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On the Nov. 21 episode of my Lykken on Lending podcast, we discussed with Erin Dee of Legacy Mutual Mortgage the many different things that go into making the transition from broker to banker. There are legal and regulatory issues, issues in growth strategy, profitability issues, and issues with recruiting and training. One issue that often gets overlooked, however, also turns out to be one of the most important: Leadership capabilities.
Whether it's making the transition from broker to banker or it's making some other major change within the organization, this is the time where solid leadership is needed the most. During major changes, everything is in flux. Processes begin to break down. The workforce begins to become unstable. Goals change. The mission and values of the organization evolve. If a strong leadership team is not in place during such a transition, everything can fall apart.
What major change do you have coming up in your organization? It could be that you're making the broker to banker transition. It could be you're considering a merger or acquisition. It could be that you're launching an entirely new division or product line. Whatever it is, it's important to ask yourself whether or not you have the right team in place to lead your organization through the change. It's easy to lead when everything is staying the same. The real challenge arises when the boat gets rocked. Take a look at your leadership team. Do you have the right people that can steer the ship to come out smoothly on the other side of the storm?
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is David@TMS-Advisors.com.