Avoid energy vampires
At a 2025 Family Office Club event, Richard talked about saying no. Deal flow gets better every year, so the bar should rise too. He used a Charlie Munger idea to make the point: avoid energy vampires.
Who the vampires are
As Richard tells it, Munger says we all need to watch out for energy vampires, and you know who they are. Richard lists bad deals and mediocre employees. His advice is to find the 2 percent of things that cause half your stress and remove them.
Saying no gets harder
Richard says you are probably getting better deal flow this year than last. You may also have more K-1s, LLCs and employees. So you need to get better at saying no each year, as politely and professionally as you can.
What a yes costs
Richard's point is that every needless yes is a no to something else. That could be your health, your spouse or the priorities on your one-page plan.
In Richard's words
"Munger says we need to all watch out for energy vampires and you all know who they are." (Richard C. Wilson, 2025 Family Office Club event)
"look at the 2 % of things in your life that cause half the stress and just delete them from your life and get rid of them." (2025 Family Office Club event)
How to use this
- List what drains you most, from deals to people.
- Cut the small share that causes most of your stress.
- Raise your bar for yes as your deal flow grows.
- Say no politely and quickly. How they respond is up to them.
Questions and answers
What is an energy vampire?
Richard uses Munger's term for people or things that drain you, like bad deals and mediocre employees.
How do you deal with them?
Richard says find the 2 percent of things causing half your stress and remove them.
Why say no more each year?
Richard says your deal flow and obligations grow, so your bar needs to rise.
How should you say no?
As politely and professionally as you can, per Richard.