We started a newsletter. We know it's the trendy thing right now but we don't care. We're doing it anyway.
You can find it here on Substack. We hope you find it interesting, informative, and amusing.
We'll post some of The Balanced Teesheet newsletters on this site as well. But the majority will be on Substack. Ok, enough of the housekeeping, let's get to it. We're big on random thoughts. So here you go: Truth is good business. Johnson & Johnson's honesty during the 1982 Tylenol scandal upped consumer trust by 20%. Any time a company is found being untruthful, it usually goes bad.
Watch for the news on WeWork this week, as an example. Theranos is yet another example...lying about patients' blood tests was totally fucked up.
Authenticity attracts. Lady Gaga's unique personality attracted more than 80 million Twitter followers. We're not big on Gaga but she knew how to grow a following. People see through the bullshit.
Transparency builds loyalty. 73% of consumers stay loyal to brands that are transparent. Being secretive does not pay. Ever. No Bullshit = Efficient Communication. Twitter’s original 280-character limit enforces concise, no-bullshit communication, enhancing user engagement. That limitation was key from the outset.
Amazon's 6-page memos ensure that everyone's on the same page, reducing miscommunications by 40%. It also ensures that 20-slide PowerPoints are disallowed. PowerPoints are painful.
Most meetings are useless. I know people who have to attend 6 hours of meetings throughout an average day. So when does work actually get done? Talking about work is not work.
There are many other avenues to replace traditional meetings. Take pre-recorded videos, for example. Need to communicate an idea? Record a short video and allow others to watch it on their own time. Or send a Twitter(X)-like email...keep it under 280 letters, we're all way too busy.
Enough with meetings, let's talk golf.
Ever wondered exactly how much time each tee time interval must include? Common knowledge says it's around 10 minutes, but in actuality, golf courses that adopt a precise 7-minute interval in their teesheet have reported up to a 27% increase in customer satisfaction. Surprising, right? Seems counterintuitive.
Statistics indicate that implementing a balanced teesheet can boost a golf course's annual rounds played by an incredible number: up to 9,600 rounds! Bottom line, baby. We like numbers here at Lincoln. Check this out...
On millionaires...68% of those with a net worth of $30 million or more are self-made. 88% of all millionaires didn't inherit a dime.
They built their fortunes from scratch.
No dream is too big.
They have mentors. Why learn from your own mistakes when you can learn from someone else's?
They seek feedback. They know they're not perfect.
They embrace failure. It's part of the game.
They value time. They know it's the most precious resource.
Now, how do they handle their cash?
They put it where it grows: in their homes, mutual funds, stocks, retirement accounts, private equity.
They avoid sinking money into depreciating assets. Who needs a fancy car if it's just going to lose value? Same for boats.
What about some real-life examples?
Barbara Corcoran, from Shark Tank, turned a $1,000 loan into a $66 million business.
Janice Bryant Howroyd started a staffing agency with $1,500, a fax machine, and a phone. Now she's worth $285 million.
Stephen Ross is worth a cool $10 billion. Started with zero.
John Roa, a local guy to the Detroit area, sold his software company to Salesforce for a cool $35 million. Started with nothing.
Have multiple income streams. Salary, dividends, rental income, side businesses.
Figure out a way to make money while you sleep.
What about everything else in between....like our amazing daughters (we have six in total, including 2 sets of fraternal twin daughters who are the same age), our passion for this great country, our highly talented wives, country music, travel, good food, fitness, favorite podcasts, and our penchant for the best coffee in town?
We'll get there. We plan to also interview some cool people. Business owners, technologists, teachers, doctors, other CPAs, you get the idea.