Bakes Takes Volume 1, Issue 9

by | Dec 3, 2024

ARTICLE | December 03, 2024

December 2024, Volume 1, Issue 9

Bake’s Takes: A KHA Recommended Reads by Jonny Baker, Partner at KHA.

Hot Take: "Some books leave us free and some books make us free." – Ralph Waldo Emerson

As a leader you need exposure to varying perspectives, insights, and ideas.

This month’s Top 3:

1. Harnessing the Science of Persuasion, Robert B. Cialdini

  • Article that reviews the six fundamental principles of persuasion:
    • Liking, Reciprocity, Social Proof, Consistency, Authority, and Scarcity
  • Using some combination of these items depending on the situation makes persuasion more likely.

2. Networking Doesn’t Have to be Self-Serving, Rosabeth Moss-Kanter

  • Rosabeth is the famed author of “Think Outside the Building” and “The Change Wheel”. Her work has stood the test of time.
  • In this article she provides examples as to how some prominent philanthropists got started and gained momentum.
  • For the principles she shares: Show Up, Knock on Many Doors, Help Your Way into Inner Circles, Ask to be Taught, Plant Seeds and Pre-Sell, and Demonstrate and Deliver.
  • If you can do these principles well, your network will build itself with hard work and consistency.

3. Learn to Love Networking, Gino, Kouchaki, Casciaro

  • Article that attacks the primary responses to networking negativity
  • Key areas of encouragement to those leery to network:
    • Focus on Learning-See networking as an opportunity and not an obligation.
    • Identify Common Interests-If you can find people beneficial to connect with that are also friend material, you will not view networking as a challenging endeavor.
    • Think Broadly About What You Can Give-A mentor of mine always says leave every networking meeting with a headache from thinking so hard about how to help the person in front of you. If we go into networking expecting to get, you won’t; if you don’t, you will.
    • Find a Higher Purpose-Networking to network is pointless, networking to achieve a greater calling or help find ways to benefit your team grows legs. For others, like me, networking is a way to tell others about Hope in the marketplace.

Why Bake’s Takes: I have been accused by friends, colleagues, and clients of pelting people with articles and book recommendations. Some of my mentees have stacks of books they will never get through (some of my mentors too). As such, I have decided to curate a monthly summary that holds what I deem to be the 3 best articles or reads of the month (when I read them, not published that month). I do love Harvard Business Review and you will see much of it as my work is focused on equipping leaders for the tough tasks ahead of creating vision, alignment, and execution. I have yet to find a better resource for equipping that work well.

 

 

Questions or Want to Talk?

Call us directly at 972.221.2500 (Flower Mound) or 940.591.9300 (Denton), or complete the form below and we’ll contact you to discuss your specific situation.
  • Should be Empty:
  • Topic Name:

Using POD and TOD Accounts in Your Estate Plan

Discover how Payable-on-Death (POD) and Transfer-on-Death (TOD) accounts streamline the inheritance process, enabling beneficiaries to bypass probate and access assets swiftly. While these tools offer speed and cost-effectiveness, they come with potential pitfalls that could disrupt your estate plan if not carefully coordinated. Explore their benefits and drawbacks to ensure seamless asset distribution among your loved ones.

The Strategic Power of Charitable Lead Trusts: How Families Can Transfer Assets While Making an Impact

Charitable lead trusts offer families a powerful strategy to dramatically reduce estate taxes while transferring appreciating assets to the next generation and supporting charitable causes simultaneously. By leveraging today’s low interest rate environment, a $10 million CLT could potentially transfer $3.7 million or more to family members while creating a taxable gift of only $528,700. However, families must carefully weigh the substantial benefits against significant risks, including asset underperformance, irrevocable structure, and complex administrative requirements.

Maximizing Your Itemized Deductions Under the One Big Beautiful Bill Act: A Strategic Guide for 2026

The One Big Beautiful Bill Act has fundamentally reshaped the landscape of itemized deductions, creating both new opportunities and challenges for taxpayers who want to maximize their tax savings. While the SALT deduction cap increases to $40,000 and new charitable giving options emerge, taxpayers also face a new 0.5% AGI floor on charitable deductions and limitations that effectively cap itemized deduction benefits at 35% for high earners starting in 2026. Success under the new law requires strategic multi-year planning, including bunching deductions in alternating years and carefully timing major deductible expenses to avoid new limitations while maximizing available benefits.

Maximize Your Legacy While Minimizing Taxes: The Strategic Guide to Charitable Remainder Trusts

If you’re looking to support your favorite charitable causes while maintaining an income stream and achieving significant tax benefits, a charitable remainder trust (CRT) could be the perfect solution. This sophisticated estate planning tool allows you to convert appreciated assets into lifetime income while making a meaningful charitable impact—all while potentially saving thousands in taxes. Whether you hold highly appreciated stocks, real estate, or other valuable assets, a CRT offers a strategic way to diversify your holdings, reduce your tax burden, and create a lasting philanthropic legacy.

Scenario Planning: A Roadmap for Business Agility

In a world of constant change and unpredictability, scenario planning empowers businesses to anticipate multiple futures and make informed decisions. This strategic approach helps organizations manage risks, optimize resources, and stay agile amidst economic volatility, technological advancements, and shifting consumer preferences. Discover how scenario planning can transform your company’s resilience and growth potential.

What Are Opportunity Zones?

Timing is key in maximizing the benefits of OZ investments. With thoughtful planning and strategic execution, OZs can be a cornerstone of both financial success and meaningful change.