I recently went one-on-one with George Strobel, co-founder and co-CEO of Monarch Private Capital.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
George: I have been fortunate throughout my entire career. I was lucky to have two wonderful mentors, John McCoy and Wayne Reid, when I first began my career at Arthur Andersen. They instilled in me critical and creative thinking and taught me to see every dilemma as an opportunity.
Working in business succession planning and estate planning exposed me to a broad spectrum of federal tax issues. That experience gave me a solid foundation in understanding how various legal structures for capital investment are impacted by federal tax rules, preparing me well for the work I do now.
When Arthur Andersen collapsed, I chose to start my own CPA firm rather than join one of the Big Four accounting firms. Two years later, someone asked if I could place some Georgia Low Income Housing tax credits, and that’s how Monarch began.
I was fortunate; the tax equity market was in its infancy, and very little capital was required at the time to start the business. Similar to business succession planning, Monarch’s tax equity businesses invest in communities and businesses by creating jobs while providing its investors a significant profit.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
George: As mentioned, I really didn’t think of the business idea. A friend asked me to place some Georgia Low Income Housing credits. From that experience, I realized there was an opportunity. At the same time, I met my co-founder, Robin Delmer, a low-income housing developer who was trying to find a better way to place Georgia Low Income Housing Tax Credits. We agreed to collaborate to place Georgia Low Income Housing Tax Credits. We decided to collaborate, and with a lot of hard work, Monarch became successful placing Georgia tax credits.
From there, things grew organically. We expanded into film credits as Georgia launched new incentives in that sector in 2008. Beginning in 2011, Monarch branched out into similar credit programs in other states. Eventually, we scaled into the federal space, working in low-income housing, renewable energy, and historic preservation. Today, we’re placing credits nationwide, but the core idea remains the same: unlocking value through tax equity while delivering measurable impact.
For others trying to come up with business ideas, my advice is to pursue your opportunities as they emerge. They may be totally different than your original business direction. No matter what it is, business success will require significant personal sacrifice and hard work. Changes, such as technological or legal changes, create business opportunities. To the extent that multi-disciplines are intertwined, the greater the opportunity. In our case, it was the convergence of real estate development, tax law, and public policy. When you find a niche where you can uniquely add value, follow it.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
George: You don’t know until you try. Once we were successful the first year, we simply tried to replicate that success the following year. We’ve also pursued business lines that have failed. You just have to figure out what the marketplace needs and wants.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
George: Growth for us came from a relentless focus on trust and transparency. In tax equity, credibility is everything. We invested early in compliance, rigorous underwriting, and deep stakeholder relationships. We also never lost sight of our mission: to provide our investors with a safe, reliable return on their investment. ‘
Another key point is that we developed a super working culture within the firm, and we have top-notch employees. This did not happen overnight, and we’ve made hiring mistakes. But we’ve learned from those mistakes and built a truly dedicated workforce.
For others, I’d say: be clear on your value proposition and double down on operational excellence. Growth sometimes means sacrificing near-term profit to invest in your workforce’s success. Building a dedicated and talented team is critical to any firm’s growth.
Adam: What are your best sales and marketing tips?
George: Sales in our business usually take years. Most of our investors are publicly traded corporations. They don’t make quick decisions. The most important thing is relationships—everything starts with trust. In our business, it’s our people and their ability to build and maintain strong partnerships that drive results.
Once that foundation is established, it becomes much easier to communicate our value. When a partnership with an investor is established, they will often bend over backwards to help us when the occasion arises. But it takes time, often three or more years. And you cannot be afraid of rejection. You just have to maintain a presence with your target investor so that when they are ready to invest, you are still the last tax equity investor they’ve spoken with.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
George: Honesty, humility, and resilience. Great leaders know what they stand for and can communicate that vision in a way that inspires others. They also listen to their team and recognize that they don’t have all the answers.
I also think it’s important to chip in and work in the trenches with your fellow employees to they understand you are willing to roll up your sleeves and work just as hard as they are. Team building is important to me. I constantly want to improve my workforce and make them more valuable to the marketplace.
Adam: What is your best advice on building, leading, and managing teams?
George: Hire for values first. Skills can be taught, but integrity, curiosity, and a service mindset are foundational. Once you’ve built a team you trust, empower them. Don’t micromanage—set expectations and let your people surprise you. And perhaps most importantly, celebrate wins and learn openly from failures. That’s how you build a culture of accountability and innovation.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
George:
- Focus on long-term value. Don’t optimize for short-term wins at the expense of enduring impact.
- Be open about business. People want to participate, understand the challenges and successes, and feel they’ve made a meaningful contribution. They cannot do that if you are secretive about a business.
- Lead with purpose. People follow authenticity and vision more than title or tactics.
Adam: What is the single best piece of advice you have ever received?
George: View setbacks and challenges as opportunities.
Adam: Is there anything else you would like to share?
George: Keep investing in yourself. Always strive to learn more about whatever presents itself. You never know when that will become helpful.
