Lessons from an Entrepreneurial Journey: Focusing on What Matters Most with Jacob Wayman, Honorary Commander at McConnell AFB, Orange Theory

Jacob Wayman’s path to business ownership began at a young age through his upbringing in an entrepreneurial family. Growing up, he witnessed the resilience and strong work ethic needed to succeed despite challenges. These early life lessons have served Jacob well as he has faced his own obstacles as the owner of multiple Orange Theory fitness franchises in Wichita.

In a recent interview on the Real Wealth Podcast, Jacob shared insights from his entrepreneurial journey that offer valuable takeaways for anyone in business or leadership roles. He discussed how purchasing his Orange Theory locations right before the COVID-19 pandemic presented immense hurdles to overcome through perseverance. This experience reinforced the importance of being prepared to weather unexpected crises that could impact operations.

Community Involvement Provides Guidance

Beyond running his businesses, Jacob remains actively involved in the Wichita community through service organizations like Rotary. He highlighted how this type of involvement has aided his professional development over the years by cultivating relationships with mentors. Entrepreneurs should seek out opportunities within their communities to both give back and gain wisdom from others.

Learning Balance and Prioritization

As someone prone to hyper-focusing solely on work, Jacob discussed an important lesson he learned – maintaining proper balance between responsibilities. It’s easy for entrepreneurs to lose sight of family, faith and other priorities amid goal-driven business pursuits. Through experience, Jacob realized the value of prioritizing time with loved ones even during busy seasons. Proper time management is crucial for balancing obligations.

Guidance from Mentors

Jacob continues learning from mentors within his network who each offer different strengths and qualities. Cultivating relationships provides entrepreneurs access to guidance along the unpredictable journey of business ownership. No one succeeds alone, so seeking advice can help smooth the path.

Financial Planning for Entrepreneurs

Achieving balance and long-term goals requires wise financial decisions. As the sponsor of the Real Wealth Podcast, Leading Edge Financial Planning (LEFP) supports entrepreneurs through comprehensive services.

LEFP provides financial planning, investment management, retirement planning, insurance solutions and more. Their team understands that as an entrepreneur’s needs change over time, so too do their financial requirements. Some key services include:

·       Retirement planning assistance, whether rolling over old 401ks into an IRA when leaving a previous employer or planning for exiting the business. Proper guidance helps navigate these transitions.

·       Education funding strategies, as many entrepreneurs want to support their children’s education goals. LEFP can help save and invest for this expensive life event.

·       Wealth accumulation planning, to grow assets both within and outside of the business over an individual’s career. Strategies consider goals at each stage.

·       Estate planning, ensuring a legacy is passed down as intended through wills, trusts and more during the transition from an entrepreneur’s lifetime to beneficiaries.

By understanding an entrepreneur’s unique situation and priorities, LEFP creates customized strategies to support their ventures and personal finances through all of life’s transitions.

Overall, Jacob Wayman’s story offers valuable lessons for both aspiring and experienced entrepreneurs. His key takeaways emphasize the importance of resilience, community involvement, balance, mentorship and financial planning to succeed over the long haul. For more insights, listen to the full interview on the Real Wealth Podcast.

Real Wealth Podcast: Season 2, Episode 11 – Jacob Wayman: Entrepreneurial Endurance

Welcome to the Real Wealth Podcast, Season 2, Episode 11! I’m your host, Mike Proctor, President of Leading Edge Financial Planning, LLC in Wichita, KS. In this captivating episode, we’re thrilled to host a true entrepreneurial trailblazer, Jacob Wayman, as he shares his remarkable journey and the enduring lessons that have shaped his success.

Join us as we delve into the dynamic world of entrepreneurship and gain insights that are both inspiring and practical.

Jacob’s entrepreneurial odyssey began in an environment where hard work and innovation were the norm. Growing up in an entrepreneurial family, he imbibed these values, setting the foundation for his future endeavors.

Today, Jacob stands as the proud owner of two Orange Theory fitness locations in Wichita, a testament to his dedication and drive. Hear him discuss the formidable challenges he confronted when acquiring his businesses, a venture that coincided with the onset of the COVID-19 pandemic. His resilience and strategic prowess during this period make for a compelling narrative of entrepreneurial endurance.

But that’s not all—Jacob is deeply ingrained in his community. He serves on the leadership team of Wichita Downtown Rotary and is a board member of the Salvation Army, reflecting his commitment to making a positive impact. As an honorary commander at McConnell AFB, he continues to foster valuable connections and collaborations within the community.

In addition to his thriving fitness business and community involvement, Jacob is an expert in employee benefits brokerage, helping businesses make wise financial decisions for their employees.

As we navigate through Jacob’s journey, he imparts invaluable advice to fellow entrepreneurs. His emphasis on maintaining a harmonious balance between business aspirations, family values, and faith resonates deeply. Additionally, he shares his insights into effective time management, a skill that’s been instrumental in his multifaceted life.

Jacob’s story is also a testament to the significance of mentorship. Over the years, he’s garnered wisdom from a diverse group of community members in Wichita, reinforcing the belief that learning from others is a hallmark of entrepreneurial growth.

Tune in to Season 2, Episode 11 of the Real Wealth Podcast for an illuminating and motivational conversation with Jacob Wayman. Whether you’re a seasoned entrepreneur or just embarking on your own journey, Jacob’s experiences and enduring wisdom will leave you inspired and ready to conquer your entrepreneurial dreams.

And special thanks to Leading Edge Financial Planning for sponsoring this episode. At Leading Edge Financial Planning, we understand that making wise financial decisions is a crucial step in living the best life possible with the time we have left.

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https://www.linkedin.com/in/jacobwayman/

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Podbean episode on RWP:

https://realwealth.podbean.com/e/s2-jacob-wayman-entrepreneurial-endurance/

Leading Edge Financial Planning, LLC Address: 515 S Main St STE 103, Wichita, KS 67202 Phone: (316) 768-7526

https://www.leadingedgefp.com/

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Leading Edge Financial Planning, LLC (LEFP) is a Registered Investment Adviser in Kansas and Colorado and is registered or exempt in all other states where conducting business. For any questions or concerns, please contact Michael Proctor, CCO for LEFP at 316.768.7526 or mike@leadingedgefp.com .

On a recent episode of the Real Wealth Podcast, host Mike Proctor interviewed John Oelze, the Executive Director of Hope Ranch for Women. Hope Ranch is a nonprofit organization based in Kansas that provides residential programs, counseling, and support to survivors of human trafficking.

John shared the mission and vision of Hope Ranch. Founded in 2015, their first residence opened in 2019. Hope Ranch aims to save women and people from human trafficking in Kansas through long-term residential programs, community outreach, and advocacy. Kansas is unfortunately an originating state for human trafficking.

John discussed his background in church ministry and counseling. In 2015, he became the first Executive Director of Hope Ranch. He works to raise awareness, funds, and support for their life-changing work. Hope Ranch receives a grant from the state of Kansas but there is still tremendous need and few government programs providing this level of care.

The stories John shared were heartbreaking – one woman had a seizure upon seeing a dog kennel, as she had been kept in one for months by her trafficker. On average, trafficking victims have been raped over 6000 times. It takes intensive long-term counseling and support to help survivors find healing and freedom.

John emphasized the importance of getting involved to make a difference. Whether through donations, volunteering, or advocacy, we all have a role to play in fighting this darkness. Hope Ranch is saving lives and changing futures.

Their annual fundraising banquet will take place on September 7th and will feature former NFL quarterback Tim Tebow as the keynote speaker. The event will be held at the Wichita Union Stockyards (https://wichitastockyards.com/). Tickets can be purchased on Hope Ranch’s website at HR4W.com. Corporate sponsorships are also available to help cover the costs of bringing in a speaker of Tebow’s caliber.

-Mike Proctor, President for Leading Edge Financial Planning, LLC

As an employee and someone who wants to retire one day, it’s in your best interest to take advantage of the benefits your employer offers. One of these is your 401(k) plan, which you can contribute to and help build up your savings for a more stable future. The issue may be that you are not using it at all, or you are signed up and using it but you’re not sure how it works. 

Here we’ll dive deeper into and cover 5 things you may not know about your 401(k) plan. This way you can make sure you’re fully informed so that you can properly plan and save for your future. After all, you likely depend heavily on your 401(k) plan as an essential part of your retirement savings, as most Americans do. 

Why a 401(k) Plan in the First Place?

As, one of the most popular choices among Americans when it comes to saving for retirement is, you want to take the time to learn more about what’s exactly in them and the benefits they offer so you can properly plan for your future. Sadly, many people don’t understand fully some of the most important features about their 401(k) plans. 

It’s wise to learn more so you can make better and more informed decisions regarding withdrawal decisions and investment savings. The good news is that a little knowledge can go a long way in helping you to feel more comfortable making these decisions and managing your 401(k). Unfortunately, most 401(k) providers aren’t very transparent about the realities and details of these plans. 

Continue reading to understand more about these plans and learn some things you may not know about them. This way you’ll no longer be in the dark about what they offer and how they work and can make confident and fully-informed decisions about your finances going forward. 

1. Plan Pricing

One thing you may not know about your 401(k) plan has to do with plan pricing. Non-transparent pricing is and continues to be one of the biggest challenges of any plan participant. While providers are required and do share this information annually with plan holders, these documents can be confusing, lengthy, and hard to read and understand. For instance, the plan fees may erode plan investment gains in some cases, so look into this further within your plan, and try to read the fine print. 

2. Does the Plan Fit Your Long-Term Investment Goals?

Another aspect or question to ask yourself as it relates to your 401(k) plan is; does the plan investment align with your long-term investment goals? The element that is clearly hidden in these plans is the asset allocation and underlying investments of managed funds. Take the time to make sure the investments match your personal and long-term financial goals. In many cases, people tend to know very little about what they’re invested in exactly. 

3. Roth Flexibility Options

You may not know about the Roth flexibility options you have with your 401(k) plan as well. It’s a vital element that you may not be aware of or know that you have a roth-like option within this type of retirement plan. It’s more common for large companies to offer this feature and some smaller companies may not. If you qualify, there’s the potential to make significant contributions in excess of the normal Roth contributions. 

4. 401K Rollover Options

Many plan participants experience plan rollover miscues and may assume or choose to withdraw their 401(k) funds directly. However, this can be a big mistake that will have you incur hefty fees. When you leave a company it’s in your best interest to not withdraw these funds directly. Instead, know you have some other options. For instance, you can either open your own IRA account and roll the funds here or you can roll over your 401(k) to the retirement plan at your new employer. Here at Leading Edge Financial Planning, LLC, our recommendation to you is to either do this with direct 401(k) rollover via a check or by using a direct IRA transfer. 

5. Risks that Come with Lifecycle Investment

You should also ask yourself if you understand the lifestyle cycle of investing and the risks that come with it. It’s a common strategy in this type of retirement plan fund. For instance, you may notice some funds have a year attached to them. They allow you the opportunity to diversify your funds and you can avoid feeling overwhelmed by investing in individual funds. You should keep in mind, however, that with lifecycle funds the bond-to-stock ratio changes on its own. What this means is that the funds can potentially shift and become more conservative over time, instead of being in a growth state. 

In Summary

You should be proud that you took the first step to educate yourself and learn more about 401(k) plans and some of their hidden features. What’s important is that you continue to research and learn more about them as time goes on. 

You can always reach out to your HR/benefits team at your workplace to get answers to your questions too. You want to make sure you have the full picture and that your investment goals and 401(k) plan are aligned with your future and personal and financial goals. Leading Edge Financial Planning advisors are also able to work alongside your HR representative to shop for your 401K plan for more competitive service and pricing. 

Looking for More Guidance from a Financial Advisor?

Of course, we’re always here to help with any money management questions you have and offer a variety of services you may be interested in using. We not only offer planning and investment services but also wealth management and insurance services, for example. 

Our expert team of financial planners has a long track record of helping a variety of clients properly and carefully manage their money and 401(k) plan for the future based on individual needs, goals, and situations. 

Get in touch today to schedule an introductory meeting and learn more about how we can help you plan for a bright and prosperous future for you and your family. 

The terms “financial advisor” and “financial planner” are often used interchangeably, but they actually refer to two distinct professions. Here’s a breakdown of the differences between the two:

1. Scope of services: Financial advisors typically focus on helping clients manage their investment portfolios. They may offer advice on selecting investments, developing investment strategies, and monitoring the performance of investments. Financial planners, on the other hand, take a broader approach to helping clients achieve their financial goals. They may offer advice on a range of topics, including budgeting, retirement planning, tax planning, estate planning, and insurance.

2. Credentials: Both financial advisors and financial planners may have a variety of professional credentials, such as the Certified Financial Planner (CFP) designation, which requires passing a rigorous exam and meeting ongoing education requirements. However, financial planners may have additional certifications and designations, such as the Chartered Financial Consultant (ChFC) or the Chartered Life Underwriter (CLU), which can indicate a deeper level of expertise in specific areas of financial planning.

3. Compensation: Financial advisors are often compensated through commissions or fees based on the assets they manage. This means that their compensation may be tied to the investments they recommend to clients. Financial planners, on the other hand, may charge a flat fee or hourly rate for their services, which can provide more transparency and avoid conflicts of interest.

In summary, while both financial advisors and financial planners can provide valuable guidance on managing your finances, financial planners tend to offer a broader range of services and may have a more holistic approach to financial planning, while financial advisors may focus more on managing investment portfolios. Additionally, financial planners may have more specialized credentials and are often compensated differently than financial advisors.

-Michael Proctor

Jacob Wayman, grew up in an entrepreneurial family. His grandfather was involved heavily in commercial real estate. Growing up Jacob was involved in working on these properties. His father was a mechanic and his uncle and dad opened a mechanic shop in Derby. 

Jacob is on the leadership team of Wichita Downtown Rotary, owns two Orange Theory fitness locations in Wichita, he serves on the board of the Salvation Army, and he is an honorary commander at McConnell AFB, and he brokers employee benefits.  Orange Theory fitness is heart rate interval training.

The intensity and exercise is based on the endurance and strength of each individual. As a result, the most talented athletes in their prime work out right along side those who may be in their 70s. 

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https://www.linkedin.com/in/jacobwayman/