Business Observer: "Weathering the Storm" - January, 3, 2014
Gibbs Wilson is a survivor.
Wilson credits that same grace for helping his business outlast the real estate crisis. That, and his seasoned employees, service diversification and funds from his personal savings account, he adds. Wilson says he couldn't give up on the small business that he started in 1983 with two employees. He had built the company up to 34 employees in 2006, bringing in more than $3.6 million in annual revenues. When the real estate market crashed, Alpha-Omega's revenues quickly dropped to less than $1.6 million in 2009, and Wilson was forced to cut his team in half. January 2009 marked the worst month in the real estate title and mortgage industry, according to Wilson.
Luckily, he had a significant amount of savings from the boom time, unlike a number of other title agents who spent rapidly when they were doing well, he says. "We saved money from the good days for the rainy days that came."
"In the darkest days, my wife was daily reminding me that we would be better off just getting a minimum wage job rather than keep the business going," Wilson says. "We were paying out of our savings to keep the door open; it was a brutal time financially as well as emotionally."
He wasn't ready to give up; he felt he had an obligation as CEO of the company. "I didn't feel it was time to cash in the chips as some had done," he admits. "It wasn't without blood, sweat and tears that we pushed through those dark days."
Making his team leaner and more efficient, Wilson once again beat the odds. At least 60% of his competitors shut their doors during the downturn, Wilson says.
The diversity of his firm's clients played a major part in the firm's turnaround, Wilson says. Traditionally, the firm was heavily focused on residential sales, with the listing Realtor as the principal customer. During the downturn, the company expanded work to the commercial arena, including residential homebuilders, the condo and conversion market, as well as servicing loan officers and residential refinancers, he says.
In addition, when other firms were forced to close shop, Wilson was able to hire a handful of seasoned veterans in the industry who were let go by other agencies. Now Alpha-Omega's typical closer has more than 25 years' experience, helping the firm close quicker, with fewer problems, Wilson says. Especially when dealing with more complex situations involving distressed property, title defects, and a variety of loans, judgments and problems on residential titles.
Currently, the company is back to concentrating on broadening its customer base of residential Realtors, with the uptick in the market. Wilson hired four full-time marketers to help him encourage new Realtors to try out Alpha-Omega. After they've worked with the company just once, Wilson says they'll be back for more.
Like most in real estate, 2005 and 2006 marked his firm's best years up until last year, Wilson says. Both 2012 and 2013 have been more profitable, despite lower gross revenue, a trend Wilson attributes to newfound efficiencies in the downturn. Back up to 22 employees, Wilson says his company is still in "recovery mode." "Having survived that time, we have been blessed," he says.
Turnaround tip -
Alpha-Omega Title Insurance Agency founder and CEO Gibbs Wilson advises other executives to join leadership groups for encouragement, support, and advice for pushing through the tough times. He says his discussions with fellow CEOs eased the process of hiring new employees and letting people go. Wilson worked with the CEO Council of Tampa Bay, the C-12 Christian Leadership Development Organization, and TEC/Vistage. Monthly economic updates with the groups helped him to determine when he had to "hunker down and be more lean," he said, and when it was time to "hire more marketing resources to ride the waves of the upward moving economy."
View the article by clicking on the following link - http://www.businessobserverfl.com/section/detail/weathering-the-storm2/#sthash.9bYEE4yg.dpuf.
By Traci McMillan Beach
Wilson credits that same grace for helping his business outlast the real estate crisis. That, and his seasoned employees, service diversification and funds from his personal savings account, he adds. Wilson says he couldn't give up on the small business that he started in 1983 with two employees. He had built the company up to 34 employees in 2006, bringing in more than $3.6 million in annual revenues. When the real estate market crashed, Alpha-Omega's revenues quickly dropped to less than $1.6 million in 2009, and Wilson was forced to cut his team in half. January 2009 marked the worst month in the real estate title and mortgage industry, according to Wilson.
Luckily, he had a significant amount of savings from the boom time, unlike a number of other title agents who spent rapidly when they were doing well, he says. "We saved money from the good days for the rainy days that came."
"In the darkest days, my wife was daily reminding me that we would be better off just getting a minimum wage job rather than keep the business going," Wilson says. "We were paying out of our savings to keep the door open; it was a brutal time financially as well as emotionally."
He wasn't ready to give up; he felt he had an obligation as CEO of the company. "I didn't feel it was time to cash in the chips as some had done," he admits. "It wasn't without blood, sweat and tears that we pushed through those dark days."
Making his team leaner and more efficient, Wilson once again beat the odds. At least 60% of his competitors shut their doors during the downturn, Wilson says.
The diversity of his firm's clients played a major part in the firm's turnaround, Wilson says. Traditionally, the firm was heavily focused on residential sales, with the listing Realtor as the principal customer. During the downturn, the company expanded work to the commercial arena, including residential homebuilders, the condo and conversion market, as well as servicing loan officers and residential refinancers, he says.
In addition, when other firms were forced to close shop, Wilson was able to hire a handful of seasoned veterans in the industry who were let go by other agencies. Now Alpha-Omega's typical closer has more than 25 years' experience, helping the firm close quicker, with fewer problems, Wilson says. Especially when dealing with more complex situations involving distressed property, title defects, and a variety of loans, judgments and problems on residential titles.
Currently, the company is back to concentrating on broadening its customer base of residential Realtors, with the uptick in the market. Wilson hired four full-time marketers to help him encourage new Realtors to try out Alpha-Omega. After they've worked with the company just once, Wilson says they'll be back for more.
Like most in real estate, 2005 and 2006 marked his firm's best years up until last year, Wilson says. Both 2012 and 2013 have been more profitable, despite lower gross revenue, a trend Wilson attributes to newfound efficiencies in the downturn. Back up to 22 employees, Wilson says his company is still in "recovery mode." "Having survived that time, we have been blessed," he says.
Turnaround tip -
Alpha-Omega Title Insurance Agency founder and CEO Gibbs Wilson advises other executives to join leadership groups for encouragement, support, and advice for pushing through the tough times. He says his discussions with fellow CEOs eased the process of hiring new employees and letting people go. Wilson worked with the CEO Council of Tampa Bay, the C-12 Christian Leadership Development Organization, and TEC/Vistage. Monthly economic updates with the groups helped him to determine when he had to "hunker down and be more lean," he said, and when it was time to "hire more marketing resources to ride the waves of the upward moving economy."
View the article by clicking on the following link - http://www.businessobserverfl.com/section/detail/weathering-the-storm2/#sthash.9bYEE4yg.dpuf.
Tampa Tribune: Business Briefs - September 23, 2008
A Staff and Wire Report
The Greater Tampa Chamber of Commerce named Gibbs Wilson for the Outstanding Leader of the Year award. Wilson founded Alpha-Omega Title, an independent title insurance agency serving Florida.
Tampa Tribune: Alpha-Omega Title's Growth Attributed to Booming Local Market
By Wendy Malloy - Special Sections CorrespondentGibbs Wilson, CEO of Alpha-Omega Title, says that to effectively operate a growing title insurance agency, "one must emulate the skills of a CPA, a United Nations diplomat and the famous multiple-plate spinner as regularly seen on the old 'Ed Sullivan Show.'"
That formula seems to be working.
For 30 years Wilson has led his company in establishing a competitive local presence in the industry. Today three offices, in south Tampa, Carrollwood and Brandon, employ 25 staff members who handle a myriad of commercial and residential real estate transactions.
"It's an industry few understand very much," Wilson says. "In many people's experience, they may only come into a title company a couple of times in their lives - just for an hour." That one hour, though, can prevent
a lot of headaches.
Alpha-Omega's services include acting as escrow agent, performing title searches and examinations, writing and dispersing funds, recording appropriate documents in public records and issuing title insurance politics to buyers and lenders. The company also acts as a liaison among the buyers, sellers and their respective agents, along with coordinating other needs such as termite inspections and surveying.
"The purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that happened in the past," explains Wilson. "Risks are examined and mitigated by performing a thorough title search before the closing of the real estate transaction."
A booming local market has contributed to Alpha-Omega's growth, but a bigger catalyst, Wilson says, in increasing market share. To further serve that expanding reach, the company plans to open additional offices in the coming years.
In the meantime, significant development projects are part of the company's portfolio. "One of our clients is a major condominium in the Tampa Bay area," says Wilson. "We have exclusive title insurance rights to The Plaza on Harbour Island."
At the core of Alpha-Omega's mission is a commitment to integrity and personal service. Wilson embraces an open-door policy that allows his employees to provide feedback and exchange ideas, and a focus on a team ethic involves training programs, flexibility and advancement opportunities. Frequent employee gatherings, both social outings and professional events, are part of the culture of the company.
Community service also is an integral element of Alpha-Omega's success, Wilson says. "That's been a very important part of my life for the last 30 years, and I lead by example."
For 20 years he has served as a Big Brother, and he also has provided time and financial assistance to groups including the Interbay Rotary Club, the National Christian Foundation, Hyde Park United Methodist Church and the Tampa Help Line, where for 15 years he worked as vice president, volunteer and trainer.
Our team members have walked for the cure of breast cancer. In addition, they have worked with Habitat for Humanity, volunteering as carpenters to build homes for Tampa residents. In 2002, the company donated its original office building, valued at more than $200,000, to the organization.
As his company continues on a path of expansion, Wilson believes that at commitment to leadership, employee growth and civic responsibility will further the company's success.
"The Alpha-Omega Title story could be that of many small businesses," he says. "The company started with only two members working from a rented house and has grown gradually but significantly over the years. This was not attained overnight, but with sustained and managed growth. This success was realized while giving generously back to the community and beyond."
View this article by clicking on the following link - http://www.tampabaynewswire.com/2013/06/03/alpha-omega-title-celebrates-30-years-11533.
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Contact us for more information --
Contact us for more information --
Alpha-Omega Title Services, Inc.
14001 North Dale Mabry Highway
Tampa, FL 33618
813-963-3009 (office)
813-963-5336 (fax)
lwilson@alpha-omegatitle.com
[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.]
