Paula Woodring is a founding partner and chief executive officer of RELTCO, a national title company, which is on track to reach $15 million in revenue, in 2024.
She feels deeply, works hard and does her best not to sweat the small stuff. She’s a mother of two daughters, who work at the company.
Bridgette Bello, CEO and publisher of Tampa Bay Business and Wealth, interviewed Woodring in front of a live audience, at J.C. Newman Cigar Co., in Tampa. This interview has been edited for length and brevity.
It’s been quite a month for you. Tell us about being on the cover of TBBW.
Being Ms. May has been exciting. I have met so many wonderful people. I’ve been making new friends on every point of social media you could possibly imagine, as well as emails. I couldn’t ask for a better opportunity.
I saw that you went to your favorite boutique and they were looking at your magazine and looking at you, and looking at your magazine and looking at you…
It was surreal. I don’t even know how to say it. I don’t know if many of you who have been on the cover before experienced that, but to go into some place and they’re actually reading about you at that time is kind of crazy. And then another friend of mine, they own a bakery and he walks in and he’s helping his aunt out. And here I am on the counter and he’s like, “Oh my gosh, there’s your smile.”
You run a business, it’s a $15 million extremely respectable business, and you do it with your two daughters. Tell us how you manage that, how you make that all work.
In addition to my daughters being a part of it, there are some amazing individuals that have been with me for a long time. But to make a comment with regard to having children in your business, it’s so prideful. I never imagined, raising my girls, that they would ever want to do what I did. And they listened to me on conference calls and things had to be paused as they were growing up because mom was on a call or mom had to take a meeting, those things like that.
Those are the sacrifices I had to make to get where I am today. And they each have a specific role within the company and I don’t have to babysit them. They have that role. They complete that task, as does everyone. I’m not a micromanager. I’m just not. I believe that everybody has a specific duty that they’re responsible for, including myself.
However, when times are troubled or if you need it, everyone jumps in and does everything. So my girls have just been a blessing. They’ve (come) in and they’ve run with things.
Has there ever been a time where, and I’m just going to make up a scenario, you get mad at one of them the week before Thanksgiving and they’re all coming to your house for Thanksgiving? Does it impact family gatherings?
It just doesn’t. Business is business and I don’t know how or why I’ve been able to do that throughout the years, but I can leave that stuff at the door. And while you might have a feeling, or a concern, that doesn’t mean that the barbecue at the house has to be damaged because of something that transpired. And I think that’s just a different level of professionalism.
Are there any pieces of advice that you would give for somebody in the room who maybe has a child that is coming of age or that maybe thinks they’re ready to come into the business? What would you tell someone about working with their children?
First of all, don’t give them preferential treatment. You can’t do that because that creates animosity in the office. And I think that’s probably been part of the success is that my girls have had to work and they’ve had to actually do their position and their role and they weren’t just given something just because of who they are. So make sure that is forefront, that there actually is a position for them, that you’re not just making something up to give them a paycheck. It needs to be viable. It needs to be something that is tangible and something that everyone else can see. And teach ‘em professionalism.
What advice would tell your younger self you would tell this room full of CEOs and business owners?
I’d say go for it. Don’t be afraid. Be sincere in your endeavors. Make sure that you are ready for it, because it’s always more expensive than you think it’s going to be. If you do not have the reserves, take the time to have those reserves because you are never going to get them back again. It’s a timeframe. I mean, when I started my company, it was a year and a half before I took a paycheck. And I’m not going to lie to you, there have been times within the company while it’s done extremely well, that are times that I have not taken a paycheck, even still to this day. And you have to be ready for that, and you have to accept that. But don’t give up on your dream and everyone has a dream and you need to follow through with it because if not, you will have regrets.
This is a weird market for your business. We talked about how you had this humongous year and then interest rates happened and now you still (are) having a great year.
People don’t realize how much the market affects so many things. I mean, all of us are being affected by the price of groceries, the price of everything nowadays. And what I do for a living is no different because interest rates directly impact my business. While refinances are not a sole profit margin for me, which is a good thing, I am a very colorful person. Title insurance could be very black and white, very black and white. It’s boring as hell, but it is needed. It is a necessity and you’ve got to step out of your comfort zone. That’s why we do so many different types of transactions — residential, commercial, SBA, cell towers, and anything that has a piece of property pretty much needs title insurance.
Leaping outside of the norm is what I’ve had to do and backfill with bringing new clients in because other companies unfortunately, sadly, have not stayed in business.
Being at the right place at the right time has definitely been a plus. But it’s been hard. Interest rates are very, very different from what they were in the years past. However, a caveat to that is, I date myself, interest rates aren’t that bad compared to the market overall.
So for those of you that are young that have not seen this through the hills, the peaks and valleys, it is crucial that you take a step back and understand that it’s been this way before.
Talk about a time that you failed and how you turned it into failing forward.
I’ve failed a lot. I think everybody has, but a lot of that is in your own head or you keep it in your own head because you don’t want to bother someone else or drag ‘em down. So in my position, I tend to hide a lot and (keep it) within myself, and I don’t share a lot of those failures with very many people. Why? I just don’t need to drag them down. That’s a tough one. Bridgette, you’ve almost got me speechless.
I would say placing my trust in someone who was a very, very dear, long-term friend (who) completely blindsided me was probably what I consider one of my biggest failures. I turned a blind eye to someone that I felt was in it to win it with me and in it for legitimate reasons. And we have had to part ways in recent years and all for the better. I will say that (was) all for the better. So there are positive things that have come out of it, but it’s a loss. It’s a loss to me as a person.
What’s next for you? Is it succession? Is it the girls? Is it selling the company? What is the end game for Paula?
I’m still having fun and I’m still challenged every day. I imagine not coming into the office to be surrounded by such wonderful people. So, I don’t look at it as, “Oh my God, I have to go to the office today.” It’s something that I genuinely appreciate and like to do. I know it seems so sick, but I do. It’s like my home away from home. I don’t have any plans in the immediate future. I would love to travel more. So maybe cutting back a little bit, if that allows for the time. But everyone has their own dreams. So I think I mentioned it in my article that I don’t want my girls to feel like my dream has to be their dream. So if it’s not, that’s okay. I’m not going to be heartbroken. I’m not going to be mad at them. But would I love for them to continue my legacy? A hundred percent. But they, rightfully so, have to have their own as well. ♦