Darryl Lyons is the CEO of PAX Financial Group and the author of several books. Darryl is also a member of the advisory council for Dave Ramsey solutions.
Today we discuss why Darryl left his prior firm to start Pax financial group, the secrets of internet marketing, financial and retirement planning for small business owners and real estate investors, and the challenges Darryl faced as he grew his company.
PAX Financial Group
PAX Financial Group is an RIA (Registered Investment Advisory) firm. Darryl and two friends started the company because they wanted to provide individualized and custom services to their clients where PAX was confidently acting in the best interest of the client. Darryl and his team have preached the Dave Ramsey principles. PAX has grown quickly, and Dave and his team took notice - they now work closely together.
As a philosophy, Darryl doesn't want to set minimums for investment because he wants to maintain PAX as a place where absolutely anyone can come to talk about money and learn. He also doesn't necessarily look to maximize profit, he looks to optimize profit. That attitude allows PAX to stay open to all.
Common Financial Mistakes
The common financial mistakes are generally divided by the different demographic groups.
Physicians: They don't sit down with their spouse and talk about money together
Small business owners: Not preparing for the transition of selling the business
Christians: Investing with their closely-held values
Approaching retirement: No strategy for retirement!
"The best portfolio is an undiversified portfolio when you're right."
One of Darryl's greatest challenges has been getting people in the right roles. In a growing and changing business, team members will almost certainly have to wear different hats and fulfill roles outside of their experience.
Another great challenge is onboarding. Darryl offers high starting salary, so he's also selective with hiring. New hires have a required reading list and must complete Dave Ramsey education program. Darryl likes to sit and have dinner with the new hire and their family. This process is time consuming.
Everything in life has the potential to intersect, including small business ownership. Darryl has shared some personal sensitive examples of this happening in his life.
"It's business, it's you growing as a person, and it's family. Sometimes, all of that collides at once and you get overwhelmed. I just felt really inadequate."
Learn more about Darryl and his work: https://paxfinancialgroup.com/