trustee (MCIT). She has served as Trustee, Executor, Agent for Finance, and Agent for Health Care for more than 200 families since 2003 as managing partner of Lorenz Private Trustees. Marguerite is Vice-Chair of the Board of the Independent Trustee Alliance, past Chair of the California Professional Fiduciaries Bureau Advisory Committee, and host of the Plan For This podcast. She is the author of Luck or Control? The Life-Improving Power of Estate Planning, How to Be a Successful 90-Year-Old, and Ethics for Trustees 2.0. About the Host: Frazer Rice Frazer Rice is the author of Wealth, Actually: Intelligent Decision-Making for the 1% and host of the Wealth Actually podcast, where he interviews experts, entrepreneurs, and commentators on preserving assets and enjoying wealth. Resources and Links Mentioned •PlanForThis.com — Marguerite’s books, the Plan For This podcast, and a free First Steps toolkit. Ethics for Trustees 2.0 is now exclusive to this site (audio + PDF bundled with purchase). •TrusteeAlliance.com — the Independent Trustee Alliance directory for locating certified independent trustees by state. •Marguerite Lorenz on LinkedIn •California Professional Fiduciaries Bureau — state licensing for professional fiduciaries •Related episode: EP.75 — Individual Trusteeship with Marguerite Lorenz •Related episode: What If You Are Named in a Will or Trust? Frequently Asked Questions Should I name my child as trustee? Not automatically. A child understands the family but may lack the technical skill to handle tax, legal, financial, and medical decisions — and may be grieving or in conflict with siblings at the exact moment judgment is required. Marguerite Lorenz notes that a trustee must be a good negotiator, stay calm under pressure, set aside personal feelings, and enforce rules the grantor set. She also raises a test most families never consider: if you recover, would your child voluntarily step back down and hand you a full accounting? What is the difference between a family trustee, a corporate trustee, and an independent trustee? A family trustee is a relative or friend serving in a personal capacity, usually unpaid and untrained. A corporate trustee is a bank or trust company with institutional infrastructure, minimum account sizes, and staff turnover. An independent professional trustee is a licensed or certified individual — like a California Licensed Professional Fiduciary — who serves full-time, carries a succession plan, and can often be engaged at a lower cost than families expect. The Independent Trustee Alliance maintains a national directory of independent trustees. What does a trustee actually do while I am still alive? A trustee acting during incapacity manages assets, accounts for every dollar, handles taxation, pays bills, coordinates care, and increasingly manages digital assets such as phone-based transactions and social media accounts. Lorenz emphasizes that many people live for five or six years unable to make new decisions, so the trustee’s lifetime role is often longer and more demanding than the post-death administration. How often should I update my estate plan? Roughly every five years, or sooner after a major life event such as marriage, divorce, birth, death, a liquidity event, or a change in tax law. Lorenz recommends putting a five-year reminder in your phone to call your attorney and ask what has changed in the law and in your life. What happens if I go to the hospital without an estate plan? The hospital and its bioethics committee will do the best they can and will look for next of kin to make decisions for you — potentially people with whom you have never discussed your personal wishes. A will does not help here, because a will only operates after death. Financial and health care powers of attorney are what grant someone authority while you are alive. Is an estate plan expensive? Usually less than people assume, and materially less than probate court. Lorenz makes the same point about professional trustees: “Independent individual professional trustees cost a lot less than you think also. And you need to ask, because this is your life we’re talking about.” Do financial professionals have their own estate plans? Often not. When Lorenz polls audiences of attorneys, CPAs, and financial advisors, only about a third report having a complete, up-to-date, ready-to-go plan — barely better than the general public. Her challenge to the profession is that clients will increasingly ask advisors directly: “Do you have your estate plan completed?” Pull Quotes “Our power in estate planning is not prediction, it’s really about setting our preferences.” “Who’s going to be the first person in your bedroom when you are no longer able to make new decisions?” “I’m not in charge. I’m a servant-manager.” “Once I get my estate plan done and updated, I don’t think about it anymore. My head space is so clear because everything I was worried about has been thought about, considered, allowed, and put down in writing.” Full Transcript Transcript lightly edited for clarity. Timestamps are approximate. [00:00] Marguerite Lorenz: You know, if you don’t get your estate plan done, you’re suing your family. You’re making them go to court, right? And who would want to make anyone else go to court? [00:08] Announcer: Welcome back to the Wealth Actually podcast, the show that features experts, entrepreneurs, and commentators that will give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at wealthactually.com. This podcast is for educational and entertainment purposes. It is not investment, legal, nor tax advice and does not represent the opinion of the employers of the host or guests. [00:32] Frazer Rice: Welcome back. Friend of the podcast Marguerite Lorenz is on the podcast this week. She’s a California trustee and has a new book called Luck or Control? out. We’re going to talk a little bit about fiduciary matters and what it takes to have good staffing within your estate plan. Welcome back, Marguerite. [00:54] Marguerite Lorenz: Thank you, Frazer. [00:55] Frazer Rice: Since the last time you were on, you have a couple of books out and we’ve gotten to see each other a couple of times with the Independent Trustee Alliance. Let’s talk a little bit about the new book that you just published and what you’re trying to do with it. [01:14] Marguerite Lorenz: So that book is Luck or Control? The Life-Improving Power of Estate Planning. And I wrote it because I’ve seen hundreds and hundreds of families really struggle with how this is going to get done, and many people don’t get their estate plan done at all because they’re so afraid. They don’t know what to expect, they don’t want to talk about their mortality, they don’t want to have serious conversations with their loved ones. And if we don’t have those conversations, we really lose all control when we need it the most — when that medical crisis happens or when life changes in a big way. [01:52] Frazer Rice: No question about it. And I went through the book and it’s an important read, because for those people who really have to get their affairs in order and feel stuck for some reason, I think you do a good job of laying out why you need to get unstuck and then how to take a couple of steps to initiate those conversations and get the important things down so that you can then have the deeper conversations that help out later on as you’re structuring things. What part of your experience being a full-time trustee helped to inform all of this? [02:22] Marguerite Lorenz: Well, as a trustee professionally, I’ve met with lots of different families in lots of different circumstances. And for many of them they’ve named me, and so I’m serving in that role. It’s not just trustee; it’s trustee, executor, agent on the power of attorney for finance, and even as agent for health care. And so that’s a very intimate job. It’s a job where you end up seeing someone’s entire life, or as much as you can of another person — their paperwork, how they do things, how they pay their bills, how they live, what medications they take. It’s really very intimate. And I think a lot of us assume that our children know us and they’ll do what we want them to do. But the thing is that it’s very likely you haven’t lived with your children in the same household for decades. And now you’re asking them to come back, drop their life, and come in and be that person for you. Be the person who’s going to protect your privacy, be that person who’s going to protect the way you want to live. And they may disagree with the way you want to live. They may actually have issues with some of the choices that you’ve made or how you’ve proceeded. So now, in addition to having a medical challenge where you’re not able to make new decisions — maybe temporarily, maybe permanently — now you have someone who wants to run the show or actually be in charge. In my job as a professional trustee, I’m not in charge. I’m a servant-manager. I’m really taking the trustor’s wishes and how they’ve structured things and really looking at that to be sure that I can continue it as best I can with all the changes that have occurred. [03:49] Frazer Rice: One of the things we were talking about before we got on board, and something we’ve discussed generally through the Independent Trustee Alliance, is that people who are asked to serve in those roles usually are family members. And for people who are uninitiated in the field, that seems like an obvious choice, because they’re really trying to put somebody in there who understands the family. But as you and I know, they may not be necessarily qualified to deal with the technicalities of the different roles that we just discussed. But also, the idea of taking on the emotional toll of these new conditions can be something different and unapproachable for many people. [04:30] Marguerite Lorenz: Well, I think it helps to kind of look at some of those issues. So you might have more than one child. Even if you have an only child, these issues apply. And now you’ve been in the hospital and you’re expecting this person to deal with your tax, legal, financial, and medical decisions. This person has to be a good negotiator. This person has to be calm when there’s issues that arise, and they may have feelings — they may be grieving that things have changed for themselves and in their relationship with you. So I think to be really empathetic and to be really kind and compassionate, we have to get our own stuff in order so that we can really have a good experience for our last days. And again, some of these roles that I’ve served in have been temporary. Let me give you an example. I worked with a gentleman whose wife had passed away because of cancer. She had been gone about two years and he himself was diagnosed with cancer. So he already knew what that might be like, right? She had already had chemotherapy; he was right there with her through all of that experience. Well, now faced with it himself, he said, “In order for me to do this, I don’t have a partner. I need somebody who’s going to deal with the business of my life so that I can focus on my health.” He named me as his trustee. I became active. I reported to him because he was still able to receive those reports. He was certainly mentally able, but physically it was really hard. He was exhausted most of the time. And he was going to grief support for the loss of his wife and going to chemotherapy treatments. So you can imagine just how full his day was. So we’re into this two years. He met a woman at grief support. He was feeling better because the treatment worked, and he decided he wanted to travel the world before he died. And he married this woman, and they were very happy together. And he asked if he could be trustee again. So — I’m a professional trustee. It’s part of my duty to step back and step down when the trustor who wants to be trustee again wants that job back. So I gave him a full report, he had an accounting, he knew exactly what had happened during my term. He went on with his life, and then he passed away and I became trustee again. So I just wanted people to know that it could be temporary. It’s not necessarily a permanent job. Would your child step back down? [07:14] Frazer Rice: No question. Once in the role, sometimes it’s difficult to get out of it. But you did the right thing in terms of getting an accounting, making sure that your duties stopped when you were told to get off, and then when you were ready to come back on, that those sightlines are very clear. And that’s what comes with talking to a professional like you. You understand those parts so that you’re not having things bleed from one role into another and having liability issues or misunderstandings with the next generation. [07:51] Marguerite Lorenz: Right. And let’s talk about working with professionals from the beginning. We don’t know what we don’t know. And even attorneys need to go to an attorney to get their estate plan done. There may be attorneys who disagree with that, but none of us can be truly objective about our own circumstance. And we need someone who’s going to ask us some tough questions and really help us figure out: what is our intention? How do we feel about this? What’s important to us? So, getting my own estate plan done — I was a single mom in a new profession. I had just become a fiduciary and I had just learned about estate planning. I was learning so much at that time and realized, every time I drive on the freeway, I’m risking my children’s future. I’m their only parent. What can I do about that? So estate planning isn’t just about money, and it isn’t just about death. It’s also about taking an inventory. What do I have? What have I accomplished? Who do I love? What do I really care about? And once we get to have those kinds of conversations, our whole perspective on life improves. And I’ve used my own estate plan, every time I’ve gone to update it, as sort of a milestone check — where am I now? [09:09] Frazer Rice: Maybe the standard procedure is every five years to check in and make sure that life has not advanced as far as divorce, deaths, new kids, marriages, things like that, to make sure that the plan is in place. And it’s a great milestone to reflect on things. And then, as we move up the ladder wealth-wise, if there are changes in tax laws and things like that, it’s important to make sure that the plan understands that change and is able to accommodate what’s going on on that front. Let’s take that as a segue. You have another book that you came out with, How to Be a 90-Year-Old — or a well-functioning 90-year-old. [09:36] Marguerite Lorenz: How to Be a Successful 90-Year-Old. [09:39] Frazer Rice: More than well-functioning — actually successful. How to Be a Successful 90-Year-Old. I have not read that yet, so tell us a little bit about what’s going on there. [09:47] Marguerite Lorenz: Well, I want everyone to have that blue ribbon feeling at the end of their lives. And I picked 90 because I have had clients that have reached a grand old age of over 100. My last client passed at 105. So it is possible to live well until the very end. And I’ve been working with people for over 20 years that are much older than me, who have lots of wisdom and experience to share. Their stories are important. So for people that are serving as trustee — whether you’re a family member trustee or you’re a professional — this book might be helpful, because I actually talk about the relationships with those clients. And I also talk about some things we could do now so that life is simpler, better, and more comfortable when we might need some help. And that’s another barrier that a lot of us have. We have this barrier to having someone come into our home and help us. Our home is our sanctuary, it’s our private space. But I want everyone who’s listening right now to just think about it: who’s going to be the first person in your bedroom when you are no longer able to make new decisions? And do you want that person to see everything that might be in your bedroom? Many, many adults have what I call a black box. We have something that’s private that really, really we keep to ourselves. But everything gets exposed once you are not able to care for yourself. So then what? Well, many people want to stay in their home no matter what, as long as possible. So imagine, if you will — some of my clients have lived in the same home for 30, 40, 50 years. And now they have to get care. Can we arrange to have that care in their home? So this exploration is really about living well to the very end. There are some really great tips, things I’ve learned from my 90-plus-year-old clients that I’ve employed and deployed for myself. [11:23] Frazer Rice: Just as an example there — I’m a ripe old age of 53 shortly. The idea of getting things in place while you’re at the peak of your powers, and you don’t have the difficult decision of having the car keys taken from you, or being in a home that isn’t appropriate for you anymore, meaning you don’t have the necessary safeguards for showers and stairs and things like that. Do you get into that, as far as trying to look five years ahead to make sure that the things that you can do now in a more comfortable environment take place before maybe the emergency happens and then all of a sudden we say, “Oh my gosh, we’ve got to do a complete overhaul here”? [11:54] Marguerite Lorenz: Well, as you know, Frazer, our power in estate planning is not prediction, it’s really about setting our preferences. And if we don’t do that while we feel good, while we’re competent, while we’re thinking clearly, we don’t get a chance to express that or do that once we’ve lost our competence. So this is really important — that I’m thinking about my future vulnerable self. I’ll give you a small example for me personally: dark chocolate is part of my life. I like having an international selection of dark chocolate and I don’t want the same kind every day. I feel the nuances and the taste and the flavors; it’s important to me. For some people that might be wine, for other people it might be fine literature. It really depends on what you’re into. Well, our estate plan can be just about tax, legal, and financial stuff, but it really should be more. It should be about our quality of life. And that’s really what I’m instructing and what I’m talking about in a very warm, personal way in How to Be a Successful 90-Year-Old. And even in Luck or Control?, I want people to understand the function of the documents. So we talk about the documents and what they’re supposed to do to assist your person. But you have to have a person. And you might choose to have a trust company or a bank serve as your trustee, you might have a family member, you might have an individual like me — an independent trustee. You can find more independent trustees at the Independent Trustee Alliance. But the point is: how do I want to live? Who do I want to have help me? What does that help look like? Well, you might not know all the answers right now, but if you begin now, your eyes open to different possibilities. I’ll give you an example: I have visited lots of hospitals. I’ve been to people’s bedsides many, many times. I’ve learned that there are certain procedures I’m just not willing to go through. So in my mind I had to update my advance health care directive to basically say: this shell that I’m in, the case I walk around in, the machine that I live in, needs to be kept alive long enough so that my boys can say goodbye. And that’s not for me, that’s for them. But I don’t want it to go on interminably. [15:00] Marguerite Lorenz: So I’m pretty specific in my documents about what I want. So I’m hoping to help people have a little perspective — use that energy you have, use the power that you have right now to make decisions for yourself, and allow yourself the opportunity to update your estate planning documents from time to time, so that what you learn goes into your documents, and what you decide and what your intention is, is clear. [15:23] Frazer Rice: One of those points that you bring up that I think is important is that you can be a really good user of professional services with some forethought. To muse a little bit about what the end of life looks like is somewhat an unpleasant thought, if you feel like you’ve got less than your full faculties and that ends up being your future. But thinking about that and putting some planning around it, and real ideas about what you want others to take away from your end of life, in many ways I think is a great way to really get the documents put in place and reduce tension and questioning later, and any ambiguity that there might have been ahead of time. [16:13] Marguerite Lorenz: Well, that’s the thing too that we don’t necessarily consider when we avoid estate planning. And I’m talking to all the professionals who listen to you, Frazer. The percentage of professionals who have their estate plans completed might be just a little bit more than the average person, but only a third of American adults have any kind of written plan — and I would argue that half of them are not really going to work. And when I speak to professional groups — attorneys, CPAs, financial advisors and so on — I get that same raise of hands: only about a third of them have a complete, up-to-date, ready-to-go estate plan. Why do I need it ready to go? Because I don’t know what’s going to happen or when. So yes, it is hard to contemplate the end of our lives; it’s not something we want to think about. But how do you stop thinking about it? How do you stop worrying about it? You do everything you can about it right now, and then you set it aside. And our cell phones are so powerful that I can put in my calendar five years from now to call my attorney and ask if anything’s changed in the law, and to consider then if I need to think about anything that might have changed in my life that I want to update. So once I get my estate plan done and updated, I don’t think about it anymore. I’m so relieved. My head space is so clear, because everything I was worried about has been thought about, considered, allowed, and put down in writing. And now I don’t worry anymore. [17:47] Frazer Rice: I scolded a group of financial professionals I was giving a talk to. I asked probably a similar question, which was: how many of you have your estate plan documents up to date? And they all shot up, out of shame. I said, “How many of you have looked at them within the last two years?” And then that shot down to about a third, maybe less. I just said, “Shame on you.” People are looking to you for help on these things and you’re not leading by example. And so — point taken, and not just the trusts and estates lawyers, but for everybody else around the ecosystem. To not go through that exercise yourself — you can’t possibly advise correctly if you’re not practicing what you’re preaching. [18:22] Marguerite Lorenz: Well, here’s my challenge, and here’s my challenge to every professional in our mutual space: bank trust officers, administrators, paralegals, everybody. In Luck or Control? and on planforthis.com, which is where you can find my books and get a free First Steps toolkit, the first question is, “Hey professional, do you have your estate plan done?” It’s the first question. Why? Because I want to be sure I’m dealing with somebody who has some empathy for the emotional decisions I’m going to have to make. I want someone on my team that understands what this feels like — not just the wise, tax-smart decisions that they made. It’s a whole package. And so I’m putting it out there and I’m saying: I’m challenging everyone in our mutual space. Make sure you have your estate plan done, because more and more clients are going to be asking you, “Do you have your estate plan completed?” [19:21] Frazer Rice: So then let’s talk about your third book, which is sort of an update — and we talked about it in the previous podcast that we did a while ago, and I’ll have that in there — which is Ethics for Trustees. What’s in the update? I know it’s now in an audio version, which I haven’t sampled yet but I’m sure it’s really good. What’s new now versus when it first came out? [19:54] Marguerite Lorenz: So I’ve simplified it a bit, because I recognize that each of us can look up the probate code for the state that we live in, and it was really much more of a California-specific book. Look, I’m a California Licensed Professional Fiduciary and I’m also a Master Certified Independent Trustee. So having the audiobook, and also having it in PDF form, I think is very helpful for people so they can make notes, take a certain page with them. And the book now is exclusively available at planforthis.com. And when you purchase it, you’re getting both the audio and the PDF version. [20:27] Frazer Rice: Cool. Well, we’ll make sure that’s in the show notes. Let’s take the last little bit of time we have here and talk about the decision to have an individual trustee — and by individual, I mean family trustee — versus a more professional trustee, whether it’s an individual or a bank trustee. You and I sort of nod our heads in agreement every time we talk on this topic, and I’ve done podcasts with others where I feel this looming crisis is coming, where people put all these documents together in trusts and then they staff them with people who may be initially qualified, barely, but then six months after the ink is dried, their interest wanes, their technical capability wanes, life intervenes, something different happens — and the problems just multiply at that point. I guess my big question is — and from the Independent Trustee Alliance, where there is a group of people who can operate as a trustee without having to go to a bank — how bad do you think this problem could get? We have this great wealth transfer and we have a lot of assets shifting, not just from the ultra-high-net-worth but regular people shifting to the next generation, with people at the wheel of these structures that I don’t think really understand what’s going on. How bad could this get? [21:52] Marguerite Lorenz: In my view, we’re not just dealing with a transfer of wealth — because that’s where a lot of people focus. Where’s the money going, right? It’s going from one generation who died and then the money’s going to the next generation. But in that interim — and by the way, many people live for years unable to make new decisions for themselves. So it’s during their lifetime that they might need their trustee to step in, not just after they die. And that’s really important to consider: that you might need someone for five or six years when you need someone to make decisions. What kind of decisions? You have digital assets, you have your social media accounts, you might be doing transactions on your phone all day every day — but someone else will need to get into your phone to actually do those things, maybe. Is that somebody you want from your family to do that for you? Maybe you still say yes. But that family member has to have the ability to enforce the rules that you’ve set in your trust. They need to communicate really well with other people. And they have to set aside their own feelings. They have to put you first. And that’s a big challenge. So when you think about the word fiduciary — and I know that the financial industry has used the word a lot — the technical aspect of that is that I’m putting my needs aside and putting that trustor, that person who created the trust, their needs first. Then I also have to consider their beneficiaries and the future of those beneficiaries. So I’m dealing with transactions and having to account for every single penny of where the funds are now and where they’re going, what the assets are, what the character of those assets are. I have to deal with all the taxation that goes with that. I have to manage those assets. So that’s one set of skills, right? But then there’s the softer skills about communicating with other people and understanding their doubts and their concerns, and not taking that personally, and putting things in writing. So this is a big job. It’s not the simple job that it might have been at one point, where someone just wrote a will on their cocktail napkin and said, “Okay, I’m leaving you all my money.” The will doesn’t operate at all if you go to the hospital and you haven’t granted authority to anyone to be that person for you, to go to your house, get you some clean underwear and socks and bring it to the hospital for you. So I think we have to look at our lives as more complex. It’s not just driving a car; it’s deciding where that car goes, and if the car is maintained, and is the car clean, and can we have other people in the car with you? There are just so many decisions that I’ve had to make for other people that I don’t take any of this lightly — and nor should anyone who’s writing their estate plan. You need that attorney to ask you those questions and walk you through your day-to-day, so you can keep your day-to-day as long as possible. [24:54] Frazer Rice: Well, the other part too is the people who assume those roles — and I’ve been in it too — when you are asked to make tough choices, sometimes you have to make tough choices that favor one person over another, and you may be called to account for that. And the idea of keeping diligent records and writing — in a sense putting down the reasoning behind what you’re doing and making sure that everyone, to the extent it’s possible, understands the why of what’s happening — I think that is going to help people really save themselves some issues going forward when those tough choices have to be made. [25:23] Marguerite Lorenz: You know, if you don’t get your estate plan done, you’re suing your family. [25:27] Frazer Rice: Ah — good way to put it. [25:29] Marguerite Lorenz: You’re making them go to court, right? And who would want to make anyone else go to court? I mean, it’s just such a sad thing. And by the way, our courts are overrun with people that did no planning. And none of it happens quickly. So if you end up hospitalized and you haven’t selected a person, then the hospital and their bioethics committee is going to do the best they can. They’re going to ask for next of kin to make decisions for you — people that you may never have discussed your personal life with now have to be making decisions for you. So I’m asking people to be a little more proactive. I know you’re busy. I know it costs money to get an estate plan — probably less than you think, and certainly less than probate court would cost. A lot less than probate court would cost. Independent individual professional trustees cost a lot less than you think also. And you need to ask, because this is your life we’re talking about. I’m good. I have my plan, I keep up to date with my successors. I have a succession plan that’s worked beautifully. I’ve tested it. I know. And that’s why I can be so calm and so confident everywhere I go in my life. I’m feeling so good and so happy. Well, I want that for everyone. I want everyone to have that calm, true confidence that comes with knowing you’ve done everything you possibly can for yourself and the people you love. [26:54] Frazer Rice: Terrific. Marguerite, how do people get the books? How do people find you and your podcast, the Independent Trustee Alliance, and any other points of contact? [27:04] Marguerite Lorenz: Great, thank you. So planforthis.com is where you can find the books, where you can find me. We do have a podcast that has some wonderful discussions, case studies, and other topics to help people better understand the choices that they have. The Independent Trustee Alliance has a wonderful directory to find all kinds of professionals, but especially independent trustees, and you can find that at trusteealliance.com. And I’m going to be out there — I’m on LinkedIn. Come find me, connect with me. And Frazer, once again, thank you so much for the opportunity to visit with you. [27:40] Frazer Rice: Oh, it’s always great to get your expertise. And you bring a great sense of empathy to what can be a very technical and dollar-driven process. And I think the empathy, when it gets avoided or missed, there’s something really lost. So I really value your perspective on it. Thank you so much. [28:00] Announcer: This podcast is for educational and entertainment purposes. It is not investment, legal, nor tax advice and does not represent the opinions of the employers of the host or guest. Subscribe to Wealth Actually on Apple Podcasts, Spotify, Youtube or wherever you listen — and if this episode was useful, share it with the person you have named in your documents. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

S13Ep43 - Kane Back To Chicago & Overrated Things

chicago nhl overrated frazer patrick kane nhlers ryan reaves

Play Episode Listen Later Jul 28, 2026 69:22

Frazer, Joe, and Andy talk about Patrick Kane returning to Chicago, is Ryan Reaves still an NHLer, and some of the NHL's most overrated things.

S13Ep42 - Robertson Signs in Dallas + Best All- Time Euros

signs north america euros robertson frazer

Play Episode Listen Later Jul 23, 2026 56:30

Frazer, Joe, and Andy talk about Robertson signing in Dallas and pick the all-time favorite players not from North America.

Hot Business Interview - Dr Marriette Frazer 21 July 2026

HOT BUSINESS

Play Episode Listen Later Jul 21, 2026 8:06

Expert Topic: Leadership gap puts South Africa's retail sector at risk Guest: Dr Mariette Frazer - Department of Marketing Management at the University of Johannesburg's College of Business and Economics (CBE).

university business college south africa johannesburg frazer marketing management business dr

2026 Expectations: Jackson and Moore (Part 2)

Filmstudy with Ken McKusick

Play Episode Listen Later Jul 20, 2026 60:24

Ken and Frazer discuss expectations for Lamar Jackson and LS Nick Moore.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

expectations lamar jackson frazer

2026 Expectations: Jackson and Moore (Part 1)

Filmstudy with Ken McKusick

Play Episode Listen Later Jul 16, 2026 48:30

Ken and Frazer discuss expectations for QB Lamar Jackson and LS Nick Moore.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

expectations lamar jackson frazer

S13Ep41 - Yzerman Out In Detroit + Nicknames

A Hamster With a Blunt Penknife - a Doctor Who Commentary podcast

Play Episode Listen Later Jul 15, 2026 53:47

Frazer, Joe, and Andy talk about Steve Yzerman out as Red Wings GM, famous hockey nicknames, and 1 rule each of us would change.

detroit nicknames frazer steve yzerman yzerman red wings gm

Strictly Come Hamster - Second Doctor Special (featuring James, Frazer, Gareth & Eddie)

Play Episode Listen Later Jul 12, 2026 185:57

A huge love in for the Second Doctor era and a fight over the best and worst stories to crown one story a winner! Incredible accents, new box sets, crazy quotes and mad opinions guaranteed!

doctors incredible gareth hamsters strictly frazer second doctor

S13Ep40 - Uncle Leo Stays Home

Play Episode Listen Later Jul 8, 2026 58:46

Frazer, Joe, and Andy discuss Leo Carlsson staying in Anaheim, the Dylan Larkin drama, Jason Robertson going to arbitration, and all the recent NHL offseason news.

nhl stays anaheim frazer dylan larkin jason robertson leo carlsson uncle leo

REDUCING THE NOISE OF AI INVESTING

Play Episode Listen Later Jul 7, 2026 29:15

“Reducing the Noise of AI Investing”: In this Wealth Actually episode, Frazer Rice speaks with KEVIN SHEA, Senior Equity Analyst at BNY Wealth, about AI Investing and how investors should think about artificial intelligence as an investment theme rather than just a headline-driven trend. They discuss the difference between hype and durable fundamentals, how to segment AI opportunities across infrastructure, software, and end-user adoption, and why free cash flow still matters when evaluating companies tied to AI. https://open.spotify.com/episode/1NGM8j2KqdiUFWSLguBMEH?si=YmB4s0OVSqyy6U3Mpg7OaA https://youtu.be/Wnlub-HoiUo The conversation also explores circular financing risk, the role of management vision in fast-moving markets, which industries may be disrupted or strengthened by AI, and how large institutions are using AI internally to improve productivity, analysis, and client service. Chapters 00:00 – Intro and episode setupFrazer Rice introduces the episode, frames AI as a dominant investment theme, and welcomes Kevin Shea to help unpack AI Investing for the audience. 01:00 – Hype versus disciplined investingKevin explains that disciplined investing is what allows investors to separate hype from durable opportunity, and argues that AI adoption, spending, and earnings revisions point to real underlying fundamentals. 03:00 – How to bucket AI investment themesThe discussion turns to how investors can organize AI exposure, including beneficiaries versus disrupted companies, technology bottlenecks such as GPUs and networking, and industry adoption themes across sectors. 05:30 – Valuation, momentum, and free cash flowKevin discusses why free cash flow per share growth remains one of the most important drivers of stock performance and why parts of the semiconductor ecosystem may deserve a valuation re-rating. 08:15 – Circular financing and risk in the AI ecosystemFraser asks about the growing concern that AI companies are financing one another, and Kevin outlines both the bullish “escape velocity” case and the downside risk if business models do not become independently profitable fast enough. 11:45 – Infrastructure buildout and competitive uncertaintyUsing analogies like railroads and golf courses, the conversation highlights the risk that early builders may not be the ultimate winners, especially in a market with heavy spending and rapid leapfrogging among competitors. 13:00 – AI Investing: Public versus private market exposureThey examine whether owning public companies such as Alphabet offers meaningful AI exposure, versus gaining more direct but harder-to-access exposure through private investment vehicles. 15:45 – What strong AI management teams look likeKevin emphasizes that in an environment with no clear historical playbook, vision, execution, and the ability to identify durable differentiation are critical traits in management teams. 19:15 – Adaptability and strategic pivotsFraser adds that thoughtful adaptation matters, and Kevin notes that sometimes acquisition activity can signal whether a company is innovating ahead of the curve or scrambling to catch up. 20:45 – Which industries are most exposed to disruptionThe conversation shifts to sectors under pressure, especially parts of software and IT services, while stressing that disruption does not necessarily mean extinction. 24:45 – Why law and accounting may evolve, not disappearFraser offers a contrarian view that AI may make strong legal and accounting professionals more valuable, and Kevin compares that to earlier fears that Excel would eliminate accountants. 26:15 – How Kevin uses AI in practiceKevin describes how AI has made his team materially more productive, especially in data aggregation, scenario analysis, industry research, and portfolio risk work, while also helping BNY operationally across onboarding, security, and client communication. 29:10 – Where to find Kevin and closing remarksThe episode closes with Kevin sharing where listeners can connect with him and Fraser noting how quickly the AI landscape continues to change. Links KEVIN SHEA on Linkedin RICK FERRI on BRING SIMPLICITY BACK TO INVESTING Transcript of AI INVESTING Frazer (00:01)Welcome aboard, Kevin. Kevin Shea (00:03)Yeah, thanks for having me. Appreciate it, Frazer. Frazer (00:06)We're going to tackle two words that have basically taken over the investment world for the last six months: artificial intelligence. Before we do that, whether it's AI or crypto or tulips or anything with a lot of hype or buzz around it, how do you think about delineating between investing based on hype and doing it within the confines of a disciplined approach? Kevin Shea (00:32)They really do go hand in hand. You need a disciplined approach in order to recognize whether it's hype or not. The reality is that it's pretty impressive, the adoption we're seeing with AI: the amount of spend, the companies that are participating in and benefiting from AI. There was some concern with the stock movements that many of these companies have seen about whether the market was getting ahead of itself. Yet we have seen significant estimate increases throughout the year. If you take a look at some of the networking companies, their earnings expectations for 2027 are up almost 50% versus where they were just six months ago. The same is true with memory, GPUs, and CPUs. Fundamentally, we're seeing a lot of these companies have expansion in revenue growth and earnings growth, which is quite supportive of a durable trend. What's also very important is that adoption of AI is increasing. You can look at enterprise adoption: nearly two‑thirds of enterprises pay for an AI service. You can look at token usage — that's how much companies are using AI — and that has been parabolic as well. Look at the revenue generation of these AI models. Right now, they are some of the largest, fastest‑growing companies that have ever existed. So we don't really see this as a tulip scenario, or even comparable to the internet bubble. We find it very different. We think there are fundamental drivers to this trade, and we're seeing that through earnings growth. Frazer (02:37)Cool. AI to me is a term that encompasses a lot of different things, and in some ways it's become like real estate or water — it's starting to touch a lot of different industries. It's not just a thing unto itself, but something that's becoming integrated into a lot of other types of things. How do you define and bucket the investment themes so that it's digestible for the investor, and it's not just, “I'm investing in Anthropic or Google,” but people can parse out where it fits within a portfolio? Kevin Shea (03:14)It's a great question and probably one of the most important ones. Part of our overarching thesis is that for AI to fulfill its promise, it has to be in every geography, in every industry, at every company, and at almost every employee layer. We're seeing that when you look at the business units that are adopting AI: customer service, product development, marketing — basically divisions that almost every single company in every geography has. You phrased it as water, how it touches everything, and we're seeing that. So how do you segment it? There are a number of different ways: First, you can break it into: who are the AI beneficiaries, and who are those that will be disrupted by AI? Second, you can break it down into different bottlenecks. That's a way I frequently use within the technology landscape: GPUs, CPUs, memory, networking, storage, data centers. Then you look at that framework and see which companies are most exposed to those bottlenecks. Third, you can ask: which industries will benefit from adoption? Is that biotech, transportation, warehousing? Which companies could be more negatively influenced — maybe that's software? That's how we try to create an AI Investing framework for where we should focus our investment efforts and determine the allocation that our clients can benefit from. Frazer (05:17)As we dive a little bit into how you've bucketed these themes across different areas, there's the concept of benefiting from momentum or valuation versus maybe the cash flow and fundamentals of these different investments. I could imagine that, with the hype and mania around the space, there's a lot of interest. How do you temper that valuation play versus analyzing what the cash flows look like? Kevin Shea (05:49)One of the most highly correlated metrics to stock outperformance is free cash flow per share growth. That's often the most important metric, and we watch that heavily. What's incredible — and we talked about this earlier with estimate revisions — is that many within the AI ecosystem are generating extremely healthy free cash flow growth and margins. A lot of that is in AI infrastructure. They're being paid to supply all the equipment and semiconductors. There's also this concept that valuation multiples shift to where there's value creation. I'll give an example: The SOX, the semiconductor index, used to trade at parity with the S&P. But there's been a paradigm shift. A lot of the intelligence that's being created through these models is powered by semiconductors, networking, packaging, and hardware. You've seen semiconductors go from trading at parity to trading at almost a 50% premium. At the same time, the market is intelligent; it's shifted its view of software. Software used to trade at a 70% premium, and we think the intelligence layer has moved just one layer above where software applications normally sit. As a result, you've seen valuation compression for the IGV, the software index, from that 70% premium down to about 20%. Some people might look at the semiconductor index and say it's more expensive than where it historically trades — maybe that's hype. But we actually view it as a shift in where the value creation is occurring. So we think it's a healthy, understandable move within the market. Frazer (08:16)One of the questions that pops up is that there's a lot of news around the circular flow of cash, where a lot of these companies are all investing in each other. You hear “five hundred billion is going from Google into Anthropic,” or different flavors of that, where it seems like the money is rotating. And there's a question as to whether it's rotating and expanding, given sales and so on. How do you think about that and make sure that we aren't wandering into more of the sort of things that are happening off balance sheet that we don't see, while still recognizing the investment that's taking place? Kevin Shea (08:57)At minimum, it raises the risk profile. There are many circumstances and scenarios where this has occurred in the past — the internet being the most commonly referenced — and that obviously did not work out. There are multiple scenarios that could happen, but for simplicity we'll break it down into two. The first scenario is that this is such a capital‑intensive expansion that companies are doing an “all‑hands‑on‑deck” effort. The faster you can get capital from well‑capitalized firms, the faster you can build your infrastructure and reach scale so that these large language models are profitable. If you can expand and take capital from everywhere, then you can provide enough compute for all enterprises and consumers to utilize your product and your model. You reach “escape velocity” in the sense that your scale allows you to lower costs and become more profitable faster. That's the glass‑half‑full environment. Glass‑half‑empty is that they do not reach escape velocity. The business models needed more time to bring the cost of delivering AI down enough to be profitable on their own; they didn't need this extra capital to reach an enormous amount of scale, and they're moving too fast. If that scenario plays out, and these companies are not able to be profitable on their own, and the financial markets become tighter, that creates more downside risk for everybody in the ecosystem. We don't see that right now because, at the moment compute is available, it's being taken right away. We still feel comfortable with the financing occurring right now, but it is one of the top risks that we monitor. It's not that it's systemic, but it provides less clarity and disclosure, and it creates a riskier profile as we go through this expansion. Frazer (11:43)In the back of your mind, you're probably saying, “We want to make sure, if there are winners and losers in AI Investing, that we avoid the railroad scenario,” where you build this whole infrastructure and companies have to go bankrupt twice before they actually reach profitability. Or the bromide that golf courses only become profitable, if they ever do, because the person who built it — a passion project — didn't make it work, then it goes bankrupt, then the bank is stuck with it and doesn't know how to run it, then they get rid of it, and then the third person has learned the lessons from the first two and is able to push forward. Kevin Shea (12:23)That's a good point. When we look at all these different models being created, right now you have an environment where everyone is spending and keeps leapfrogging each other at different times. It's still a very unknown outcome for all of these players. There's a lot of competitive intensity in the large language model space and the broader AI ecosystem. It's certainly a very dynamic environment right now. Frazer (12:59)As investors are trying to access this, there are the public companies. You can go on your Fidelity account or talk to your advisor at BNY Mellon or anybody else and say, “I've heard about Anthropic or Google or all of these things.” As far as a good proxy for exposure, how do you think about that? For example, if I looked at Google and understand that they have underlying investments in their portfolio — in addition to their regular businesses — into these different scenarios, is that a way to get shorthand exposure? As opposed to trying to access a venture fund where the entry points are difficult, the hurdles are high, you need to write big checks, and access is gated? Kevin Shea (13:53)It's a very astute point when you mention circular financing. That doesn't just happen with public companies; a lot of these vendors and companies in this ecosystem are investing in private companies as well. When those private companies go public, you find out that Company XYZ is a top owner, and one of their suppliers. There has been a growing awareness that, with certain public companies, you have exposure to a handful of private companies. For BNY, our Fujio funds do a lot of our private investments. That's usually the best way to gain direct exposure. Frazer (15:37)Sure. Not to be flippant, but you're getting paid to own it at that point via their dividend, as opposed to you paying — at the SPV or LP level — to gain access to it. But yes, it's definitely not a pure play. I wouldn't buy Google just to be in a venture fund. And just to reiterate for listeners, this is not investment advice. We're trying to learn and talk through different types of scenarios. As you're thinking about this and looking at these different companies, what does a good management team look like? You'd think: a bunch of PhDs, great at coding, lots of experience in the venture community, maybe hung out in Silicon Valley. But everything is so new and dynamic. When you're evaluating these businesses, what does a good management team look like as they're trying to scale at warp speed, while profitability may or may not be a thing? Frazer (17:49)I'd add that I think there's an interesting component to AI Investing: a track record of what I would call thoughtful adaptation. When your business plan gets punched in the face and you're able to pivot — meaningfully pivot — I'm not talking about a dog food company suddenly putting “.ai” at the end of its name, but someone who can shift and take advantage of opportunities as they come up, as you say, without being so rigid in their vision that they end up getting lapped. I think that's an interesting facet to focus on. Frazer (20:50)When I try to get my arms around this, I bucket things in terms of: Disruption: blowing up something traditional Optimization: taking something that's already good and turning it into great World‑building: taking a vision, starting from zero, and building something that didn't exist before On that first point, what industries do you think are under attack, and how do you invest around that so you're not left holding the bag — you're not a buggy‑whip company as Tesla releases their next issue? Frazer (24:48)As an example, I run into all sorts of law firms and accounting firms, and I hear the comment that law firms are going away. I have a contrarian view. First, I think law has a wonderful ability to metastasize, to find issues, and I think AI is going to be great at finding those and keeping lawyers busy. Second, for lawyers who are good, I think the ability for AI to make them more efficient and help them graduate to even more detailed and “higher‑value” discussions will only increase. So when people say, “Law is going to be dead,” I don't really agree. I think that ties into your point that AI will help some companies that can adapt and use it well to drive further value, probably even charge more. For others, they'll be left behind or become cottage industries. Frazer (26:11)And there will be more and more issues to solve. I don't underestimate that. I think AI is going to start poking holes in different things we didn't think about. Then it will take good brainpower, made more efficient by AI, to deal with these new issues as they pop up. In your day‑to‑day job, what are you using AI for? Maybe through Bank of New York, and maybe informally, when you're doing other research — to be smart not only about the company areas, but what you're doing personally to be more efficient, take advantage of AI, and learn about cool stuff. Frazer (29:11)Cool stuff. How do people find Kevin Shea, and any final thoughts? Kevin (29:20) KEVIN SHEA on AI Investing Frazer (29:29)Terrific. Thanks for being on, and we'll be sure to stay in touch, as I'm sure everything will be completely different in not just six months — probably six weeks. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Keywords: AI Investing

new york ai google law phd investing bank tesla silicon valley hype software glass infrastructure disruption reducing excel lp alphabet fraser valuations adaptability anthropic circular sox terrific gpus frazer cpus bny mellon spv bny kevin shea igv frazer rice wealth actually

S13Ep39 - Free Agent Fireworks

nhl fireworks free agents frazer

Play Episode Listen Later Jul 2, 2026 65:02

Frazer, Joe, and Andy breakdown a crazy week of free agent signings and trades in the NHL.

College Success: Essential Tips from Laurie Dhue

Brettâ€™s Old Time Radio Show

Play Episode Listen Later Jul 1, 2026 37:09

For many, college success seems pre-ordained and the rightful outcome of a thoughtful next generation development plan, But, we all know this isn’t always the case. One of the great fears for many families is a child stumbling with their first taste of independence and outside accountability. LAURIE DHUE shares insights on preparing young adults for college, focusing on the four S’s: sex, substances, self-esteem, and scholastics. This episode offers practical advice for parents and students to navigate independence responsibly and confidently and set those students up for college success. In recovery for 19 years and with a career in broadcast journalism at the highest levels, Laurie is one of the foremost experts in the field and armed with real world, personal experience. https://youtu.be/8JN2iM8gxWA Key Topics The four S’s framework: Sex, Substances, Self-esteem, ScholasticsImportance of consent and online safetyManaging peer pressure and peer influenceBuilding self-esteem in the age of social mediaPractical safety tips for college studentsThe role of family communication and supportLong-term decision making and goal setting in collegeRecognizing signs of substance abuse and mental health issues Guest Name: Laurie Dhue Titles The 4 S’s of College Success: Sex, Substances, Self-Esteem, and ScholasticsHow to Prepare Your Kid for College: Essential Tips from Laurie Dhue College Success Sound Bites “Consent is the most important thing to discuss.”“Social media creates so much pressure on young people.”“One bad decision can lead to a tough time.” Chapters 00:00 Introduction to Recovery and Wellness03:06 The Four S’s: Preparing for College Life06:05 Navigating Consent and Relationships08:50 Substance Awareness and Safety11:58 Building Self-Esteem in College15:42 Academic Success and Responsibility28:49 Financial Literacy and Practical Majors33:47 Final Thoughts and Key Takeaways Resources Family Wellness First Program – https://familyofficegrowth.comLaurie Dhue on LinkedIn – https://www.linkedin.com/in/lauriedhue/Laurie Dhue on Instagram – https://www.instagram.com/lauriedhue/Family Office Growth Partners – https://familyofficegrowth.com College Success Guest Links LinkedIn – https://www.linkedin.com/in/lauriedhue/Instagram – https://www.instagram.com/lauriedhue/ The Citizen Heir Concept Transcript Preparing Kids for College: The Four S's Framework Featuring Laurie Dhue | Hosted by Frazer Frazer:Welcome aboard, Laurie. Laurie Dhue:Great to see you. Thank you so much for having me on, Frazer. Frazer:It's a pleasure to have you. Today we're diving into an important topic: preparing kids for the transition to college and setting them up for success. You've had a remarkable career in broadcast journalism, and you've also been open about your personal journey with sobriety. Can you share a bit about your background? Laurie's Background and Mission Laurie Dhue:I'm always grateful to talk about recovery and how sobriety can positively impact individuals, families, and communities. I've been sober since March 2007—so 19 years now. Sobriety has given me everything back, plus entirely new purpose and additional careers beyond television news. For the past year, I've been focused on building health and wellness resources for individuals and families—covering physical, mental, emotional, and spiritual health. Through my work with Family Office Growth Partners, we created a program called Family Wellness First, which provides high-level resources to help families maintain purpose, preserve legacy, and operate at their best. The College Transition Challenge Frazer:We talked beforehand about how this work applies to many areas, but one that deserves more attention is preparing kids for college. You've framed this around the “Four S's.” Walk us through that. The Four S's Overview Laurie Dhue:The Four S's are: Sex Substances Self-esteem Scholastics College brings freedom, independence, and opportunity—but also risk. For many students, it's the first time making decisions without parental oversight while navigating relationships, substances, schedules, and academics. 1. Sex: Consent and Boundaries Laurie Dhue:Consent is the most important concept. It must be clear, ongoing, and voluntary. It can be withdrawn at any time. Young men need to understand responsibility for ensuring mutual comfort. Young women need to understand that attention or kindness does not create obligation. Alcohol complicates this significantly by lowering inhibitions and increasing risk. It's also important to understand that sex is not a reliable source of validation or self-worth. Practical guidance includes: Use protection Communicate plans with friends Stay aware of surroundings Know campus resources (health center, security, emergency services) 2. Substances: Risk Management and Awareness Laurie Dhue:Substances can derail judgment, safety, relationships, and academic performance—especially early in the first semester. Key guidance: No pills, no powders (due to fentanyl risk) Be cautious with alcohol; it impairs decision-making Never accept drinks you didn't see prepared Warning signs of a problem include: Obsessing over the next opportunity to drink or use Repeated negative consequences with no behavior change Missing classes or experiencing memory gaps Friends expressing concern Students should have prepared ways to say no and understand that not everyone is engaging in heavy substance use. 3. Self-Esteem: Identity and External Pressure Laurie Dhue:Social media has intensified comparison and pressure around appearance, lifestyle, and status. Ways to build self-esteem: Attend class consistently Tell the truth Leave uncomfortable situations Treat others with respect Make decisions you can live with the next day Support systems are critical: Friends Extended family (aunts, uncles, mentors) Counselors and campus resources Asking for help is a sign of strength, not weakness. 4. Scholastics: Discipline and Structure Laurie Dhue:Freedom in college requires discipline. No one is managing your schedule, so students must build structure early—especially in the first semester. Key habits: Prioritize sleep, nutrition, and exercise Review notes regularly Start assignments early Use planners or digital calendars Seek tutoring when needed Discipline is a form of self-respect. Financial and Academic Practicality Frazer:Students should balance curiosity with practicality—developing skills that translate into career opportunities. Avoid unnecessary debt and understand basic financial concepts like compounding. Even small financial decisions can have long-term consequences. Laurie Dhue:Agreed. Use debit cards where possible, avoid unnecessary credit, and think carefully about major purchases. Practical majors today include: Nursing Accounting Engineering Computer science Finance Supply chain and operations Information systems Students don't need to decide immediately, but they should move toward a viable path. Final Takeaways Laurie Dhue: One poor decision can have lasting consequences Small decisions compound over time Asking for help is a sign of maturity College is about learning to manage freedom—not proving independence through risk-taking Trust your instincts—if something feels off, it likely is Where to Find Laurie Laurie Dhue: LinkedIn: Laurie Dhue (Family Office Growth Partners) Instagram: @LaurieDhue Facebook: Laurie Dhue I'm always happy to connect and help families navigate mental health and substance use challenges. Frazer:Terrific. Thanks for being on. Laurie Dhue:Thanks, Frazer. Keywords college prep, young adults, self-esteem, substances, consent, college safety, mental health, family wellness https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The prefect SunDay wind down, Dad's Army with A Stripe For Frazer on Brett's Radio Show Episode 1332

Play Episode Listen Later Jun 28, 2026 29:03

Tonight on Brett Orchard's Old Time Radio Show, we're settling in with the timeless comfort of Dad's Army: A Stripe for Frazer. One of Britain's best-loved classic comedies, Dad's Army is full of gentle humour, wartime nostalgia and that wonderfully familiar feeling of Sunday evenings gone by. Whether you grew up with Captain Mainwaring, Sergeant Wilson, Corporal Jones and Private Pike, or you're discovering Walmington-on-Sea for the first time, this is classic British comedy at its warmest. Make yourself comfortable, put the kettle on, dim the lights and enjoy another cosy journey back into the golden age of radio. Subscribe for classic British comedy, old time radio, vintage mysteries and calm night-time listening. dayslikethis.life #DadsArmy #ClassicBritishComedy #OldTimeRadio #SundayNightListening #BedtimeListening

british army dad sea britain radio show stripe frazer wind down prefect old time radio shows captain mainwaring

Back from Austin & EnochiaCon News

MAGICk WITHOUT FEARs "Hermetic Podcast" with Frater R∴C∴

Play Episode Listen Later Jun 26, 2026 71:17

Watch the full livestream: https://youtube.com/live/aM9pps7qZH4?feature=shareBig news and fun reflections on our A.R.S. Spring Workshops last week in Austin, Texas. Frater R.C. returns to Canada after 10 days in Austin, Texas, describing the city as lush, vibrant, and friendlier than Vancouver, and announces he has signed a multi-year lease there so his business is now based in Austin. He demonstrates a new two-camera setup, gifts channel memberships, and promotes free/paid offerings including HermeticMysterySchool.com and the Enochian course (enochiangrimoire.com), plus a planned live Enochian operation. He recaps Arcane Research Society production upgrades (multiple 4K cameras, expanded AV team), thanks collaborators like Jason Louv, and outlines upcoming events: the annual spring Austin event renamed “MagiCon” (April, broad “art of magic” focus, aiming to grow into a castle venue), and the biggest “EnochiaCon” yet in Austin in November with expanded in-person workshops (e.g., Terry Burns, Craig Williams, Dr. David Hill, Temple Louv, and his LBRP masterclass), plus Prague in 2027.He contrasts U.S. vs. Canadian costs (especially groceries), discusses major improvement in long-term psoriasis via a strict no-sugar/no-carb diet, weight loss, and reluctance to take immune-suppressing medications, and reflects on how illness affected his social life. He addresses critiques of Liam Christopher's Golden Dawn-related material as a different system that can confuse students, while not wanting to “trash” him. The stream includes an Austin souvenir (a lapis lazuli heart lamp), a book haul and reviews—highlighting M. David Litwa's Hermes (including deluxe editions), a JPS Hebrew-English Tanakh, William James's Varieties of Religious Experience, Frazer's Golden Bough, Pico's Oration, a rare Yeats Shadowy Waters manuscript study, and a Vampire: The Masquerade encyclopedia gift—plus brief Yeats readings, roleplaying discussion, and closing plans for future streams and a DruidCraft tarot session.Support this podcast at — https://redcircle.com/magick-without-fears-frater-r-c-hermetic-podcast/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

The Golden Boughl The Magic Art Book 1

Prometheus Lens

Play Episode Listen Later Jun 24, 2026 91:01 Transcription Available

Want more exclusive content?! http://prometheuslens.supercast.com to sign up for the "All Access Pass" and get early access to episodes, private community, members only episodes, private Q & A's, and coming documentaries. We also have a $4 dollar a month package that gets you early access and an ad free listening experience!==================== SummaryJoin me as we read through J.G. Frazer's The Golden Bough!!====================

S13Ep38 - Tkachuks Reunited

hall of fame reunited frazer brady tkachuk

Play Episode Listen Later Jun 24, 2026 47:37

Frazer, Joe, and Andy discuss the trade of Brady Tkachuk to Florida, other big trades, and a very weak Hall of Fame class.

Marc Bloch au Panthéon, historien combattant du temps présent

La marche du monde

Play Episode Listen Later Jun 20, 2026 48:30

À l'heure des fake news, il faut lire Marc Bloch et ses Réflexions d'un historien sur les fausses nouvelles de la Grande guerre ou encore L'Étrange défaite, témoignage écrit dans l'été 40 où s'exerce son art de la critique historique en partant du temps présent pour mieux appréhender le passé, avec humanité. Pionnier de l'Histoire moderne, témoin de son propre temps, Marc Bloch est un ancien combattant de la Première Guerre mondiale, engagé volontaire en 1940 à l'âge de 53 ans. L'historien combattant entre dans la résistance active dès 1943 au sein du mouvement Franc-Tireur dans la région Rhône-Alpes. Finalement arrêté et torturé par la Gestapo sur dénonciation, Marc Bloch est fusillé à Saint-Didier-de-Formans, le 16 juin 1944, par les nazis. Père et mari aimant, époux de Simonne, Marc Bloch a choisi de sacrifier sa vie pour la Patrie, celle que sa famille juive alsacienne a choisie en 1870 : la France. Pour son entrée au Panthéon avec son épouse Simonne Vidal, nous écoutons les mots de Marc Bloch dans la voix de la comédienne Anne Alvaro - enregistrée aux Rendez-vous de l'Histoire de Blois 2025- avec nos invités Matis Bloch, son arrière-petit-fils et l'historienne Annette Becker, ainsi que les lauréats du Concours lycéen Franco-Allemand Marc Bloch organisé par le Centre Marc Bloch de Berlin dans un reportage de Pascal Thibault, notre correspondant en Allemagne. Avec tous nos remerciements aux Rendez-vous de l'Histoire de Blois pour la performance Marc Bloch l'Homme, l'Historien et tout particulièrement à la comédienne Anne Alvaro. ► Les livres de Marc Bloch cités dans l'émission : Réflexions d'un historien sur les fausses nouvelles de la guerre, aux éditions Dunod « Les fausses nouvelles, dans toute la multiplicité de leurs formes – simples racontars, impostures, légendes – ont rempli la vie de l'humanité. Comment naissent-elles ? De quels éléments tirent-elles leur substance ? Comment se propagent-elles, gagnant en ampleur à mesure qu'elles passent de bouche en bouche ou d'écrit en écrit ? Nulle question plus que celles-là ne mérite de passionner quiconque aime à réfléchir sur l'histoire. » Marc Bloch a été un combattant de la Grande Guerre. Mais, au milieu des combats, il n'a jamais oublié de s'interroger sur la source des informations qui parcouraient les tranchées : d'où venaient-elles et pourquoi de fausses nouvelles avaient-elles tant de succès ? En 1921, il interpelle ses contemporains avec un article court et éclairant dont la réflexion est toujours d'actualité. Les rois thaumaturges, aux éditions Gallimard De 1944, date de sa mort héroïque, au début des années 1970, Marc Bloch est surtout apparu comme le cofondateur (avec Lucien Febvre) de la revue Annales, qui renouvela la méthode historique, et l'auteur d'une grande synthèse, La Société féodale (1939-1940). Depuis une dizaine d'années, les historiens et les chercheurs en Sciences humaines et sociales pensent de plus en plus que le grand livre de Marc Bloch, c'est son premier vrai livre : Les rois thaumaturges (1924). Il est consacré à l'étude d'un rite curieux : la guérison miraculeuse, par simple toucher des mains, des écrouelles ou scrofules (adénite tuberculeuse). L'attribution de ce pouvoir aux rois de France et d'Angleterre remonte probablement au XIIè siècle ; elle va durer en Angleterre jusqu'au début du XVIIIè siècle, en France jusqu'en 1825, date du sacre de Charles X. Comment se déroulait le rituel du toucher royal ? Quelle était la vraie nature du pouvoir monarchique : les rois étaient-ils des personnages sacrés, des sorciers faiseurs de miracles ? Pourquoi, enfin, a-t-on cru puis cessé de croire au miracle royal ? Trois questions qui ont amené Marc Bloch à explorer les chemins de la psychologie collective, des rites et des mythes, des croyances populaires. Pour éclairer le phénomène, il a eu recours à l'anthropologie et à son plus grand théoricien d'alors, Frazer, au comparatisme avec les sociétés les plus diverses, aux arcanes de la médecine populaire traditionnelle. C'est un jalon essentiel dans l'exploration des mentalités et l'invention d'une anthropologie historique. Dans son importante préface, Jacques Le Goff s'efforce de préciser les raisons personnelles et les milieux intellectuels qui ont conduit Marc Bloch à écrire ce livre exceptionnel, gros d'avenir, puis à abandonner cette voie, et fait le point sur la situation des Rois thaumaturges dans la recherche historique et anthropologique aujourd'hui, dont ce livre est l'un des phares. L'étrange défaite, aux éditions Gallimard « Témoignage », était-il écrit sur la première page du manuscrit rédigé d'une traite à l'été 1940, puis dissimulé en attente de jours meilleurs, et finalement publié en 1946 aux Éditions Franc-Tireur, émanation du groupe résistant dans lequel Marc Bloch s'est engagé jusqu'à son arrestation au printemps 1944. Le « plus vieux capitaine de l'armée française », comme il aimait se décrire, combattant de 1914 devenu engagé volontaire en 1939, y propose autant un examen de conscience qu'une analyse sans concession de la France battue en quelques semaines. Pour réaliser cette histoire immédiate, il met à profit ses compétences d'historien des sociétés et des mentalités du Moyen-Âge, tout en se tournant vers l'avenir : « Un jour viendra, tôt ou tard, j'en ai la ferme espérance, où la France verra de nouveau s'épanouir, sur son vieux sol béni déjà de tant de moissons, la liberté de pensée et de jugement. Alors les dossiers cachés s'ouvriront ; les brumes […] se lèveront peu à peu ; et peut-être les chercheurs occupés à les percer trouveront-ils quelque profit à feuilleter, s'ils le savent découvrir, ce procès-verbal de l'an 1940. » Écrits de guerre, aux éditions Armand Colin L'ouvrage ne se présente pas sous la forme classique d'un récit continu divisé en chapitres sur un sujet précis. Son unité est constituée par le personnage central Marc Bloch autour duquel gravitent des questions variées, toutes ayant un lien plus ou moins direct avec la guerre et l'expérience de la guerre. C'est un travail élaboré à partir d'un dossier constitué par Marc Bloch intitulé Souvenirs de guerre, composé de documents de natures diverses, coupures de presse, lettres manuscrites, écrits personnels, cartes postales d'origine variée, etc. présentés au lecteur. La reproduction des carnets de guerre de Marc Bloch complète ce recueil de documents ainsi que deux textes, l'un le récit des premiers mois de la Grande Guerre vécus par Marc Bloch, déjà publié sous la forme du Cahier des Annales, n° 26, 1969 sous le titre Souvenirs de guerre 1914-1915, l'article célèbre de la Revue de synthèse historique, Réflexions d'un historien sur les fausses nouvelles de la guerre. Une longue introduction de Stéphane Audoin-Rouzeau situe Marc Bloch dans la guerre et propose une réflexion sur la manière dont celle-ci a influencé sa pensée et son œuvre. ► Pour l'entrée au Panthéon de Marc Bloch, découvrez l'exposition Marc Bloch, l'esprit de l'Histoire. .

france berlin dans grande quelle sciences alors depuis premi histoire trois revue rh xviii guerre exposition rendez historiens souvenirs allemagne alpes finalement angleterre gestapo concours xii moyen la soci panth frazer cahiers pionnier blois combattant nulle grande guerre patrie marc bloch annales temps pr jacques le goff lucien febvre franc tireur centre marc bloch

The History of Israel - Stephen Streett

god history israel transformation worship scripture sermon rebellions israelites frazer history of israel

Play Episode Listen Later Jun 18, 2026 28:56

Join Stephen Streett as he delves into the history of Israel through the lens of scripture. This sermon explores the journey of the Israelites from Egypt to the wilderness, focusing on themes of rebellion, faithfulness, and transformation. With a strong emphasis on understanding God's statutes and the importance of worship, Stephen encourages listeners to reflect on their own spiritual journey and relationship with God.

S13Ep37 - Canes Win Cup

Play Episode Listen Later Jun 17, 2026 54:11

Frazer, Joe, and Andy talk about Carolina being Stanley Cup Champions, Vegas and Toronto coaching hires, and All NHL teams.

las vegas toronto canes stanley cup champion frazer all nhl

S13Ep36 - Best Of 3

detroit edmonton stanley cup finals larkin babcock frazer milan lucic

Play Episode Listen Later Jun 11, 2026 61:11

Frazer, Joe, and Andy discuss the Stanley Cup Final being tied 2-2, Larkin wanting out of Detroit, Babcock being hired and/or blocked from being hired in Edmonton, and Milan Lucic retiring.

Jubilee by Robert Shearman

Trap One: A Doctor Who Podcast

Play Episode Listen Later Jun 6, 2026 54:17

Thank you for downloading the Trap One Podcast. On this episode Keith, Frazer and Mark discuss the novelisation of Jubilee by Robert Shearman. You can order the book here #ad

jubilee frazer robert shearman

S13Ep35 - Vegas Wins Game 1

Play Episode Listen Later Jun 3, 2026 60:51

Frazer, Joe, and Andy discuss what the Knights winning Game 1 means for rest of the series. Mario back with Penguins? Werenski wins the Norris trophy and RIP Claude Lemieux.

game las vegas knights game1 penguins norris frazer

GETTING THE BUSINESS READY TO SELL

Play Episode Listen Later Jun 2, 2026 31:15

ALEXANDRIA SEYDEL from Ripples Edge Advisors shares expert strategies on “getting the business ready to sell.” We focus on exit planning and getting the most value out of the transaction. Discover how early planning, owner mindset, and strategic positioning can lead to successful exits and satisfied owners. https://youtu.be/8OwhCRCBZl4 https://open.spotify.com/episode/2qawd64OYzljBvU9xqS8df?si=1Xvv2OUFSbeBtUDeJGTMXg KEY TOPICS Early exit planning and owner mindset,Getting the business ready for sale and transfer.Risk assessment and deal readiness.Owner satisfaction and post-sale happiness.Capital raising and growth strategies. SOUND BITES for “GETTING THE BUSINESS READY TO SELL” “Getting clear on owner success is crucial.”“Start exit planning 2-5 years in advance.”“Family dynamics can be deal breakers.” Chapters 00:00 Navigating Business Exits: An Introduction.02:57 Understanding Owner Satisfaction Post-Sale..05:55 Preparing for Sale: The Importance of Readiness.09:00 Building a Succession Plan for Business Continuity.11:49 Assessing Business Value: The Exit Readiness Assessment.15:08 Evaluating Growth Opportunities and Capital Needs.17:58 Cash vs. Equity: Making Informed Decisions.21:03 Finding the Right Buyers: The Role of Advisors.24:08 Addressing Family Dynamics in Business Sales.26:59 Checklist for Business Owners Considering Sale. RESOURCES Ripples Edge Advisors – https://ripplesedgeadvisors.com/ GUEST LINKS LinkedIn – https://www.linkedin.com/in/alexandriaseydel/ QSBS For Founders – https://frazerrice.com/qsbs-for-founders/ TRANSCRIPT Frazer RiceWelcome aboard, Alex. Alexandria SeydelHi Frazer, so nice to be here. Thank you for having me. Frazer RiceThank you for being on. We’re at a time now with the economy where it feels like it’s roaring. Valuations on things are going up, up, up. And people who have founded businesses are exploring their options. That’s kind of where you step in with your firm Ripple’s Edge Advisors. Talk to us about what you do to help founders get ready. Not only in understanding what they have in their own business. How to go through the daunting process of exploring their options. Getting their business bulletproof for when people start looking under the hood. Alexandria SeydelAbsolutely. My background is as an M&A attorney, so I came from the deal side. My co-founder is an operator — she actually knows how to run the businesses. It’s a very good duo. I think like a buyer, first and foremost. That’s how I was trained. So how we help business owners now is we jump in two to five years before exit. We’re trying to solve a problem still being missed by most of the industry. Brokers and bankers know how to get deals done, create auctions, create demand, and sell for high prices. That’s all great. But the gap I was seeing was the need to jump in with the owner before that process. Getting clear on what’s a win for them. There are some startling stats about owner dissatisfaction post-sale. Some surveys show 70 to 80% of owners are dissatisfied after selling. I’d argue that’s not because they sold — it’s because they sold to the wrong person in the wrong way. So it’s the who and the how. Jumping in with them earlier. Before we go to market, Before we start talking multiples and financials. Getting with the owner and doing the work on what a win looks like for them. What do they care about in the process? When they think about their life through this deal and post-deal, what do they want to feel and see? How do they want to operate on an average Tuesday. Yes, after all the cool vacations with all the freedom and the new chapter. After that, what do you want to be doing? And when you look back at that beautiful business you built and then sold, what do you want to see in it? Is it that client service remains the same? Is it that the ethos of the company remains the same? Or is it simply: “Alex, I’m satisfied with the biggest wire at closing we can get, and I’ll be a happy camper moving on to the next phase of life.” Really getting with that owner earlier to get clear on that — what’s a win for them and what’s a win for their business — that’s where we start. Then we begin implementing and helping them build those exit strategies from there. We believe that foundational vision and values work is really going to help bring down that dissatisfaction number. So now we’re building an exit that feels right for the owner, right for the business, and helps them feel good about that transaction. Frazer RiceFrom the estate planning and tax planning side of things, I totally agree that the earlier you start, the more tools you have at your disposal and the better it turns out. I did a piece on pre-exit planning — really engineering what your calendar is going to look like a year after the sale. And I see a lot of dissatisfaction with people who sell and then lose purpose, or aren’t quite equipped to deal with their lower participation in the thing they built, the baby they helped give birth to. They end up unmoored, and that’s part of the depression they sometimes feel if they haven’t really gamed it out and thought through how to replace the structure and the drive it took to build something. It sounds like we’re saying the same thing from slightly different angles. Alexandria SeydelTotally, absolutely. On your side, you’re such a critical part of the team when we start this process. One of the first two questions we ask every client is: who’s your wealth advisor, and who is your tax strategist? Hopefully they’re already in communication, but if they aren’t — you’re looking at the personal side, focused on what the family structure looks like financially, the tax strategies and planning that we know has to happen. And because you’re doing this work — which not all advisors do — you’re getting really clear on the personal side. I’m coming at it from the business balance sheet and business trajectory; you’re coming from the personal side. They work well together. I like to jump in early with the other advisors working with these owners to get really clear, because not only do we know there are structural and strategic things we need to put in place years in advance, but we also need to get clear on what’s a win for them personally and business-wise. Frazer RiceOne of the things you mentioned is the idea of getting the business ready to be sold. I’m fast-forwarding to the concept of getting it Sarbanes-Oxley ready in case a public company wants to buy it — so it can slot neatly into a balance sheet. But that’s really shorthand for saying things are professionally managed: bookkeeping, process, accounts receivable, accounts payable — all formally documented. So that when a buyer starts looking under the hood, they don’t start applying discounts for things they’ll have to fix later. Is that part of what you do? Alexandria SeydelExactly. Being trained as a lawyer on the buy side, my goal — usually at the 11th hour — was to advise my client, the buyer, on risk. And to assess whether the purchase price offered in the letter of intent actually held up once we looked under the hood. The best part of my job now — and way more fun — is that instead of just identifying risk and applying discounts (because almost every deal goes through some form of repricing), I’m jumping in with the sellers and owners hopefully a year or two in advance. We find things a buyer is going to see as a risk, things that would prompt a reprice, and we now have the opportunity to make those things shinier. So that when the buyer looks under the hood, the high end of the multiple range is validated. It’s not just the financials the purchase price is based on — it’s all the other things buyers care about: the people, the processes. Is this a truly transferable asset they can step into, run, and grow? Another big thing we work on is owner dependence. Most owners think the business doesn’t depend on them, but there are often significant opportunities to continue reducing that dependence — so that a buyer sees this as a true transferable asset they can step into and grow. Frazer RiceI imagine there are a couple of come-to-Jesus discussions where you have to tell the owner their revenue is too dependent on them personally. On one end of the spectrum, think of a law firm where business comes in because people think you’re a great lawyer — that doesn’t transfer cleanly. You want the recurring revenue to come from somewhere else. That’s one issue I’m sure you have to sit someone down and address. The five-year runway is helpful there — it gives you time to build in a succession plan, not just for the sale, but operationally, so that value still sits in the business whether you’re there or not. The second thing I find interesting is where you sit somebody down and say: this would look a lot better if you took less money out of the business. If we can put that back into EBITDA, then when a buyer starts applying multiples, they’re multiplying against something bigger rather than against a number deflated by, say, buying a boat. Do you get into that conversation? Alexandria SeydelYes, we do, and we take a cursory look at that fairly quickly. Then we bring in support if needed — whether that’s on the accounting side, how money flows through the business to affect the bottom line and create the story. Every buyer wants at least three years of financials; we want that growth story to look strong, and we want to start building it now. If we need to bring in a fractional controller or a fractional CFO depending on the size and sophistication of the business, that’s something we pull in right away. On your first point — we actually have an architect client right now at exactly that phase. He has a right-hand woman architect who’s been with him for over ten years, and he wants her to have the opportunity to step into the business. He also has a son who’s an architect and wants the same opportunity for him. So we’re building a succession plan. And one of the first problems we addressed was that he’s still driving almost all of the top-line revenue — nearly all the business development runs through him. So we’re asking: when does this right-hand woman get involved in the sales process? What percentage of meetings is she in? What is she bringing in herself? His timeline is five to seven years, so we have time to build this out — continuing to train her, continuing to elevate her and others in the business who can drive relationships and sustain that revenue flow, the recurring revenue that comes from major referral partners and developers giving him large contracts. And on the equity side: what’s the incentive plan? How do we get her aligned with the goals of the business so she genuinely wants to take ownership, both literally and figuratively? We’re building an equity incentive plan with her. On the process and sales side, we’re setting goals — she’s in a certain percentage of meetings by year-end, driving a certain percentage of revenue. We’re helping him set those goals and build a plan to execute on them. Frazer RiceAnd all of that also sets up a longer-term exit — maybe selling the practice to a larger architectural firm or a private equity-backed platform down the line. Alexandria SeydelExactly. And on a slightly longer timeline, all of that work makes the business more efficient operationally and more attractive as a potential sale — whether that’s to those two individuals in a succession plan or to an outside buyer. Frazer RiceWhat happens when a business comes to you and maybe the brand is well respected and things look good from the outside, but there’s decay underneath? They come to you and say they’re ready to sell, but when you look at it, the dollar signs in their eyes are based on something that existed a long time ago and has since been left to deteriorate. What do you do in that situation? Alexandria SeydelWe start with what we call an Exit Readiness Assessment — it’s a 90-minute virtual session that pulls you out of your inbox, out of the fires you’re fighting every day, and lets you step back and look at every dimension of your business through the lens of what a buyer is going to assess. It produces a readiness score and tranches everything into three buckets: value adds (greater multiple), value detractors (reduction in sale price), and deal killers — things like accounting or legal issues so significant that a buyer doesn’t just reprice, they walk away entirely. That assessment becomes the foundation for a roadmap: what are the most important things to fix, and in what order? We all have limited time, energy, and capital. The triage framework helps you apply those resources to the things that actually move the needle. And yes, there is often a come-to-Jesus moment. Sometimes an owner comes in burned out — they just want to hand over the keys. We want to avoid that situation, but if you get there proactively rather than reactively, if you’ve already done the work with advisors like Frazer and like us to put systems, people, and processes in place, your readiness score is in much better shape. If you haven’t done that work, it requires a harder conversation — what do you want out of this? What are your goals? And what can we realistically accomplish in what period of time? Frazer RiceWhat about founders who want to grow and are looking for outside capital, but want to stay involved? How do you think about sourcing that capital and making sure the partners are the right fit? Alexandria SeydelWe have several clients right now raising seed rounds, and one working through whether to raise a Series A. I think that discussion has to be framed, at least in part, through the exit lens. There’s a lot of pressure right now — especially in AI or capital-hungry industries — to raise the big splashy Series A, make the oversubscribed round LinkedIn post. Great, I’m all for it if you actually need that capital. But there’s a lot to consider first: are these the right partners? What limitations does this put on your exit pathway? I have one client who has a really nice business growing at a solid clip — I think it could exit in the $20 million range in the next year or two, and he’s still the primary owner. He’s feeling pressure from his industry where raising a big Series A is the norm. I asked him what he wants to be doing in two years. His answer was surfing in Portugal. If you raise a Series A right now, you are not surfing in Portugal in two years. So with that in mind, is this the business you want to keep growing? Are you ready to bring in people who have real influence over how you sell, who you sell to, and for how much? Your timeline gets extended and your decision-making authority gets diluted. Maybe the Series A is right because you need the capital to grow — but even then, does it have to be a $50 or $100 million round? Could it be $10 million? Even the size of the round affects the cap table, the governance, and ultimately the exit. Frazer RiceHave you had the difficult situation where someone is presented with an offer that mixes cash and stock in the acquiring company — and you’re looking at it thinking maybe they should push for all cash, or maybe they should walk away entirely? Alexandria SeydelYes, and I’m very comfortable in that conversation. My advice almost always starts the same way: get as much cash at close as possible. Reduce the earnout tranche. A lot of deals come in structured across three buckets — cash at close, earnout, and rollover equity in the buyer. I’ve seen deals close where five years later that rollover equity is worth zero. So I walk every owner through this exercise: if the earnout and the rollover equity both go to zero, are you completely comfortable walking away with just the cash at close? If that feels okay, then we can dial those other numbers however we need. If it doesn’t feel okay, then we need to ask harder questions — do we need to grow more first? Do we need to negotiate different terms? Do we have multiple LOIs with different structures we can compare? The institutional buyers will always tell you the rollover equity is going to 10x. Always. And as the lawyer, I used to be delivering that reality check at the 11th hour when it was almost too late. Now that I get to work with owners before that process, I can prime them early: rollover equity, in our minds, is always worth zero unless proven otherwise. If it 10x’s, that’s the cherry on top — incredible. But don’t build your retirement plan around it. Frazer RiceAre you part of the process of generating buyer interest? I imagine it’s often industry-specific — there are people who understand the space and know the players. But how do you get a few LOIs on the table so it doesn’t become a fire sale? Alexandria SeydelWe consciously made the decision not to become brokers or registered broker-dealers, for two reasons. One, I want to stay fully aligned with the owner’s actual goals. This has happened: we started working with a woman, began building up her people and processes, and 18 months later she said, “Wait — I actually have more freedom now. I’m operating at a higher level because the business is starting to run without me.” The work we were doing to prepare for a sale also just made the business more enjoyable to run. She decided to grow for another year or two instead. Because our compensation isn’t tied to a success fee at closing, we can fully support that decision. Two, deal brokers and investment bankers are often highly industry-specific. A banker who knows your manufacturing sector deeply is going to be more effective in market than we would be. So we refer our clients to multiple specialists in their industry, help them assess fit, and — because I’m trained in reviewing those contracts — help them understand what they’re actually agreeing to in the engagement letter. Then once that team goes to market, we stay on the owner’s shoulder throughout the process. My consistent message: fit matters. Trust your gut. If this buyer doesn’t feel right, honor that, and let’s figure it out before we’re at the closing table. Frazer RiceHow do you tell a founder or family-owned business that the family dynamics are a value detractor? If there’s conflict — someone looking for income while others want to grow, every decision a fight — I imagine buyers pick up on that quickly. Alexandria SeydelIt starts with being human first. Understanding the people behind the business, understanding the family dynamics. A lot of M&A professionals have no interest in going there. My co-founder Kim Wozny and I both actually like that part. We like knowing the people, understanding the dynamics, understanding when someone has a mental block around part of their business because of a fear mindset, or when pressure from a family member is pulling them in a direction they don’t want to go. Being willing to dig into that — as a third-party neutral advisor working for the founders first — is part of what we do. And on the process side, if you have four siblings who own a second-generation business and three want to grow while one wants to sell, how do you show that fourth person that now isn’t the right time? You give them more information, more context, more understanding. And where necessary, you wrap enough process and procedure around that situation so that a buyer can see that this one person being out of alignment doesn’t constitute a major risk to the business. Frazer RiceDon’t give the buyer a reason to say no or pay less. If you can batten that down ahead of time, it’s worth it. As we wind down — what’s a short checklist for founders who are thinking about selling? What are the first steps to assess their readiness? Alexandria SeydelFirst and foremost: it’s never too early to start thinking about it. Even just getting clarity on your personal vision — what you want out of this — helps direct major business decisions as you grow. We have two clients right now considering joint ventures. One is actually moving forward with a new 50/50 partner; the other decided against it. They’re on very different exit timelines, and those exit pathways are a large part of why a joint venture may or may not be the right choice for each of them. I’m always happy to just talk to founders about how they’re thinking about this, even without any formal engagement. I want more owners thinking about exit earlier — it only does them a massive service. And one practical exercise I love: the Europe Test. Imagine you’re going to Europe for three weeks, somewhere with no cell reception. Who calls you first? What processes break? What sits in your inbox undone? It’s a more fun version of the “hit by a bus” question — and it’s a really useful early diagnostic for where the business still depends too heavily on you. Start uncovering those things now, so you have the time and runway to fix them. Frazer RiceTerrific stuff. Alex, how do people find you and your firm? Alexandria SeydelI’m Alexandria Seydel — last name spelled S-E-Y-D-E-L. You can find me on LinkedIn, where I’m active all the time, or look up Ripple’s Edge Advisors. Reach out via email or LinkedIn message. Even if you’re just starting to think about it, I love having that conversation. Frazer RicePerfect — that will all be in the show notes. Thank you for being on. Alexandria SeydelThank you, Frazer. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ ALTERNATE TITLES The 5-Year Exit Strategy Blueprint: Preparing Your Business for Sale Getting The Business Ready to Sell How to Maximize Business Value Before Selling KEYWORDS (GETTING THE BUSINESS READY TO SELL) business exit planning, M&A, business valuation, succession planning, sale readiness, owner dissatisfaction, deal structuring, growth strategies, capital raising, exit readiness assessment, getting the business ready to sell,

It's Our Turn - Chris Montgomery

Play Episode Listen Later May 31, 2026 43:59

Join Chris Montgomery in this inspiring sermon as he challenges the Frazer congregation to embrace their calling in fulfilling the Great Commission. Through personal stories and biblical teachings, Chris encourages believers to live a commissioned life, engage in authentic community, and serve with commitment. Discover the importance of seeing, seeking, and serving as a united church, and learn how to let go of distractions to follow Jesus wholeheartedly.

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S13Ep34 - Vegas Sweeps, Geno 1 More Year

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Play Episode Listen Later May 27, 2026 60:29

Frazer, Joe, and Andy discuss Vegas sweeping Colorado, Carolina up on Montreal, Geno returning to Pittsburgh, and dysfunction already in Toronto.

S13Ep33 - Conference Finals Set

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Play Episode Listen Later May 20, 2026 49:43

Frazer, Joe, and Andy talk Conference Finals, Vegas shenanigans, and more.

Can Verhoeven Shock Usyk?

5 Live Boxing with Costello & Bunce

Play Episode Listen Later May 18, 2026 33:51

How will a kickboxing world champion fare against one of the greatest heavyweights of all time? That's the question Buncey puts to Olympic bronze medallist Frazer Clarke as the pair look ahead to this weekend's spectacular showdown beneath the Egyptian pyramids between Rico Verhoeven and Oleksandr Usyk. Plus, they reflect on Dave Allen's defeat to Filip Hrgovic, while Frazer gives an update on his own career after his narrow loss to Justis Huni.

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Choose Unity - Neil Epler

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Play Episode Listen Later May 17, 2026 32:46

In this inspiring sermon, Neil Epler calls for unity among believers, emphasizing the teachings of Jesus Christ. Drawing from the Gospel of John, he explores the importance of community, prayer, and focusing on God's word. Through anecdotes and scriptural references, Epler encourages the congregation to strive for unity, reflecting the prayer of Jesus for His followers to be one. This message is a reminder of the power of coming together as a community of faith to glorify God and fulfill His mission.

S13Ep32 - Canes Halfway There And Undefeated

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Play Episode Listen Later May 12, 2026 69:04

Frazer, Joe, and Andy dig deep into the 2nd round of the playoffs, talk about what Toronto should do with Auston Matthews, and some NHL award choices.

Magic and Medicines #24: Wicca

The Three Ravens Podcast

Play Episode Listen Later May 11, 2026 78:03

This new episode of Magic and Medicines has perhaps been a long time coming - we're finally talking all about Wicca!We trace earlier ideas which informed the path scholars call a 'magico-religion' back to the early 19th century, when historians first hypothesised about the existing of an ancient, secret witch cult.Through texts like Charles Leland's Aradia, via Frazer's The Golden Bough, to the highly influential (if historically dubious) work of Margaret Murray, we arrive in the melting pot of secret societies and orders which emerged from Western esotericism in the first part of the 20th century.Although such theories left most members of the Folklore Society cold, they thoroughly inspired Gerald Gardner, and the development of what would become Wicca began.It's a twisty, turny journey, with witch traditions of dubious ancient origin, Cones of Power, and many, many breakaway branches, all the way through to sparkling Geocities sites, teen witches, and the rich, eclectic patchwork that is international Wicca today. We really hope you enjoy the episode, and we will speak to you again on Thursday with another double bill of Lang Tales!Three Ravens is an English Myth and Folklore podcast hosted by award-winning writers Martin Vaux and Eleanor Conlon.Released on Mondays, each weekly episode focuses on one of England's 39 historic counties, exploring the history, folklore and traditions of the area, from ghosts and mermaids to mythical monsters, half-forgotten heroes, bloody legends, and much, much more. Then, and most importantly, the pair take turns to tell a new version of an ancient story from that county - all before discussing what that tale might mean, where it might have come from, and the truths it reveals about England's hidden past...Bonus Episodes are released on Thursdays plus Local Legends episodes on Saturdays - interviews with acclaimed authors, folklorists, podcasters and historians with unique perspectives on that week's county.With a range of exclusive content on Patreon, too, including audio ghost tours, the Three Ravens Newsletter, and monthly Three Ravens Film Club episodes about folk horror films from across the decades, why not join us around the campfire and listen in?REGISTER FOR THE TALES OF SOUTHERN ENGLAND TOURVisit our website Join our Patreon Social media channels and sponsors Hosted on Acast. See acast.com/privacy for more information.

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[PREVIEW] Northrop Frye, "The Archetypes of Literature": Reading and Commentary (Part 3 of 3)

The Forest of Symbols

Play Episode Listen Later May 9, 2026 22:20

The third and final section elaborates the "deductive" method of myth criticism, and gets into the details of the fourfold cycle of the myth of the hero, which Frye believes underlies all of literature. Some references to Frazer and Jung, and discussion of Blade Runner/Do Androids Dream of Electric Sheep as a case study.To support the show, and get early access to episodes and bonus content (written and audio), please visit https://www.patreon.com/symbolpod.--AA

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S13Ep31 - Round 1 Ends, Round 2 Begins

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Play Episode Listen Later May 6, 2026 51:18

Frazer and Joe recap Round , discuss Round 2, and talk Malkin's future, and the Toronto Maple Leafs.

No Other Way - Logann Jeffcoat

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Play Episode Listen Later May 3, 2026 30:16

Join Logan Jeffcoat, student minister at Frazer, as she delivers an inspiring sermon based on John 14:1-14. This video captures a heartfelt message about faith, trust, and the path to God through Jesus Christ. Logan discusses the importance of seeking God's face first and finding satisfaction in His presence rather than solely in His gifts. This sermon is particularly meaningful for graduating seniors, encouraging them to trust in God as they embark on new journeys.

S13Ep30 - Young Legs vs Veteran Experience

young veterans legs frazer

Play Episode Listen Later Apr 29, 2026 64:07

Frazer, Joe, and Andy look at every first-round matchup and discuss how the younger teams jumped out to leads in the series but the older teams are clawing back.

Talks to Frazer Gregory about his choice of The Kings Demons (2/2)

A Hamster With a Blunt Penknife - a Doctor Who Commentary podcast

Play Episode Listen Later Apr 29, 2026 62:14

Has the impossible been achieved? Has Frazer made allowed me to find a way to enjoy The Kings Demons?

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Demi Lovato & Morrisons

Ur Welcome America

Play Episode Listen Later Apr 28, 2026 55:48

We're baaaaaaaack!!! Ben takes on Heart Attack chanteuse DEMI LOVATO and Frazer goes for a very ho hum trip to Morrisons.. UR WELCOME!Insta: @urwelcomeamericaTwitter: @urwelcomeUSAEmail: UrWelcomeAmericaPodcast@gmail.com

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Talks to Frazer Gregory about his choice of The Kings' Demons (1/2)

A Hamster With a Blunt Penknife - a Doctor Who Commentary podcast

Play Episode Listen Later Apr 28, 2026 45:06

Who else but our Frazer could take hold of this insignificant little two parter and shout from the rooftops about it. His beguiling argument starts here...

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S13Ep28 - Round 1 Predictions

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Play Episode Listen Later Apr 16, 2026 60:41

Frazer, Joe, and Andy make their Round 1 Playoff predictions, look back at their pre-season picks, and talk about the Hall of Famers retiring this year.

S13Ep27 - Last Week of Season

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Play Episode Listen Later Apr 8, 2026 66:59

Frazer, Joe, and Andy talk about the Islanders firing Roy, Celebrini for MVP, the incredible job Tocchet has done in Philly and MORE.

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