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Regan founded Tranzact in 1984 and has developed it into a successful freight bill and audit company by "building great relationships," he says. He believes so strongly in this concept that when his wife Jean took over as CEO he gave himself the title of "Chief Relationship Guy."
Looking at the industry today, he says he sometimes worries that people are relying too much on technology and not enough on relationships. "Technology is enabling us to do things that were unimaginable 10 to 15 years ago," he says. "This is certainly a plus, but I know the reality is that most people are time challenged and they seem to feel they don't have the time to invest in building great relationships. I think that's a mistake because there will be times within your career or within your organization's growth when you need other people. If you have not invested the time to build those great relationships, what do you do? I think this is something the industry needs to be concerned about going forward."
Regan also emphasizes the need to say informed about industry issues and to advocate for changes you want. A good example is the upcoming changes in the driver hours of service rules, he says. "ATA is in court trying to get amendments, but we think the changes will become a reality and people ought to be asking how their business will be impacted. If you understand that, you can come up with a game plan that will help you manage around or mitigate the impact. Otherwise you will be blindsided, which is why I think it is so important to get educated and to stay informed through trade associations and other means," he says.
When asked to assess the current environment for entrepreneurs in the transportation and logistics sector, Regan said the regulatory environment makes it challenging. "But if someone has a great idea and a passion for the business and is willing to take risks, then yes, they can succeed in the transportation sector or in other sectors. There is room for good solid entrepreneurs at any time, in any industry."
While there is still a level of anxiety and apprehension resulting from the recession, Regan says there are many positive signs in the supply chain space. "People are looking to hire good supply chain professionals and I definitely think there is room for cautious optimism," he says.
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