Gary Mauris, Founder and CEO of the DLC Group of Companies, joins us in this episode. DLC owns and operates Dominion Lending Centres, Mortgage Centre Canada, Mortgage Architects, and Newton Connectivity Systems. Gary will discuss team building along with identifying and recruiting great people.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[3:26] What’s been happening in your world?
- As of January 2021, Dominion Lending Group is going public.
- 4 years ago, we bought in equity investors and sold 60% of the company. We realized we didn’t like some of the decisions being made so we started the process of taking over that public company.
- 3 years and $17 million later, we’ve changed the board and optimized the team.
[5:26] Where did the idea for DLC come from?
- 16 years ago, I sold my previous company and during a conversation at a BBQ it came up that 75-80% of all loans in the US were done through mortgage brokers.
- I called Chris Kayat and told him about it. I said how I believe that everything migrates from the US to Canada and we should look into it.
- After doing our homework, we realized we could provide tools for mortgage professionals that weren’t available.
[7:36] What is Chris’ superpower?
- He’s one of the most logical, authentic, and genuine human beings I’ve ever met.
[9:00] Tell us about bringing Kevin Cochrane and Jay Seabrook onboard.
- We saw Kevin speak and he is one of the most dynamic people I have ever seen.
- I told Chris we are going to hire him. He said we couldn’t afford to and I told him we couldn’t afford not to.
- I asked Kevin what he liked and didn’t like about his job. He said he loved it but was travelling 200 days a year with a young family at home.
- I told him what we were doing and that he would be a great fit. We could only offer $6000 a month guaranteed, but there were great opportunities down the road.
- He told me his partner Jay Seabrook was in Ontario and he wouldn’t come without him.
- They totally opened up Ontario for us and have made a significant impact on this company.
- When they started their own company, Chris and I were financial partners.
[13:21] What was the next big milestone for DLC?
- Acquiring Mortgage Centre Canada.
- There’s nothing easy about building business. We were strong as DLC, but as DLC group we are stronger.
[15:20] Were there lots of people you were in competition with?
- When you are selling a large company, you go to investment bankers and they make a list of every company that might have an interest.
- Then they all compete. The process was quite frothy; there were a lot of people trying to purchase that asset.
[16:00] Who else has been integral to your team?
- There’s nothing more important than your people.
- You have to be able to present opportunities and personal development to your people or they feel trapped.
[18:50] Was acquiring Mortgage Architects a similar process to Mortgage Centre Canada?
- It was also up for auction by investment bankers.
- The last piece that brings it all together was Marlborough Stirling, which I chased for 5 or 6 years.
- Renamed Newton Connectivity, it has the Velocity platform that has the best direct to lender connectivity. It does everything.
- We now have a platform built to make the job of brokers easier.
[22:45] Was that also a bidding war?
- Yes, but I had a leg up because I had been out to England several times.
- Everything comes down to relationships. How we build them and support others is a lifetime process. Don’t expect instant returns.
[23:40] How do you determine when to walk away?
- When you lose interest or run out of steam.
- When you aren’t engaged you become vulnerable.
- The only difference between successful and unsuccessful people is that they both hate hard work but the successful people still do it.
[25:33] What’s the most stressful part of assembling a team?
- Life is stressful. Once you accept that, it becomes easier to overcome.
- I also have a lifelong dedication to personal development.
[26:46] How much do you think you’ve spent on coaching?
- Hundreds of thousands.
- When I couldn’t afford it, I utilized free content online.
- My favourite F-words are failure and fear. We become better from our mistakes.
[29:54] What are you most excited about?
- Higher education and personal development.
- We’ve been producing our Level Up series.
- If someone joins your team and they don’t get better, that’s on you as a leader.
[36:25] When it comes to people, I always think of 3 things: mastery, autonomy and purpose.
- The difference between a manager and a leader is stark.
- A manager thinks they are important, a leader makes others feel important.
- Do something for no other reason than it’s the right thing to do.
[41:55] Do you have any final thoughts?
- Be okay with where you are.
- If you don’t know where to start, send me a message.
- Make a list of everyone in your orbit and make an unexpected emotional connection.
Contact Gary here: https://garymauris.ca
If you’re interested in becoming a deal creator, visit https://www.10loansamonth.com/call/ to find out more.