Is pursuing your passion worth the challenges it may bring?  This week, Erik Cabral sits down with Dr. Randy Lehman, a general surgeon who has dedicated his career to rural healthcare through his business, Liberty Clinic. 

After years of training, he returned home hoping to open a practice. But reimbursement cuts squeezed margins, and within two years his clinic was losing money fast. Most would quit, but not Randy – he found a way to partner with the local hospital, turning everything around. Now his clinic thrives. 

Tune in to hear Randy's story of perseverance facing adversity and learn how dedication can help you overcome challenges in business. Learn lessons on grit, balancing family/career, and viewing resources as a stewardship to empower risk-taking. 

Here are some power takeaways from today’s conversation:

• Malcolm Gladwell’s model of immigrant success

• The stewardship mindset around money

• Lessons from grandpa

• Investing in cash-flowing properties

• Buying businesses vs. buildings

• Private practice struggles and personal growth

Episode Highlights:

[07:18] Malcolm Gladwell's Model of Immigrant Success

Randy references Malcolm Gladwell's idea that successive generations of immigrants often improve their careers and social mobility. The first may do manual labor, then their kids own businesses, and grandchildren enter professions like doctor or lawyer. Randy saw this pattern in his own family history, going from farming to other jobs to him becoming a physician. It demonstrates how families can achieve more over generations as they assimilate and children have greater opportunities.

[12:08] The Stewardship Mindset: How Reframing Wealth Empowers Risk-Taking 

Randy believes that seeing yourself as a steward of your money rather than its owner, allows for greater risk-taking. Working hard and saving responsibly builds assets, but viewing that as a gift from God removes pressure. This mindset of stewardship means the money isn't truly yours to lose. It lets you feel freer to take chances furthering your goals without stressing as much over potential failures.

[16:41] Lessons from Grandpa

Randy’s grandpa played a big role in shaping how he takes risks. By watching grandpa build up his money gradually by paying off farms through tough financial times, Lehman learned the importance of smart long-term investments. This showed him the value of resilience against hardships and patience in managing wealth over years. Those lessons from grandpa helped inform Lehman's style - keeping debt low and focusing on properties that bring in cash now while growing in worth down the road.

[23:06] Buying Businesses vs. Buildings

Randy notes that a well-run small business could be an appreciating asset that generates substantial cash flow to pay down debt quickly. However, he cautions that he would want to see the business already cash flowing strongly with minimal or no debt load. This aligns with his strategy of focusing on investments that produce income from the start rather than speculative plays. Overall, he is open to business ownership as an investment aligned with his philosophy of gaining assets that work for him through rental income or profits, as opposed to tying up money in non-income generating ventures like vacant land.

Resources Mentioned:

www.mylibertyclinic.com 

Rich Dad Poor Dad

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