SKIN IN THE GAME

SKIN IN THE GAME

I was blessed to grow up in a home where my dad owned his own business. He owned a couple of full-service gas stations. I was also blessed to get engaged with baseball in elementary school and continued to play it and football through high school. I was also blessed to grow up in a home where my parents didn’t have extra money for chores, so I started my own lawn business with my dad’s help at the age of ten.

Unknowingly, I was learning the concept of “SKIN IN THE GAME”. To date that one concept has served me and Jeanie very, very, well.

In my baseball and football journey it didn’t take long to figure out which coaches to whom I needed to pay attention and which coaches, not so much. Now I didn’t understand the concept but understood the benefit. The coaches who were in it for themselves only were the “not so much” group. The coaches who spent time and energy to help me improve, grow, learn, and feel better about myself were the ones to whom I listened. They had “skin in the game”, they were putting extra time and building the relationship. Come to find out, they wanted to make a difference in the lives of the players, not just the score. I found their input was always beneficial no matter the delivery style. They could be trusted to tell me the truth and seemed to always have my “six”. They had skin in the game.

In my journey to become financially independent from my parents, I quickly learned not all employers had skin in the game. Especially not all supervisors. Again, it was easy to distinguish, and I soon found out the owners often were much more concerned about my success than another employee/supervisor. The owners literally had skin in the game as it was their capital and time daily on the line.

 My dad and I went to a sporting goods store late one afternoon to buy an arm pad for my game the next day. As we pulled on the door it was locked. It was one minute after “closing” time and we could see the employee in the store. My dad knocked on the glass and the employee pointed to the “closed” sign. We were turning away disappointed when the door opened and an older man said, “can I help you?”. He was the owner and had seen us at the same time the employee saw us. As we drove off with my arm pad, my dad said “son you just witnessed the difference between and owner and an employee. As you grow up, no matter which role you are in……ALWAYS act like the owner”. I never forgot it and followed his advice. Essentially, he was teaching me to act as if I always had skin in the game.

The application I want to make, knowing there are dozens that could be made, is twofold. First, always behave as if you are the owner even if you are an employee. Trust me, the owner will be thrilled. You will show up early, stay late if necessary, and treat others as if the relationship could affect your outcome. You will think like a chess player and not a UNO player. Second, even if you are an employee, look for and find a platform that allows you to be an owner. A platform, side hustle, part time gig, that requires you to have skin in the game relative to the your success………………….and even better, whether you are a business owner now or an employee, consider finding a side gig, etc. that includes mentoring from folks who only make money after they help you make money. Imagine a mentor who has ongoing skin in the game, whose success is tied to yours, go ahead imagine it. Then go find it. They exist mainly in the non-traditional business platforms. If you have a hard time finding one, let me know. I look forward to hearing from you about your “skin in the game” journey.

Frank Akridge Jr. CFP· CKA, multiple business owner