“In the last 13 years, we have had two major crises – the financial crash of 2008 and the Covid epidemic. What has become clear is that the “experts” that come to the forefront in these times know little. Therefore, reacting to the experts’ opinions is not likely to be productive. What we can do is “stay the course” as best as we can while tactically adjusting to new realities. At Clairvest, that means ensuring our portfolio companies have adequate liquidity and low financial leverage. What has worked particularly well is the focus on our domain areas (industries in which we specialize). This focus has resulted in our ability to react quickly in response to unique opportunities. An example is the sale of Also Energy to STEM by our energy transition team in close cooperation with Also Energy’s excellent management team. Another example is the Delaware Park acquisition which was completed in a matter of a few months (including all regulatory approvals). This transaction was handled and sourced by our gaming domain group. I wish all our partners and employees a very happy 2022 and stay the course that has served you well.”
“As this extraordinary year comes to a close, we look ahead to 2022 with a renewed sense of optimism and hope. In times of adversity, one’s leadership attributes are truly tested, and we are afforded the difficult yet important opportunity to showcase the incredible power of empathy, compassion and kindness; what truly matters comes into clear focus, helping to strengthen and drive one’s personal and professional growth.”
“One of the biggest lessons of the past year is that technology, no matter how good, cannot replace personal interaction. The ability to connect with our partners on a personal level and truly become part of the team is one of Clairvest’s greatest strengths, and we’ll see even greater success as our professionals are able to travel and interact more.”
“This past year taught us the importance of both determination but also creative problem solving. As a waste company we faced numerous issues with Covid-19, including having to work onsite as trash cannot be managed remotely. We also had to manage our significant growth throughout the pandemic. As a management team, we had to stay focused and stay safe: determined, but also nimble in our thinking to solve these issues”
“In a crisis, expeditious decisions with some mistakes are better than cautious decisions with regrets. Be prepared to pivot. Riding it out is never acceptable. Decisions made in a crisis should never be made in a bubble. Engage and trust your team.”
“The ability to work remote certainly has its conveniences. But when done exclusively, it comes at a cost to mental health, productivity, and passion.”
“Targets! People like to aim at something and to be able to measure their own achievements. While we always pushed and rewarded people for success and hard work, this past year we instituted specific targets to achieve for everyone in the organization. This really energized an already motivated group and the results have been great.”
“Enabling frictionless communication increased efficiencies, employee engagement, and innovation.”
“The pursuit of success rarely comes without sacrifice. Time with your kids, your relationships, your mental and physical wellbeing, they’re all tested while you focus on exceeding your goals. Don’t neglect yourself and others. That singular focus can be blinding but finding time for yourself will allow you to perform at an optimal level, for longer periods, while not doing a disservice to yourself and those around you.”
“The ability to attract, retain and reward great people is the most important predictor of success.”
“The one thing I have learned is that you never know what can go wrong and it is important not to overleverage your properties and to keep reserves so that when the unexpected hits you can survive. Going forward, I will be much more conservative in the amount of leverage I have even though from a tax standpoint, it is so attractive.”
“Trust your instincts, have faith in yourself, and stick to your core beliefs. Focus your energies on only those things that you can influence or control and don’t lose sleep on those that you can’t.”
