The banking time-sink

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[Sorry for the paucity of posts; was on vacation with my family last week. Now I’m back in the saddle… eg, my desk chair.]

Regular readers know that we take our fiduciary obligations to our investors, both actual and implied, very seriously.

Among the most important of these is our responsibility to act as responsible parties for a large amount of money held in trust by us for use on various projects.

In order to limit the possibility of theft, I have set things up such that I am the only signer on all our checking accounts and my authorization is required for all outgoing transfers.

It’s not that I don’t trust our financial team; I do, including with all of my personal financial information.

It’s just that being a good steward of other peoples’ money is at the very core of what we do, and I sleep better at night knowing that the buck really does stop with me.

However, as we grow, I find myself spending more and more time signing checks, authorizing transfers, and granting account access to various people. This is taking up time that would probably be better spent finding more deals.

Eventually, the organization is going to get big enough that I will need to delegate at least some of these responsibilities. Just not sure how I’m going to convince myself to be OK with doing so.

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