Lessons Earned Over 40 Years in Business
When CWA Founding Partner Darrell Cain started the firm in 1984, he had a goal of helping his clients accumulate wealth. One year later, in the trenches of working with his first 30 clients, he was frustrated.
He could divide his clients into three groups: those who didn’t follow any of his advice, those who followed some, and those who followed it all. The ones who followed all his advice were doing great. But what made someone follow his advice?
He realized that the truly successful clients understood and believed in the principles his advice was based on. That epiphany changed how Cain Watters works with its clients. In the first three hours of meeting with a new client, Darrell simply educated people on how money works. With this knowledge, they became empowered to work with him toward the same goal.
The goal of accumulating wealth evolved into an ongoing mission that focuses on education, rather than money, as the catalyst to change.
Darrell reminisced, “It takes time to slow down and teach, to where you are not solving the problem, but setting the context for how to go about solving the problem.”
It was this and other lessons that Darrell earned over the last four decades. Like many before him, some lessons he learned the hard way—and these he felt even more compelled to share.
LESSONS EARNED OVER 40 YEARS
1. Move the Big Rocks First
When we have a lot of tasks and to-dos in front of us, we tend to clean up the easy ones first. But the most effective and efficient way to make tangible, stress-relieving progress is to tackle the big rocks first—the ones that are hard to move, time-consuming, and, many times, confrontational. More often than not, when you push a big rock over, it takes other rocks with it.
The essence of this lesson … Addressing the complex issues first makes the easy issues easier.
Watch Darrell Cain share this lesson in his own words.
2. Have a Vision of What You Want to Create—and Don’t Hesitate
Take action today to achieve your long-term goals tomorrow. Take the lead in shaping the future. Set the pace, inspire your team and involve them in the journey. Update your vision daily, weekly, annually and for 10 years into the future.
The essence of this lesson … Take the time to set goals and hold yourself accountable to them.
Watch CPA Brittany Frazier share how she incorporates this lesson into her work with clients.
3. Lead by Getting Out of the Way
Surround yourself with great people who can embrace the vision. Give them direction, but then quickly get out of the way. They will exceed your abilities and innovate toward the common goal through diverse talents that are different than your own.
The essence of this lesson … Find good people and give them room to be great.
4. Be a Servant Leader
As business owners, we have a unique opportunity to embrace the servant leader role. Care more about the service and value you create than the money you receive. If you make a mistake, own it, then do your best to rectify it. Be transparent, truthful and always mindful of the positive impact you can make. The money will follow this behavior, but you’ll already be rich.
The essence of this lesson … Success is about more than money.
Watch Partner Judson Crawford discuss how he leads with purpose.
5. Four Steps to Success
These steps are so simple and spot on. The basic principles of how to be successful are:
1. Be on time.
It’s a matter of respect. If you must be late, immediately reach out and renegotiate.
2. Do what you say you’re going to do.
If you don’t plan to do it, don’t say it.
3. Say please.
If you don’t say it, what you’re really saying is your acknowledgment or approval is not valued.
4. Say thank you.
You’re acknowledging back to that person that you appreciate what they contributed.
The essence of this lesson … Show up, show your commitment, show appreciation, show respect.
6. Live for the Moment, Plan for the Future
It’s essential to have fun and live for the moment, and that starts with planning. That sounds contradictory but it’s easier to rest, recharge and enjoy life when you have the peace of mind that comes with knowing your future plans are in place.
The essence of this lesson … Planning enhances life’s moments.
Watch Partner Hunter Satterfield discuss how he helps his clients enjoy today while feeling secure about tomorrow.
7. Beware of What You Don’t Know
We want to innovate to solve problems, but when we deal with issues that we do not have deep experience in, we risk causing more problems, no matter the good intentions. Accept that you do not know everything, but do not let this paralyze you from action. Take calculated risks by trusting the people who know how to solve them.
The essence of this lesson … Know which lane is yours and use your turn signal!
8. You Will Fail. Get Over It.
Mistakes are inevitable. The issue is what you do next. Give yourself some grace and learn from it. Believe in yourself that you are the difference. Life is a journey. Enjoy it. Have fun and laugh. And stop taking yourself so seriously!
The essence of this lesson … You can learn a lot from failure.
Watch CPA Eric Lamm share how he believes failure is where breakthroughs happen.
9. You Get Out What You Put In
There is no magic to being successful or achieving a lofty goal. If you don’t spend time upfront to understand the challenge and then invest the effort to develop the detailed systems and processes required to overcome that challenge, you will not achieve your ultimate goal. Hard work matters. Grit matters. And believe it or not, process matters.
The essence of this lesson … Good things come to those who are willing to work for them.
10. Balance Is the Hardest Thing to Find
Do not be afraid to put in the work. Be present. Be focused. Be 100% invested when you are there. At the same time, do not be afraid to turn off the work. Be present. Be focused. Be 100% invested in your life outside of work. You will find balance if you give your heart and soul to work when you’re working and to your family when you’re not.
The essence of this lesson … Balance happens when both sides of your life get equal weight.
As the firm has grown to more than 3,000 clients and 300 associates, Darrell’s early lessons are rooted in everything we do. We’ve realized that the key to helping clients build long-term wealth isn’t timing the market or choosing the hottest stocks. It’s about an unwavering commitment to providing financial education and investing time and energy to become a true partner on our client’s path to success.
Learn more about CWA’s history and commitment at cainwatters.com/40-years.
