Family First with Alex Langan
In this episode of The Executive Hustle Podcast, Alex Langan and Kirsten kick it off showing how we end up in surprising places in life – as both Alex and Kirsten are in 2nd (maybe 3rd!) careers, moving quickly into how to successfully navigate a family business, avoid drama, and focus on what’s most important, and finally finishing on some great take-aways from Alex’s experience in sports and what that brings to leadership development and coaching.
ALEX LANGAN’S BIO: Alex is the Chief Investment Officer of Langan Financial Group, a wealth management, retirement, and advisory service organization in the local Harrisburg area. Alex is the second generation in the family business and oversees strategic direction, investments, and advisor development. Alex has a Doctor of Law from Widener University, spends his time as an Adjunct Professor of Law, Board Member of the Central Penn Youth Ballet, Business Advisor, husband and father of three. He enjoys coaching his kids’ soccer and basketball teams, cheering on Penn State and Pittsburgh sports teams, as well as fishing and kayaking.
For more info on Alex:
The following is an AI Generated transcript of the Podcast (may contain errors).
@6:54 - Kirsten Yurich .
Welcome to the Executive Hustle podcast. Our guest today is Alex Langen, Chief Investment Officer of Langen Financial, among other titles that we will explore today during our conversation.
Alex is also the former top advisor under 49th Manee, an adjunct professor of law, and something I want to ask more about former team captain of the Varsity Track and Field Team at Penn State University.
Welcome to my guest today, Alex.
@7:36 - Alexander Langan
Thank you. Thanks for having me here. I'm excited.
@7:37 - Kirsten Yurich .
You are so welcome. I'm really glad to have you today on the podcast.
There's so much I want to dive into with you, particularly your career changes, your sports leadership experience, and your teaching.
So as we get started, I am somebody who was also in my second career, and I was really struck by the fact that you started in state government.
got a law degree, spent at least a decade there, and somehow are in the family business, which is not law.
So walk me through that.
@8:07 - Alexander Langan
Well, I actually in undergrad was looking at going to med school and studying for that, my MCATs and realized I hated it.
@8:22 - Kirsten Yurich .
Doesn't that so valuable to know what you don't like?
@8:25 - Alexander Langan
Yeah, I just wish it, you know, I wish I figured out a couple years earlier, but that's okay. So pivoted, I decided to go to law school.
So because my older brother was in law school, I had a business law class and I really loved it.
So switch went to law school was fortunate enough. It did well in law school, finished forced off the class and was able to clerk at Pennsylvania Supreme Court.
So I had incredible experience with that. was under Justice Aiken who really taught me how to stay focused on the issues and just a different
process overall, and I carry it in to even the business now. So it's really, really helped significantly. So from there, I went to the office of the budget for a year, didn't like the bureaucracy that I found daunting to say the least.
So looked to either go to a law firm or join the family business, and ultimately, I joined the family business, which I'm so happy that I did.
@9:31 - Kirsten Yurich .
Wonderful, wonderful. So what do you find most challenging and most rewarding about being in a family business?
@9:42 - Alexander Langan
It, rewarding is working with the family. It's kind of both one and the same. mean, you're running a business, but you have this different dynamic that you're literally at, you know, Thanksgiving dinner and maybe something that's where it pops up because it's my parents are at it, my mom and dad, and my younger brother, Devon.
So four out of five of us are in the family business. We all live within a couple of miles of each other.
So we are a very close family and we carry our values into the business, we're very family oriented and I think the vast majority of our clients like that because we're dealing with their personal finances and people can appreciate that we really do care.
@10:26 - Kirsten Yurich .
Yeah, so that's rewarding being with the family. Tell me challenging.
@10:31 - Alexander Langan
It can be challenging. It can be challenging. So, you know, we've initially early on, I came on board and my brother Devin came on about a year later.
so it took us a year or two to find, you know, what our roles were, who's responsible for what?
Who performs what duties? now that we have that figured out, I happily stay in my lane. Let my brother take care of a lot of a lot of different stuff with office.
operations and marketing. So it's worked out really, really well, but it's just, you know, it's conflicts coming through the other side to figure out who's responsible.
@11:10 - Kirsten Yurich .
Okay. I'm curious how the roles you have as brothers and children and parents, how those show up in the business roles.
So you said the most challenging thing was, you know, we had to figure out what our roles would be.
Do you still see sort of those childhood roles or those dynamics between parents and children coming out?
@11:37 - Alexander Langan
I see if people were watching us, they'd see you laughing.
@11:40 - Kirsten Yurich .
Yeah.
@11:41 - Alexander Langan
They still show up. I haven't given my brother a nuggy and, great, great, haven't done that yet. Although he is a five and a half year younger, so maybe one day I'll revert to that.
Things get heated. Just kidding. They I'd say not really. We approach it in a very, we're passionate about our business, but we're all coming from the same caring place.
And we all really care not only about the business, but about our clients, as well as the people that work with us.
So at the end of the day, we're all in it for the same reason. Maybe we have some slight argument, but we just as easily go get a beer right afterwards and let it go.
So maybe we have some disagreements, but a few and far between, we really do get along really well.
@12:36 - Kirsten Yurich .
That must be part of part of the success, because I've seen in other family businesses, you know, those dynamics still playing out in the business roles and it being really a limiting factor.
@12:50 - Alexander Langan
So there must be something special here that you guys are getting right. We've seen that too. It's rather fascinating when they do come out.
So much so that we even get like a psychologist come help out people with good things, but we don't have issues like that.
We don't have any childhood trauma that we've been dealing with for decades. We care about each other. We care about the business and that's, it's, it's as simple as that.
So you're really putting a phrase, a mentor once gave me was, you know, you put principles above personalities and that's what I Yeah, it's the way we've always done it.
mean, growing up, you're a very active sports oriented family. And so we always focus on the goal, whatever it is.
So we start there, but it's really our core values, the family oriented values, that, that makes sure that we continue to focus on the goal.
Why we still care for each other? If somebody's feeling a little burnt out, you know, we encourage them to do a vacation.
We always encourage, um, dang out the kids.
@14:00 - Kirsten Yurich .
I have. three children.
@14:01 - Alexander Langan
My brother has one small little daughter, a toddler, so we are very, very focused on family. Family first, and then business, but we all care very much about each other.
@14:13 - Kirsten Yurich .
yeah. Wonderful. Well, as you've come into this now and grown as a leader across different roles, it sounds like in your family organization, what's been sort of the skill you've been really focused on learning over the last couple years.
@14:33 - Alexander Langan
That's a great question. I picture myself as an emerging leader. I'm not young by any means, but initially as an athlete, I focused on just doing what's right in leading by example, and I found that that only gets you so far in the business world.
You can't just go out, you know, this is I'm going to work really hard when I get stuff done.
I'm going to be the best at my craft or my sport, whatever it is, and I'm going to develop the skills needed.
It's transitioning more to almost like a coach role, so trying to teach people how to do it, bring people along, develop them as individuals, as professionals.
@15:19 - Kirsten Yurich .
So that is the skill I'm most focused on developing right now. And how, so you mentioned the sports piece, I just read an HBR article by Tom Brady, which as a Steelers fan was super hard, but I couldn't get through it, you know, and he really spoke to what his leadership lessons were, you know, as the quarterback and all of the success that he certainly had, and so I'm curious from your experience track and field and being a team captain, like what's pulling through for you as you talk about being a coach as a leader, you know, how does that experience pull forward for you?
@16:00 - Alexander Langan
So, as, well, I guess as a player or the track athletes, I don't consider players, but as, you know, player in the field or on the track, it was getting people focused to get the workout done, maybe not be goofing off so much, or goof off when the time's appropriate, and make sure everyone is relaxed enough, but focused.
So now, transitioning to the coach, it's almost like I have to develop the workouts. I have to make sure everyone's on board with the goals that we're trying to achieve, and then plug in the path to get there in having the people trust in the process.
So that's something that I'm focused on learning. don't mean to say I'm good at it, but I'm great, but that's where we're going.
@16:51 - Kirsten Yurich .
Yeah, but I love what you said, so, you know, focus on the goal, I have to identify the goal for them, and then keep them focused, and I have to develop the workout, so.
what is our process for excellence, our process for success? So Horst Schultz is the, you know, the founder of the Ritz Carlton Hotel.
So he always said, what is your process for excellence, right? And then you have the people trust into the process.
So that's what you just said. And so that's what you're trying to focus on. I just love that. And you know, I love the humility that I'm not there, but that's what I'm working on.
@17:26 - Alexander Langan
Well, yeah, I definitely not there. But it was there.
@17:31 - Kirsten Yurich .
don't think it's leadership is not a destination, I don't think.
@17:34 - Alexander Langan
I don't think so either. yeah, I would agree with that. But I, and so they had Central PBS Journal has the, you know, the successes of leaders celebrating what they've achieved and hopefully what I can get there.
But I always admire people in local community or national level that have really been able to achieve something great for their company.
And it's usually not. It's because they were able to bring people along and develop them to do it.
@18:04 - Kirsten Yurich .
Yeah. Yeah. It's not about you. It's about them.
@18:09 - Alexander Langan
Yeah.
@18:09 - Kirsten Yurich .
love that. Awesome. Wow. So much good stuff already. So tell me. We're not there yet. It is a journey.
It's not a destination. And one of the conversations I had with somebody recently was about their, what they learned through their mistakes.
What's been one of your best learning mistakes? I won't say your biggest mistakes or anything like that, because no one's like, oh, they're all so the same.
But what's been one of your best learning mistakes?
@18:43 - Alexander Langan
Great question. Yeah. Definitely learned through my failures.
@18:46 - Kirsten Yurich .
And I say fail early and often.
@18:49 - Alexander Langan
Okay. to learn from it, but fail early and often.
@18:52 - Kirsten Yurich .
So I'm good at that.
@18:55 - Alexander Langan
You're like, I got that down pat.
@18:58 - Kirsten Yurich .
Yes.
@18:58 - Alexander Langan
Absolutely. One of the most. recent ones. I'd say trust but verify. We partnered with somebody that he was as focused ethically as we were.
It came to he was more in it for money and he ended up selling out a bit. So we party ways.
It would have been nice to know going and not to even join a partnership like that. Because we're very focused on family.
So in family values and money at the end of the day will work itself out. But it's more important to do what's right and for people rather than what's right for you.
@19:44 - Kirsten Yurich .
So really so I hear underneath that and of course you know you can't go into all details all the time but like really getting to know the person that you're going to do business with and are you coming from the same place or you headed to that same north.
Yeah, see if your values are aligned. Values are aligned. And, yeah, yeah, and knowing that you're willing to if they're not, even with financial to that, that's, that's pretty important.
@20:20 - Alexander Langan
100%.
@20:21 - Kirsten Yurich .
Yes. Wow. So you also teach and professional.
@20:30 - Alexander Langan
I, yes, I've taught Business Law at Messiah University. I've taught a couple of classes at Modern Law School as Mad Jock in both circumstances.
Love it.
@20:43 - Kirsten Yurich .
Okay. And how, what do you learn from teaching? as a young professor also, I find I'm learning, I think, just as much as the students.
@20:52 - Alexander Langan
So the thing I must enjoy is engaging with the students and their perspectives and questions, the ones that are engaged.
themselves. It's just so fun. And the talent that the youth has, well, they're not really that young, but early on in people's careers, the talent that they have is incredible.
So, I like to challenge myself because I learned material too. I'm not an expert by any means in it, so I get to really deep dive.
And then they're asked questions and it'll make me think even deeper about things. And I just love interacting with them and enjoying learning together.
I think it's really fun. we also get to hire some of the more talented kids.
@21:40 - Kirsten Yurich .
get to hire them, so it's pretty great. Right, right. So, I totally agree with everything you said as a similar situation, right?
You're learning alongside of them. They're from their life situation. They're completely different from you. they're asking questions to have a perspective that is
completely different, but yet you're looking at maybe the same case law or the same, you know, study or whatever you may be teaching about.
And they're going to ask something that's completely different. And you get your own new view of something because of the way they asked it.
And I just love that. And I just, I don't know about you, but you're interacting with this younger generation.
And there's so much negativity out there about the younger generations. And I think, you know, when we talk about groups of people, we take away their identities and it's easier to be negative.
But when you're one to one with people in a small group teaching experience, right, I don't know if you would agree, but you're starting to interact with them and see these individuals as people.
And I think we get a much more positive view of this next generation.
@22:49 - Alexander Langan
Absolutely. it's every generation kind of, you know, no one's about the younger ones coming up. I think that's what it is.
But I've been very I'm very impressed with, know, any, there, sometimes the freshman comes in class, which I found interesting because it was a 300 level class at Messiah.
So it should have been, you know, juniors, seniors, but every now and then they come in and some of those kids were so brilliant and they just instantly grasped concepts.
I really enjoyed having a lot of the kids in class and, yeah, it was a great time. I've been done it for a year or so.
I'd like to get back to it. I really like to keep teaching and even maybe if I have a retire from this job, I would love to do it full time.
@23:39 - Kirsten Yurich .
Yeah, yeah, and you said it's a great recruiting tool. So is that a that's a way that you guys can get interns and things like that?
@23:48 - Alexander Langan
Yeah, yeah, it can be a little self-serving. But I mean, we find, you know, the best and the brightest students who obviously will translate into very good co-workers.
So We're looking, I stay in touch with a lot of people, a lot of professors, and I've said, please, let me know.
We're looking for some interns right now, so it'd be great to have one or two of them.
@24:12 - Kirsten Yurich .
Right, right.
@24:13 - Alexander Langan
Continue the tradition.
@24:14 - Kirsten Yurich .
Every industry, you know, interact with hiring and getting, you know, fresh talent is a challenge, and so it seems like a great strategy for that, for sure.
Yeah.
@24:29 - Alexander Langan
It's been helpful.
@24:30 - Kirsten Yurich .
What would you say is next for your industry? Yeah. What would you say is next for your industry as you look ahead five years?
@24:40 - Alexander Langan
So AI is just emerging, and everyone's AI.
@24:44 - Kirsten Yurich .
AI is one way I've noticed people can instantly boost their stock price by matching that on their calls.
@24:51 - Alexander Langan
Well, there you go, you just got it in. Exactly. Hopefully it just bumped our stock up and just kidding.
I think incorporating it, we're being able to leverage. Our ability is an increased marketivity like everyone else. So the interesting part for us is how to do it with compliance.
We can't turn over a lot of people are unaware when they open up whether it's chat GPT or whatever AI they are actually telling you that they own your data that you share with them so that they can take in and use it for whatever else.
So our compliance is forcing us to be very careful because we cannot turn over clients since the client data.
So we're trying to figure out how to do it you know keeping the confidentiality that is you know so important for everyone.
So that's the next step and once we figure that out it should really help us. So and then we're also developing more value added services personal touches for our clients.
@25:53 - Kirsten Yurich .
I mean it's a relationship with us.
@25:56 - Alexander Langan
Anybody can look at a stock you know buy sell but it's real trying to help out, customize somebody's financial plan and make sure that we're doing the best, most efficient effective for them personally.
@26:08 - Kirsten Yurich .
Yeah, I hear that so often and in so many places that technology is certainly, you know, the name of the game and AI is everywhere you look and, you know, speed is the next currency and all of these things, but yet, you know, people crave connections, people crave authenticity and relationships and, you know, the businesses that can figure out how to make those connections are the ones that are going to, you know, win and have the clients and keep the clients and really, you know, just be the most successful ones, whether or not they are winning the AI race or not.
@26:50 - Alexander Langan
100% yes. Yeah, absolutely.
@26:54 - Kirsten Yurich .
I'll stand there. So, that's great that that that really, and I think coupled with your feedback. and we focus, you know, that really seems to be a big differentiator for you and for the company.
Yeah.
@27:07 - Alexander Langan
Yeah, it's it's time and yeah.
@27:10 - Kirsten Yurich .
Yeah. Excellent. Excellent. Well, you know, you said you're not young, but you know, so tell me all of this experience.
What is something you wish you knew about life or leadership that you wish you knew when you were younger that you know now.
@27:33 - Alexander Langan
It's an it's almost a timeline paradox of if you knew something back then you wouldn't have you wouldn't have learned in future.
But besides going into the multiverse through the Avengers, help us give that. What what I wish I would have learned is more of the ability of how to coach and not just it was very strong headed.
So, I would dig down and I would just do everything myself. So if it came down to it, I'd say, okay, I'll do it.
And it led to a lot of, it helped me learn a lot, because I would go off and learn something and, you know, it.
But, you know, long hours, hard work, and I enjoyed it, I like working, but it would be nice to learn that I can rely on more people and to have them help more.
@28:34 - Kirsten Yurich .
Yeah. Yeah. It's really an accelerator, right? you can, it's not, you're not so cloning yourself, but you're elevating the people around you so that, you know, in general, you and your company is doing more, your scale.
@28:49 - Alexander Langan
Absolutely. Yeah, it's leveraging. And we have really, really good people right now with us that are helping us continue to grow and get to the next level.
So, We're in a great spot, obviously looking for a couple of more very talented individuals help us continue the path for it.
@29:06 - Kirsten Yurich .
But yeah, yeah, we're getting there, right. Right. Right. And with the coaching, you know, I think mentality, focus on the goals, the process, the family focus.
I mean, these are all recipes for, you know, success and for, you know, just a great working environment for anybody that does fit the culture.
And the last conversation I had with a guest we really focused on, you know, what are the core pieces to your culture?
How do you define those? How do you embed those replicas? And, you know, it sounds like you guys have done that work also around what's important, the family piece, you know, the principles about personalities, those kinds of things so that you know, who's going to fit when they come to the door?
@29:50 - Alexander Langan
Absolutely. And taking a time to enjoy the successes, you know, in the moment. It's that being able to do this journey with my family is awesome.
Maybe one day my kids will get into it, just had to come.
@30:00 - Kirsten Yurich .
Conversation with them. Oh my my middle son there.
@30:03 - Alexander Langan
I've a two boys eleven and nine in a five-year-old girl, okay in the eleven and not really better and It came up something and my middle Patrick's is just like I'm just gonna take over the business Next week it's on my calendar when I said to them, you know, you have to earn it You're not just getting this business like you have to earn it You have to show me you want it you got a work card you dedicated and you're gonna take care of it because it is You really do have to take care of everyone that works here as well as, you know the individual clients Count on you, so right I think you will And I hope that they were able to join it be really neat to hand it to third generation.
Yeah Um, so we're seeing it's enjoying the journey now. Maybe one day we'll be able to hand it over to the next generation Mm-hmm.
@30:58 - Kirsten Yurich .
Here's your you're right now. You're in the middle of the first handover, right? so watching, you know, experiencing that is going to teach you some lessons about what it could look like for the next handover.
@31:10 - Alexander Langan
100%. We've, there's a history of family businesses with the language. We've had my Greek grandfather had a business, very, very successful business.
And he worked at was 89 years old. And at his funeral, Dick Yingling came up to him from Yingling.
They were close to each other and he came up and said, business is going to survive to the next generation.
And he was 100% right because they brought in all the different cousins, relatives, and they just ran into the ground.
They treated it as a bank and they ran it into the ground. it's something that stuck with my dad and he's taught me to, you know, really focus on it, nurture it.
and not just take it for granted.
@32:02 - Kirsten Yurich .
Mm-hmm. That power left.
@32:10 - Alexander Langan
What was that?
@32:16 - Kirsten Yurich .
Yeah, really powerful. Powerful less.
@32:21 - Alexander Langan
It was, yeah, it was a powerful lesson, you know?
@32:24 - Kirsten Yurich .
Yeah. It sounds like that's really part of your fabric as a family.
@32:35 - Alexander Langan
Yeah, it's been one of the guiding lights, I'd say, that we, yeah, we're really trying. You know, we treat it as, you know, a privilege, is what it really is.
And it's a privilege to work with, you know, family day in, day out. I got to see my mom, dad, brother on it.
Almost a daily basis, which is neat.
@32:59 - Kirsten Yurich .
Wow. Yeah, I think that's really powerful to hear you say, you know, what you have, the business that you have as a privilege and the way you manage it, the way you pass it down is a huge responsibility and not something to just sort of be, and you know, there's no entitlement here.
@33:21 - Alexander Langan
Oh, none.
@33:22 - Kirsten Yurich .
No, you're going to work for it.
@33:24 - Alexander Langan
Yeah.
@33:24 - Kirsten Yurich .
You're actually going to work for it. Yeah. Wow. Wow. Well, I can't think of anything better to end on that.
That's very powerful. Alex, I really appreciate you sharing that story. I know we know each other little bit, but that's the first time I heard that about your grandfather, and that's really appreciate you sharing that for everyone who's listening because of that is a powerful lesson.
Thank you so much for your time today. There is so much to unpack in the conversation that we had today.
I'll highlight just a couple big takeaways, I think, for listeners in what we were able to talk about today, you know, family businesses run the gamut in how they're run and how well they succeed.
And yours right now is a really awesome example of how to avoid the drama and how to put principles above personalities.
And that to me is lesson number one here is really, you know, heed the lessons of your past and to treat your business as a privilege and and to just run it as if, you know, it's not an entitlement and that you have to earn that privilege.
So well done there. That is an awesome takeaway to, you know, you continue or learn, continue to learn how to be a coach leader, you know, not a leader standing in your authority, you know, saying do this or do that, but really focusing your team on their goals and creating that that workout.
called it. So what is our process, right? then trusting that process. So I love that takeaway. And third, know, we just touched on a little bit, but, you know, as you explore technology or say what's around the corner for a company, we're always doing that as a leader and as an owner, but never do that at the expense of the relationships.
Relationships are always going to be first and foremost in your company, both between you and your teams and your clients and those that you interact with.
So keeping those relationships on the top. So those things, I think, are just awesome takeaways and are really going to help our listeners and our leaders to both lead well, live well, and certainly learn well because we talked a little bit about that.
@35:37 - Alexander Langan
So I want to thank you for that. And also just offer if people want to follow up with you or learn more about your business, how can they do that?
You can find us at Langen Financial Group. Just Google us for LangenFinancialGroup.com and my email is Alex at LangenFinancial.com.
@35:56 - Kirsten Yurich .
That's awesome.
@35:57 - Alexander Langan
I'll have all of that in the show notes so people can find it there, awesome. I enjoyed it.
@36:01 - Kirsten Yurich .
Oh, so much, Alex. It was great talking. Until next time.
@36:05 - Alexander Langan
Thank you,