Richard Steel. Ex-Founder's "Portfolio of Interests"
Dec 30, 2023
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Richard Steel, a former business owner who led a public company and advised the White House, shares insights from his transformative journey post-business sale. He discusses the emotional aftermath of exiting Steel Media, including celebrations with employees and IPO experiences. Steel emphasizes creating a 'portfolio of interests' and reflects on his evolution from ad executive to entrepreneur. He also touches on lifelong learning, the importance of family, and his commitment to community and personal growth in an ever-changing landscape.
Richard Steel emphasizes that selling his business served as a pivotal moment that opened up new opportunities for personal and team growth.
His transition into various leadership roles illustrates resilience and a strategic approach to integrating diverse company cultures successfully.
Richard advocates for lifelong learning as essential for personal evolution, highlighting the impact it has on enhancing his contributions to organizations.
Deep dives
Reflections on Selling a Business
Selling the business was a significant milestone for Richard Steele, yet he expresses no regrets about the decision. He likens the process to an ongoing narrative, suggesting that selling extended opportunities for himself and his team. While he misses the camaraderie of solving complex problems with his former colleagues, he recognizes that the decision allowed for growth rather than a slow decline. This perspective highlights the importance of making strategic choices for the long-term well-being of both oneself and one’s employees.
The Journey Post-Sale
After selling his company, Richard became involved in a multitude of new ventures, including leading a public company and establishing a philanthropic fund. His transition into these roles was marked by a successful integration of two different company cultures, which positioned them for growth and public offering. This ability to adapt and thrive in a new environment illustrates not only resilience but also a proactive approach to leadership. Richard's emphasis on meeting and exceeding performance targets post-acquisition showcases his commitment to excellence in any endeavor he pursues.
The Value of Lifelong Learning
Richard's commitment to education remains strong, evidenced by his multiple certifications and ongoing engagements with prestigious institutions. He believes in the power of lifelong learning as essential for personal and professional evolution, particularly as one transitions to new phases in life. He references diverse learning experiences, such as corporate director programs, which enhance his effectiveness as a board member and investor. This dedication to continuous growth not only enriches his own journey but equips him to contribute more profoundly to the organizations he is part of.
Philosophy on Wealth and Happiness
Wealth, for Richard, is intricately linked to freedom and choice, rather than mere accumulation of material possessions. After achieving financial stability post-sale, he shifted his focus towards creating a life of intention and fulfillment, applying his knowledge to impact others positively. He advocates for balancing ambition with personal values, emphasizing the joy in helping others and engaging in meaningful work. Richard’s philosophy reveals a deep understanding that wealth should serve a purpose beyond self-interest, inspiring actions that promote community and altruism.
Parenting with Purpose
Richard emphasizes the importance of intentional parenting, focusing on health, integrity, hard work, and wealth. He discusses a family crest that represents these values, serving as a guide during dinner discussions. His proactive approach to parenting includes encouraging open conversations about gratitude and aspirations, helping his children understand the value of fulfillment. This framing not only nurtures their individual identities but also fosters a strong family bond rooted in shared values and meaningful experiences.
My guest today is Richard Steel. Since he sold his business - Steel Media - over 10 years ago, Richard embarked on a remarkable journey. He led a public company, authored a book, provided counsel to the White House, joined the Harvard Business School Alumni Board and established a philanthropic fund. His unique philosophy emphasizes the creation of what he calls a "portfolio of interests".
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