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IRA Financial Blog

Advice from One CEO to Another & CTA Update Episode 434

Adam Talks

On this episode of Adam Talks, Adam Bergman, Esq. shares advice from one CEO to another and the best tips for becoming a successful businessperson. Adam also provides an update on the ongoing legislation about the CTA!

Advice from One CEO to Another

This episode features Adam Bergman, tax attorney and founder of IRA Financial, sharing advice for CEOs based on his experiences running his business for 14 years. Bergman emphasizes the importance of surrounding oneself with smarter people, highlighting the diverse skill sets necessary for running a successful business across various departments like marketing, finance, and operations.

He also stresses that loyalty in business is overrated and urges CEOs to prioritize hiring the best people, even if it means making tough decisions to let go of under-performing employees. Bergman shares personal anecdotes of how his loyalty to friends in the business hindered growth and emphasizes the need to prioritize the business’s best interests over personal relationships.

Bergman encourages CEOs not to fear change or the unknown, citing instances where delaying necessary personnel changes had negative impacts on his business. He emphasizes the importance of making tough decisions for the business’s growth, even if it means moving on from longstanding team members.

Additionally, Bergman underlines the significance of listening to one’s team, being actively involved in the business, and cautioning against excessive reliance on remote work. He believes that physical presence in the office fosters collaboration and connection, essential for business growth and competitiveness.

Furthermore, Bergman underscores the critical role of having smart and skilled individuals in the business, equating success to the quality of people within an organization. He acknowledges his past mistakes of prioritizing personal relationships over business productivity and advises others to learn from his experiences.

Lastly, Bergman briefly touches on the Corporate Transparency Act (CTA) and its recent legal developments, mentioning a court ruling that deemed the act unconstitutional. He advises compliance with the act while the case progresses through the appeals process, signaling potential implications for businesses in the future. Bergman concludes by expressing his excitement for the future of his business and the transformation it aims to bring to retirement planning.

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