10 Years of Menlo
I have always been hesitant to share my story. I’ve been hesitant because I didn’t start at one of the big firms to establish my experience or credibility and also because the start of my business was so irrational and scary.
Many people don’t know that my oldest daughter Bela was born in February 2008 with a rare congenital heart defect and spent most of that year in and out of the hospital for three open heart surgeries. As Bela was recovering from a life-preserving heart surgery in August 2008, I was preparing to open Menlo Group’s doors. I didn’t know at that time that the U.S. economy would soon experience the worst recession since the Great Depression. I didn’t have much in the way of savings anyway, so risking everything didn’t seem as scary at the time. It wasn’t until the end of 2008—when the home equity line got frozen and the credit cards were almost maxed-out—that I thought, “I am going to need a miracle to make this work.”
For the first few years, I was reluctant to call Menlo Group a “Family Business” because people would respond, “Oh, that’s cute you work with your brothers.” Now as I review and reflect over the last 10 years, it’s unbelievable to recount my story, and I am overwhelmed with gratitude. My brothers are warriors, and my wife is a saint for allowing me to put everything at risk. I’ve learned the recipe for my “Secret Sauce” was a combination of many things: guts, grit, passion, faith, hard work, relentless commitment, integrity, and naivety.
In the early days, I leaned on my work ethic, market knowledge, and desire to do the right thing for my clients. Reflecting over the last 10 years, I have concluded the following:
I believe in a lifelong pursuit of improvement by pushing myself and others to be more successful. I do this through deliberate practice, learning from disruptors, entrepreneurs, and business leaders in all industry types. My passion is for my clients, business partners, employees, family, and friends to want to become the best version of themselves. My unique ability is to see what others don’t, simplify the plan, and remain focused so that all involved are more successful by our relationship.
I have always wanted to share some of my findings and experiences with those that like to learn from others, so I intend to begin sharing my experiences and what I am reading or listening to via this blog. Stay tuned for more posts.
To conclude, I would like to share 10 things I have learned over the last 10 years:
Don't be afraid to try something new, but when it's not working, be quick to recognize and eject.
Begin each day in gratitude. This requires dedicated time to review and reflect.
Never stop improving, learning, or innovating. You are either growing or dying.
The right thing is always the right thing.
Don't let a deal or an opportunity become more important than the people that matter most. Ask yourself, “In 20 years from today, what decision will have mattered more?"
Trust your gut—it is usually right.
Don't be a Darby. Don't stop three feet from gold but rather find an expert to provide the expert advice. (This is a reference to the book Think and Grow Rich. I will share the R.U. Darby lesson in a future post.)
Be present. This requires tremendous discipline, and I am still working on this.
Read everything you can get your hands on. On average, I have read 2 books a month for the last 10 years. People always ask about my favorites and truthfully, it's usually "the one I am reading right now.” I now read three books at the same time: one at night, one in the morning, and another one that we are reading as a company.
There is no quick way to success. Most things require at least 10,000 hours to become an expert, and success comes through repetition of the keystone habits of hard work, integrity, market knowledge, and determination.
If you are reading this, I thank you for contributing to my journey in a meaningful way. Tanner