Business, finance, life in general with Paul Weaver
- B.J. Yoder: Young Money
- August 4, 2023
- 454
I sat down with Paul Weaver at his house, and what a time we had. He owned Weaver Leather among other businesses and started Lodestar Guidance, a leadership and character program aimed to help businesses. He is coming out with a book soon: “Culture Battles, Victor or Victim, Your Choice.” He invited me over to his house, and we had a great conversation about business, finances and life in general.
Q: Who do you think of when you hear the word successful?
I just marvel at David Greene, who was the CEO of Hobby Lobby. He gave his entire company away. Weaver Leather would sell to them, but it was so hard to sell to them. The reason was because Greene had established whole villages overseas making products for Hobby Lobby. This meant he was eradicating poverty there, and then he managed them with Christian believers, so he was evangelizing to them through the managers. Just like Lodestar, his business became a ministry.
Q: What is the best financial advice you have ever been given?
Luke 6:38: “Give, and it will be given to you. Good measure, pressed down, shaken together, running over, will be put into your lap. For with the measure you use, it will be measured back to you.” Period.
Then get out of debt and stay out of debt, numero uno. I was in the home building business during the Jimmy Carter era and prime rate was 22%. How many loans were given? Zero.
I was shocked because I have seen interest rates go from 2.5%-7% and I thought that was terrible. If I take this approach, I can be thankful that it is not 22%.
Q: Did you learn most of your financial wisdom from your parents, school, real life or a mix?
Dad never made a major move without counsel. Whenever someone would try to sell him something, his answer was always “I am not going to buy it today.” That means he never bought out of impulse. The keys I see in business is a great accountant and a great attorney can make or break you and your business.
Personally, I have noticed this with a great accountant, and I have talked about it before. It does not need to be business; it can be personal. Just make sure your accountant is doing the best job possible for your specific situation.
Q: What are the top two qualities/qualifications when looking for a great investment?
I have a good financial advisor who knows my heart on single company stocks. If a company does not align with my values, he doesn’t even ask me.
With real estate — I love real estate — it comes down to location, stability and return on investment.
When I look at a business, I want it to be a good fit. We do not want to make wheelbarrows in the leather industry. Even then, I want to look at the plant and see the people and culture.
Q: What do you personally believe in business that is often found as contradictory to what is taught?
Bankers and private equity firms will want to look at the three- to five-year profit and loss, EBITDA, not the culture. They want to look at the bottom line, not the people. It always comes back to core values. I remember when a banker came into Weaver Leather, and he told me that he learned so much from walking the first hundred feet into the warehouse. He told me that he could have turned around and went home. Then he told me “dirty floors, dirty books,” and I will never forget that.
Holmes County native BJ Yoder is an insurance agent by day and a finance enthusiast by night. This column is for informational purposes only. He can be emailed at benjamin.john.yoder@gmail.com.