Keep Chopping Wood: A Preacher’s Son Who Had It All, Lost It All, and Then Regained True Wealth

Endorsements

"As someone who has written books, I know what it takes to write a story that would appeal to anyone interested in a better and happier life. Mike has accomplished this and more with Keep Chopping Wood. It is a must-read, and I look forward to sharing Mike’s exceptional life story with my listeners and readers."—Dave Ramsey, New York Times best-selling author and talk radio show host

"Success leaves clues. If you study the lives of successful people, you will find that who they are is just as important as what they do. Success isn’t about luck—it’s about determination. It’s about putting one foot in front of the other no matter what happens. It’s no accident that you are holding this book in your hands right now. As the old saying goes, When the student is ready, the teacher will appear. Allow Mike Hardwick and his hard-won wisdom to inspire you to reach new heights in every aspect of your life. Keep Chopping Wood is the Think and Grow Rich of the twenty-first century."—Brad Thor, #1 New York Times bestselling author of Code of Conduct

"Mike and I have forged a friendship over the past few years and have shared some great conversations about our similar experiences with success and failure. I’ve always been impressed how Mike has taken his failures and used them as fuel in his internal engine like rocket fuel in pursuit of happiness and the American dream. Keep Chopping Wood is a book that I relate to personally and have found to be an inspiration as I continue to work hard and experience various degrees of success and failure. I would recommend this book to anyone who has a passion for hard work and entrepreneurism, and never puts down the hammer or the axe. Just keep on Chopping Wood and you’ll get there!"—John Rich, singer and songwriter with the music group Big and Rich

I’ve known Mike most of my life and have been constantly amazed and impressed with his business acumen and his generous heart. In this captivating book, Mike has shared many of his secrets to success as well as the challenges that invariably come from being at the top of one’s game. I know readers will learn so much from his remarkable life, and enjoy his journey as one of the most respected business leaders in the country.—Former U.S. Congressman Bob Clement (D-TN)

Every entrepreneur, business owner, and parent should read this book. Mike Hardwick tells his life story—from a truly humble beginning to successful entrepreneur. He shares the lessons he learned along the way both as a boy and as a man—his failures and disappointments, and his joys and successes. He shares his personal philosophy of service, learning, winning, and losing. I finished his book with lots of new ideas and was energized and inspired. Read this book!—Tom Black, author, sales and marketing coach, and entrepreneur

I was deeply moved and encouraged by reading Mike Hardwick’s inspirational account of his life. We never know what a person has had to endure to achieve financial and spiritual success. Nothing is ever as easy as it appears. This important book should be required reading for teenagers and would-be entrepreneurs. Mike’s story drives home the point that success is not achieved overnight and that the wisdom gleaned from godly parents has a lasting impact.—Carol M. Swain, PhD, professor of political science and professor of law, Vanderbilt University

"Mike and I have known each other for several years now. He and his family were our neighbors during my years in Nashville as the defensive coordinator of the Tennessee Titans. We treasure our friendship with the Hardwick family. We have stayed in contact through my years as the head coach of the Detroit Lions and defensive coordinator of the Buffalo Bills and Philadelphia Eagles. Mike has entertained us with his many thoughts on football, and even though he is a lifelong Green Bay Packers fan, his stories are priceless. In his new book, Keep Chopping Wood, Mike weaves both humor and real life stories into life-changing ideas. Readers will learn many highly valuable secrets of living a life with thoughtful purpose each and every day!"—Jim Schwartz, NFL defensive coordinator for the Philadelphia Eagles

A very thought-provoking and compelling read. The introspection is courageous, and many life lessons can be learned or recaptured. It’s applicable to all walks of life.—Dan Crockett, president/CEO, Franklin American Mortgage Company

Mike Hardwick is a special leader who has a unique gift to see the best and bring out the best in everyone he touches. I’ve had the privilege and gift to benefit from Mike’s valuable life lessons and stories for years. This book is a treasure chest of stories and keys to success that I can’t wait to share with my employees, clients, and even my kids.—Dave Savage, founder/owner of Mortgage Coach

Mike Hardwick’s story should be required reading for every entrepreneur. After enduring a catastrophic business failure, Mike learns what really matters in life—faith, family, and friendships. His journey led him to live his life by following his ‘daily disciplines.’ Although all of them are great things to live by, my personal favorite is to ‘connect with family.’ As simple as that sounds, I have known many entrepreneurs who have lost connection with their families during the process of building a company. Too many ended in divorce, and many of those that did not, never had the connectedness with family that leads to rich and lasting relationships. I am thankful every day that I learned this lesson in my life before it was too late. What truly matters in life is not the size of the business we build or the wealth it creates. I would much rather have a life that is full of wonderful memories of times with my children and grandchildren than feeling alone with piles of money and stuff that I really never have time to enjoy. As the old George Strait song reminds us, ‘I ain’t never seen a hearse with a luggage rack.’ Thanks to Mike for offering such an honest and personal story that reminds us of what a life well-lived really can look like.—Dr. Jeff Cornwall, professor and Jack C. Massey Chair of Entrepreneurship, Belmont University

I’ve had the pleasure of traveling, vacationing, and working with Mike for over twenty years. Mike used to tell me, People change. But not much." Thankfully, that’s true of Mike. He’s the same generous, values-centered man today as he was twenty years ago. One of my favorite joys in life is to hear Mike Hardwick tell a story. Keep Chopping Wood is full of wonderful stories packed with life and business lessons. The writing is so friendly and conversational it’s hard to put the book down. I can’t wait for the audio version!"—Dean Jackson, international sales and marketing guru

"Mike Hardwick knows leadership! Keep Chopping Wood is a thoroughly engaging read that masterfully teaches endearing principles on leadership and life. You will be captivated by his wisdom and will be blessed by his knowledge."—Todd Duncan, New York Times best-selling author

"In his book, Keep Chopping Wood, Mike not only does a masterful job at honoring the true mentors in his life, weaving together countless personal and entertaining stories, but also extracts them into a manuscript of lessons for better living. A model that is as genuine as it is powerful. I have witnessed firsthand its impact on my life and on so many others. I encourage not only a businessperson to read this book, but anyone who truly desires to learn from the experiences of others and evolve toward a life of true legacy and persistent giving, like Mike has for so many years."—Matthew C. Clarke, chief operating officer and CFO of Churchill Mortgage Corporation

"Mike is one of those rare people you meet in life who has managed to live by the words and deeds he espouses. His book Keep Chopping Wood not only gives anyone who reads it hope and faith for the future, but also shows how living a life in service to others and God can make all of the difference. I am confident that anyone who reads this wonderful book will appreciate Mike’s generosity of heart and spirit and the willingness to share his life story in such a personal and thought-provoking way."—Cecil Kemp, CPA and business entrepreneur

"Mike is so blessed to have the parents he has had and how they loved him and taught him; that is so amazing. Mike wrote a beautiful story in his book Keep Chopping Wood about how he learned to take all the goodness that was given to him and make something extraordinary out of that experience. What comes to mind is the parable of the talents (Matthew 25:14–30; Luke 19:12–28) that says, ‘You have been faithful in a few things’; I would put him in charge of many things."—Joe Stumpf, marketing guru and founder/owner of By Referral Only

"When God distributed personality, generosity and enthusiasm, I believe Mike Hardwick received a double dose! His most appealing book no doubt will serve its readers as inspiration, entertainment, and encouragement as he shares both temporary failures and heartaches coupled with substantial tangible and intangible achievements. Keep Chopping Wood provides many examples for us all to contemplate and appreciate as we continue through our lives that God has provided us; many thanks!" —George H. Armistead III, CEO, Answers by Armistead LLC

"Keep Chopping Wood is a fascinating look into the heart and mind of one of America’s great success stories—my friend Mike Hardwick. I treasure the opportunities to talk to and learn from Mike, and I am thrilled that he decided to memorialize his most critical life lessons and business principles through this book. I encourage anyone who is interested in how to be successful in the business world and, most importantly, successful with family and with life, to take advantage of the opportunity to learn from one of the best. Thank you, Mike, for sharing your heart and your life with me through your friendship, and for sharing with me and the world through Keep Chopping Wood. I am encouraged and inspired by your words. I couldn’t put it down once I started reading, and I have already referred back to the wisdom you share as I consider how to order my life and my professional career."—Barry Booker, banker and basketball sports commentator on the SEC Network

"Through the story of his life, Mike has embedded lessons on leadership, management, and personal development. As a friend and business associate, I’ve traveled, lived, worked, laughed, and cried with Mike for two decades, and I can tell you from firsthand experience his commitment to the principles he shares has been consistent. How he makes people feel, maximizes their skills and talents, instills a sense of mission, and develops each team member is the secret sauce of Churchill Mortgage. Mike talks a lot about his own mentors, and I count him as one of my top five mentors in life. Much of what I’ve learned is in the pages of Keep Chopping Wood."—Jim McQuaig, top mortgage industry producer, and business partner of Mike Hardwick for over two decades

"Mike Hardwick and I have only known each other a few years, but we’ve known each other all our lives. How is that possible? We are about the same age, both grew up in Tennessee, both sons of hard-working families with deep convictions about religion, the value of hard work, the commitment to treat others as you want to be treated, and the importance of commitment to family. Our dads were both products of the Depression, and both were marked forlife by those events. Mike and I both suffered losses from the Tax Reform Act of 1986, but both of us decided to be better, not bitter. And now Mike has written a masterpiece in his new book, Keep Chopping Wood. It’s a story that every young man or woman should read, and then reread. There are some people that you meet, and you instantly know that you were just meant to know them. That’s Mike and me. I’m honored to call him my friend, and I’m honored to recommend his book."—Turney Stevens, dean emeritus and director, Dean Institute for Corporate Governance and Integrity, Lipscomb University

Mike Hardwick

with Dava Guerin

KEEP

CHOPPING

WOOD

A Preacher’s Son Who Had It All, Lost It All, and then Regained True Wealth

Foreword by Dave Ramsey

Copyright © 2016 Mike Hardwick.

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

Cover/Author Photo by Russ Harrington

Interior shots supplied by Mike Hardwick and other shots by Russ Harrington

Photos of Megan and Mish’s wedding, Clark Brewer Photography

*Russ Harrington shots are numbers, 36, 37, 46, 49b, 76

*Brent Harrington numbers are, 23, 32, 31, 64, 68

This book is a work of non-fiction. Unless otherwise noted, the author and the publisher make no explicit guarantees as to the accuracy of the information contained in this book and in some cases, names of people and places have been altered to protect their privacy.

Scripture taken from the Holy Bible, NEW INTERNATIONAL VERSION®. Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc. All rights reserved worldwide. Used by permission. NEW INTERNATIONAL VERSION® and NIV® are registered trademarks of Biblica, Inc. Use of either trademark for the offering of goods or services requires the prior written consent of Biblica US, Inc.

WestBow Press

A Division of Thomas Nelson & Zondervan

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Bloomington, IN 47403

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1 (866) 928-1240

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Thinkstock are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Thinkstock.

ISBN: 978-1-5127-4898-7 (sc)

ISBN: 978-1-5127-4897-0 (hc)

ISBN: 978-1-5127-4896-3 (e)

Library of Congress Control Number: 2016911059

WestBow Press rev. date: 8/9/2016

Contents

Endorsements

Dedication

Foreword

Acknowledgments

Introduction

Chapter 1: The Value of a Solid Foundation: From Doughnuts to Million-Dollar Mortgages

Chapter 2: The Power of Parents: The Reverend and Mrs. Hardwick

Chapter 3: The Church That Rev. Hardwick Built

Chapter 4: My Coincidental Education: From Theology to the Market

Chapter 5: How Dick Freeman Launched My Career

Chapter 6: I Had It All; I Lost It All: The Terrible Roller Coaster of Depression

Chapter 7: My Wild Ride: Franklin National Bank

Chapter 8: Building a Corporate Culture that Puts People over Profits

Chapter 9: Family Matters in the Workplace: The Churchill Promise

Chapter 10: The Triumphs and Pitfalls of Being an Entrepreneur

Chapter 11: My Personal Rushmore: Reagan and Churchill

Chapter 12: Money, Money, Money: Spending and Saving It Wisely

Chapter 13: The Foundation of Giving Back: Why I Dedicate My Life to Service

Chapter 14: The Power of Progress, Not Perfection

Chapter 15: The Business of Life: My Lessons Learned from Family, Faith, and the Bottom Line

Epilogue

About the Authors

Dedication

This book is dedicated to my sweet, loving, and beautiful wife, Stephanie, whose infectious smile and incredible energy amaze me. You have allowed me much freedom to spend countless hours working on this project, time that I usually would have spent with you. There is no way for me to really measure or adequately express how much I love and appreciate you. Your love and support mean the world to me, as you are truly my best friend. Also my four talented and loving children, Shayna, Megan, Lawson, and Michael, who are the pride of my life, and are a wonderful reflection of all the best their parents have to offer. You all have made our lives immeasurably more meaningful and amazing. I deeply appreciate my devoted and inspirational parents, Rev. L. H. Hardwick Jr. and Montelle Hardwick, and my brother, Steve, who made my boyhood years such fulfilling ones. Lastly, my ever-present grandparents, Pop and Maggie Carson, and Pop and Grandmother Hardwick. They were such devoted and loving family, whose memories will forever shower those they touched with the greatest gifts of all—faith, love, and compassion. I simply cannot imagine ever having been blessed with a more incredible and wonderful family!

Foreword

It is no understatement to say that Mike Hardwick played an instrumental role in changing my life. We met as kids in Nashville, Tennessee, both sharing a love of sports, finance, marketing, and belief in the power and glory of God. We worked for years in the real estate and banking industries, Mike helping grow a condominium conversion company into one of the most successful in the United States during the 1980s, and me a profitable $4 million real estate portfolio at the tender age of twenty-six. Then, when the financial crisis hit in 1986 as a result of the Tax Reform Act, we both hit rock bottom at the same time, watching our wealth and success take an unexpected 180-degree turn, unsure what our futures would hold.

I will never forget that day when we were both sitting at a local restaurant lamenting our situations when I approached Mike with the idea of me starting a new talk radio show with a struggling radio station. I was hoping to use it as a template for starting my own radio show focusing on helping people to not make the same mistakes I did in terms of money management and personal finance. While Mike at first wasn’t keen on the idea, wondering how I could make money doing a talk radio show on a bankrupt station no one listened to, soon after I made the deal and started my own broadcast, Mike became my first and largest advertiser. He still is advertising on my show to this day!

In Mike’s new book, Keep Chopping Wood: A Pastor’s Son Who Had It All, Lost It All and Then Regained True Wealth, he not only gives readers the inside story of his remarkable life, but also an in-depth look into the world of business—including how to build a corporate culture based on excellence, compassion, and giving, motivating employees to be good stewards of the blessings they have been given, successfully incorporating family members into a business, and planning and executing a philanthropy strategy for the long-term. He shares with readers growing up with a father who was also the pastor of one of the fastest-growing and largest churches in the nation, and parents and grandparents who taught him and his brother the value of money and hard work at a very young age. He courageously shares his bout with depression, his philosophy for living a happy and productive life, and stories about Mike’s sports and business heroes that will surely inspire anyone who reads this wonderful book.

As someone who has written numerous New York Times best-selling books, I know what it takes to write a story that would appeal to anyone interested in a better and happier life. Mike has accomplished this and more with Keep Chopping Wood. It is a must-read, and I look forward to sharing Mike’s exceptional life story with my listeners and readers.

Dave Ramsey, January 2016

Acknowledgments

There are so many people I want to thank for giving me the inspiration and encouragement to put my life’s experiences in a book like this. It has been a labor of love and a wonderful project in which to be involved. I can say without reservation that I have always strived to reach just a little further in each area of my life, and writing a book was certainly a stretch for me! It has been said that when you thoroughly exhaust an experience, then you don’t have to look back with any regret. I am so very thankful for the opportunity to write this book.

First and foremost I want to thank God, for without His love, mercy, and direction I would not be where I am today. This project would have never come to life without the help and guidance of Dava Guerin, a gifted writer who helped me tell my life story in an interesting and compelling manner. Dava, you kept me focused and forging forward on this wonderful project. You have been a true pleasure to work with! Matt Clarke was instrumental in gathering historical material from our company archives, and arranging interviews and meetings with many of our key employees. My son, Lawson, and daughters, Megan and Shayna, provided their invaluable insights into our company as well as we moved the project along over the past year. Our long-term employees, many of whom have been with me from the early days of Churchill Mortgage, which I founded more than twenty-four years ago, shared many of their stories and experiences since they started at Churchill Mortgage. They include: Marisa Shapter, Stephanie Christian, Doug Walker, Kathy Cook, Gina Adams, Jim McQuaig, and Josh Phillips, among so many others. My aunt, Mary (Witsie) Clement and her husband, former US Congressman Bob Clement (D-TN), introduced me to Dava, and they have both helped me understand the writing process and the value of capturing your life for eternity on paper. My good friend, Dave Ramsey, was one of the first people I shared the book with, and his insights and suggestions helped me think through just what was important in a memoir and what folks would enjoy reading. For that I am grateful. My sister-in-law, Debbie Burson, who went back to college after having reared four beautiful daughters and earned her doctorate degree in education, and who helped review the book and offered solid insight. Debbie, you have earned my deep respect. Two amazing and wonderful friends, Dr. James L. Fortner and Cecil Kemp, who helped me in so many ways with sound counsel and advice over the years, especially during Churchill Mortgage’s infancy. Finally, my mentor, Dick Freeman, who helped instill in me the emotional foundation and business experience that to this day I continue to call upon for advice and inspiration.

Introduction

Putting our pens to paper on that warm, sunny day in July was exhilarating. After many, many meetings with our negotiating teams of lawyers and accountants in downtown Nashville, Tennessee, finally we were blessed to be able to sign the last documents that would change the lives of most of my business partners and many of our shareholders forever. Many of these very happy investors were just about to become millionaires, many times over.

There were originally eight of us, and each took a risk fourteen years before by personally investing nearly $5 million of the $6 million capital we needed to start a bank in the heart of Music City. It was called Franklin National Bank and it grew into one of the most successful and profitable community banks in the country. Why? Because along with my good friend, Gordon Inman, who was our CEO and chairman, and the other six founders, we wanted to try an innovative approach to banking at the time—truly putting the customer first, being conservative with our investments, investing heavily in our local real estate economy, and creating new products and services that we knew from our extensive research would appeal to the marketplace at the time. And it worked.

From our opening day on December 1, 1989, to just fourteen years later, we successfully grew Franklin National Bank to approximately $1 billion in total assets. Then, on June 10, 2004, we sold the bank to Fifth Third Bank out of Cincinnati, Ohio, for arguably