1 00:00:00,040 --> 00:00:03,440 Speaker 1: Amy Wagner's here wealth advisor Dean Dorton Private Wealth. Learn 2 00:00:03,480 --> 00:00:06,880 Speaker 1: more about the Dean Dorton difference. Good to deandortonwealth dot Com. 3 00:00:06,920 --> 00:00:09,639 Speaker 1: I know pancakes are not on your brain right now, Amy, 4 00:00:09,720 --> 00:00:13,520 Speaker 1: but we talk about the intersection of sports and business 5 00:00:13,560 --> 00:00:15,680 Speaker 1: all the time, So tell me what is on your mind. 6 00:00:16,600 --> 00:00:19,599 Speaker 2: I don't know if you've noticed this trend lately, but 7 00:00:19,920 --> 00:00:24,880 Speaker 2: we've been losing a few college football coaches slightly earlier. 8 00:00:24,440 --> 00:00:27,560 Speaker 3: In the season, then maybe we're somewhat used to. 9 00:00:27,720 --> 00:00:30,960 Speaker 2: I mean, the list is actually crazy long, considering we're 10 00:00:31,040 --> 00:00:33,680 Speaker 2: not even at Halloween yet. Of course, Brian Kelly from LSU, 11 00:00:33,800 --> 00:00:38,920 Speaker 2: everyone's been talking about Penn State, Franklin, There, Florida, Arkansas, Oklahoma, State, 12 00:00:39,640 --> 00:00:42,680 Speaker 2: in State, Virginia. That's a lot of coaches to be 13 00:00:42,760 --> 00:00:47,559 Speaker 2: losing this early and this season. I think that we 14 00:00:47,640 --> 00:00:51,440 Speaker 2: have just had so many changes in college sports, right 15 00:00:51,440 --> 00:00:54,880 Speaker 2: You've got the transfer portal, You've got this nil money, 16 00:00:55,080 --> 00:00:57,280 Speaker 2: You've got these direct payments that are being made, and 17 00:00:57,320 --> 00:01:00,040 Speaker 2: so I think you've got a fickle sport that's become. 18 00:01:00,280 --> 00:01:01,960 Speaker 3: Even more impatient. 19 00:01:02,440 --> 00:01:06,280 Speaker 2: And it's an interesting cycle because you have to have 20 00:01:06,319 --> 00:01:10,320 Speaker 2: a program that is performing in order to bring in 21 00:01:10,440 --> 00:01:14,720 Speaker 2: money to pay the athletes that will continue to perform. 22 00:01:15,520 --> 00:01:17,480 Speaker 3: So we're before maybe you would. 23 00:01:17,240 --> 00:01:21,040 Speaker 2: Have had more time on a coach's clock for them 24 00:01:21,080 --> 00:01:23,800 Speaker 2: to perform, for them to build a program. 25 00:01:24,240 --> 00:01:25,319 Speaker 3: It's almost like the way that. 26 00:01:25,280 --> 00:01:28,760 Speaker 2: The system now works, you can't use that time to 27 00:01:28,760 --> 00:01:31,600 Speaker 2: build the program because if your program is behind, you're 28 00:01:31,720 --> 00:01:35,680 Speaker 2: likely not making enough money to pay top tier athletes 29 00:01:36,360 --> 00:01:37,400 Speaker 2: to start to perform. 30 00:01:37,520 --> 00:01:39,039 Speaker 3: Does that make sense totally No. 31 00:01:39,240 --> 00:01:41,560 Speaker 1: And you know I've talked about this as it relates 32 00:01:41,600 --> 00:01:44,240 Speaker 1: to UC. I think it's never been more difficult to 33 00:01:44,319 --> 00:01:46,880 Speaker 1: be a new head coach in a new place because 34 00:01:46,880 --> 00:01:48,640 Speaker 1: you're going to start with the bear cupboard, right. But 35 00:01:48,680 --> 00:01:52,120 Speaker 1: I also think it's never been more reasonable for a 36 00:01:52,240 --> 00:01:54,640 Speaker 1: quick turnaround years two and three. You know, it used 37 00:01:54,640 --> 00:01:56,880 Speaker 1: to be college coaches were hired and it's like, all right, 38 00:01:56,920 --> 00:02:00,000 Speaker 1: four year plan, five year plan, maybe a little bit sooner. 39 00:02:00,240 --> 00:02:02,400 Speaker 1: But now that the players can go for one school 40 00:02:02,440 --> 00:02:04,720 Speaker 1: to the other, and now that you can pay them, 41 00:02:05,440 --> 00:02:09,760 Speaker 1: I get it. Fans, boosters, administrators, everybody wants to quick 42 00:02:09,800 --> 00:02:12,040 Speaker 1: fix because it's never been easier for that to come. 43 00:02:13,360 --> 00:02:16,959 Speaker 2: You think about Nick Saban, who had long, right, long 44 00:02:17,080 --> 00:02:20,440 Speaker 2: storied coach twenty twenty three, He's like, ah, writing on 45 00:02:20,480 --> 00:02:21,680 Speaker 2: the wall, I'm out of here. 46 00:02:21,880 --> 00:02:23,880 Speaker 3: I'm going to go play golf and be an announcer. 47 00:02:24,440 --> 00:02:25,560 Speaker 3: Smartest man in the room. 48 00:02:25,639 --> 00:02:31,600 Speaker 2: Right. The thing about these coaches, though, is, while you know, listen, 49 00:02:31,840 --> 00:02:35,200 Speaker 2: high stress situation, probably wouldn't want this. It's a lot 50 00:02:35,240 --> 00:02:38,200 Speaker 2: easier for you and I to criticize how they approach 51 00:02:38,280 --> 00:02:41,239 Speaker 2: these things. But one of the things that they do 52 00:02:41,800 --> 00:02:44,200 Speaker 2: when they are coming into these schools in the midst 53 00:02:44,200 --> 00:02:48,040 Speaker 2: of all the fanfare and pomp and circumstance, is they're 54 00:02:48,120 --> 00:02:51,520 Speaker 2: really smart about how they negotiate these contracts. So it 55 00:02:51,600 --> 00:02:54,280 Speaker 2: is not like any of these coaches that suddenly find 56 00:02:54,320 --> 00:02:58,440 Speaker 2: themselves out of a job are going to be claiming 57 00:02:58,520 --> 00:02:59,760 Speaker 2: unemployment anytime soon. 58 00:03:00,320 --> 00:03:04,400 Speaker 3: I mean, you know, millions and millions of dollars. I mean, 59 00:03:04,440 --> 00:03:05,239 Speaker 3: Brian Kelly. 60 00:03:05,040 --> 00:03:09,560 Speaker 2: Reportedly out of a fifty four million dollar contract that 61 00:03:09,560 --> 00:03:11,320 Speaker 2: was supposed to pay out over ten years. He'll get 62 00:03:11,360 --> 00:03:14,240 Speaker 2: that money, you know, Franklin probably get enough money to 63 00:03:14,720 --> 00:03:15,760 Speaker 2: buy a private jet. 64 00:03:15,800 --> 00:03:15,920 Speaker 4: Like. 65 00:03:16,040 --> 00:03:18,800 Speaker 3: They're good. And I think there's. 66 00:03:18,639 --> 00:03:22,239 Speaker 2: Something that many of us can take away from that 67 00:03:22,440 --> 00:03:26,080 Speaker 2: in the fact that when we are switching jobs, we 68 00:03:26,280 --> 00:03:29,960 Speaker 2: often do not think about that job ever ending. We 69 00:03:29,960 --> 00:03:32,320 Speaker 2: don't think about the second, right, we just want to 70 00:03:32,320 --> 00:03:35,200 Speaker 2: know how much they're going to pay us, right, A 71 00:03:35,240 --> 00:03:35,840 Speaker 2: hundred percent. 72 00:03:35,920 --> 00:03:38,120 Speaker 1: Yeah, And I think there's something to this, right, Like 73 00:03:38,240 --> 00:03:41,720 Speaker 1: these coaches, they're agents. They negotiate big buyouts, and they're 74 00:03:41,760 --> 00:03:45,120 Speaker 1: obviously not planning on getting fired, but they can protect themselves. 75 00:03:45,160 --> 00:03:48,600 Speaker 1: And I do think there's probably some real world application 76 00:03:48,680 --> 00:03:51,920 Speaker 1: there right where you take a new position, whether it's 77 00:03:51,960 --> 00:03:53,960 Speaker 1: with the company you're at now or you go work 78 00:03:54,000 --> 00:03:57,200 Speaker 1: for someone new, I guess and you could speak to 79 00:03:57,200 --> 00:04:00,640 Speaker 1: this better than me. I would imagine that men do 80 00:04:00,760 --> 00:04:02,920 Speaker 1: not think about what it would look like if they 81 00:04:02,960 --> 00:04:05,760 Speaker 1: get terminated, and that's something you do need to prepare for, 82 00:04:05,960 --> 00:04:07,960 Speaker 1: even when you're taking a new position. 83 00:04:08,920 --> 00:04:11,960 Speaker 2: Oh, that is one hundred percent tro We've already seen 84 00:04:12,120 --> 00:04:16,960 Speaker 2: a shift in how employees approach new positions. It used 85 00:04:16,960 --> 00:04:19,400 Speaker 2: to be that the number one thing everyone cared about 86 00:04:19,400 --> 00:04:23,440 Speaker 2: with salary everything else. I'll figure out the benefits three 87 00:04:23,440 --> 00:04:25,520 Speaker 2: months after I start working there. I just want to 88 00:04:25,520 --> 00:04:27,919 Speaker 2: make sure that the salary covers that. I think the 89 00:04:28,040 --> 00:04:31,120 Speaker 2: pandemic in what has happened in the workforce sense has 90 00:04:31,200 --> 00:04:33,799 Speaker 2: changed that I've seen a number of studies that show 91 00:04:34,040 --> 00:04:37,800 Speaker 2: for a lot of especially millennials and gen Zers, kind 92 00:04:37,800 --> 00:04:40,280 Speaker 2: of these next generations coming up, it's really not as 93 00:04:40,400 --> 00:04:41,360 Speaker 2: much about the salary. 94 00:04:41,440 --> 00:04:43,080 Speaker 3: Certainly that's part of it, but for. 95 00:04:43,160 --> 00:04:45,600 Speaker 2: Many of them, it's about can I have a hybrid 96 00:04:45,600 --> 00:04:48,360 Speaker 2: work environment? Is there any kind of remote policy? Right, 97 00:04:48,520 --> 00:04:51,159 Speaker 2: there's other things that they're starting to think about, But 98 00:04:51,240 --> 00:04:54,039 Speaker 2: I would guess that most workers never think about the 99 00:04:54,040 --> 00:04:56,400 Speaker 2: backside of things, which is severance. 100 00:04:57,000 --> 00:04:58,960 Speaker 3: What is the severance policy? So I think number one 101 00:04:59,000 --> 00:05:02,000 Speaker 3: is understanding what is the policy going in? 102 00:05:02,560 --> 00:05:06,400 Speaker 2: And second, many times the only thing that we negotiate 103 00:05:06,480 --> 00:05:09,440 Speaker 2: in a new job is the salary. There's so many 104 00:05:09,480 --> 00:05:12,200 Speaker 2: more things, however, that can be negotiated. Write some of 105 00:05:12,240 --> 00:05:15,920 Speaker 2: those benefits, how bonuses are paid out, what kind of 106 00:05:16,000 --> 00:05:16,839 Speaker 2: vacation you have. 107 00:05:17,160 --> 00:05:20,039 Speaker 3: Listen, here's a little tip. This is what Amy Wagner does. 108 00:05:20,080 --> 00:05:22,320 Speaker 2: If I am ever switching a job, you better believe 109 00:05:22,720 --> 00:05:28,440 Speaker 2: I'm planning a vacation and telling the new boss immediately, yeah, 110 00:05:28,520 --> 00:05:28,840 Speaker 2: that I. 111 00:05:28,800 --> 00:05:31,719 Speaker 3: Will not be able to be there. Do it every time? Right, 112 00:05:31,760 --> 00:05:34,880 Speaker 3: It's a no brainer. But I think severance needs to 113 00:05:34,920 --> 00:05:35,560 Speaker 3: be part of that. 114 00:05:35,600 --> 00:05:37,960 Speaker 2: And listen, there is a fine line that you have 115 00:05:38,040 --> 00:05:41,400 Speaker 2: to walk with this conversation, because you also don't want 116 00:05:41,440 --> 00:05:43,840 Speaker 2: to be the person who is laser focused on the 117 00:05:44,000 --> 00:05:45,799 Speaker 2: end of a job when. 118 00:05:45,600 --> 00:05:47,960 Speaker 3: You're first walking in. But let's take it back to 119 00:05:48,000 --> 00:05:48,680 Speaker 3: these coaches. 120 00:05:49,160 --> 00:05:53,160 Speaker 4: Wait, think about Belichick, right, I mean, you have these 121 00:05:53,960 --> 00:05:57,720 Speaker 4: donors and this school and all these alums rolling out 122 00:05:57,720 --> 00:06:00,000 Speaker 4: the red flag writing all the checks in the world. 123 00:06:01,720 --> 00:06:03,920 Speaker 4: How amazing it was that a college team was going 124 00:06:03,960 --> 00:06:06,320 Speaker 4: to get someone with a history like Bill bella chack. 125 00:06:07,720 --> 00:06:11,080 Speaker 2: He also negotiated severance into this, and if this ultimately 126 00:06:11,120 --> 00:06:14,400 Speaker 2: does not work out, he's going to walk away with us. 127 00:06:14,880 --> 00:06:17,240 Speaker 3: By the way, fine for him and his girlfriend. 128 00:06:18,200 --> 00:06:21,520 Speaker 2: You know, I think there's something to be learned from this, 129 00:06:21,680 --> 00:06:23,720 Speaker 2: and that is you kind of have to take in 130 00:06:23,880 --> 00:06:27,080 Speaker 2: the totality of what employment looks like, not just the salary, 131 00:06:27,279 --> 00:06:31,039 Speaker 2: but the benefits, what kind of flexibility you want around 132 00:06:31,080 --> 00:06:34,560 Speaker 2: a remote schedule or a hybrid schedule. And also on 133 00:06:34,600 --> 00:06:37,960 Speaker 2: the back end of this, if this doesn't work out, right, 134 00:06:37,960 --> 00:06:39,280 Speaker 2: I'm going to come to the table. I'm going to 135 00:06:39,360 --> 00:06:41,440 Speaker 2: give you everything that I can, just like all of 136 00:06:41,440 --> 00:06:44,039 Speaker 2: these coaches. But if for some reason, and sometimes it's 137 00:06:44,040 --> 00:06:47,080 Speaker 2: not in our control, that something does not work out, 138 00:06:47,440 --> 00:06:51,159 Speaker 2: what is my parachute on the backside, What steps have 139 00:06:51,240 --> 00:06:54,520 Speaker 2: I taken to protect myself and of course my family. 140 00:06:54,920 --> 00:06:55,880 Speaker 3: And that's something I. 141 00:06:55,800 --> 00:06:58,400 Speaker 2: Think that we need to start thinking about when we 142 00:06:58,800 --> 00:07:01,159 Speaker 2: switch these positions, when we make these jumps. 143 00:07:01,360 --> 00:07:04,640 Speaker 1: It's also worth mentioning like last year, there were not 144 00:07:04,800 --> 00:07:07,279 Speaker 1: a ton of schools that change coaches, right, so the 145 00:07:07,360 --> 00:07:10,400 Speaker 1: job market is cyclical. This year it's going to be insane, 146 00:07:10,520 --> 00:07:13,880 Speaker 1: especially once the off season begins and we're I think 147 00:07:13,920 --> 00:07:16,120 Speaker 1: just scratching the surface in terms of coaches who are 148 00:07:16,120 --> 00:07:19,680 Speaker 1: going to be removed and ultimately replaced. And again I 149 00:07:19,720 --> 00:07:21,840 Speaker 1: think there's a real world application to that as well. 150 00:07:21,880 --> 00:07:24,120 Speaker 1: We always hear about job numbers in the job market. 151 00:07:24,240 --> 00:07:26,440 Speaker 1: It is cyclical, just like college football. 152 00:07:27,440 --> 00:07:30,360 Speaker 3: It is, and we've also seen a major chef there. 153 00:07:30,400 --> 00:07:31,440 Speaker 3: That's an excellent point. 154 00:07:31,520 --> 00:07:34,360 Speaker 2: So coming out of the pandemic, once again, what we 155 00:07:34,520 --> 00:07:38,480 Speaker 2: realized was workers were in the seat for negotiating. You 156 00:07:38,560 --> 00:07:41,440 Speaker 2: could tell your boss to take that job and shove 157 00:07:41,440 --> 00:07:44,520 Speaker 2: it on Monday, and by Friday you've got three other offers. 158 00:07:44,840 --> 00:07:46,760 Speaker 2: What we have seen over the course of the past 159 00:07:46,760 --> 00:07:50,480 Speaker 2: few years is that pendulum flying way in the other direction. 160 00:07:50,920 --> 00:07:52,800 Speaker 2: I think AI is part of this, right, So back 161 00:07:52,800 --> 00:07:55,880 Speaker 2: to the college coaches, they're dealing with major shifts in 162 00:07:55,880 --> 00:07:59,040 Speaker 2: that industry with nil money transfer portal. So is the 163 00:07:59,120 --> 00:08:02,080 Speaker 2: average worker in the fact that AI's coming along. So 164 00:08:02,200 --> 00:08:05,680 Speaker 2: now you've got places like Walmart saying we actually have 165 00:08:05,720 --> 00:08:07,640 Speaker 2: a plan where we're going to continue to grow over 166 00:08:07,680 --> 00:08:09,280 Speaker 2: the next three years, and by the way. 167 00:08:09,160 --> 00:08:10,960 Speaker 3: We're going to keep our head count flat. 168 00:08:11,480 --> 00:08:14,520 Speaker 2: That's unheard of being companies that are looking for growth 169 00:08:14,720 --> 00:08:19,000 Speaker 2: target saying the same thing meta interestingly meta right, so Facebook, 170 00:08:19,040 --> 00:08:22,720 Speaker 2: everyone uses Facebook. They're actually cutting hundreds of jobs right 171 00:08:22,800 --> 00:08:26,600 Speaker 2: now from their AI divisions. I mean, there's some irony there, 172 00:08:27,760 --> 00:08:29,880 Speaker 2: and so you know, I think also what you have 173 00:08:29,960 --> 00:08:33,200 Speaker 2: to think about is you don't have probably the leverage 174 00:08:33,240 --> 00:08:36,440 Speaker 2: that you did in jumping before. There are a lot 175 00:08:36,480 --> 00:08:39,680 Speaker 2: of companies that feel like they've got really strong growth 176 00:08:39,720 --> 00:08:44,440 Speaker 2: plans that do not involve growing their workforce, and that 177 00:08:44,559 --> 00:08:47,600 Speaker 2: is going to be a major shift in Just like 178 00:08:47,640 --> 00:08:49,920 Speaker 2: these college coaches are trying to figure out what this 179 00:08:50,000 --> 00:08:52,439 Speaker 2: new terrain looks like, I think the average worker is 180 00:08:52,480 --> 00:08:53,840 Speaker 2: going to have to figure that out too. 181 00:08:55,240 --> 00:08:57,400 Speaker 1: Makes a lot of sense. Amy, awesome to have you 182 00:08:57,480 --> 00:09:00,640 Speaker 1: as always, Amy typically joins us at for thirty five. 183 00:09:00,679 --> 00:09:02,800 Speaker 1: We had to move up her appearance, but it joins 184 00:09:02,840 --> 00:09:07,640 Speaker 1: us every Wednesday to talk sports and business. Thanks to 185 00:09:07,679 --> 00:09:10,240 Speaker 1: our friends at Dean Dorton Private Wealth. You can learn 186 00:09:10,240 --> 00:09:13,680 Speaker 1: about the Dean Doorton difference. Just go to deandortonwealth dot com. 187 00:09:13,679 --> 00:09:15,440 Speaker 1: That's deandortonwealth dot com.