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October 17, 2024 32 mins
Yair Klyman, founder of Klyman Financial and Israeli Defense Force veteran, grew up in a Hasidic Jewish community with very limited financial resources. This experience forced him and his family to master financial literacy early on, teaching Yair the importance of being smart with money from a young age.
 
In this episode of From Crisis to Justice, Yair shares his personal journey of turning financial hardship into a powerful tool for building wealth. Today, he helps business owners and professionals protect their growing wealth by making smarter financial decisions.
 
Yair offers key strategies to help entrepreneurs and professionals build and protect their wealth as their businesses expand:
  1. Smart Financial Planning: How understanding financial literacy early can set the foundation for lasting success.
  2. Wealth Building for Growth: Proven strategies to ensure you keep your wealth as your business scales.
  3. Financial Resilience: The importance of creating a safety net that safeguards your future in uncertain times.
Join Parag and Yair as they discuss practical financial strategies that can empower you to make informed, wealth-building decisions that will benefit you and your business.
 
Learn more about Parag here: https://paraglamin.com
Learn more about Parag’s law firm here: https://www.lawpla.com
 
 
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Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Hi, I'm Parag Amin. Welcome to mypodcast From Crisis to Justice.
As a lawyer and entrepreneur,
I'm passionate about helping smallbusiness owners successfully navigate
situations that can killa business. As a kid,
I watched my dad's dreams of being anentrepreneur destroyed by an unethical
businessman. And I don't want thatto happen to you or your family.

(00:22):
That's why I started my law firm.
I want to protect and defend businessowners and their legacies from crisis.
Welcome to From Crisis to Justice.
Hello everybody. Welcome back to FromCrisis to Justice. I'm your host,
Parag Amin. I'm here with avery special guest, Yair Klyman.

(00:44):
He is the founder of Klyman Financialand he's passionate about helping mid
to high net worth individuals findtheir way to generational success.
He helps teach professionals how to takewhat they've built in their careers and
transform it intogenerational wealth. Yair,
thank you so much forjoining us today. Thanks.
So much for having me, Parag. Reallyexcited for this conversation.

(01:05):
Yeah, I mean, so, so tell us a littlebit about how you got into this.
Why did you choose to,
to help professionals with theirfinancial wealth and, and building wealth?
So.
I, I start with a littledifferent background. Um,
my most people in my worldand, and we're Orthodox Jewish,
so most people in the Orthodox Jewishcommunity is looked at as very,
being very financially literate,um, understanding finances,

(01:28):
being very educated on finances. Thatactually was not our scenario. Um,
my dad had a stack ofcredit cards maxed to the,
he actually won the award for the mostmaxed out credit cards when we went to a
charity to help us.
So we actually had to learnfinancial literacy when we had no
literacy. It's like,
it's like being forced tolearn a different language when you're in a foreign
country. So we actually had to learnfinancial literacy from nothing.

(01:51):
We never read it from books.We didn't really under,
we didn't really understand it. Um,
and we went through the traditionalwealth trap that you live this life,
you're used to this li a current life,
and then all of a sudden youchange your lifestyle a little bit.
So my fa my parents weren't religious.They went to religious life.
So lifestyle, and now you haveto pay for private school.

(02:13):
You have to live in a housethat's near a synagogue.
So things are much more expensive and wecouldn't keep up with the new lifestyle
we chose. So when you, when thathappens, when that transition happens,
it's the, it's the constant person of,
of they make a lot of money and thenthey go into this new lifestyle and they
can't keep up a lot of money that theyneed to keep up in the lifestyle and then

(02:35):
they lose it all. So we, we kind ofhad that to us on a micro level. Um,
and then you, you really learnand you realize as a young kid,
when you're 10 years oldand your dad's telling you,
you can't go to camp with all theother kids because you can't afford it.
And you, you really learnthat it's not a great feeling.
And you learn financial literacy.You learn how to help people,
and you learn how to get people throughstages of life and to the next level in

(02:55):
their finances. So right now we have,we have a, a very serious financial, uh,
services book. We help people get to thenext level and build resilient wealth,
building wealth that doesn't just getlost once you make it. That's really, uh,
that's really where we like to go to.
Wow, I love that. I love that. So inyour childhood, you, you went from,
from your, your parents are doingwell, you were feeling well,

(03:18):
everything was going relativelysmoothly to kind of like a,
a a financially troubled area, right?
Yeah, I am. I mean, we lost everything,like everything and everything.
So, so you were about 10 years oldwhen all of that happened? Yeah.
It was like 10, yeah,we were about 10. What.
Was that transition like? What was thatconversation with your family like?
My parents were a, were very big onyou're gonna be independent regardless.

(03:43):
So for us it was just like, okay,now I have to go out and work. Like,
like when you're told, Hey, I want togo to camp, and your dad says, Hey,
we're in a recession. And you're like,I don't even know what a recession is.
I'm 10. And then you realize like, okay,
I have to start babysitting and I startselling sodas in school and I start
doing whatever you can. It actuallywas a freeing moment that my dad,

(04:04):
instead of hiding it from us, actuallyopened it up to the whole family. We had,
there was, at the timethere were six kids,
but he was very open with usand it actually gave us, um,
a level of empowerment that we are incharge of our own lives at a very young
age. I felt it freeing and mysiblings also felt it freeing.
So we all worked really hard becausemy parents were in it together.

(04:25):
It wasn't one of those things. So like,
you drive to Florida instead of flyto Florida to save a hundred dollars,
which is nowadays, it's, it's crazy.
Now I like look for better flightsso I could sleep better. Um,
which is a very differentlifestyle than I have now. But it,
I I would say if you are forced to matureat a young age, you typically mature.
Yeah, absolutely. Trialby fire and making it.

(04:47):
And that's amazing that your fatherand your mother had that foresight to,
to tell you that you're independentand that you can make it on your own.
So tell us a little bitmore about, you know,
the transition from your 10-year-oldnow, some point you decided, look,
I don't, I don't want this to happen toother people. You're gonna take that,
the crises that you faced in your ownlife and turn it into something positive

(05:11):
by helping others. How did you,
how did you make that transitioninto starting your own firm?
So I got lucky. I realized that I can't,
obviously you can't learnfrom my parents and,
and you have a similar storyto me, which I, i, this,
I guess that's why we get along. Ican't learn this from my parents,
so I have to go learn from other people.
And the only way to learn from otherpeople is if you start talking to people,

(05:32):
you start networking, you startengaging with other people,
and you just become this levelof, you become a good person,
good things happen to goodpeople, and you become coachable.
And once you become coachable and youbecome likable and enjoyable and positive
all the time, and, and like happypeople tend to wanna mentor you.
So I was able to startbusinesses. I I, in college,

(05:54):
I was making about a hundred grand a yearin cash, working like 15 hours a week.
So I, I started making money reallyquickly. Once I, once I finished the,
the army, I came back, I, I was inthe US and then I started, I, I went,
I have to put myself throughschool. So I had to make money.
One thing led to another and then,
and then the old estate playingspecialist for Merrill Lynch,
who went off on his own actuallybecame my client in a fitness business,

(06:16):
a prior business I had before.He then took me and taught me,
basically taught me how tobuild a financial services business just because he
didn't have any successors. Andit's so common that business owners,
and if you're a likable, approachableperson in a, in a good community,
other people will come up to you. Youdon't have to live in your station.
There's other people that are lookingfor successors, are looking to,

(06:39):
for mentees, not just looking for mentors.
And if you're somebody that canbe coached, it's actually, it, it,
it can lead a lot to success. Iwas always open and I still am,
I'm always open to coaching and Ilove feedback and I love advice.
And I got thick skin and,
and there's nothing I enjoy more thangetting my kicked and sorry for cursing.
But I have to. But there's nothing I,

(06:59):
I enjoy learning more than getting mykicked and rebuilding and getting better
and better. And I, I, I think that'sthe people I like to work with the most.
The people that get knocked down andthen can build right back up and knocked
down and get, build right back up and get,
build up bigger and better and stronger.
Yeah.
Do you think that resilience is somethingthat people are born with or that they
develop over time?

(07:19):
I think it's something that youhave to develop. I think that's,
I think you have a personalityand, and I think there's,
there's moments in your life wherethere's these defining moments,
these moments in your life that you caneither choose to stay in your comfort
zone or switch over to anun a a discomfort and take
risk. So it's like you're married, right,with kids, what's the biggest risk?

(07:42):
Yes, that's right. What's,what's the biggest risk,
what's the biggest risk you ever tookin your life? Getting married in my.
Life, right? Yeah.
Getting married. I felt the same.But what, why is it such a big risk?
Because you took from a comfort level,single, I can control everything.
I got no problem. And all of asudden you take that big risk,
you go into marriage and how muchhappier you are now, are you now or,

(08:02):
or unhappy or, or like more fulfilled.
And you said you do havekids or don't have kids.
I have one kid. Alright.
You have one kid. So like how much,
like how much better is yourlife now than it was before?
So you took the risk of goinginto the, into the unknown.
And that mo those moments in life allow,
teach you to become resilient. Thestronger the moment, I find typically the,

(08:26):
the, the more resilient the person is.
Yeah, I love that. And I agree with you.
I think there's a part of going throughsomething that you weren't sure you
would be willing or able to go through.
And coming out on the other side ofit builds that resilience regardless.
It becomes almost an automatic processas long as you're willing to take that
journey. Do you agree? Yeah.

(08:47):
Of course. I mean the, thejourney is the key. And it,
and it's also like if you're someone wholikes the journey, it's a lot more fun.
Like, it, life sucks if you're justlike tagging along somebody else's,
somebody else driving. Everysingle time you get in the car,
you sit in the backseat or the passengerseat, it gets boring. Like you gotta,
you gotta run your own life. Yougotta, you gotta go through some drama,

(09:08):
you gotta have some fun in life. Yougotta like, you gotta live your best life.
That's really the, the, the main goal.
And getting up everyday and doing something,
you might not know whatyou're doing that day,
but you might as well makeit a good one. 'cause you're,
you're gonna fall asleep at the end ofthe day and you're gonna be tired the
next day. I, I just think ifyou have a moment in life,
just use it to the best of its ability.
A hundred percent agreewith you. So let's,
let's talk a little bit about theidea of, of coaches and guidance.

(09:30):
You mentioned that you had thisbusiness, I think it was in college,
that you were doing this business,you were doing relatively well,
and this mentor showed you the next level.
So for our listeners who arelooking for mentor or guidance,
what advice do you have for them onfinding the right mentor and keeping them
knowing which mentors to reallydouble down on and trust?

(09:53):
I found, um,
finding mentors that are most similar toyou typically get attracted to you. Uh,
I had on my podcast, uh,um, on my podcast, Corey Anderson, he's the bell, uh,
he's the Bellator White heavyweightchampion of the world. Uh,
he just wanted like last week, um,
and he also was just agood person and he said,
mentors just come to youbecause if you, if you do good,

(10:14):
mentors will come to you. But I,
I think it's actually alittle bit further than that.
I think if you have the rightvalues and you can assess that.
Okay, we both believe in family.We both believe in charity.
We both believe in relationships.We both have those similar values.
You can start relating tosomebody a little bit better.
So first doing a values assessment of,

(10:35):
of your mentor and your mentor ofyou. So knowing what your values are,
finding someone else who'sthere. And the second is it,
there's a lot of life coachesout there that make no money.
And they're coaching people how tolive their life. I know a life coach,
he's literally been divorcedthree times. He has no money,
he's constantly depressed andhe is coaching people and he is,
he is like hitting them up for like athousand bucks an hour. It's like a joke.

(10:55):
And like, how could you possiblyuse that person as a life coach?
Now I'm not saying life coaches are bad,
but I'm saying my goal is to havesomebody more successful than me.
You're an attorney.
You're not gonna go learn from an attorneywho works at a corporate law shop.
It just doesn't makesense for you. You need,
you need an attorney that actuallyworks and owns their own practice that

(11:17):
learned how to build apractice and grow a practice.
It that's a similar valuedperson. So one is finding a,
a trajectory that you want tobe on. What are you solving for?
What is your goal?
Is it to have a successful law firm thatgives you quality of life and you find
somebody that has ace, successful lawfirm, has quality of life, has family,

(11:38):
and do they fit the same values asyou? Because you don't want you,
it's not nice to be aroundjust 'cause they have money.
Completely agree with you. Phil,
in terms of the advice thatyou've gotten from your mentors,
what would you say is,
is one of the best pieces of advice thatyou've gotten from one of your mentors?
I'm thinking about it's a, it's a,it's a great question, I would say to,

(12:00):
to love yourself. That'swhat I would say. It's the,
it is the Aristotle love thyselfconcept. I think Aristotle said it,
but I'm not a philosopher.Every day you have to,
when you're working for yourselfand you're doing this on your own,
you have to be your, yournumber one biggest fan.
If you wake up every day and go, oh,I'm a piece of, or whatever it is,

(12:23):
and you try to grow and try tobuild, it's very, very hard.
But if every day you go,you know what, I'm the man.
I'm doing great things for people andyou're motivated and you're really helping
people and you're taking people fromcrisis to justice and you're really
changing the world. Andyou say like, that's me.
That's what I embolden everysingle day. You can never be more,
you need self-promotion. Nobodyelse can influence you. But if,

(12:47):
if you're down every single day,
the out external supports andmotivators don't last. But internally,
you have to have that internalmotivation every single day.
I love that.
That is so powerful because I thinkpart of the issue in the Instagram world
or the, the social media world is all ofus see somebody else's highlight reels

(13:08):
and it looks like somebody else'slife is perfect all the time.
And we take hits and pieces of otherpeople's lives and we take the highlight
reel of one person's life and thenanother person's life and another person's
life.
And it makes it look like everybodyis going through great tr times and
we're the only ones struggling whenwe have those, those down times.

(13:31):
Have you ever felt like that?And what do you do when,
when you get into those slumps?
So we, we have a family ofsome like mental illness.
So I'm super cognizant of mental illness.I don't really have those slumps.
And the reason is, and sometimesI do obviously have challenges,
like I'm less motivated than otherdays or I'm tired or whatever it is.

(13:52):
But I don't really have those.
And it's because I've set upbarriers to protect myself from those
moments.
And I've set up that I exercisethree days a week and I never miss,
I don't eat, I don't drink soda.I don't, I don't eat sugar,
I don't have candies, I don'thave cakes off. Like I, I'm very,

(14:13):
very calculated. I go on theright trips. We have a good life.
We live comfortably, likewe live below our means.
I set up boundaries to protect myselffrom where mental illness can sneak up.
So I spend a lot of preventative. So I,
I wish to say that I have those days andthis is how I get out of it. But I'm,
I'm, because my family hasmental health issues, um,

(14:33):
like my brother and, and we're, I'mvery careful and I've seen it firsthand.
I set myself up to surround myself with,
with those obstacles. Likeif I, if you wanna be,
if you want to have more friends, likemy brother doesn't have a lot of friends,
it's because he's not agood friend. But for me,

(14:54):
I realize if I wanna have friends,I have to reach out to the,
to people and become friends. So whatI do is I have, like, whenever I'm,
I, I go on a walk with my son andI'm pushing him in a stroller,
whatever I call my friends and I callpeople that I wanna connect with and I
just chat. I don't text.I spend the time to,
I know I need friends in my life.I know I want to have good friends.

(15:16):
I know it makes me happy and fulfilled.
So I spend the time to do that and itkeeps me balanced. And that's really my,
my goal is to constantly make sure thatI don't, I, I don't fall into this,
into the slump. So I preventative myself.And even that when people pass away,
I don't typically get so sad andI deal with death all the time.
I don't get so sad. And that'sreally, and and that's why for me,

(15:38):
I've been successful in my career so farand I'm just really just warming up is
because I have that stabilitythat people are looking for,
that when they're going up and down,
they know that they have astrong force that can hold them.
It's really similar to,to being an attorney.
It's like you don'twanna call your attorney,
your attorney's whiningabout how tough their day is.
You want your attorney tobe rock solid all the time.

(15:58):
Like you're going through the mostchallenging points in your life that your,
your business is going through hell andyou need your attorney to be your rock.
Yeah, absolutely.
Being that voice of reason andbeing the safety net for others, uh,
requires a certain level ofstrength and fortitude for yourself.
So that's great that you're taking careof yourself and you're aware of that.

(16:19):
'cause I've seen unfortunately,a lot of young professionals,
as I'm sure you've seen, end upnot learning that until much later.
And it comes at a much higher cost andthey end up losing a lot in the meantime
before they figure out something. Youfigured out a relatively young age.
So with your business,can you tell us about,

(16:40):
have you ever had any challenges inyour business and, and how did you,
if you did, how did youend up coming out of those?
How did you find the right guidanceto be able to, to find your way out?
Yeah, so I I I'm in the sales world,
that's really what I'm in andI'm in the people say, oh,
we're in the advisory world or thestrategic, we're in sales. We're,

(17:01):
we're looking, we're looking toprovide values to clients. If I,
I could be the smartestperson in the world,
but if nobody ever wants to talkto me, who cares how smart I am?
I could write a hundredbooks, but if nobody reads it,
it doesn't make a difference. So I,
I found a challenge at the beginningthat I found people that were telling me,
go outta the network andcold call and do this,
and that's how to build abusiness. But I felt it,

(17:23):
it didn't feel comfortable to me and Ididn't feel like it, it was right. And,
and I remember I was dating somebodyat the time and I said to her, I,
I I really supportive person. AndI said to her, I said like, I'm,
I'm in this business.
I've been in it for six months andI'm not making any money. Like I,
I I'm not making any money. Andshe says, okay, so change your,
change your station. Like change whatyou're doing. So what I did was I said,

(17:43):
okay,
it doesn't feel good when I go into aroom and there's seven other financial
advisors in the room.
So I'm gonna only be in the roomwhere there's one other finance where,
where I'm the only financial advisorin there might be less groups.
I don't feel good in a room when there's25 people just trying to get jobs.
So what I did was I went to paidevents to network that I had to
actually pay. And I paid a lot of moneyto get into those events. So I went,

(18:05):
okay, so now I can narrow out,there's people here with money,
there's people here that valuetheir time. And then there's,
there's no none of my competitors.And then the second thing was, I,
the first question I asked them is,how can I help you? How can I help you?
And how can I help build your network?So once I, I realized what doesn't work,
I quickly changed itto working, what does,

(18:26):
and I realized I don't like to cold call'cause I feel I'm like a unique person.
I have unique values. I, Iprovide a lot of value to people.
We have a line out the door of clientswho are trying to come in and use us as
advisors. So I, I find why would Icold call? It just makes me feel worse.
And then why would I be around 10 otheradvisors that like that just then it's
just weird. It's like dog eat dogworld. Like it's uncomfortable.

(18:49):
And then also I don't wanna,
I wanna be with people who arelooking to grow and that's,
so I surround myself withthose types of people.
Yeah, that's great. And you know,
one of the things you touched upon issomething that you and I also have in
common is this idea ofbeing service to others.
You in the financial servicesworld and the professional world,
me in the legal services world,
can you touch a little bit upon whythat level of service or that attitude

(19:13):
of service is so important?
People know when you care andin the end of the day, if you,
if you can't provideresponsiveness and caring and
empathy towards people, likewhat's your life worth? And, and,
and lawyers get a bad rap.
Financial advisors and financial moneyand money managers get a bad rap,

(19:35):
but people still need our services.
And if you're somebody who actuallycares for their clients, and,
and I do and I really put myheart into it and I know you,
'cause we've done business together,I know you put your heart into it.
You really, if you,
if you care for your clients and youempathize with your client and you and you
live to serve and that at thismoment in time they have chosen you

(19:57):
to take the place and fill the voidthat they can't fill themselves.
For me it's financial clients. They don'tknow what to do with their finances.
They don't know how to optimize it.
They don't know how to take advantageof tax strategies for lawyers.
They don't know how to representthemselves in against the,
against the legal system. So they haveto have somebody to fill that void.
They have to find a partner and if,

(20:19):
and if they ha if they find someone whocan really represent them on their best
interest, the question I get allthe time is, are you a fiduciary?
What does that question mean? Do I workin your best interest 10 times outta 10?
And the answer is yes, I alwayswill work in your best interest.
It might make me less money today,
but I promise you I will make 10 timesmore money tomorrow because I keep

(20:41):
working in the right way of other peopleand I'm not getting sued and I'm not
dealing with all this crap andI'm not getting fired. And I,
I i in the luxury now, this, thisyear I opened up my book to allow,
I I got rid of 25 clients and I openedup my book to allow for better clients
and, and, and better people. Becausewhen you have a line out the door,
you have to be very selectiveand very specific with your time.

(21:01):
If you find a good advisor,attorney, financial, accounting,
you treat them like gold.Even if you're paying them,
you treat them like gold becauseif they go away from you,
you don't realize how hard it'sto replace a good, a good advisor.
A hundred percent. Yeah. And, andspeaking of advisors, you know,
one of the things that my office runsinto quite a bit is partnership issues,

(21:22):
partnership disputes.
Just because unfortunately sometimesthere's a sense of somebody is the right
fit and is a good advisor,
but it turns out that maybe their lifesituation has changed or maybe they're
just not who somebodythought they were. Uh,
I know that you have gotteninto to business relationships as well. I know, uh,

(21:42):
one of the things that you're doingnow is also working with your father,
which is incredible. You cantouch a little bit upon that and,
and how you structure that relationshipand is it formalized in a contract or
anything to make sure that,
that that bounds stay in place sothat uh, your, your father and,
and you have a clear rolesand responsibilities and understanding of how you're

(22:04):
working together?
Uh, I I also do it with all clientstoo. We have something called like in,
in our, we have something calledupfront contract. It's, it's,
it's the crucial part of everything.
I said to my dad when he was first comingin, I said, listen, we have our past,
we have our this, we have our that,but I'm not gonna come in like you're,
you're coming to join mycompany and like we have a son,

(22:25):
father relationship. I'llrespect you as my dad,
but I'm the CEO of this company. Andif you're okay with that, then we,
then we will get to work.
And he's made three times more moneywith me than he is ever made in,
in the peak of his career every year.I mean it's, it's incredible how,
how his success and, and because we,
we have this relationship and wedo the same thing with our clients.
This is what to expect from us andwe will deliver. So if we, if we,

(22:49):
if we scale it out and we write it outand we say this is what to actually
expect, and we havecontracts with our clients,
you have contracts with your employees,you have contracts with everything.
There's no one, there's no debateanymore because it's all like, Hey,
we spoke about this, this is what we do.
I have the same thing in in networkinggroups with like my made up board of
advisors, board of directorsthat I created for myself.

(23:10):
We wrote up contracts thateverybody had to sign to outline the
how we discuss how wetalk and do it that way.
If you can do that fromthe beginning ounce of,
of prevention's worth more than apound of cure and you do litigation.
But it is nice to actually see a client's,
clients like partnershipslast for 30, 40 years.

(23:32):
A hundred percent. And, and you know,
that's what I advise all my clients todo and I advise all of your listeners to
do is make sure you have clearguidelines and agreements in writing,
because I think it's much easier tosolve a problem when it's still a
hypothetical problem than an actualproblem. Do you agree with that?
It's a uncomfortable,
but what's really uncomfortable islitigation that's really uncomfortable.

(23:54):
So like if also if youcan't get it through a,
through a simple contract withsomebody and get things in writing,
you really want to spend more timewith that person than your spouse.
And you really wanna bank your family'sfuture and your finances and your
freedom off of this other person.
I I was talking to somebody the otherday and he was he super wealthy?

(24:16):
I mean like he's probablyworth two or 300 million.
And when he first started his business,
he was in partnership with somebody whowe thought was super successful as his
mentor, that he thought and he finds outthat the guy was signing his name and
personally guaranteeing different,
different like investments and his boat.
And he was personally guaranteeingthis guy's name, my friend's name.

(24:38):
And it was like, it blew me away.
And he had to go around the world totalk to the people that he was signing
under and get himselfout of these contracts.
That's this other guy signed for him.The other guy eventually went to jail.
But like,
you have to make sure if you can getan upfront contract with somebody,
it's crucial and it's gonna cost youtwo, three grand. Who cares? You're,

(25:00):
you're having a businesslike be an adult and get,
get your documents in in line,like get everything controlled.
Get everything organized. Yeah.
Absolutely.
And I think one of the issues is peopleseem to have an intuitive sense of that
when it's a third party, it's nota family member, it's not a friend,
it's somebody that you're doing businesswith who you met or somebody else or

(25:20):
something like that.
There's more distance between them asopposed to a closer relationship like
friends or family. Can you toucha little bit upon that? Like what,
what do you think it is aboutthat discomfort that that makes people not want to
have that conversation?
And do you have any thought based onyour own experience of how to best have
that conversation while still respectingthat, that family relationship?

(25:45):
A few things that we did was first,
and I can only speak of myexperiences first, what we did was we,
we got in the office that wasseparate from my mom, my dad,
like from their house, from myhouse. We just, we were separate.
A lot of what we talk about, we don'ttalk about with, with our family. Um,
we keep things def distant at the table.
Like we don't only talk business andwe do like to talk about business and

(26:08):
obviously there's, there's challengesand obstacles as business comes along.
So you could talk about it foreverat home. Um, that's really important.
Those are like simple guidelines.
But also when you hi starthiring employees and you start,
you start building a business.
'cause the goal is not to just havea partnership between two people.
They're gonna wanna make surethat everything is organized.
There's nothing worse than comingto a company and going, yeah,

(26:30):
there were a bunch of family membersand I don't feel like I, I'm,
I'm like outside,
like I'm not in the family or I'mnot in the boys club or whatever,
whatever it is. When youhave things formalized, you,
it actually will incentivize youremployees to want to work for you
because they know it's a legitimatebusiness. I love working with family.

(26:50):
Like I think it's amazing.It's been great for me,
but it is challenging. Uh,we haven't had challenges,
but it is challenging for a lot ofpeople because there's no formalization.
If you want your business tothrive, make sure it's a business.
This is not a personal handshake. Andlike property, you put properties.
Now what happens if somebody passes away,

(27:11):
unfortunately and the business is down.So, so a perfect example is very common.
Uh, two brothers are, are,are working in the business.
They each contribute50 50 to the business.
One of the brother dies and theother brother's wife goes to his,
her brother-in-Law and says, Hey,where's my, where's my monthly income?
And he goes, okay, here it is.And then two months later he goes,

(27:33):
she comes back, she goes, okay,where's my monthly income?
And the business has dropped 50% invalue because he, he passed away.
So the next thing you know, she keepsasking and keeps asking and he's,
he's like trying tokeep the business going.
He is trying to support his own family'cause he just lost 50% of the business
and now he has to support her. And becausethere was just a handshake of family,

(27:54):
there's really not much there. If youhave a real structure of a business,
then you have buy sell agreements,you have things like that,
that these are things that you can, youcan't see. These are unforeseen things.
There, there is, this will happen in,
chances are if somebody getting sickor or passing away are very high in
40 years of business. It's a, it's areally big opportunity, really big chance.

(28:16):
What happens if somebodyhas a mental breakdown?
What do you do in those scenarios?This has nothing to do with family,
it has to do with business andprofessionalism. I'll bring it back.
Get the right attorney thatwill advise you on these.
If your attorney's not telling youwhat the pitfalls are of a business,
then find another attorneylegal and will not,
will not tell you that that'swhat you're paying for.
Yeah, a hundred percentagree. And I know that, uh,
sounds self-interested for me to say that,

(28:37):
but I'll tell you whenit comes to litigation,
because that's primarilywhat we handle anyways. It,
it becomes so much more expensive whenclients have used LegalZoom or some
online contract that they foundoff Google many times it, it,
it's just not customized to actuallywhat they need and doesn't really think
through many of the major issues thatthey're gonna run into if they're actually

(29:00):
scaling a real business. I mean, look,
if it's not gonna end up being areal business, then okay, you know,
maybe don't spend money on it.But, uh, I I'd say that if it's,
if you're actually lookingat it as a serious business,
I think it definitely makes sense. Makes,uh, similar to the financial world.
Yay. Let me ask you this.
People who are listening to thiswanna potentially work with you.
Who are your, what,

(29:21):
what kind of clients are you taking onand what kind of things do you help 'em
do?
Well, we look to,
we look for clients who are looking toget to the next level of their finances.
So if you are, if you're,
let's say making a million dollars a yearand you're trying to get to $2 million
a year, that's the person we're talkingto. If, if you're someone who's going,
you know what? I made a lot ofmoney and now I'm trying to retire,
that's the person we're talking to. Ifyou're the person that's, that's going,

(29:42):
okay, well I just finished residencyand now I'm gonna be there, I'm,
I'm starting to make money. That'sthe person we're talking to.
The people who are looking toget to the next stage and really,
really challenge themselves.
Those are really the clientele that wewanna work with that that's not a dollar
sign, that's not a, that's not a assetminimum. That's really what it is.
It's when people are looking to add anadvisor to help to push them to the next

(30:04):
level. 'cause they knowthey can't fill that role.
That's really who we look for. Uh, andthey find us on our, on our website, uh,
climate financial.com. We giveour clients our cell phones.
It's not like we'rehiding behind anything.
They can call my cell phone directlyto oh one six four oh six nine oh five.
I got nothing to hide.
That's really who we work with is peoplein general who are looking to build

(30:25):
resilient wealth, not justlooking to make some money.
Yeah, I love that. I love that.
So where can the listeners find youon social media or LinkedIn? So.
Uh, they can go on LinkedIn.My Yair Klyman, Yair, Kliman,
K-L-Y-M-A-N. Uh, they can also listento our podcast Resilient Riches, uh,
that's on all the majorplatforms across wherever you,

(30:46):
you subscribe to podcastsand things like that. Um,
but we're really just around,we're constantly networking.
We're constantly giving a lot of freeadvice, how to build your business,
how to build wealth,
how what we did for ourselves to eitherget ourselves out of debt and and to net
worth of many,
many millions of dollars and how to getpeople from many millions of dollars to
tens of millions of dollars.And we've seen it all.

(31:07):
We have clients who are billionaires,
we have clients who are juststarting out making some money and,
and looking to grow. And that'sreally who we work with. And that's,
that's really what we like todo and it's the most fun. Wow.
Yeah. And, and, and that, thatreally is the key, right? You,
you seem to really enjoy whatyou do, seem to love what you do.
And I think that shows in the type ofwork and service you provide to your

(31:27):
clients. Yeah.
How many people you speak to that go, oh,
I wish another I I everyonesays the same line. Like,
I wished I worked anotherday on my deathbed.
Like nobody says that on theirdeathbed, but I actually think like,
because me and you are inthis business and you're,
if you are in the service business,
you are actually talking to people andthey're all gonna give you their advice.
And you hear from 5, 10, 20, 30 people,they keep saying the exact same thing.
Like, don't kill yourself. Likeyour family's more important,

(31:50):
your lifestyle's more important.
You realize you just gotta have fun andyou gotta have fun in everything you do.
If it's work, if it's personal,if it's your finances.
Like you just gotta live your life.Like live your life, enjoy the,
live it to the best of itsability. You only got one of them.
So I don't wanna say Yolo 'causeI'm not a pop star, but like,
you really wanna just enjoyand do what you can in life to,
to have to live your bestlife. That's really my feeling.

(32:11):
I 100% agree with that. Yay.
Thank you so much for joiningus today for for the Crisis
to Justice podcast. Like and subscribe.
We're gonna have a lot morecontent coming through,
including amazing guests likeyay, who can help save you,
your business and your legacy.
Thank you Parag, for having me fromCrisis to Justice. Love the name, uh,

(32:33):
and appreciate and look forseeing your success in the stars.
Thank you Yair. Bye.
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