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.