Making investments at the right time and letting those investments work is the most important factor to consider, even if it means slower growth. This includes investment in money, but also investment in people.
Shane Smith has been a powerhouse in finance who has successfully guided his companies through their acquisitions and economic growth. His accomplishments have been made mostly within the automotive industry, but his professional achievements have encompassed his entire career.
Shane was born in Lincoln, Nebraska but moved to Tulsa Oklahoma at a young age where he completed high school. He was awarded an academic scholarship as well as an athletic scholarship for baseball. He attended the University of Central Oklahoma and made the captain of his baseball team in his senior year.
Shane started his career with Ford Motor Company. Within two months of working with the company, they paid for him to get his MBA in Finance. He attended Oklahoma City University. He worked during the day while he attended school at night and completed his MBA within 21 months. He worked for Ford Motor Credit for a total of 11 years, and after 5 years and three promotions, he was promoted again to management and moved to Midland, Texas. Just 20 months later, another promotion transferred him to Lubbock, Texas where he was responsible for Operationsand was integral to the rapid growth and consolidation of the company’s 4 regional branches. In 2007 he started in the retail end of the business. He was hired by the Reagor Dykes Auto Group as Chief Financial Officer, with the responsibility of administration of all departments. Shane grew the company from 50 employees to 655 employees and helped turn a 20-million-dollar company to a 780-million-dollar company. Shane left the company in August when the company went up for sale.
Shane Smith has a proven track record of success in the field of finance and operations. He has exceeded all strategic acquisition objectives and financial goals. He is looking forward to the next opportunity to guide businesses to growth and prosperity. He is on his way to new horizons.
Where did the idea for your company come from?
The founder of Reagor Dykes Auto Group was the person who decided on the company name. They were in business for three years prior to my arrival.
What does your typical day look like and how do you make it productive?
I’m often atthe office by 6 am. I check my Outlook for my appointments and to-do lists for the day. I look to touch base with all department heads.The main factor in my productivity are my to-do and follow-up lists. Being very focused and intensely task oriented,having everything laid out allows me to execute more efficiently.
How do you bring ideas to life?
I’m often at the office by 6 am. I check my Outlook for my appointments and to-do lists for the day. I look to touch base with all department heads.The main factor in my productivity are my to-do and follow-up lists. Being very focused and intensely task oriented, having everything laid out allows me to execute more efficiently.
What’s one trend that excites you?
One trend that really excites me is fintech. It is the ever-changing financial landscape and an ever-changing financial software. I think when private equity and venture capitalists discover how beneficial it is to an organization it will change the face of how business is done.
What is one habit of yours that makes you more productive as an entrepreneur?
One habit of mine is not quitting my workday until everything during the work day that needed to get done is complete. I work to make sure the job is done before I turn off the lights.
What advice would you give your younger self?
The main thing that I would tell my younger self is that you need to learn to be more patient. Not everyone is going to think or execute the same way you do. You must learn to be empathetic with others.
Tell us something that’s true that almost nobody agrees with you on.
When companies, such as ours, grow so quickly most people experience the wealth effect and think additional investment equals faster growth, this is not always true. Making investments at the right time and letting those investments work, is the most important factor to consider, even if it means slower growth. This includes investment in money, but also investment in people.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
One thing that I do is I try to be sincere and understand what it is that people need. I try to establish a relationship that is mutually beneficial and figure out their “why”.
What is one strategy that has helped you grow your business?
The biggest strategy that helps me grow the business is acquiring good talent. Being able to keep them motivated and productive goes hand in hand with hiring them, if you truly want to grow the business. As people continue to grow and achieve the desired results the business will continue to grow.
What is one failure you had as an entrepreneur, and how did you overcome it?
There was a time that we needed more funding than we could get. The banks did not approve it, but we did not give in. We waited for the right opportunity rather than giving in. As a result, were able to accomplish our goals and keep moving forward.
What is one business idea that you’re willing to give away to our readers?
Any software that can aid in the automation or consolidation of processes within a business would be a game changer for most companies. It should also be easily integrated at every level of the company to streamline everyone’s efforts.
What is the best $100 you recently spent? What and why?
The best hundred dollars that I recently spent was getting a broken door fixed in my house. It was very well worth it not to have to go through the frustrations of me trying to get it done when I know I don’t have those skills!
What is one piece of software or a web service that helps you be productive?
Outlook. It is my favorite software to keep me productive. I put everything on outlook, personal and professional. I haven’t missed my wife’s birthday in fifteen years!
What is the one book that you recommend our community should read and why?
I would say the best book that I have ever read is Broke Not Broken by Broadus Spivey and Jesse Sublett.
It is the story of a man who was put out of business by local banks, mostly out of jealousy. This man had risen to one of the most influential and wealthiest men in the region and owned many businesses in the area. What the banks and attorneys did to him and his family, was downright criminal. But he knew the truth, he knew who he was, and although he lost most of his wealth and assets, he never gave up the fight. In the end, he won the legal battle and proved them all wrong. I don’t think it’s the fact that they were proven wrong, because the public typically already has their mind or side made up in a situation like this, but the fact that he never stopped or gave in, no matter what he lost, to prove his principle, that is the sign of a REAL MAN!
What is your favorite quote?
I can do all things through Christ who strengthens me. Philippians 4:13