Jonathan D. Byrd I

More money can solve a money problem. It cannot solve a purpose problem.

Best practices are not a substitute for prudence. The particulars matter.

Before "What should I do next?" ask: What is the business for now? What does reality say? What pattern is the owner reinforcing? What higher goods are involved?

Being capable of doing something is not a sufficient reason to spend your life doing it.

Freedom from work has never interested me much. Freedom to choose worthy work does.

A mature company should need less of the owner's availability and more of his judgment.

The goal isn't no work. It's chosen work.

The Trouble With Easy Money: What 1929 Still Teaches Us About Debt Ninety-seven years ago this week, the American stock market began one of the most famous collapses in financial history. October 24, 1929, became known as Black Thursday. Black Monday and Black Tuesday followed on October 28 and 29. By the summer of 1932, the Dow Jones Industrial Average had lost nearly 89% of its peak value. There were many causes behind the crash and the Great Depression that followed. But one feature of the speculative boom deserves attention: people were buying stocks with borrowed money. According to the Federal Reserve's history of the crash, investors could commonly put down just 10% of the purchase price and borrow the rest. Think about that. For every dollar of their own money, they could control ten dollars of stock. As long as prices kept rising, it seemed like a wonderful arrangement. But a relatively small decline could wipe out their entire investment. And when lenders demanded additional collateral or repayment, investors could be forced to sell into a falling market. The larger economic collapse cannot be explained by margin borrowing alone. But leverage made speculative losses much more dangerous. I find myself thinking about that history because I've made some expensive mistakes with debt myself. And after more than twenty-five years of building businesses, I've come to believe that the greatest danger of easy credit isn't always the interest rate. It's what having access to borrowed money can do to our judgment. I bet my future on tomorrow looking like today When I was young, I failed in my first business and accumulated a substantial amount of unsecured debt. I eventually enrolled in one of those debt-settlement programs that advised me to stop paying my creditors while they worked toward settlements. My credit was ruined. But this was during the era of no-documentation mortgages, when lenders were willing to make loans that would be difficult to obtain under more conservative lending standards. I wanted to buy the house of my dreams. Despite my credit problems, I was able to get a 40-year mortgage at 11% interest, along with a second mortgage at 14%. Those were expensive loans. I knew they were expensive. But I was young, optimistic, and convinced things would continue going the way they had been. I already had debt from my previous business failure. Now I was adding an enormous housing obligation on top of it. Then came 2008. Within roughly six months, our income fell by 50%. The mortgage payments didn't fall by 50%. Neither did our other obligations. We discovered substantial problems with the house that would require expensive repairs. We also faced the coming obligation on the second mortgage. Between those expenses, we were looking at more than $100,000 in potential cash requirements over the following couple of years. Meanwhile, the value of the house was falling. Eventually, we walked away from the house and surrendered it to the bank. I believe it later sold after foreclosure for around $70,000. I had lost the house I wanted, damaged my finances, and spent years dealing with the consequences of decisions I'd made when I thought the future was reasonably predictable. Looking back, I can summarize my mistake pretty simply. I bet my future on the economy continuing to behave the way it had been behaving. That's what borrowing against future earnings involves. You commit income you haven't earned yet to obligations that won't disappear simply because circumstances change. That doesn't automatically make borrowing wrong. But it should make us considerably more careful about the assumptions we make. The monthly payment isn't the whole decision I think one of the largest problems with consumer debt is how people approach the decision in the first place. They ask: Can I afford the monthly payment? That's often where the analysis begins and ends. But a monthly payment tells you remarkably little about whether the purchase is prudent. What is the total cost? What happens if your income falls? What other obligations are you carrying? How much money do you have available if circumstances change? What are you assuming about your job, your business, the economy, or your future family situation? And perhaps most importantly: Why do you need this thing now? We've become accustomed to being able to obtain things before we've earned the money to purchase them. Want a new vehicle? Finance it. Want new furniture? Finance it. Want a vacation? Put it on the credit card and pay it off over the next couple of years. The ability to purchase something gets confused with the wisdom of purchasing it. And the smaller we can make the payment appear, the easier it becomes to justify the decision. It's worth asking whether we would make the same purchase if we had to withdraw the entire amount from our savings account today. Sometimes the answer would be yes. But sometimes the answer reveals something about how credit has influenced our thinking. I stopped borrowing for twelve years After what happened in 2008, I stopped using debt for twelve years. I eventually rebuilt my credit and began using credit cards again, but I pay the entire balance off every month. I don't carry a balance from one month to the next. I don't use consumer debt today, and I don't want business debt either. I realize this puts me much closer to Dave Ramsey or Larry Burkett than to Robert Kiyosaki. And I understand Kiyosaki's position. I understand why successful investors use leverage. I understand how financing can make acquisitions possible, preserve liquidity, and increase returns. Some businesses and investments require sophisticated capital structures, and there are people who manage those structures successfully. That doesn't mean I want to operate that way. Frankly, I hate debt. I prefer owning what I own outright. I like knowing that my property belongs to me without a lender having a financial claim against it. There's a certain peace that comes with that. But there's something else I learned during those twelve years that I consider just as important. When borrowing isn't an option, you have to find another way to accomplish what you want. People told me you couldn't buy a house without a mortgage. Well, I did. I built a business that produced enough money to purchase a house with cash. That took time. It required learning, creating value, solving problems, and developing the ability to earn more than I had previously earned. There were plenty of mistakes along the way. But removing debt as an option forced me to approach problems differently. Instead of asking how much money a bank would lend me, I had to ask how I could create enough value that people would willingly pay me the money I needed. Those are two very different starting points. Easy credit can make a bad decision easier Years later, I was involved in another business that had access to a line of credit. We didn't obtain it because we were desperate for money. It was available in case we wanted to make a business purchase or take advantage of an opportunity. I had enough money in the bank to pay off what we borrowed. The line of credit was interest-only, the payments were relatively small, and accessing the money was easy. That combination was more influential than I expected. For example, we had an opportunity to purchase materials at what appeared to be an attractive discount. Using the line of credit made the purchase seem reasonable. But business slowed. We incurred interest expenses, additional storage costs, and other expenses associated with holding inventory longer than expected. What looked like a bargain ultimately cost us money. Here's the interesting part. I wouldn't have used our available cash to make that same purchase. The money was there. But if I'd been required to withdraw it from the bank, I would have approached the decision differently. Somehow, using borrowed money made the purchase easier to justify. I noticed a similar tendency in how other managers thought about expenses. And although I challenged some decisions, I also allowed myself to be persuaded. The line of credit changed the way we evaluated opportunities. An even more consequential example involved operating expenses. We were heading into a slower season with a cost structure designed for a rapidly expanding business. The original business plan anticipated financial pressure, but some operating expenses had become higher than they needed to be. The prudent response would have been to make difficult adjustments before the slower season arrived. Instead, access to credit allowed us to postpone some of those decisions. We could keep carrying expenses because the line of credit was there to support them. Now, sometimes borrowing during a slow season is perfectly reasonable. If a business has predictable seasonal demand, healthy margins, and a sound plan for repayment, financing a temporary cash requirement may be a prudent choice. But that isn't what concerns me. What concerns me is when borrowing becomes a substitute for correcting something we already know needs to change. Debt bought us time. But having that time also made it easier to put off decisions we should have made. Growth isn't always worth financing Suppose a business owner tells me he can borrow $100,000 at 7% interest and invest it in an expansion that should produce a 20% return. Sounds attractive. But that's nowhere near enough information for me to have an opinion. How experienced is this owner? Has he operated through a recession? What industry is he in? What is the actual size of the opportunity? How much market share does he have, and how much can he realistically capture? Who will manage the expansion? What assumptions are built into that 20% return? What happens if it takes twice as long as expected? What are the real carrying costs? What does inflation do to those assumptions? How much cash does he have in reserve? How long can the company survive if the economy turns against him? What measurable milestones will tell us whether the expansion is working? And what happens if it doesn't? Notice that I haven't told him not to borrow the money. I'm trying to understand whether he has actually thought through what he's proposing. A loan doesn't make a business opportunity good. It merely provides money to pursue it. And the lender's willingness to provide that money doesn't establish whether the investment is right for the borrower. Sometimes financing allows a capable owner to pursue an extraordinary opportunity. Sometimes it allows an inexperienced owner to make a much larger mistake than he could have afforded to make with his own money. Debt can accelerate both success and failure. It doesn't provide the judgment necessary to tell them apart. For most home-service businesses, I question the assumption that substantial debt is necessary to grow. It can make growth faster. But faster isn't always better. If the organization hasn't learned to manage its existing operations, adding more trucks, employees, customers, and locations can magnify those weaknesses. The business becomes larger before it becomes capable of handling what it has created. I've experienced some version of that myself. The discipline of having to wait There's another part of this conversation that I think financial advice sometimes overlooks. Saving for a purchase can teach you something beyond how to accumulate money. It requires patience. It requires self-control. It requires you to postpone something you want today for something you've decided matters more. Those are habits worth developing. And they don't apply only to money. Learning to delay gratification, examine your desires, and exercise restraint can influence the way you approach work, family responsibilities, and decisions throughout your life. Now, I'm not claiming that people who pay cash always make good decisions. I've wasted money myself. I've bought things with cash because I thought the tax deduction made the purchase attractive. Sometimes having plenty of money can lead to its own kind of foolishness. So cash isn't some magical protection against bad judgment. But I do think the process of saving can help develop the habits that make better judgment possible. And access to easy credit can allow us to bypass some of that discipline. For certain people, that creates serious problems. If someone regularly carries unsecured consumer debt, pays credit-card interest, finances vacations, and consistently spends money he hasn't yet earned, I would question whether borrowing is serving him well at all. Some people probably need to take debt off the table entirely. Not because every debt is financially irrational. Because their own habits make it difficult for them to use debt without harming themselves. Recognizing that about yourself is not a failure of financial knowledge. It may be the beginning of better judgment. The problem is where we begin When I look back at 1929, I see an example of what happens when speculation, optimism, and borrowed money combine in a way that leaves very little room for things to go wrong. When I look back at my own life, I see a young man who assumed tomorrow would look like today and borrowed accordingly. And when I look at some of my later business decisions, I see how having access to credit sometimes made it easier to avoid making difficult choices. I'm not arguing that nobody should borrow. I understand perfectly well that debt can be used responsibly and productively. There are investors who have spent decades learning how to manage it, and their experience deserves respect. But I also know that understanding the arithmetic of a loan is not the same thing as understanding how to use debt prudently. A person can understand interest rates, amortization schedules, and projected returns while still making very poor financial decisions. The more difficult work is examining your assumptions, understanding your own habits, knowing what you can survive, and being honest about whether borrowing is actually necessary. And I think we've developed a habit of beginning with the wrong question. We ask: How much money can I borrow? I would rather begin somewhere else. How much value can I create? What skills do I need to develop? What problems can I solve? What resources do I already have? What would happen if I waited? And if borrowing still appears to be the right decision after answering those questions, what evidence supports that conclusion? I've spent more than twenty-five years building businesses, making mistakes, and learning from them. I certainly haven't learned everything there is to learn about money. But I've learned more about why I make the decisions I make. Today, I prefer living and building without debt. Not because I believe everyone must do what I do. But because I've experienced what easy credit can cost, and I've also experienced what happens when you have to rely more heavily on your own judgment, creativity, discipline, and ability to produce something valuable. One path gives you access to money you haven't earned. The other asks you to become capable of earning it. Both may have their place. But I think far too many people begin with the first without seriously considering the second.

The business will never tell you it has enough of your attention. That is the owner's job.

The business does not become more successful because the owner destroys the person required to own it.

Rest is not the opposite of ordered work. Sometimes rest is what comes after the work actually reached its end.

There is always an "after this project." Eventually "later" shows up.

Health is not the one account the business gets to borrow from forever.

I was invited to chat with Kevin Price on the Price of Business radio show about my Four-Cause Framework.

You Are Not Your Business. So Who Are You Becoming? I came across a survey of 1,104 small-business owners (via Metro Atlanta CEO) that caught my attention. According to the survey, 44% of owners said uncertainty about who they would be or what they would do without their business had affected their exit planning. When asked what they would miss most about leaving their businesses, the owners ranked their sense of purpose and daily meaning above financial security and income. Think about that for a minute. These are people who have spent years, often decades, building businesses. They've invested their time, money, energy, and much of their lives into creating something. And now, when faced with the possibility of leaving, many aren't simply asking what they'll do next. They're asking who they'll be. I understand that more than I would have twenty years ago. I've spent roughly 26 years building businesses. And over the last several years, I've come to recognize just how much of my own identity had become attached to my profession. The more I've thought about it, the more I've come to believe this isn't primarily a business problem. We confuse what we do with who we are. And business owners are hardly the only people who do it. Who are we, anyway? Before we can have a meaningful discussion about identity, I think we need to ask a more fundamental question. What is man? Are we our bodies? Our thoughts? Our words? Our actions? Are we our professions? Am I a businessman? A husband? A father? Of course I am those things. But are any of them, individually, what I fundamentally am? St. Thomas Aquinas, following Aristotle, understood man as a rational animal, a substantial unity of body and rational soul. He also adopted Boethius's definition of a person as an individual substance of a rational nature. I think that distinction is enormously important. I am a human being before I am a businessman. My profession is something I do. Fatherhood is a relationship and responsibility I have. My wealth is something I possess. My actions reveal something about my character. All of those things matter. Some matter enormously. They shape me, impose duties upon me, and influence the person I become. But they aren't interchangeable with my fundamental nature. Consider a wealthy man who suddenly loses everything. Who is he now? Has the loss of his fortune changed what he fundamentally is? Of course not. His circumstances have changed, perhaps dramatically. His responsibilities and opportunities may have changed too. But the man remains. Now reverse the situation. A poor man suddenly receives a fortune. He might immediately begin living like a wealthy man. He has the money to purchase things he couldn't afford yesterday, but has he developed the judgment, habits, and understanding necessary to manage that wealth? Not necessarily. Money can change circumstances overnight. Character usually doesn't change that quickly. The same thing happens with our professions. You spend thirty years building a business. You become known for it. People introduce you by your profession. Your days revolve around it. Your accomplishments are measured by its success. Eventually, without consciously choosing to, you may begin thinking of yourself primarily in those terms. Then one day you sell the company. Who are you? The business disappeared. You didn't. But if you spent thirty years confusing the two, it might not feel that way. This happens outside business, too Think about parents whose entire lives have revolved around raising their children. For twenty or thirty years, nearly every decision involves the kids. Where they go to school. What they eat. Their activities. Their education. Their problems. Their future. Then the children grow up and move away. The house gets quiet. Some parents struggle tremendously with that transition. They become listless, their marriages suffer, and they discover that they don't really know what to do with themselves anymore. I'm not suggesting parenthood has ended. I'm a father of thirteen children, and I can assure you that fatherhood doesn't end when a child moves out. But the daily exercise of that responsibility changes. And that's the point. A person can become so accustomed to performing a particular function that when the function changes, he feels as though part of himself has disappeared. There's something else worth recognizing here. Raising children is good. Providing for a family is good. Building a successful company can be good. The problem isn't necessarily the activity. The problem is when we confuse a good thing we're doing with the whole purpose of our existence. We can spend our lives doing something worthwhile and still fail to understand where it belongs in the larger order of our lives. The noise keeps the soul from speaking too loudly Why do we make this mistake? I think part of the answer is that we rarely stop long enough to consider the question. Look at the world around us. Social media. Entertainment. Professional recognition. Wealth. Status. The opinions of our peers. We're constantly being shown what success supposedly looks like. What somebody owns. Where somebody travels. How much money somebody makes. What he's accomplished. How important he appears to be. And then there's the ordinary busyness of life. For a business owner, that can be overwhelming. Customers need answers. Employees need direction. Payroll has to be met. Problems need solving. New opportunities appear. There is always something else to do. And much of that work is legitimate. I'm not dismissing the responsibilities of owning a business. I've spent enough years doing it to understand why those responsibilities sometimes consume almost everything you have available. But something happens when we're constantly occupied. We get into the habit of doing without examining why we're doing it. One task follows another. One goal becomes the next goal. We develop routines, and those routines become habits. Those habits begin shaping our character, and eventually they reinforce the very identity we've built around our activities. Meanwhile, the larger questions go unanswered. Why am I doing this? What is this for? Who am I? Who am I becoming? I think our modern world makes this particularly difficult. We've turned philosophy into something that often seems abstract and disconnected from ordinary life. We've diminished the place of the liberal arts and the kind of education intended to help people understand reality, reason well, and examine their lives. Philosophy isn't supposed to be some ethereal thing that has no bearing on reality. It concerns how we understand things. What is true? What is good? What should we pursue? How should we live? Those questions matter whether you own a business, raise children, work for somebody else, or have never read a page of Aristotle. But asking them requires something we seem increasingly unwilling to give ourselves. Silence. Time to think. Time to contemplate. Time to pray. Sometimes I wonder how much of the noise in our lives simply keeps the soul from speaking too loudly. Because if we stop long enough to examine ourselves, we might discover some things we'd rather not confront. We build our lives without first deciding what we're building Imagine building a house. Before you pour the foundation, you need to know what you're building. Is it a small cottage? A large family home? A multistory building? The foundation has to be appropriate to what you're intending to place upon it. You don't simply start pouring concrete and hope the structure eventually makes sense. Yet I think many people approach their lives that way. We start working. We get married. We have children. We pursue opportunities. We accumulate responsibilities. We build and build. But have we ever seriously considered what we're building toward? St. Thomas's understanding of the final end is useful here. Everything we deliberately do is directed toward some perceived good. We act for an end. And for Aquinas, man's ultimate end isn't wealth, honor, professional success, or any other temporary good. It is beatitude, ultimately found in God. That understanding shapes the way I look at my own life. If something has an end, we ought to understand that end before deciding whether the means we're using are appropriate. Business is no different. One of the most basic economic reasons we work is to provide for ourselves and our families. There are other legitimate goods in work, of course. We can serve others, develop our abilities, exercise virtue, create things, and contribute to society. I happen to enjoy working. I like building things, solving problems, learning, and exploring new ideas. I'm not particularly interested in spending the rest of my life doing nothing. But none of those things means that business should become the end around which everything else must revolve. The business is supposed to serve a purpose. It isn't supposed to become the purpose of my existence. And that's where the ordering of our lives becomes important. The problem isn't always that our goals were wrong I've thought about this considerably as I've gotten older. When you're young and trying to provide for a family, your circumstances impose certain demands upon you. You need money. You need stability. You need to keep the business alive. Sometimes that means long hours, tremendous sacrifice, and doing things you don't particularly enjoy. I've lived through those years. But our circumstances change. The children grow older. Financial needs change. The business matures. Our health changes. Our responsibilities evolve. And eventually, if we're fortunate enough to live long enough, we begin looking backward as well as forward. We see things we wish we'd done differently. Mistakes. Regrets. Decisions we would change if we could. When I look at my own life, I can see those things more clearly than I did twenty years ago. I've always prayed and tried to make time for contemplation. This isn't something I suddenly discovered in my forties. But over the last several years, I've increasingly recognized how much my own identity had become associated with being a businessman. Knowing intellectually that a man is more than his profession is one thing. Recognizing how deeply you've allowed that profession to shape your own understanding of yourself is another. And as your children grow older, time becomes a much more serious consideration. There are things you can rebuild. Businesses can be rebuilt. Money can be earned again. New opportunities will appear. But there are other things that won't return. That makes you take stock. What really matters? What doesn't matter nearly as much as I once believed? What responsibilities do I have today? What has changed? What do I need to reorder? I don't think the answer is necessarily to stop working, sell the company, or abandon ambition. The work may still be good. The ambition may still be appropriate. But the end needs to govern the activity, rather than allowing the activity to become an end in itself. And that requires regularly examining what we're doing and why. Why I start with the man, not the business This is also why, in my consulting, I begin with the man rather than the business. That might seem like an odd place to start when someone is paying you to help him improve his company. But think about it. How can I give meaningful advice about what a business should become if I don't first understand what the owner wants from it? Two men can own nearly identical companies, have similar financial circumstances, and need completely different things. One may want to grow aggressively. Another may want to spend more time with his family. One may love being involved in daily operations, while another wants to develop a management team and turn his attention elsewhere. Neither is necessarily wrong. But if I start prescribing solutions before understanding the man, I'm really just imposing my idea of what a successful business ought to look like. And I don't think that's particularly useful. I'm not interested in telling someone what kind of man he ought to be. I can't change another person, and it isn't my place to live his life for him. What I can do is help him think through what he's trying to accomplish, recognize where his decisions and habits may be helping or hindering him, and consider possibilities he might not have seen. Sometimes that means addressing an immediate business problem. Sometimes the conversation reveals a more fundamental question about what he actually wants the business to provide. Often, we end up doing both. Because the business and the person operating it aren't completely separate things. The choices he makes shape the business. And over time, the experience of operating that business shapes him. Which brings me to one of the most important questions I can ask a man. Who are you becoming? When was the last time you spent two or three weeks away from the noise? I don't mean going on vacation and filling every day with activities. I mean really getting away. Away from the phone. The constant demands. The social media. The ordinary pressures and interruptions. Enough time for your mind to settle. Enough time to become calm. Enough time to think, contemplate, and pray. When was the last time you gave yourself that opportunity? Two or three weeks may sound unreasonable to somebody who owns a company. I understand that. But consider what we're talking about. A man might spend thirty years building a business, yet struggle to find a few weeks to examine what those thirty years are supposed to accomplish. He might spend thousands of hours studying marketing, finance, operations, and management without spending much time examining the direction of his own life. I'm not arguing that everyone needs exactly three weeks, or that a man without that opportunity cannot live a meaningful life. I'm asking whether we take contemplation seriously enough to make real room for it. Because without periodically examining ourselves, we can drift through life. We can do what we've always done because it's what we've always done. We can keep pursuing goals that no longer serve the purposes for which we originally chose them. And then one day, perhaps in middle age, we find ourselves wondering why success hasn't produced the life we thought it would. We might have a great deal of money. A successful business. A respectable reputation. And still find ourselves asking: Who am I? What has all of this been for? What have I become? I'd rather we ask those questions while we still have the opportunity to do something with the answers. Learn to ask better questions So what should the owner in that survey actually do? The one who doesn't know who he'd be without his company? I think he should begin by taking stock. Not with a business valuation. Not with an exit strategy. With some questions. Where am I in my life right now? What are my actual needs? How is my family doing? What duties and responsibilities belong to me at this stage of life? Which of those responsibilities have changed? What am I doing simply because I've always done it? Does the business really need me as involved as I am? Do I want to be that involved? If I do, why? If I don't, what needs to change? And beyond the business: What kind of man am I becoming through the way I'm living? Are my habits developing the virtues I ought to possess, or reinforcing the vices I should be trying to overcome? Am I ordering my life around what truly matters, or simply responding to whatever demands my attention today? Those aren't questions a financial advisor, business broker, or management consultant can answer for you. And the answers won't necessarily come quickly. Some might make you uncomfortable. Good questions sometimes do. But that's part of the purpose of contemplation. We need enough space to recognize where we are before we can prudently decide where we ought to go. I think one of the great problems we face is that we become very good at answering questions without ever considering whether we're asking the right ones. We ask how to grow. How to earn more. How to become more successful. How to make the company less dependent on us. Those can all be worthwhile questions. But there is one that ought to govern them. What is all of this for? And once we've seriously considered that, perhaps we're in a better position to ask what comes next. You are not your business I don't know what the right decision is for every owner who participated in that survey. Some should sell their businesses. Some should keep them. Some should change their roles, build stronger management teams, or pursue something entirely different. Some may be perfectly happy continuing to work for another thirty years. I'm not interested in prescribing the same answer to all of them. But I do believe every one of them would benefit from understanding that his business is something he owns and operates. It isn't what he fundamentally is. The same is true of our wealth, professional recognition, and accomplishments. They matter in different ways, but they aren't the whole of who we are. And I think understanding that can change how we approach the work itself. We can begin judging our businesses by how well they fulfill their proper purposes, rather than how completely they consume our lives. We can recognize when the roles we've accumulated no longer fit the responsibilities we actually have. We can reconsider our habits. We can reorder our priorities. And perhaps we can begin recognizing that the most important thing we're building through all those years of work isn't necessarily the company. It's the person we're becoming. I've spent most of my adult life building businesses. I'm still doing it, and I still enjoy it. But I don't want to reach the end of my life having become very good at building companies while failing to give sufficient attention to what kind of man I was becoming along the way. I think that's a much more important question than when I should retire. And it's one worth asking long before the business is gone. Who are you becoming?

"I'm doing this for my family" deserves a second question: Does the way you're doing it still serve them?

Work gives you a scoreboard. The rest of life often doesn't. Do not confuse measurable with more important.

Work-life balance is often the wrong question. The better question is whether something lower on the list has started consuming something higher on it.

There are moments in our lives when we make decisions that change not only who we are, but the world around us. A friend of mine recently passed away. His name was Glenn Roseberry, and he was an inspiration to me in what it means to live radically for something greater than yourself. I met Glenn when he was a successful businessman. I got to know him fairly well, and then one day, he did something so unexpected that I could hardly believe it. Glenn had a big heart. He simply loved helping people. He had pursued wealth, and that pursuit had come at a cost. But sometime in his 50s, his philosophy on life began to change. He told me a story once that I've never forgotten. Glenn regularly worked with his local church distributing food to impoverished families in Memphis. One evening, after they had finished handing out groceries, he stepped outside and noticed one of the women they had helped was still standing there. He asked her why she hadn't left. "I don't have a ride home," she told him. Well, Glenn being Glenn, he offered to drive her. Picture this for a moment. Here was a woman living in poverty, carrying groceries she had just received from charity, being helped into Glenn's Porsche convertible. He loaded up her groceries and drove her home. Glenn never told me what they discussed during that drive. But whatever happened, it was evident that something changed in him. He made a decision that would alter the rest of his life. He sold what he possessed and moved to Africa to serve widows and people in need. He went from a life of luxury to living in a rodent-infested mud home, sharing beds with locals under conditions most of us would find unimaginable. And he spent the last 14 years of his life serving others, teaching people about our Lord, and helping those in need. To the world, he gave everything up. Many of his friends thought he was crazy. At some point, I think I probably did too. But looking back, I believe Glenn gained far more than he ever gave up. I've been thinking about that since hearing of his passing. Glenn was like a pebble dropped into a pond. His life created ripples that reached far beyond what he could have imagined. I know because some of those ripples reached me. And I know they reached countless others in Africa. I write about business quite a bit. But this—this is the business that really matters. This is my definition of success. A man who counted the cost, paid the price, and left the world a better place than he found it. A hundred years from now, probably nobody will remember Glenn's name. Nor mine, for that matter. But I believe the effects of his life will still be felt through the ripples he created, with God's help. I thank God that He put Glenn in my life. I'm not writing this to suggest Glenn was a saint. I'm writing it because his life reminds me that what we do matters. The choices we make matter. And sometimes one decision can change everything. I'm reminded of Our Lord's words in Scripture: "For what doth it profit a man, if he gain the whole world, and suffer the loss of his own soul?" — Matthew 16:26 In our pursuit of business, wealth, and providing for our families, let us never forget our souls. Requiescat in pace, my friend.

I don't think your business and your family are equal priorities. That doesn't make the business unimportant. It means the order matters.

Turnover wastes the failures you already paid for. A good employee's mistakes can become future capability. A replacement starts paying tuition again.