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.
https://www.orangetheory.com/en-us/locations/kansas/wichita/1423-n-webb-road-suite-159/
https://www.linkedin.com/in/jacobwayman/
https://www.linkedin.com/in/mikeproctorlefp/
https://www.linkedin.com/company/leadingedgefinancialplanningllc/
https://www.facebook.com/LeadingEdgeFP/
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/
https://calendly.com/leading-edge/introductions
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 .