On the first episode of the ‘Impact with Don Wenner’ podcast, Wenner sat down with Bo Parfet to discuss lessons learned from a long career at the intersection of finance, entrepreneurship, and philanthropy. Wenner, the founder and chief executive officer of DLP Real Estate Capital, shares the same goals as Parfet: to encourage generational wealth as a tool to rebuild the economy and to give back to others. Both impact entrepreneurs discussed different approaches to giving back to communities and how giving back does not have to require sacrificing one’s own financial well-being.

On Advocating for a Cause “Bigger Than Yourself”

Bo Parfet worked for J.P. Morgan Chase as an investment banker when he first had the idea of climbing the Seven Summits. Parfet admits that he was not in the best of health, and attributes not taking care of himself to working more than 100 hours a week. Parfet, who was between 50 and 60 pounds overweight, recalls mentioning the idea to a managing director at the bank. To his surprise, the managing director had doubts about whether Parfet could complete the climb. In the end, what surprised Parfet the most was not what he ended up achieving but what he needed to know to get to the intended outcome.

Although Parfet’s managing director did not exactly share the same enthusiasm that he had about climbing Mount Kilimanjaro, his managing director’s advice empowered him beyond its original sentiment. The managing director explained that Bo would not be successful if his purpose for climbing the mountain was to lose weight or for merely a personal benefit. Instead, Parfet would need to identify a reason for climbing the mountain more significant than himself while striving to achieve his goal. In response to his managing director’s sentiments, Parfet set up a fundraising event to raise capital for two medical students in Africa to complete their medical education. Upon reflection, Parfet affirms that he would not have finished climbing Mount Kilimanjaro had he not made those two medical students the mission of his climb. Says Parfet, “Kilimanjaro when you’re overweight and out of shape is a very challenging mountain, so I owe [my managing director] a lot of thanks and gratitude.”

Parfet continued to live by that mindset,  becoming one of 137 Americans to climb all Seven Summits: Everest, Aconcagua, Denali, Kilimanjaro, Elbrus, Mount Vinson, and Carstensz Pyramid. His commitment to causes more significant than himself directly aligns with his family’s legacy of impact investmenting. Parfet also rests assured that he is in good company by advocating for causes bigger than himself. He specifically points to significant world leaders such as Martin Luther King Jr., Winston Churchill, and Teddy Roosevelt, who each achieved their goals for reasons bigger than themselves.

Maximizing Your Impact and Fostering Positive Social Change

Having come from a family of philanthropists, Parfet admits to having a generous heart and approach to giving back. He understands how influential non-profit organizations can solve the global community’s most pressing humanitarian and economic crises. Almost any organization seems worthy of one’s contributions when you first understand its “why.” For those who find themselves with so many causes to care for but so little time and disposable income, here is what Parfet and Wenner agreed you should know before making any impact investment.

Not all philanthropic contributions are created equal. For example, you should investigate where your donation will likely go before contributing to a non-profit organization. Take salaries, for example. If you are contributing to an organization, and that money typically funds the CEO’s salary, perhaps you want to consider allocating your support to a specific department within that organization as a way to guarantee that your donation’s intention meets its impact. When it comes to the causes for which impact entrepreneurs advocate, Parfet acknowledges that not every philanthropist embodies the same approach. While some organizations choose a handful of philanthropic causes to contribute to, others pick only one to support.

What Does It Mean to Have a “B.H.A.G.?”

Do you know what B.H.A.G. stands for? If not, you are not alone, though you may be surprised to learn that it is already incorporated into your day-to-day aspirations. B.H.A.G. stands for “big hairy audacious goal.” Your BHAG may be expansive, but the more “out there” it seems, the better.

Take Don Wenner’s work with DLP Real Estate Capital, for example. Per the organization’s website, DLP Real Estate Capital “is the leader in providing passive real estate equity and debt funds that offer consistent, high-yield returns directly to high-net-worth investors and their advisors.” As DLP’s founder and CEO, Wenner confirmed that his BHAG is for DLP to become a Fortune 500 company “through the achievement of our mission… to positively impact five million lives through providing 500,000 solutions.” The company intends to reach 500,000 solutions through its provided services, including providing safe and affordable housing, helping investors leave a positive legacy, and fostering direct and indirect job creation. DLP is now at 47,000 solutions, but it has impacted more than 400,000 lives through its impact investments. Wenner is proud of how DLP impacts more than 20,000 lives every month, a metric that grows with every passing month.

About Bo Parfet

Bo Parfet’s expansive career includes working on Wall Street and speaking publicly. He has also been involved in philanthropy, impact investments, mountaineering, and writing. His philanthropic commitments continue to expand on his family’s legacy to give back to their community and inspired him to create Denali Venture Philanthropy in 2010. As the organization’s CEO, Parfet co-founded Denali with his wife, Meredith. The impact investment firm seeks out like-minded impact entrepreneurs that create initiatives with a commitment to fostering positive change in the global community. Parfet also serves as the chief growth officer at DLP Capital Partners, where he channels his expertise toward scaling high-growth, high-profit organizations.