172: From Battleships to Check Fraud Prevention… How Richard Reass started RynohLive at 62 Years Young…

172: From Battleships 🚢 to Check Fraud Prevention 🏦… How Richard Reass started RynohLive at 62 Years Young…

Background on Dick Reass of RynohLive:

Richard Reass is the CEO, Founder, and creator of RhynoLive, which is a software system that has revolutionized the real estate settlement industry. He founded Rhyno at the age of 62 and he is currently 76 years old. Introduced nationally in November 2007, RynohLive is a patented financial management and fraud prevention system specifically designed for today’s diligent title agent.

Currently optimized for the real estate settlement industry, RynohLive ensures the integrity of financial transactions in any business setting. RynohLive has identified and prevented escrow theft, wire and ACH fraud, stopped employee embezzlement, eliminated check fraud and disbursing errors and has saved our clients millions of dollars. National and regional title insurance underwriters, representing more than 90% of the market share, have tested, evaluated, endorsed and mandated the use of RynohLive to mitigate losses caused by agent escrow theft or the mishandling of settlement funds. For lenders, RynohLive will validate the integrity of the transaction from origination to closing settlements.

Time-Stamped Show Notes:

[1:32] Richard Reass founded RynohLive when he was 62 years old. Currently, he is 76 years old. Rynoh is a software that has revolutionized the real estate settlement industry.
[2:57] In terms of revenue and employee count, they did $7.4 million last year and have 24 employees.
[3:27] Richard gives a more in-depth explanation of what RynohLive is all about.
[5:31] He tells a couple of stories that shows why he created the Rynoh software. All the problems and mistakes that happened in the past proved to be costly for Richard.
[15:56] Being a 3-time cancer survivor, Richard still lives a very active lifestyle. He jokingly says that this is his go go years.
[18:38] When he was in the navy, he was sent to command a minesweeper ship.
[20:50] After retiring from the navy, he worked for a defense contractor.
[22:55] His wife convinced him to start a title company.
[24:48] The leadership training and experiences he got in the Navy became useful for him when it comes to running a business.
[27:11] In the early days of the company, Richard struggled with running the business.
[39:09] Richard created RynohLive because he wanted something that is solely his.
[43:05] According to Richard, the core people in the company are his passion. He has two developers who are very loyal to him and has been in the company for 14 years.
[44:49] He got into a legal problem, which cost him a lot of money and got him into debt.
[46:42] Richard offers his last words of wisdom, which includes having a good accountant and lawyer.
[47:22] RhynoLive is a tool that can help prevent fraud and embezzlement. One of their first clients found out that they were being embezzled when they started using RhynoLive.

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Fabulous 4 Questions:

📖 📚 Favorite Book(s)? The Emperor’s General by James Webb
🙌😎 Favorite Amazon.com purchase? Diving Vest
🌱💸 Favorite Tool that's GROWN your Business? TAP – program that I built (not the product I am selling!)
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