I recently read that it has never been easier to start a business nor harder to scale one. I don’t know about the latter, but over the past three weeks, I’ve found the former is absolutely true. Some major tasks accomplished so far in three weeks’ time:
- Core Values: The very first task took an entire day: writing a declaration of Regency Capital’s four Core Values, the permanent governing principles of our firm and professional selves. They are a requirement in everything we do, the final arbiter when facing indecision, and a necessary catalyst for our clients’ satisfaction and our success.
- Strategy and service offerings: Naming and articulating investment strategies were easy after years of consideration and “research and development.”
- Formation and registrations: The paperwork was immense between the various forms of regulatory and business filings. Thanks to professional help (including four attorneys) matters of incorporation, registration, banking, insurance, labor, health care, and, of course, regulatory—were surprisingly fast but thorough.
- Vendors, including the “tech stack”: The various vendors for an investment shop are many. A nice thing about starting a firm is one can pick “best-in-class” for everything and create an architecture of software and tools (a “tech stack”) that can make any businessperson giddy. We are excited for easier, more efficient daily work, and the ability to create important new capabilities and services. Good technology architecture today is quite modular: no walled gardens or disparate, proprietary systems are needed. Instead, software from different companies integrate with ease. They actually reinforce and augment each other. As if that were not enough, today’s “best-in-class” solutions come at a fraction of the cost of legacy systems. Those savings will be shared with clients in value-add and lower costs.
- Team and talent: I welcomed two wonderful and talented colleagues, both of whom were colleagues at my former firm. They make me feel like a pro basketball coach who somehow got two top draft picks—game-changers making the team an instant championship contender. I believe in “hiring-up” with folks smarter than me (in more ways, the better) and then giving them the training, latitude, and support to do great things. It’s smart business and frankly necessary to maximize human capital and potential. And clients deserve no less.
More additions to the team are coming soon. I must first introduce you to Arthur Mallet and Olina Cavedoni, which I will do in my next note as I have gone on long enough.
The past three weeks have been productive and the most fun I’ve had in my career. Regency Capital is now a team, and I look forward to what the team is putting together. I think clients will approve!
I hope you have a great weekend.