Part 5 in our "Why They Succeed" series...
More specifically, those demands were of the unanswered variety.
As Jack tells it, “customers were asking for certain things that we didn't offer, and we realized there was an unmet need."
So what did they do?
In early-2016 they created Reliance Human Capital Management to deliver directly to those industry voids. Now, some two-and-a-half years since launching, Reliance HCM manages employee benefits, payroll, and compliance services for nearly 150 business clients across a rapidly expanding footprint.
Enjoying the rocket ship ride
One of most gratifying experiences a business owner can have is when the hunch that led them into starting their business starts yielding actual clients.
It’s an affirming moment.
With their third business anniversary looming on the horizon, Jack and Ryan and their team (now 12 strong...and growing) have enjoyed a multitude of wins.
Day in and day out, Jack’s favorite part of the Reliance HCM journey has been “growing our team and seeing people flourish because they enjoy the company they work for,” and they like being on the "rocket ship ride" of a new, fast-growing company.
Ryan agrees, adding that it’s “neat to see customers be attracted to the Reliance HCM team, our nimbleness” and the distinctive suite of services offered. “No one else in Chattanooga,” says Ryan, “does payroll and benefits in the same office.”
But there have been growing pains too, a reality Ryan doesn’t shy away from discussing. “As many good decisions as we've made, we've also made a few we’d like to have back.” In trying something unique, he says, there are some “tough roads,” but that’s just one of those “things you have to go through to get to success.”
He’s right. Much of success, as we’ve seen in our own clients, is how you manage and learn from adversity.
At Reliance HCM, it also has a lot to do with…
Putting an emphasis on intentionality
When eyeing the future, Jack and Ryan see their services being a great fit for businesses in mid-sized markets similar to Chattanooga across the region. Case in point, they recently opened an office up the road in Knoxville.
Yet to achieve additional growth, they know they have to keep an emphasis on intentionality companywide.
Ryan talks at length about a commitment to efficiency and process so that everyone knows their role and can contribute to the ultimate success of the company. “If you don’t have intentionality,” says Ryan, “you don’t have team.”
And per Jack, the “fantastic team” at Reliance HCM is the backbone of the business.
At Market Street Partners, we see ourselves as an extension of the Reliance HCM team.
Market Street has done a “great job integrating into our business,” says Jack, “and they know all our ins and outs.” Ryan concurs, saying that “Market Street has invested deeply into learning how our business actually functions.”
“It’s not a transactional relationship,” he adds. “It’s really personal.”
It’s an honor to work with our friends over at Reliance HCM, and we look forward to helping make sure their rocket ship has all the fuel it needs — and more.
Be sure to read more profiles in our "Why They Succeed" series.