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Jane Mason knew she was on to something big 10 years ago when she developed a computer program for her family's law firm that connected 20 types of software. As chief operating officer, she had a fair amount of technical experience and found a Microsoft-proficient programmer to help her automate the firm's processes and cut operating costs.
She ended up doing far more than that. The later version of the resulting software, now known as Clarifire, is the flagship of her own enterprise, Clearwater-based eMason Inc. It has not only made her a leading female executive in the Tampa Bay area, but it has also attracted national recognition from the nation's highest office (see box on page 9A).
“I got to the point where I felt like I had a really good idea and I wanted to make something happen with it,” Mason says. She sold the software to Fidelity National Financial Inc. of Jacksonville, which heard about it from a client it had in common with the firm, and used $1 million from the sale proceeds to start her own company in 2004. It is only the second company she has ever been associated with beyond Mason Law.
“They made me an offer I couldn't refuse,” she says with a laugh. “I look at them as having the vision to give me my start.”
With capital in hand to start her new venture, Mason, 55, began working on a way to make her software configurable to any type of business, not just law firms. She became quickly recognized among financial services companies, which were having trouble grasping innovation. In 2006, with only seven employees, she launched a pilot program for Bank of America Corp. But Mason wasn't deterred by the size of her initial client: “I knew I would figure out how to do it,” she says.
Expanding Clarifire's uses
Put in simple terms, Clarifire helps companies simplify their business processes, automate spreadsheets, reduce costs and provide transparency and auditability. Information is presented on an easy-to-use dashboard, reducing the number of steps in determining loss mitigation on mortgage defaults from 65 to just four, with the application doing the rest of the work.
Clarifire now has more than 30,000 users nationwide, and that may just be scratching the surface. Mason's plan is to expand its use to all sizes of banks as well as healthcare services, two industries facing greater scrutiny from federal regulators. A cloud-based version of the program is set to launch this summer.
“We have so much business as a result of the economic crisis,” Mason says. “Our company is growing by leaps and bounds because the point of pain has become so real for banking institutions. They're all being investigated.”
This past December, the Federal National Mortgage Association, better known as Fannie Mae, expressed an interest in Clarifire and implemented it for its mandatory Florida pre-filing foreclosure mediation program. This means all parties involved in the process, such as loan servicers and attorneys, are required to use the application to manage the process.
Mason says she believes her company, which has quadrupled revenue over the last three years to $15.9 million in 2010, would still achieve its current growth without the benefit of the housing crash in Florida. However, the recession provided a side benefit in forcing companies to operate with greater efficiency, especially publicly traded firms requiring auditable processes.
“I think maybe we got catapulted in one specific area (default management) because of the economy,” she says. “The need has been there all along, but it was escalated.”
Old-school approach
A University of South Florida business and marketing graduate, Mason says the business of selling Clarifire to clients who can use it comes down to relating to people — finding out what they need and how much they're willing to pay for the service. She also believes it's necessary to meet clients face to face, wherever they are across the country.
“I spend a lot of time in airports,” she says. “I don't feel I'm very successful at the final contract stages over the phone. I still believe in looking people in the eye and the handshake. I'm old school that way.”
Another philosophy Mason espouses is what she calls “kindness-based leadership,” seeking to bring out the best in employees without being autocratic. She says that method has been a big part of building the right type of energy within her company and sets it apart from the rest of the computer industry.
“I treat people the way I want to be treated, just like we were taught growing up,” Mason explains. “It pays off from a cultural perspective.”
She admits, though, that this type of Golden Rule philosophy can make it difficult to hire top executives, who are already difficult to find but usually come from a different type of business culture in the financial services industry. Those who can't get used to it are encouraged to move on, she says.
Lately, hiring hasn't been much of a problem for eMason, which now has more than 100 employees at its tucked-away headquarters in an Ulmerton Road office complex working in various software programming and sales positions. She estimates seeing five new people coming to work at the start of each week, adding that the company is currently weighing options to expand its space.
“Our main challenge is trying to stage the work effectively and continue to build a foundation so our company will grow rapidly,” she says. Technology plays a role in that, including using Clarifire in its own human resources and workflow processes, she says.
Mason's goal is to double eMason's size over the coming year. “We have a pipeline of new clients big enough to make that happen,” she says. “That's a good place to be.”
Other female executives in the Tampa Bay area say they admire Mason's ambition and courage with her business.
“She understands our industry extremely well, and it has served her well,” says Caroline Reaves, CEO of Tampa-based MCS Mortgage Contracting Services, which is working with eMason on a joint project and is also in the process of implementing Clarifire. “She also has unbelievable drive and surrounds herself with good people.”
Getting in the door
Although she is widely recognized for her success as a woman entrepreneur and has received accolades, including a nationally renowned Stevie Award for Women in Business last year, Mason reflects on having some difficulty starting out dealing with the male-dominated financial services industry.
“They would want to know where the president of the company was and when they could meet him,” she says. “Trying to get in the door was really the hardest part of it. I don't run into that as much anymore.”
Mason has also built her brand on a national scale, through live cable television appearances on Fox Business and CNN. She is often called upon as the only woman who owns a technology company entrenched in the financial services arena.
“It's all part of building the company and building our credibility,” she says, noting that it especially helps with prospective employees. “We're not a large company yet, and people need to be aware that they're joining a growing company.”
Her key advice to other women entrepreneurs is simple: “You have to be fearless. Don't be afraid to ask for the business.”
When she isn't running her own company, Mason spends time with her husband, two children and four grandchildren. Hobbies include tennis, boating, swimming, snorkeling and cooking for her family.
To that end, she applies a bit of Clarifire to her life outside work.
“I live and breathe what I do because I love it so much,” she says. “I orchestrate my business processes with my family. We plan things three months out. I have conference calls on the beach and driving around in my convertible. I try to work it all in.”
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