In this episode of Business Brain, Dave Hamilton and Shannon Jean discuss the concept of cost segregation studies and its potential benefits for property owners. They explain how cost segregation allows property owners to identify and depreciate assets that won’t last the full depreciation period, resulting in increased tax benefits.
They share a quote from an attorney about the importance of thoughtful decision-making in business, stressing the need for a balance between careful consideration and avoiding analysis paralysis. The hosts suggest taking action when certain about a decision but also acknowledge the value of pausing to gather information before deciding.
Moving forward, the hosts discuss the significance of taking action, even if it means choosing not to take action, and draw parallels to the lyrics of a Rush song. They emphasize the importance of considering the impact of a decision and differentiating between major and day-to-day choices. Dave and Shannon caution against constantly delaying decisions by fixating on future possibilities.
The conversation takes a personal turn as the hosts share their experiences with empowering themselves and their staff to make decisions. They suggest setting a spending limit for oneself to solve problems swiftly and efficiently, freeing up time and mental bandwidth. They reflect on lessons learned from past mistakes and stress the importance of not getting caught in analysis paralysis.
Towards the end of the episode, the hosts introduce the concept of recency bias and discuss its implications in business decision-making. They invite listeners to share examples of how recency bias applies in their own businesses and whether they have to be extra cautious based on the level of risk.