Why is it so hard to heed our own advice?
The biggest waste in professional advisory is the lost value of isolated relationships. The economic value of the reputation and relationships possessed by talented advisors is the largest asset of any advisory firm, but it often goes unrealized. When the advisor rides off into the sunset, the value of those relationships is lost to the next generation.
Meanwhile, the next generation struggles to establish new connections, which could easily be a continuation of relationships that came before, but remain hidden. We cannot leverage what we cannot see, so we start over.
Lost revenue, lost reputation, lost continuation and succession. These are the problems we advise our clients to avoid in their own businesses, yet we suffer in our own.
Are we like the shoemaker, so busy serving others that his own children go barefoot?