As we honor Scott’s 20-year journey with Legacy Group Capital, we reflect on the incredible growth and achievements that have marked his tenure as CEO. To honor this milestone, we sat down with Scott for an insightful Q&A session. Scott shared his experiences, pivotal moments, and the lessons he’s learned along the way.
Q: What are you most grateful for as you reflect on the company’s 20-year journey?
A: I’m most grateful for the people that we’ve hired in this company that take it seriously and are so dedicated to what we do. I’m grateful that we were able to bring this special group of people together that have already accomplished so much but have yet so much more to accomplish. For me, as a CEO, I always knew one thing: the best thing that you can do, is you just got to get the right people in the room together and good things happen. And we have the right people together now.
Q: How has the industry landscape changed in the past 20 years? And how has the company adapted to those changes?
A: The lending industry has become extremely regulated as opposed to what it was 20 years ago as it’s much harder for a borrower to get a loan. Regulatory oversight has made the business incredibly tough. At Legacy Group Capital, our whole philosophy is we have our own money, we make our own rules, we keep it simple. All these other guidelines and criteria are there because people want to sell loans on the secondary market, and they have to meet all these guidelines. We don’t sell loans on the secondary market. We have our own money. We make our own rules. It’s like going back in time when lending was easier.
Q: Can you please share a pivotal moment in the company’s history that shaped its trajectory?
A: In 2015, we went from a purely private lending company of bridge loans, rehab loans, and construction loans, to acquiring real estate and developing it as well, and sharing the profits with investors in both of those activities. This pivot changed the trajectory of the company.
Q: Who were your mentors and how did their guidance shape your career?
A: I would say that my biggest mentor was my grandfather, and he was an executive for Coca-Cola. His job was to help build out the brand across the United States and what he was really good at in business was making strategic relationships and building those relationships. It’s not always about what you know, but sometimes who you know is more important.
Q: What are some of your proudest moments as CEO of Legacy?
A: I think one of my proudest moments would be the inception of our flagship fund, Legacy Opportunities Fund I, which is a $150 million fund. The first fund that not only lent money, but acquired real estate and performed incredibly well. The day that we hit our limit for investments into that fund of $150 million was a very proud moment.
Q: What are the most important lessons you’ve learned during your tenure as CEO?
A: Important lessons are, hire great people, make sure that they’re having fun, and show appreciation for what the team has accomplished.
Q: What are your personal goals and aspirations beyond the company?
A: Personal goals and aspirations are to spend some time traveling the world to places that I haven’t been. I also have a passion to become a scratch golfer. Finally, I want to help the communities that we serve by addressing the housing crisis that exists in the country today, which is part of what Legacy is doing.
Q: What are you looking forward to the most going into the future at Legacy?
A: I’m really excited to see how Legacy Group Capital expands its platform into new communities in different states to help address the housing crisis in some of the top markets in the USA, because it’s working in Seattle already.
