Beyond Structured Settlements

Interview with Randy Snow - 3

This blog post continues two related S2KM series:

• Interview with Randy Snow
  • Part 1
  • Part 2
    
• Growing the Structured Settlement Market.

S2KM: Randy, with your busy travel schedule, have you found any time to watch the Beijing Olympics?

Randy Snow: I have been fortunate to be around my office for the Olympics - or did I subconsciously set it up that way? At night, I am glued to the television. Why isn't everyone watching? These Olympic athletes have dedicated their lives for this moment. They put their dreams on the line in public and must handle the results. Every athlete has a story with lessons that are germane for our own lives. I am fixated.

S2KM: What has impressed you so far?

Randy Snow: So far, my favorite events are men's swimming and women's gymnastics. What can you say about Michael Phelpps? Humility 101. When our American women gymnasts (Nastia Luikin, Shawn Johnson, Alicia Sacramone and the rest) lost to the Chinese women, they stood on the podium and handled the situation with grace. I was in tears. Sure they were devastated. These sixteen year olds females risked their athletic lives during a profoundly public moment - and failed to win the Gold Medal. I am impressed with all of these athletes.

S2KM: The 2008 Summer Paralympics will take place in Beijing September 6-17. Will there be any television or Internet coverage available?

Randy Snow: I am not sure. Unfortunately, para-athletes are still considered human interest stories. There may be some local news coverage for specific athletes. The Internet should have good coverage.

S2KM: Who are the leading para-athletes in the world today?

Randy Snow: I only keep track of the tennis players. Among the men, Shingo Kunieda from Japan is the best. Among the women, Esther Vergeer from Holland appears unbeatable. The best American players are Steve Welch and Kaitlyn Verfuerth.

S2KM: Which countries have the best para-athletic teams?

Randy Snow: Those countries that have:

• Acknowledged the Paralympic athlete as an athlete; and
• Successfully blended the governing Paralympic sports organizations with their "able-bodied" sports organizations.

Based upon these measurements, the leading Paralympic countries are Holland, England and Japan. The United States Olympic Committee provides support for the United States Paralympic team. The United States Paralympic athletic program, however, does not match those other countries.

S2KM: In how many Paralympics did you participate?

Randy Snow: I participated in four (4) Paralympic competitions and one (1) Olympic competition.

S2KM: What were the U.S. team tryouts like?

Randy Snow: I felt more pressure in the tryouts than I did in the Olympics. I really wanted to go. You might compare the tryouts to the engagement before the wedding. 

S2KM: What is your best memory of your Paralympic experience?

Randy Snow: The opening ceremonies in Barcelona, Spain. When Antonio Rebollo limped out in front of thousands of people and shot the arrow from the stadium infield up into the cauldron to light the Olympic flame. That was incredible! Of course, winning my Paralympic medals in Barcelona was awesome. My best personal Olympic memory, however, was standing on the Olympic medal stand at the Los Angeles Olympics in 1984.

S2KM: what was your greatest success, and most significant failure, as a Paralympic athlete?

Randy Snow: My greatest failure was finishing second in the 1500 Exhibition Race at the 1984 Olympics in Los Angeles. A collision nearly occurred and I retreated to the pack instead to running down the winner Paul Van Winkle. I finished a disappointed second despite the standing ovation we received from the sold-out crowd. My greatest success was qualifying for the United States Paralympic team in 2000 to go to Sydney at the age of 41.

S2KM: What lessons have you learned from your Paralympic experience?

Randy Snow: Sports teaches us that we can. Set goals. Work your butt off. Build a team that believes in you. Find the best and hang out with them. Success leaves clues. Each loss is a beginning. Don't get trapped in the ending. Leave everything on the field. Live life like it will end someday.

S2KM: Thank you, Randy Snow, for sharing your time and your thinking with S2KM Limited.

This concludes S2KM's three-part Interview with Randy Snow.

For additional information about Randy Snow, see:

• Randy Snow's website;
• Randy Snow's Wikipedia entry

Interview with Randy Snow - 2

This blog post continues two related S2KM series:

• Interview with Randy Snow; and
• Growing the Structured Settlement Market.

S2KM: Your injury occurred in 1975 - just prior to the beginning of the structured settlement industry in the United States in the late 1970s. Have you had any experience with structured settlements or injury award recipients?

Randy Snow: After becoming involved in wheelchair sports, I traveled and met many persons involved in accidents. Some of those persons received large sums of money. There are many inspirational stories. Personal injury victims who have successfully managed their recoveries and successfully redefined their post-settlement lives. Many of these stories involve structured settlements. There are also many horror stories. Accident victims who have squandered their recoveries and their lives. I have a friend who received a $300,000 settlement in 1980. That was a pretty nice sum in those days. In two years, his money was gone. In my experience, accident victims who are matched with professional financial advisors and settlement planners are much better off.

S2KM: Many changes have occurred for the structured settlement industry during the past several years. Sales growth, however, has been flat. Some experts say "regressive". Some industry leaders characterize the structured settlement industry as "under performing" and "opportunistic". You have spoken to many individuals and organizations about change and growth. Have you ever spoken to an entire industry undergoing change?

Randy Snow: Yes I have. After my injury, the disability community, of which I am a member, determined that wheel chairs, both manual and power chairs, were heavy, limited in options, and with no aesthetic value. When I was injured in 1975, wheel chairs were antediluvian. Everyone who used a wheelchair felt the same way about themselves. Fortunately, I became associated with a company called Sunrise Medical. Sunrise Medical transformed the wheelchair industry.

Sunrise Medical began producing wheel chairs made of extruded aluminum, Dacron sail cloth and eventually titanium. We included many options and colors and many different sizes. We started making sports chairs and center wheel drive power chairs. We changed the entire wheel chair industry. Sunrise Medical analyzed and applied the benefits we acquired and learned about from our sports chairs and applied these lessons and benefits to other mobility devices.

My mentor, Marilyn Hamilton was the driving force behind Sunrise/Quickie. Marilyn taught me to listen to the customer. A novel idea wouldn’t you say? Next, the products we designed had to be the best - or what’s the point? Thirdly, by surrounding ourselves with the best people available, in engineering, design, manufacturing, sales, all the best, we had the best thinkers and ideas. And finally, Marilyn’s signature, we had fun. Marilyn was the driving force behind the success of Sunrise. Marilyn was my mentor. We shared the ride to changing the industry. I was lucky to be part of Marilyn's team. What did I learn? Finding the right mentors and coaches can light the path for all of us.

S2KM: The current structured settlement industry consists of many competing and self-interested stakeholders. Examples: plaintiffs vs.defendants; annuities vs. trusts; primary market vs.secondary market. How can positive change and growth occur with so many competing factions all prioritizing their own self-interests?

Randy Snow: One result of competition is the end product. Of course, self interest will be one motive. The final product, however, will be a stronger industry. Between two opposing and competing forces there exists a middle position. That middle position probably represents the truth. Change and growth are difficult. Choices, however, create opportunities for all stakeholders.

S2KM: What if certain structured settlement leaders don’t want to grow? Or, to state it differently, what if these historical structured settlement leaders perceive change negatively? What if the future is bad for their historic beliefs, relationships and skill sets?

Randy Snow: Charles Darwin said it best: ""It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change".

S2KM: What additional advice can you offer for the traditional structured settlement industry as it contemplates and formulates its growth strategy?

Randy Snow: Nothing takes the place of hard work. When opportunity knocks, be prepared.

S2KM: Randy, thank you for your time and thoughts about the structured settlement industry.

For additional information about Randy Snow, see:

• Randy Snow's website;
• Randy Snow's Wikipedia entry

Interview with Randy Snow - 1

S2KM's "Interview with Randy Snow" continues an S2KM series titled "Growing the Structured Settlement Market". This S2KM blog post introduces Randy Snow and begins the interview. Subsequent blog posts will continue the interview and share Randy's thoughts about:

• Transition, change and growth in the structured settlement industry;
• The Games of the XXIX Olympiad which open in Beijing, China at 8:08 pm on 080808. 

Randy Snow is a successful author, professional speaker, businessman and athlete. Randy is also a paraphlegic who has been unable to walk since age 16 when a 1000 pound bale of hay crashed down on him in a farming accident.

Following his injury, Randy experienced a traumatic, but ultimately successful, personal transition. Still paralyzed from the waist down, Randy now refers to his injury as "the best and the worst thing that has ever happened to me".

As an athlete, Randy was inducted into the United States Olympic Hall of Fame in 2004.

Randy's athletic achievements include:

• Representing the United States in three summer Paralympic Games;
• Competing in three different Paralympic sports (racing, basketball and tennis); and
• Winning medals in each of these three Paralympic sports.

Randy won two gold medals in tennis (singles and doubles) at the 1992 Paralympic Games in Barcelona, Spain becoming the only man in Olympic history to accomplish this dual tennis victory.

Randy received the Paralympic torch from President Clinton to launch the 1996 Paralympic Games in Atlanta.

Since retiring from competitive sports, Randy has achieved even greater success as an author, businessman and professional speaker. A successful healthcare professional and small business owner, Randy has worked in public, private, and governmental positions. For his continuing accomplishments, Randy has been featured on CNN, ESPN and in USA Today.

Randy currently is a popular, pragmatic and entertaining speaker with an impressive list of clients, audiences and presentations.

Patrick Hindert, S2KM's blog author, had the privilege of meeting Randy Snow and hearing Randy speak at the 2008 National Settlement Consultant (NSC) Annual Meeting.

Randy's presentation, titled "Pushing Forward When Things Change", espoused a "no excuses" approach to change and growth.

Randy's message - "attitude, accountability and action" - has value for all structured settlement stakeholders including recipients, professional associations and industry leaders.

S2KM Interview with Randy Snow - Part 1

S2KM: greetings, Randy. Thank you for participating in this S2KM interview.

Randy Snow: It is my pleasure to speak with you.

S2KM: Randy, what do you mean when you refer to your catastrophic injury as the "best thing" that ever happened to you?

Randy Snow: If offered the option to walk again, of course, I would accept that gift. The lessons I have learned, however, from working through a terrible loss and then discovering new ways to achieve goals, I wouldn't want to lose. I used to think that being able to walk was living and dying. But a priority shift occurred that gave me a transparent perspective toward all of my challenges. Once we overcome something difficult, we discover resilience. We learn how to achieve much more than we previously thought possible. We must embrace whatever has been placed in front of us. The "best thing" wasn't the accident. The "best thing" was what I learned about myself working through the setback.

S2KM: Following your injury, what were your greatest challenges?

Randy Snow: There were physical challenges and social incongruities to overcome. The real challenges for me were redefining myself and rekindling a belief in myself. Life had dealt me a less than glorious hand. When my accident happened, I fell into a downside and questioned my worth. When change occurs, we must redefine who we are, change our value of what is important and learn new priorities.

S2KM: What helped you to overcome those challenges?

Randy Snow: Continuing to dream. Developing goals. Putting together a plan to achieve those goals. A team of people who helped me and pushed me. An attitude that says: whoever I am and whatever I face, I will do my best and give my all.

In S2KM's next interview with Randy Stone, Randy will address transition, change and growth in the structured settlement industry.

Prior S2KM blog posts in this series:

• Growing the Structured Settlement Market - Part 1
  • Changes impacting the structured settlement industry
  • NSSTA's marketing study
  • Professional association strategies
• Growing the Structured Settlement Market - Part 2
  • Important industry issues
  • Quotes about change and growth
• Growing the Structured Settlement Market - Part 3
  • NSSTA's marketing study
  • Towers Perrin's "2007 Update of U.S. Tort Cost Trends"