← Becker Private Equity & Business Podcast
Becker Private Equity & Business Podcast
25 Thoughts, Mantras, and Concepts For Business and Life 5-16-25
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In this webinar turned podcast, Scott Becker shares 25 powerful lessons for life and business.
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On this is Scott Becker and today we've got a longer form podcast webinar. This is the recording of a webinar we had done with an audience on 25 thoughts, mantras and concepts for business in life. We hope you enjoy this greatly. The first concept is it's an investing concept. And this has come up so much often as the market's been up and down get you know, either one of the kids, an in law, a colleague asks me, oh, should I buy the dip now? Should I sell the dip now? Should I sell now because the market's crashing and I'm scared in the first concept we start with and everything and people have heard this a million times, but it's been so pertinent recently is you can't time the market. There are so many stats published about how the average turn of the S and P over 100 years is 8 or 9 or 10%. But the actual average that most investors get is far less than that because they end up trying to time the market. They end up selling out at the wrong time, buying in at the wrong time. There's a ton of history that shows that if you miss just 10 days a year in the market, a few days a year in the market, you've missed most of the year's returns. Like there was one day a few weeks ago when the market went up 10%. If you had panicked and sold out before that, you missed that. And it's you can't time the market trying to time the market, trying to buy the dip, not buy the dip. These are just fool's errands. And so constantly with that thought and then the concept related to this that we use and again on your list of concepts, this is 25th, but it's not 25th in terms of importance. You shouldn't invest in individual stocks. Your core investment portfolio, at least for the huge majority of us, should be built around index funds. And if you want to screw around with individual stocks, go ahead and do so. But recognize it shouldn't be the core part of your portfolio. You know, so many people you talk to, you don't hear, you hear about so Much. Oh, I invested in Apple, I invested in Nvidia, invested in this. I could assure you that most of those colleagues that tell you that have not done that successfully over the long run and, and don't talk to you, you know, when Apple's retreated, when the videos were treated, or about their other stocks have done poorly. I was fortunate to invest in a company called Palantir, which has done great. It now went down 12% the other day, is it had less growth than expected. Another individual stock I invested in was Astera Labs. Estero Labs is famous for being one of the greatest losers this year in the stock market. The concept, and again, it's a very small part of the portfolio that I invest in individual stocks. But you get constant reinforcement as to why it's a bad idea and why you're far better off not timing the invest, not timing the market and sticking to index funds. So that's sort of mantra one, don't time the market, don't invest individual stocks. The second concept is, is this. We made so many people that have a great success in one thing, and when they have great success in one thing, they often think that this means they'll success in everything else that they do. I was talking to a founder the other day, an extremely successful founder, and he's trying to deal with the next great concept that he's working on. And this is somebody that's had crazy success, brilliant, brilliant, brilliant. And he spends all his time thinking about big, big ideas rather than incrementally growing again. And what I find is people that have had success in one thing, they have often had success in one thing for the right reasons. They really worked hard at it, they really put the effort into it. And they often started small and grew from there incrementally. And what I find often in founders is once they've had that great success the first time, they tend to forget what it took them to have that success the first time and how they had to start small to get that kind of success and really find their product market fit. So one of the things we talk about with people, if you've been a founder and been successful or you've done anything and been successful, you can't take for granted you'll be successful in the next thing. You have to really work at the next thing like you worked at the first thing. The real lesson that you learned from the first thing is how much effort and some principles it takes to be successful at what you do. And then unfortunately, there's often no shortcut to the next thing, you've got to repeat those things. And so there's no assurance of success in the next thing without really digging in and starting at ground zero again on the next thing. And again we use this mantra, we talk about this mantra because we see so many people that have success at one thing think the next thing is a given, and it's largely never is. The third concept that I just absolutely love comes from Nancy Lopez. And I'm older than a lot of people on the call. Nancy Lopez was one of the great original women's professional golfers. It uses the concept, the simpler I keep things, the better I do. And I think this is true in business, it's true in sports, it's true in almost everything that you do. The more that you could clarify, here's what we do, down to a few core points. The better off that you do, the more that you're trying to do everything or all kinds of different things, the harder it is to really excel. I think it's true in golf. The more you stick to core swing, the better off you do. The more you stick to core game plan, the better off you do. That might not get you to play at a professional level, but to play the best you can play, and certainly the same in business. The more that you take care of customers in the same way, the more more you understand this is how we do things, the better off you are. I love the mantra from Nancy Lopez. The simpler I keep things, the better I do. The fourth concept that I think has been so overused is this concept that culture eats everything or culture is everything. There's this concept that's been talked about often in the business literature. Culture eats strategy for breakfast. And again, culture is very important because you have to align the right talent and the right team to do things well and keep them with you for a long time time. So culture is very important. But this concept that's become a modern age discussion that culture is everything is, I think, very misguided. You can't lose tight of the fact that it's culture plus strategy and really talented people are everything. And you might get those really talented people through culture. But I think there are so many people that have mistaken culture for also needing talent and strategy. You need both, you need both the best people around you, you need a great culture around those people, and you need a clear strategy, a clear plan for what you're trying to accomplish. But I think it's this concept that culture is everything. I hate that concept. I think it's important But I don't think it's everything. The fifth concept that we talk about often in building things is we talk about this concept of digging ditches that let's say you're starting a production and you want to have 50 attendees there the first time you do it. That may be hard, but the reality is you get better and better at building that audience at one to one, reaching out at developing what you're trying to develop, the easier it gets. And like in everything in business, you have to get to a flywheel concept to where you've done it so many times. We used to say in business and building a legal practice, in building a healthcare media company, in building a business media company, that we have to take 10 ditches. We have to reach people so fully and do what we're doing so well. And if people so grasp on that, at some point you get a flywheel going in, those ditches start to dig themselves. But you have to sort of put so much effort in the front end to do that. If I'm trying to get 50 people to a show, I have to reach out to 300 people, 500 people, 700 people to get 50 there. And then once I learn how to do that, and I've got a regular list of people that will come to that show at some point, it may become easier and easier. But I've always got to make sure for each time we're creating the right vibe, doing the right thing, really working at it. When I think about that, that's how I bought, how I think about things, is we have to dig 10 ditches, so they're digging themselves. And it's a metaphor for how much work it takes to get something going and keep on going and keep at it. And so many people that I've. That I've worked with over the years, many people have taken that to heart and realize it's going to be a couple years till they start to see really, really see results. Others have never gotten to that spot where things start to dig themselves, where things start to work out as they should. And so those are at least the first five consoles we talk about. Can't time the market. Having success in one thing is no assurance of success in the next thing. The simpler we keep things, the better we do. Culture is everything. No, it's not. And to really get something going often takes tremendous work on the front end. Those are our first five concepts. So let me go through the next five concepts. And again, some of these are against traditional wisdom. That's sometimes why I like the concepts the most. The next concept we talk about is the concept we use of no new ideas. So everybody's heard this concept. There are no dumb ideas, there are no bad ideas, there are no dumb questions. And the reality is, it's not that there's dumb questions, it's not that there's dumb ideas, but there comes a time in anything that you're doing where you've done enough thought and strategy on the front end that it's time to execute. And it doesn't mean that as you're executing you won't add on some ideas and so forth. But execution is the core of what you're trying to do now. So let's say you've produced a show, you've produced a webinar, you've produced whatever you're producing now it's time to get to work on filling that webinar up, selling that webinar, whatever business you're in and doing whatever you have to do. And what happens is there are you can get in a spot. And we've seen this in different businesses. And some of the businesses I've served with, served with or been a part of have grown into 500 million dollar businesses, 800 million dollar businesses, really successful businesses. We've seen a spot where leadership has to be very good at saying to others, it's execution time. We're happy to have your ideas, but right now it's execution time. We have to execute on whatever it is that's in front of us, whatever our big priorities are for the next couple of months or whatever period of time it is. So this concept, there's no new ideas. We get into certain periods of time in the media business. It's a renewal season where there's really no new ideas. We got to focus on renewals. We just had an annual meeting at becker's health care, 4700 people, large meeting we ever had. There was some point leading up to that meeting where we've got to get out of everybody trying to be the creative new idea person and get down to business and just making sure the business in the meeting executes how it's supposed to execute. So we're a big believer at some point. No new ideas. The, the next concept I'm going to tie together with two concepts that we think about often. The first concept is many leaders get really good at understanding they don't need conflict all the time. That there's a period of time where you don't need to upset the apple cart, that not every Single thing has to be an argument. Not every single thing has to be a hill you have to die in. You could disagree with somebody on something, but you don't have to make it an argument or have a tiff with them about every single thing because it's just not necessary and not productive. So don't look for conflicts where you don't have to have them. Now, not everybody loves that. Some people are just prone to conflict. I find people that are hyper prone to conflict aren't good to have in a business or aren't good to live with what have you. So don't feel like you have to have conflict at every single moment. You pick and choose where you need to have it. There's a similar concept that we use in business that we have titled Love your 90 percenters. And one thing we see in business is you will have people that do a fantastic job that are A minuses, A's, B pluses, whatever they are, they're critical to what your business is doing and they perform at a 90 to 93% acceptable rate. They do a great job overall. When I see leadership mess up, it's when I see leadership that focuses on that other 7 or 8%, that other 3% they do wrong. If somebody is doing something 90% plus right, you just embrace and love that person in what they do and you don't deal with, you almost don't deal with that other 5, 7% unless you could really do so in a positive, constructive way. But getting mad at that person or beating up on them over that 5 to 7% is almost enough to teach a manager to go back to management school. Just a bad, bad concept. So those are two concepts tied together. Don't upset the apple cart, don't create conflict where it's not needed, and love your 90 percenters. The next concept, marketing versus sales. And this is, you know, again goes back to the discussion. I'm trying to fill up a venue with 50, 75 people. I could put out a thousand flyers through what I would call marketing ear support. But reaching out directly to 100, 200, 300 people that are in the area is more likely to fill up that venue. And we constantly think about companies that want to skip the building of a sales team and want to spend a lot of money on marketing. And again, I'm in the media business, I'm in the marketing business. But at the end of the day, marketing without a sales team is almost always a complete waste of time and money and energy. Marketing is ear support for sales. I Mean there are certain businesses, this may or may not be the case, but where things are consumer click on the button, buy it types of stuff. But in most of this I've been in which are business to business, media companies or professions or working with companies, there is marketing. But at the end of the day business is really built one to one with customers, with clients and you need a sales team to do that. And you almost, you might think you could skip the hard work through lots of marketing. IPhone found marginally that it's not the case. Marketing, if it's lead generation can lead to leads, but you still need salespeople to really harvest and work with those leads. And similarly this concept that in, in everything you do, don't put the cart before the horse. You need to on a parallel path, build a sales team and building marketing team if you want to do something substantial. So that's, that's sort of the third concept. These five are the eighth in total. The next concept is a tweet we had seen and I feel so bad I forgot to put the name of the person on here is Life is a game. It's not only about winning, it's about having fun while playing. And I think for everything that one does, I'm not one of these believers that to find your passion and just do that, just follow that. But I do believe in that. Whatever you're doing, if you want to do it successfully, the fun of it, the game of it, the challenge of it should be overriding. When I was first building a media company, first building a legal practice, we weren't thinking about dollars, we were thinking about building. And the fun was in the building, not the harvesting of dollars. Harvesting dollars is always nice, but the fun is in the building. And you better love talking to people, visiting with people. Whatever you're doing as a business, you better at some point love it and cultivate that love. And you better have fun while you're doing it if you want to do it for a sustainable period of time. I always saw people that were investment bankers that they could go through the grind for a few years if they didn't love it and try and make so much money that they could just then do whatever they wanted. But by and large, for to do something for a sustained or longer period of time, you better find a way to enjoy it as well. It's for example, those people that talk about practice is so important. You got to find a way to make practice fun so you actually could keep on doing it and enjoy it where it becomes Almost as important as the outcome and the results. But. But this concept that life is a game, not just about winning, but also the process. I had a chance to interview Nick Saban, the famous college football coach, last week at one of our meetings, and he talked about his evolution as a leader from, you know, there's leaders that are strictly results oriented to leaders that are transformational. And he talked about as you move out of just results into process driven and enjoyment driven and trying to change people's lives driven, how much of a better leader you become. And I think that lines up nicely with this concept that ultimately life is a game. It's not just about winning. It's having fun, well, while playing and trying to grow and do what you're trying to do. So that's the fourth of this group of five concepts. The last concept also I'll talk about in this group is also something that I view as one of the great half truths of everything that I see out there. There's a concept that goes like this, that how you do everything, how you do anything is how you do everything. And this is the content that says that in every single subject, you've got to do fantastic 100 work and everything, that single thing that you have to do, you have to compete like the world is ending. And we all know people like that. One of my closest friends used to be impossible to play sports with because you treat sports like business. And everything we did, he treated like a death match and so forth. It's just no fun. I'm a big believer that for most of us, we could be great in a handful of things. And the other things that we do, we can't expect to be great in. And we have to treat as hobbies, not as professional pursuits, to be the greatest that we could ever be. Most of us don't have that much discipline, that much willpower. You figure out the things that you're great at, you do those things to the best of your ability, and then you have to give yourself a break in other things if you want to do things sustainably for the long run. So that's that concept there. And I hate this concept. How you do anything is how you do everything. I'm a half believer in this, like I'm a half believer in some other concepts. But, but, but that's the thought there. So, so five more concepts here. There are times of business where no new idea should be the rule. Don't look for conflict. We don't need to have it. Love your 90 percenters. Marketing in sale, marketing and sales, not marketing instead of sales. Life is a game. You better enjoy it. Not just try and get results. You better enjoy it too. And this concept of how you do anything is how you do everything we believe again is, is a, is a great half truth. So let me stop for a second and take two quick questions that have come up. One of the questions that's come up and then we'll get back to this core concept is what are your comments on how leaders manage technology to improve processes and efficiencies? Some technology does, but constant change seems to impede efficiencies versus improve it. This comment and question of course is absolutely right on. It's very important that you pick carefully which technologies you're going to implement that. My cardinal rule in picking up new technology or using new technology, invested technology, is I am never going to be a first user. I'm going to start with a reference case. If somebody can't give me a good reference case and I can't talk to that reference case or a client very closely about how they're using it, what's going on, then I can't do it. Because every time that you introduce new technology, it's very disruptive to your team. It costs money. Some technology ends up with 3% users, some ends up with 50% users. And you have to be very thoughtful. I'm a big fan of being intentional versus opportunistic and technology. My other rule of thumb is I'm never going to be a first user. It's not. You can be if you're a massive company, you can be in certain situations, but we're generally not a believer. And it's constantly trying to are things user friendly, do they have great support? Is it a company that's going to be there for the long run that you're working with and really picking and choosing how many things you're going to attack at any one time. I think it's a great, great question and comment. There's another comment about how do you factor in tariffs and I would say uncertainty into what you're doing and I'll talk about it from a business perspective and an investment perspective. On an investment perspective, I'm the biggest believer that you have to understand your allocation of assets, bonds to equities to cash, and how you could live with that and the potential impacts really well as you start to seriously invest and you have to have an allocation you can live with through good and through bad times. Many of us learn this, you know, 20, 30 years ago, I Went through the dot com bust when I most of my assets in equities and technology equities and went down 20, 30%. That was my wake up call to really try and learn about asset allocation and what worked for me, not worked for my broker, what really worked for me. You have to have an asset allocation and I'll get to the business part of this as well that somebody asked about too. You have to have an allocation that you could live with in good and bad when the market goes up and does go does and goes down. And I'm a huge concept of the right allocation, the right emergency fund. So you don't have to sell into the dip, you don't have to panic. And for all of us at allocation will be different. There are fantastic tools online. Vanguard has a great set of tools that you could look at different asset allocations and how many years those allocations will result in a negative versus a positive to try and understand how you might react when the market goes down significantly. For many of us, doesn't matter that the market's gone up 20 either the last couple years. When it goes down this year, we still get very nervous and anxious even though we know we're playing with ahead of the game because we're still uncertain by the fast. So, so understanding your market allocation and really having the allocation you can live with is so important because there's all this change in terrorists and everything else around from business perspective. We talk a lot about this a lot in health care. There's so much noise right now about potential Medicaid cuts, reimbursement cuts and so forth. And the best leaders I know can largely stick to their core plan, filter out a lot of the noise, not get into 1,000 different contingency plans, but also be smart about their business planning and understand okay, I know that if there's going to be potential cuts, I don't want to hire a million people right now. I don't make a ton of investments. I'm going to go very easy on debt but, but other than that trying to stick to the core because there's so much uncertainty always whether it's tariffs, changes in reimbursement, whatever it might be, that you can't as a leader every two minutes change your plan or change what you're going to do. You can't be a little bit more careful in terms of times where there's great uncertainty. I'm always a big believer in going really easy on debt. I'm a believer that debt kills countries, it kills companies. It kills families and so forth. But I do think a core plan, plus some sensitivity planning, if you've got this great uncertainty, is really wise. Let me sort of work through the next five issues. We talked about the next five mantras. We have one of them we've already talked about here inadvertently. It's number 11 on your list. Allocation is critical. Don't get bullied by an advisor into a more aggressive allocation that you could live with. You need to understand market allocation very closely and have an emergency fund. And you understand what's called behavioral finance, how you apply to it versus optimal finance versus what might be the perfect market allocation versus what you can live with. That's our, that's one of our core points. I am not a financial advisor. I don't sell financial services at all. These are things I've learned throughout my life from business and from investing that have gone right and gone wrong. The next concept is, you know, and we say this to anybody that will listen. Don't quit your job during a recession. Don't quit your job during a period of fear. I'm not a believer. You see on Twitter all these people that are burn the boats, get out of your job and just start your Internet business, whatever. I am not a believer in that. I'm not a believer in the burn the boats philosophy. I'm a huge believer in keep your job, start your passion, don't let it interfere with your job. Do a great job at your job. But if you want to start a separate business, start it, but don't burn the boats to do so. Don't quit your job during recession. Third concept, just a very basic concept is this. Show up early to every business meeting or a meeting of any sort. If you're organizing a meeting, it almost should always be shorter than the norm. I'll tell you this webinar. I'm going to end up longer than I expected. The longer I go, the more people that will dial out. It's the same with every meeting you ever have. The best meetings I used to hold as a leader in the law firm in the company where the 10, 15 minutes we did a status check on important things. I sat the other day through a four hour board meeting for something, you know, divide my druthers. That board meeting would be an hour or 30 minutes. Almost always your meeting should be longer, shorter versus longer. And the next concept goes with that. Just like I don't believe this concept that culture is everything. I believe it's culture plus talents plus rights. 80% of success is just Showing up every day and doing what you're supposed to do and then add out of that rights, drive and personal skills to make great success. We're a big believer in that, that it starts with just showing up on time and being at everything on time. If you're holding meetings, if you're holding events, whatever you're doing, you're holding talks. Shorter is almost longer than better. We did a study on our podcast. Our podcasts do much better on downloads when they're 3 to 5 minutes versus 30 to 40 minutes. Different type of engagement we know, but they do much better in terms of listenerships and downloads. We serve at our conferences people that want to speak for an hour and we have to explain to people. Every audience member wants you to speak for shorter and every speaker wants to speak for longer. And we're trying to hit this down the middle between the two what our audience really wants and what our, what our, you know, what our, what our speakers want. The fifth concept here is constant communication is almost everything that in any business you're in, any relationship you're in, regular constant communication is so, so important to long term success. The next five concepts are as follows. And once you get to a leadership position or once you get wealthy, the dirty secret is it takes tremendous discipline to stay the leader once you become the leader, or to stay wealthy once you become wealthy. There's a great concept by Andrew Grove, founder of intel or CEO, long term leader of Intel. Only the paranoid survive. Unfortunately, there is a lot of truth there that you really have to stay very disciplined and very after it if you want to stay great in anything that you're trying to do. So that's that concept. The next concept. Some of these come out of just life experience and we see this constantly. Whatever you're doing in business or in life, always ask for an estimate before starting any project. Whether you're hiring a lawyer, a consultant, you're hiring somebody to do painting. I'm a big believer in trust. Plus verify that there's always. You should always ask for estimates before you get going so you don't end up getting surprised. Saw somebody recently get surprised with the huge, huge legal bill. Saw it happen with a painting project, you know, and again, all, all fine. But we're a big believer. One of the lessons is always ask for the estimate before starting the project. Legal, consulting, painting, anything you're doing, technology, whatever you're doing. Three more concepts in these five. As the economy weakens or struggles or you have uncertainty, always important to prioritize your spending to what you think is critical to go easy on debt, understand your asset allocation and maintain your emergency funds. So that's the next concept there. The next one is a health one. Injuries versus illness. As you get older and even as you're younger, you see more and more people with life threatening illnesses, cancers and so forth, when they appeared last year, where two or three eye surgeries and injuries to the knee and knee surgery. And I have to tell you, you have to be so thankful for things that are injuries and at least largely reparable versus the illnesses that other people suffer for. So be thankful if you have a repairable injury. It's no fun, but be thankful for it and that it's not the kind of illness that can kill you or be chronic and so forth. Another business concept, it's we find the very best business people really know their own business really well and they know the business that they're in really well. And then they apply what they do in that context. One of the greatest compliments I ever heard about a CEO, and it's not that everybody should be a micromanager. This CEO managed surgery centers throughout the country. And one of the things one of his lieutenants said was that Bruce, and his name was Bruce St. John would know if a 2x4 fell in the surgery center in San Antonio before it happened. And it wasn't, it wasn't exactly true. But the concept is he knew his own business. It was going on really well. In any business you're in, you really got to know your own people really well, know your best customers, your best people, where your profits, your revenues are coming from. I mean, we view those as so, so important. Another concept that's similar to this, and this is really for people building professions, building businesses, and about the evolution of careers and growth that you practice, whatever you do, whether you practice medicine, you practice law, you practice pr, whatever you practice, you practice that, you get good at that and then you practice leadership within that, then you grow into leader into that. And that's sort of how we view that. I'm going to stop for a second. Somebody had asked another question about if I had one core business and leadership thought that I rely on and I would say I break it down into three, but even there, I think there's one that overrides it, is we break down business into three core concepts, then we add on a lot of concepts from there. We're believer, at least for what I've built over the years and seen built successfully to be niche centric, to really be Great in the niche. Second is to be hyper customer centric. Every customer especially, you start to understand it is really, really important and you have to tier your customers into the more important versus less important. And third is everything is about being team and talent centric. And if I had to look at one of those as the most important team centric, customer centric or niche centric, I would say that it's team centric. Every place I've had great success, we've built great teams. Every place that I've failed is where I try and do the Twitter thing of being a solopreneur. I think if I look at one thing more important than anything else, it's building great teams. Jim Collins has a great theory. He's the great. He's probably the premier business writer of my generation, wrote the book Good to Great and others, that if you get the right people on the bus, you can figure out where to steer the bus. And I do think having the right colleagues, the right teammates and doubling down on those is everything. If I had to have one cardinal concept, it's that then it goes with being niche centric, customer centric, finding product market fit and a number of other things. So I love that question. So thank you very much for the gentleman who asked that question. I know it's gentlemen because I know the person, but thank you very, very much. The next concept we talk about, and it goes back to investing, is this concept of save like a pessimist, invest like an optimist. So if I'm a pessimist, I want to have so much money in emergency funds and cash and bonds and I'm safe no matter what. One of the great pessimists of our time would be Warren Buffett, who's sitting on, I think at Berkshire hathaway Something like 300 billion in some crazy amount of cash to invest. I'm a big believer that he's got things much more right than wrong. Save like a pessimist, invest like an optimist. I'll also invest a part of my money into index funds, long term equities. So I've got some in private equity funds, some in venture capital funds. We could have a whole different discussion whether that's been successful or not and in private companies. But yes, I'm going to invest X amount in equities as I'm optimistic in the long run. That's going to help me fight inflation and help us be wealthy and do great. But save like a pessimist, make sure you got your nest egg taken Care of. You got your emergency funds taken care of. You got your right ratio of bonds, equities, cash, etc. I love that concept. The third concept is, and anybody who's older will be able to appreciate this, there's a concept, don't let the old man in. I don't know who originated this concept, but if you look at your friend group, you're a certain age and we were at a young age. Some of your friend group has done a great job of staying fit, trying to stay at it, trying to stay healthy. Others have let themselves go. And the great challenge of letting yourself go is it is harder and harder as you get older to get back at it if you let yourself go. There's a great book by Peter Attia about health, you know, and he talks about health span versus lifespan. And if you don't make the effort to sort of, if you let the old man in, if you slow down too much physically, mentally, otherwise you end up in a spot where tremendous challenges ever recovering to where you want to recover. Anybody that's taken days off of exercise or had to because of injuries, know how tight things get, how creaky they get and so forth. And the long you at yourself not do stuff, the easier it is for it to become a permanent state of mind or state of physical being. Two more concepts I'll talk about. One of them comes from Jerry Seinfeld. He talks about he gets by in meditation, lifting weights and coffee. I'm a believer that I got to try and constantly this balance of a little more meditation, little more breathing, a little more calm to go with my generally hyperactive self, and a little bit less coffee. Again, to do these things, more meditation, more calm, less coffee to me is solely, of course, aspirational. I struggle with them, but we try to. The last thing we talk about, and it's really true about business, it's probably true about a lot of other things, is I hate people that complain. We think about things as either double down on it, stay the course, or abandon the effort. If you're building a new business, at some point you got to make the decision, keep doing what you're doing. Are you going to double down at it or abandon the effort? Everything I've ever done well in life, at some point, incrementally, we've made the decision, it's now time to double down on this. And so we work on that concept of okay, now let's double down on this. So again, these are the core starting points of the 25 business mantras. Concepts of thoughts. This is a different talk than the core talk we give on building a business that we've got a bunch of keynotes this year on or on healthcare trends, where I've built most of my professional success around Becker's Healthcare and the Business of Healthcare. Again, Scott Becker at LinkedIn or text me at 773-766-5322. We'll wrap up now. Thank you all for joining us today. I really appreciate it. I really appreciate getting a chance to work on this discussion. I hope that you enjoyed it. Thank you very, very much. And thank you to Michelle Byers Robson and Rosa McKenzie and team. Just fantastic. Madison. Thank you all at SCORA for your help. And thank you for joining this Becker Private equity and Business podcast webinar. Thank you very much.