THOUGHTS OF CHAIRMAN MAC

What is the most difficult challenge you will encounter in retirement? It is the risk of running out of money and not having enough income to live on. Unfortunately, this is not an isolated risk.  After working for decades so you could enjoy decades of not working, what is the first thing that happens the very day you retire? Your income stops. After a career receiving a check every two weeks, you suddenly need to replace that income for your retirement years, no matter how many years that may be.  The truth is you need a plan to meet your income needs in retirement. Fortunately, there is no shortage of banks, investment firms and insurance companies, along with a bevy of financial planners eager and ready to help you create a retirement income plan.   A Dirty Little Secret  Unfortunately, there is a dirty little secret when it comes to retirement planning.  The secret is that even the most forward-looking retirement plans don’t fully protect against the risk of running out of money du

  The most deleterious inhibitor of the ability of an organization to recognize and take advantage of change is an entrenched bureaucratic culture. Over time  insincere, insecure, incompetent and incoherent bureaucratic management actions create an abhorrence and fear of change, in any form. Bureaucracy suffocates innovation, challenge and change, but that’s its purpose. Bureaucracy is meant to preserve and protect the past. And it does so with vengeance by blinding organizations to the presence, threat and positive potential of change. When a company has achieved success, it is natural to want to preserve that success. The problem is that like fame, success is fleeting. The fallacy of allowing bureaucracy to take hold in a previously entrepreneurial culture is the belief that the environment in which success was achieved can be frozen in time. But, of course, that is not the case. Success is maintained by responding to constantly changing conditions and challenges. The use of bureau

  Become a Trust Builder   Trust is the most underrated aspect of a business relationship. The presence of trust makes any effort possible. The absence of trust corrodes any relationship and erodes power till nothing is possible.  Trust in a business relationship is different than trust in a marriage or the trust we place in a pilot when we board an airline. I would even differentiate the concept of business trust from the idea of ethics. Not that trust can be built without being ethical, but in the context here trust has a different nuance. Trust in a business relationship is about many things, but mostly it is about being consistent with those with whom we deal with. The secret to building business trust is to be the same today as you were yesterday and will be tomorrow. Trust is built when others can count on what we say as being what we do It does not engender much trust in an organization when management becomes known for saying one thing and then doing another. Unfortunately,

  Despite complicated theories and innumerable tactics, true leadership comes down to a few simple principles.   Vision – Leaders learn to reminisce about the future the way others reminisce about the past.   Determination – Leaders constantly exhibit the attitude that it is better to fail than to quit.   Openness – One thing a leader understands is that they don’t know it all.   Empowering – Leaders inherently understand that power used absolutely diminishes, while power shared absolutely expands.   Sharing – Leaders acknowledge that success may be the inspiration of one but is the product of the efforts of many.

  Are you considering or being pressured to buy life insurance? Join the crowd. Life insurance is one of the most ubiquitous financial products to ever be sold. While life insurance can be a valuable tool in any financial plan, knowing if you even need it -- along with the right amount and type to buy -- can be challenging. There are questions such as: How do I know if I need life insurance? If so, how much life insurance do I need? What type of policy should I buy? How do I know if I am getting the best value and price for the life insurance I buy? Purchasing life insurance is often tedious, intimidating and complicated, but it does not have to be that way. The insurance companies may offer multiple confusing policies and throw around mysterious jargon that sounds like a foreign language, but in reality, the concepts are simple. Once you understand the true basics of life insurance, your decision can be straightforward and result in the best buy for you.   What you should know a

  When it comes to individual retirement planning, annuities are hot products. Millions of annuities have been sold and each year billions of dollars are deposited with the insurance companies that sell them. This means annuities must be good for the insurance companies, but what about being good for you? Just because everyone else is doing it doesn't mean you should be talked into buying an annuity. While annuities can play a valuable -- even critical -- role in individual retirement planning, they are not right for everyone. And you, not some salesperson, should be the one to decide if an annuity is right for you.  Another reason to be diligent when considering the purchase of an annuity is that over the years, the simple concept of the fixed income annuity has become complicated and even convoluted. This has resulted in increased costs and confusion for the consumer and higher profits for the insurance company.   Here are some of the reasons why you may want to think twice bef

  Dinky-minded DeSantis has declared that the Russian aggression against Ukraine is “not a vital interest” for America, but is just a simple “territorial dispute.” In doing so, he has joined a small but growing group of MAGA Republican leaders who say we are giving to much support, money and equipment to Ukraine. What DeSantis and the others of his ilk fail to understand is that the people of the Ukraine are not only fighting to save their independence as a country but are also fighting our fight against Putin and Russia. Every day that the Ukrainians resist Russian aggression, the Russian economy is stressed, their military prowess is weakened, and Putin’s world (if not within Russia) political influence is reduced. This all inures to our benefit. If the Ukrainians are willing to give up their lives to resist and weaken Russia, the least we can do is give them the equipment and economic assistance to do so. Besides, the financial and material support we are giving to Ukraine is bu

  The Telltale Signs of a Successful Company Falling Into Decline   ·       When m anagement decides it’s easier to hire from outside rather than grow talent from within. ·        T A company begins to define success predicated on what has been done, rather than what could be done. ·        Management begins to act as though getting better is not as important as keeping current levels of success. ·        When company processes and procedures become more important than performance and progress. ·      While its past actions threatened competitors, now management feels threatened by the actions of its competitors.

  Steps to take that will enhance your chances of becoming a successful entrepreneur:   ·       Understand and be willing to accept the risk of being an entrepreneur.   ·       Identify a need not currently being met in the market.   ·       Create a solid, workable solution to an identified need.   ·       Make sure to differentiate your ideas and efforts from the competition.   ·       Enlist those who have the experience and ability to add value to your efforts and give them a personal stake in the success of the effort.

  EFFECTIVE LEADERS USE THE POWER OF A PARALLEL WORLD   Effective leaders recognize that those who can add value to the enterprise will be encouraged to do so when their interests are in parallel with those of the leader. The “power of parallel” is a potent leadership tool grounded on the universal truth that interests and actions aligned in parallel are dramatically more powerful and effective than those that are divergent or conflicting. Interests in parallel create, while interests in conflict destroy. Horses to a wagon or dogs to a sled are harnessed in parallel so their individual strengths can be combined into a single, dynamic force. Humans and organizations are impacted by this natural law of parallel as well. The essence of parallel interests in any enterprise is when a group of people are joined together in a common cause that results in a common benefit. The Business of Parallel Leadership Truly effective business leaders create an environment in which all stakeh

  THE TEN RULES TO VIOLATE TO BECOME AN EFFECTIVE LEADER   1.      When the rule says be the hero – let others carry  the flag.  2.      When the rule says to consolidate power – share power. 3.      W hen the rule says know it all – be open to what others know. 4.      When the rule says be above it all – be accessible to all. 5.      When the rule says tell people what to do – teach them how to do it. 6.   When the rule says have all the answers – look to others for answers. 7.      When the rule says take all the credit – give all the credit away. 8.      When the rule says to resist change – explore and embrace it. 9.      When the rule says rewards are for the top – start them at the bottom. 10.      When the rule says it is all about the leader – make it all about everyone else.