Usually, a situation, perhaps a crisis, demands a leader to merge. In the banking crises of the last 2 week, the FDIC, the Fed, and the President, all who have designated roles, emerged to address the situation. Top bank leaders emerged to back up First Republic (albeit with the deposits that fled to them from First Republic and other regional banks). >
What caused the demise of Silicon Valley Bank (SVB)? Basically, they got caught not matching risk. Huh, what? Their loans were underwritten by long term bond investments which had fixed low return. As interest rates rose, they needed more assets to match risk and their customers were not depositing more cash since the VC spigot was turned off last summer again due to rising interest rates. >
We spent a lovely sunset cruising the Newport Harbor celebrating the 80th birthday of our dear friend and fellow Vistage Chair – Rick Leckey. I was shocked to learn that Rick was 80 and when he joked he was really turning 60, I had to agree he looked that youthful. Going strong with no plans to retire. Vistage Chairs are like that. Purpose shines an internal light and keeps the outer shell (the body) a little healthier.
Many guests spoke with thanks about who Rick is as a friend, a mentor and a wise Chair. Several thanked him for guiding them along a wiser path than they were choosing for themselves.It was lovely.
On the drive home, a familiar song came on from The Temptations. Perhaps you recognize the lyrics
Papa was a rolling stoneWherever he laid his hat was his homeAnd when he died, all he left us was alone
Which legacy would you choose? If you don’t think you can change your legacy from today forward, permit me to share what my brother Joe said at our mother, Marilyn Paller’s, funeral. As background, Mom died at 87 after many years of struggling with diabetes and then kidney failure. My brother had a strained relationship with her for most of his life and I was surprised to hear him say how much he admired Mom in his eulogy. He said that most people get meaner as they age when struggling with health issues, limitations and the end of life. Marilyn became a nicer person, less judgmental, who did not complain about her life. Instead she made you welcome and wanted to hear about your life. He hoped to be more like that as he continued to age.
Who do you want to leave with good memories? What is one thing you could do this week to make your legacy an even better one?
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Photo of Rick Leckey and Beth Adkisson, Newport Beach, CA.
1980 had to be the worst year for inflation rates in the last 100 years. They were over 10% and some months were over 14%. Home mortgages rates were over 18% for fixed and lots of home sellers were taking back a note at 12% -betting that rates would come down which they did a few years later. How do I know all this? I lived it. >
You’ve heard this before haven’t you? When it comes down to starting a business or surviving as a business – cash is king. Do you and your team do all the tricks and tweaks needed to make enough profit to keep you alive? Think of it like your own health. When you are feeling healthy life is good. Cash is the health of your company. And, like your own health, there are steps you can take to make it better. >
Have you ever set a goal year after year and not achieved it? Losing 10 pounds shows up for many people as sure as the sun comes up in the morning. Why is that? For most of us, we know what to do, we just don’t actually do it because it is really hard, it requires more thought and careful planning than we have allotted, or other habits trump this goal. >
From the time we are born, we are instructed in who we should be to be accepted. We learn not to cry for no reason, how to walk, where and when to eat and pee. Once we learn to talk, we are told when we can talk, when not to talk. As grown ups, we show the world that part of ourselves that is acceptable per our training. All of this leads into a fear of being seen for who we truly are. >
So many people are traveling once again for work, pleasure, time with family, I guess it was time for us to do the same. We flew in early to Nashville for the Vistage Chairworld conference, and convinced my husband Paul’s brother Tom and his wife Judy to join us from their home in NE Tennessee. First up, we tried some of the local beers and enjoyed the music scene. By days end, when we returned to the hotel, Chairs were arriving from all over the world and the energy that comes from being with your most respected and loved peers was flowing.
Skiing down a wide intermediate run at June Mountain. our friend Denis was topping 46 mph on a beautiful bluebird day. I didn’t try to keep up but was not far behind. Non-skiers would ask if that was safe, and if we were wearing helmets. Yes and yes. It is all about managing your speed. >
If you want to brand your organization in a way that sets you apart from the crowd, if you want to attract new customers, get more business from existing customers and be one of the top 3 in organic SEO search, you must get granular. Vistage Speaker Stacey Crowley explained how to do this to my 3 groups this week. >