I started Excellent Mortgage in 2006 during the housing boom, and I wanted to grow as fast as possible. I wasn't thorough during the hiring process and did not properly vet applicants.
In 2008, a loan officer I had hired embezzled about a quarter of our annual net profits. That crippled us.
After the dust settled, I realized I had hired people who did not reflect the values that I wanted our company to embody. I didn't want people who wanted to make money at any cost. I wanted people who had good work ethics and morals.
I started over from scratch, hiring primarily based on character. I probably went overboard, but I wanted to make sure that I was building on a solid foundation.
I also realized that we needed a new name and brand that represented the new vision of the company. We changed the name to Oak Mortgage Group in 2011 as a symbol that, this time, we won't be moved.
Our revenue is now up by 400%. The market really gave us a chance for a fresh start, and the slow rebranding and rebuilding repaired the broken walls of a devastating past.
Some small business owners say they're hiring but they can't find employees, despite millions being unemployed.
|Wells Fargo CEO forfeits $41 million as company launches probe|
|End of an era: BlackBerry will stop making its own phones|
|India rockets up WEF ranking of global competitiveness|
|Chinese billionaire Wang Jianlin warns of 'biggest bubble in history'|
|Learning to code can get you a $70,000 job|