Welcome to The 6 a.m. CFO, where finance chiefs share how they jump-start their days and engage with the tasks that are in front of them.
Today, RREAF Holdings’ Mitch Provosty shares how he contributes his talents outside of the finance department, how tic-tac-toe relates to business, and how scuba diving has become a family affair.
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- RREAF Holdings is a private real estate investment and development firm based in Dallas, Texas.
- Founded: January 2010
- Size: 450 employees
- Growth: Revenue has been growing at 100% +/- annually
Weekday wake-up time and the first thing I like to do: I usually wake up at about 6:00 a.m. and review emails while drinking Diet Dr. Pepper.
By 7:00 a.m., I like to get out on the Katy Trail for a 4- or 5-mile walk/run before the Texas summer heat builds.
Morning beverage choice? Diet Dr Pepper. It's an old habit instead of coffee.
Workday start time: Being a partner at RREAF, my workday never ends.
I am usually up and reading emails by 6:00 a.m.
How I usually spend the first hour of my day: My day begins with emails and The Wall Street Journal.
The time I send out my first email: I will send out my first email when I need to. Not every email needs a response.
Best advice for writing an effective email: Brevity is the soul of wit.
First dashboard I review: RREAF has a robust dashboard system that continues evolving and growing. It has been built in-house, which sets RREAF apart and allows us to scale rapidly.
The dashboards touch all aspects of RREAF and enable us to hone in on an issue of interest quickly. The day's focus determines the dashboard I go to first.
How I structure my morning meetings: Brief, and to the point.
Mid-morning snack of choice: A Kellogg's protein bar.
INSPIRATION AND LEADERSHIP
Favorite quote or mantra: A smart man learns from his mistakes; a wise man learns from the mistakes of others.
Favorite leadership lesson: You can make good business decisions and you can make bad business decisions. That does not mean the good ones will succeed and the bad ones will fail, but the odds are in your favor with good calls.
The point is that you should strive to make the best decision with the information at hand. Future events will affect your choices for better or worse. COVID-19 upended countless business plans and accelerated others.
Something important to know about me that you wouldn't know from my business bio: I enjoy boating, scuba diving, and interesting cars.
My children are grown and are now certified in scuba diving, and we enjoy diving as a family.
What was the last job you did at your company that fell outside your traditional scope of work? RREAF is not a conventional company where job titles delineate duties. Everyone contributes where their talents can be applied.
I handle office renovation projects, oversee the beachfront hotel portfolio, and guide three large ground-up development deals.
RREAF's success is largely driven by our employee's flexibility in their tasks and RREAF's flexibility in the opportunities we pursue.
Can you share one way you have learned to manage work-induced stress: I am still working on it.
Favorite number (and why): I don't have a favorite number.
If I did, I would lean toward 0 since it indicates an equation or problem is balanced and solved.
Most noteworthy items in my workspace: I have a large tic-tac-toe game in my office. Everyone knows you only lose in tic-tac-toe if you don't pay attention and think through the moves.
Although not a perfect comparison, the same is true in business. You can quickly be burned if you don't fully understand and evaluate a deal. It is also best to assume that the party on the other side of the negotiating table is doing just that.
However, if both players are fully engaged, the game typically ends in a draw.
Do you have a pet sitting in your office right now: Rigby, our family's Boston Terrier, rarely comes to the office but he does travel almost as much as I do.
Favorite app on my phone that is not related to business: Solitaire. It just fills time and requires a little brain power.
When do you take time for learning/reading: I am constantly learning and do not set aside a specific time for it.