Alex Shekhtman of LBC Mortgage: Five Things You Need To Be A Highly Effective Leader During Uncertain & Turbulent Times
…One of the biggest mistakes I’ve seen — and one we’ve all been guilty of at some point — is losing sight of the customer. When times are hard, it’s easy to get so caught up in fixing your own business that you forget the people you’re serving. But your customers are going through challenges too, and if you’re not paying attention to their needs, you’re going to lose them. Staying connected, even when things are tough, is what builds lasting trust…
As part of our series about the “Five Things You Need To Be A Highly Effective Leader During Turbulent Times”, we had the pleasure of interviewing Alex Shekhtman.
Alex Shekhtman, recently named 2024 Broker of the Year by the National Association of Mortgage Brokers (NAMB), is a mortgage industry veteran with over 20 years of experience. As the founder and CEO of LBC Mortgage, established during the 2008 financial crisis, Alex built a company known for its client-focused approach and innovative solutions.
A trusted voice in the field, Alex frequently appears on radio, podcasts, and at industry events, offering clear, actionable insights on navigating the mortgage process. His expertise and dedication to helping clients achieve their financial goals have earned him a reputation as one of the most respected figures in the industry.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
Thank you for the opportunity to share my journey. My story begins as an immigrant, moving to the U.S. with my parents when I was a teenager. Like many families who come here in search of a better life, we faced our fair share of challenges, but those experiences shaped who I am today. They taught me the value of hard work, resilience, and the belief that with the right opportunities, anything is possible.
My first steps in the mortgage industry began in 2002, working for a local banker in Beverly Hills. I quickly realized how critical it is for people to feel supported and informed during one of the most important financial decisions of their lives. I saw areas where the industry could improve — where clarity, honesty, and responsiveness were often lacking. That realization planted the seed for what would later become LBC Mortgage.
In 2008, during the height of the financial crisis, I co-founded LBC Mortgage. Starting a business during such uncertain times wasn’t easy, but I believed that people needed guidance more than ever. By focusing on personalized solutions and putting the client first, we’ve grown to serve thousands of homeowners across the U.S.
Being an immigrant has given me a unique perspective. I understand the importance of stability and creating a foundation for the future. That’s what drives me every day — to help others achieve the dream of homeownership, just as my family dreamed of building a better life when we arrived in this country.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Ah, mistakes — yes, they have a way of humbling you. When I was just starting out in the mortgage business, I was eager — maybe too eager — to prove myself. I remember working with a client who was buying their first home. I wanted everything to be perfect, so I rushed to prepare a loan estimate without double-checking all the details.
When I handed it over, I was proud, confident that I’d nailed it. A day later, the client called and said, “Alex, I think you just approved me for more than the house is worth!” I was mortified. I’d overcalculated something in my hurry to impress, and while the client was good-natured about it, I learned a valuable lesson that day.
It taught me that enthusiasm is good, but precision is better. In this business, every detail matters because you’re not just crunching numbers — you’re helping people make one of the biggest decisions of their lives. That mistake stuck with me. It’s why, even today, I emphasize double-checking every file and ensuring that every client feels confident and informed.
And yes, that client got the house they wanted 🙂
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
Absolutely. No one builds success alone, and I’m no exception. If I had to point to one person who had a profound impact on my journey, it would be my father.
When we immigrated to the U.S., life wasn’t easy. My father worked tirelessly to provide for our family and he never complained. He taught me the value of hard work, resilience, and humility.
I remember one particular moment vividly. I was about to take a big step in my career, and I was nervous — worried about failing, about not living up to expectations. My father sat me down and said something that’s stayed with me ever since: “Son, you’ll never fail if you’re willing to work harder than the problem in front of you.”
That mindset became my foundation. Whether it was starting LBC Mortgage during the 2008 financial crisis or navigating complex client situations, I’ve always come back to that advice. And it’s not just about working hard — it’s about believing that no challenge is too big if you’re willing to give it everything you’ve got.
My father didn’t just shape my work ethic — he shaped my perspective on what it means to truly earn success. For that, I’ll always be grateful.
Extensive research suggests that “purpose-driven businesses” are more successful in many areas. When your organization started, what was its vision, what was its purpose?
When I started LBC Mortgage in 2008, it wasn’t just about creating another mortgage company — it was deeply personal. As an immigrant myself, I knew firsthand the struggles that come with trying to build a life in a new country. I saw people — good, hardworking families — struggling with more than finances. Many didn’t speak the language fluently, let alone understand the complexities of mortgage terms and the process itself.
Initially, my focus was on helping those closest to me: family, friends, and immigrants just like us who felt lost and unsure of how to take that first step toward homeownership. These were people who didn’t just want a house but a foundation, a place to build their dreams in a country that promised opportunity.
What started as a way to serve the community I came from quickly grew into something much bigger. Word spread, referrals came in, and suddenly, we weren’t just helping a few families — we were helping thousands. The purpose of LBC Mortgage has always been rooted in that: giving people, no matter their background, the confidence and clarity to achieve the stability that owning a home provides.
That mission drives us to this day. Homeownership isn’t just a financial milestone… It’s the foundation of a better future. And helping people build that foundation will always be the heart of what we do.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?
Of course. The story comes from the early days of LBC Mortgage in 2008, right after we started. The financial crisis was devastating, and families were losing their homes left and right. Back then, we weren’t focused on lending yet — I found myself stepping into a different role, one I didn’t anticipate, an intermediary between people and their banks.
People came to us desperate, unable to pay their mortgages, terrified of foreclosure. They didn’t know how to approach their lenders or what to say. So I did it for them. I’d pick up the phone, sit on hold for hours, and negotiate on their behalf — extending payment terms, requesting temporary relief, anything to help them hold on a little longer. It wasn’t glamorous, and it wasn’t easy. Word spread quickly, and soon, more and more families started coming to us.
I knew my small team was watching me. They were overwhelmed too, facing an endless stream of people needing help. I couldn’t just tell them to keep going — I had to show them. I worked alongside them late into the night, took on the toughest cases myself and sat side-by-side with them as we figured out solutions. I didn’t ask them to do anything I wasn’t willing to do myself.
That experience shaped me as a leader. It showed me that leadership isn’t just about inspiring others — it’s about being in the trenches with them, showing through action what commitment really looks like.
Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?
There were definitely moments when the weight of it all felt like too much. I wouldn’t say I considered giving up during the financial crisis — not because I was fearless or overly confident, but because I didn’t have the time to think about quitting. Back then, every waking moment was spent figuring out how to keep the business running, how to help another family, and how to make payroll for my small team. There wasn’t space for doubt, survival was the only focus.
But later, when things started to stabilize, that’s when the doubts crept in. I’d look back at everything we’d gone through, the sleepless nights, the endless phone calls, the constant pressure, and wonder: is this sustainable? Is it worth it? Those were the moments when it would’ve been easy to throw in the towel.
What kept me going, though, was my family. My wife, my kids.. their love and patience gave me strength, and their belief in me gave me purpose. If my work could give other families the same feeling of safety and hope that my own family gives me, then quitting was never really an option.
It’s funny — when you’re in the middle of the storm, you don’t have the luxury to quit. You’re too busy holding on, finding ways to keep going. But when the storm clears, and you start reflecting, that’s when the doubts show up. For me, the answer to those doubts has always been the same: keep going. Not just for myself, but for the people who believe in me, and for the ones who need what we do.
I’m an author and I believe that books have the power to change lives. Do you have a book in your life that impacted you and inspired you to be an effective leader? Can you share a story?
I’ve always been an avid reader. Books have this way of shaping you — sometimes in obvious ways, other times so subtly that you don’t even realize it until much later. It’s hard to pinpoint exactly which ones have left the biggest mark, but I can say that every book I’ve read has influenced me in one way or another.
From the books I read in 2024, two stand out: “The Tacit Dimension” by Michael Polanyi and “Letters from a Stoic” by Seneca.
Polanyi’s exploration of tacit knowledge — the idea that we know more than we can easily explain — resonated deeply with me. In the mortgage business, so much relies on experience, intuition, and those unspoken insights you develop over time. Polanyi’s work reminded me to trust that instinct and to value the subtle, often invisible, elements of leadership and problem-solving.
Seneca’s letters brought me back to the fundamentals — focus on what you can control and let go of the rest. His words were a guiding light, especially during challenging moments. They reinforced the idea that resilience isn’t about ignoring difficulties, it’s about facing them with clarity and purpose.
Both books reminded me that leadership is as much about introspection as it is about action.
What would you say is the most critical role of a leader during challenging times?
It’s hard to narrow it down to just one role because I believe a leader wears many hats, especially during challenging times. But if I had to sum it up, the most critical roles are creating clarity, inspiring confidence, and leading by example.
Clarity is non-negotiable. In uncertain times, people crave direction. They don’t need sugarcoating, they need honesty. A leader must clearly communicate the situation — what’s happening, what the challenges are, and how we’re going to face them. Transparency builds trust, and trust is the foundation for everything else.
But clarity alone isn’t enough. A leader also has to inspire confidence, even when the path forward isn’t fully clear. During the 2008 financial crisis, when I started LBC Mortgage, uncertainty was everywhere. My clients were scared, my team was uncertain, and I didn’t have all the answers. What I did have was the belief that we could figure it out together. That belief, communicated through action and calm under pressure, helped bring people together.
Finally, you lead by example. When times are tough, your team looks to you not just for decisions but for resilience. If you’re willing to do the hard work, stay steady, and show up, they’ll follow. And that, to me, is the essence of leadership in difficult times.
When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?
To me, it isn’t about grand gestures — it’s about being real with your team and showing them that their efforts matter. One of the most overlooked ways to inspire people is simply by showing gratitude. A genuine “thank you” or “I feel so proud to have an employee like you” can go a long way, especially when stress levels are high. People want to feel valued, and as a leader, it is my job to make sure they know I see and appreciate their hard work.
Delegating is another key. It’s not just about lightening my own load, but rather empowering my team. When you trust people with meaningful tasks, you’re showing them that you believe in their abilities. That trust builds confidence and engagement, even during tough times.
And let’s not forget the power of taking a step back to breathe. Team outings, even something as simple as grabbing lunch together, can work wonders for morale. Humor, too, is an incredible stress reliever. A good laugh can remind everyone that, yes, things are challenging, but we’re all in this together.
We’ve also leaned into tangible ways to keep motivation high, like small bonuses or extra time off after particularly tough weeks. It’s not always about big rewards — it’s about recognizing effort in a way that feels personal and genuine.
In uncertain times, a leader’s job is to create moments of connection and positivity, even if they’re small. That’s what keeps a team motivated and moving forward — knowing that their leader sees them, trusts them, and is walking this path alongside them.
What is the best way to communicate difficult news to one’s team and customers?
I think, when it comes to delivering difficult news, the most important thing is respect. Respect for your team, your customers, and the trust they’ve placed in you. That starts with honesty — being upfront about the situation without sugarcoating it or dodging the hard truths. If people feel you’re hiding something, you lose their trust, and in tough times, trust is everything.
For my team, I’ve always believed that transparency has to come with direction. You can’t just drop bad news and walk away. You need to explain the situation — what’s happening, why it’s happening — and then immediately shift to, “Here’s what we’re going to do about it.” Your team wants to know there’s a plan, even if it’s not perfect. I’ve learned that being steady and showing confidence — even when you don’t have all the answers — helps your team stay focused and committed.
With customers, it’s about empathy and connection. More than once I had to deliver tough news to families about their options being limited. Instead of throwing technical terms at them, I’d sit down and say, “I understand how hard this is. Here’s what we’re facing, but here’s how we can still move forward.” People respond to sincerity, and when they feel you’re in it with them, they’re much more willing to work through challenges.
And one thing I always try to do, no matter with whom I’m dealing, is to deliver bad news personally. Whether it’s a one-on-one meeting or even a phone call, handling it face-to-face when possible shows that you respect them enough to stand behind your words.
How can a leader make plans when the future is so unpredictable?
Planning in unpredictable times is like navigating through fog — you may not see the entire road ahead, but you can still make steady progress by focusing on what’s right in front of you. For me, it’s about balancing flexibility with purpose. A plan doesn’t have to predict the future, it just needs to provide direction while allowing room for adjustment.
The first step is focusing on what you can control. When I started LBC Mortgage, the future was anything but clear. I couldn’t predict where the market would go, but I could control how we operated, how we treated clients, and how we adapted to constant change. I built our plans around those fundamentals, and they became the foundation for everything we’ve done since.
Next, involve your team. When the future is uncertain, everyone’s perspective matters. I encourage collaboration and make sure my team knows their input is valued. You can’t have all the answers, but you can create a space where solutions can emerge collectively.
And finally, set short-term goals that build toward your larger vision. When the horizon feels blurry, focus on the steps right in front of you. Progress — even small progress — keeps morale high and the momentum going.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
If I had to choose a “number one principle,” it would be this: always put people first. Whether it’s your team, your clients, or your partners, everything else — success, resilience, even innovation — flows from how you treat the people who rely on you.
During hard times, it’s easy to get lost in the numbers: profit margins, expenses, forecasts. Those things matter, of course, but they’re not what keeps a company standing. It’s the trust and loyalty of your team and your clients that get you through the toughest moments.
Turbulent times test your values. If you’re guided by putting people first — helping them feel seen, supported, and confident — you’ll find a way through the ups and downs. And when the dust settles, you won’t just have your company, you’ll have a foundation of trust and loyalty that’s stronger than anything.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?
Most of my friends are business owners, and we talk about everything — especially during tough times. We share ideas, strategies, and yes, even our mistakes. There’s a kind of unspoken rule among us: if you’ve learned something the hard way, share it, so the next person doesn’t have to.
One of the biggest mistakes I’ve seen — and one we’ve all been guilty of at some point — is losing sight of the customer. When times are hard, it’s easy to get so caught up in fixing your own business that you forget the people you’re serving. But your customers are going through challenges too, and if you’re not paying attention to their needs, you’re going to lose them. Staying connected, even when things are tough, is what builds lasting trust.
Another common misstep is overthinking. I’ve watched friends spend so much time planning for every possible scenario that they miss the opportunity right in front of them. The truth is, no plan is ever perfect, and waiting for the perfect moment often means waiting too long.
I’ve also seen what happens when businesses panic and make drastic cuts without thinking through the long-term consequences. Yes, managing costs is critical, but overreacting — slashing everything without a plan to rebuild — can leave you weaker when things turn around.
And perhaps the most dangerous mistake is resisting change. During difficult times, clinging to “the way things have always been done” is a fast track to irrelevance. Adapting — isn’t optional. It’s the difference between staying afloat and sinking.
Here is the primary question of our discussion. Based on your experience and success, what are the five most important things a business leader should do to lead effectively during uncertain and turbulent times? Please share a story or an example for each.
Oh, that’s a big one. Leadership, especially in uncertain times, often comes down to what you do when no one is watching. It’s the choices you make in those quiet, behind-the-scenes moments that define everything else.
Here’s something I haven’t talked about yet: the importance of showing vulnerability as a leader. For a long time, I believed that leadership meant always having the answers, always projecting confidence. But one of the most profound lessons I’ve learned is that admitting when you’re unsure, or even struggling, doesn’t weaken your leadership — it strengthens it.
I remember a moment when we were expanding into new states. The pressure was enormous, and I could feel the weight of every decision. Instead of pretending I had it all under control, I called my team together and said, “This is new territory for all of us. I don’t have all the answers, but together, we’re going to figure it out.” That openness shifted everything. It wasn’t about me leading them — it was about us navigating the unknown as a team.
Another thing I’ve learned is the power of creating rituals during hard times. For example, when the workload feels impossible, I’ll bring everyone together for a quick coffee break — not to talk about work, but just to pause and connect. It’s simple, but those moments remind us that we’re human, not just a team chasing deadlines.
And finally, here’s something I rarely say out loud: as a leader, you have to take care of yourself. It’s easy to get consumed by the work, to think you’re invincible. But if you burn out, you can’t help your team. I’ve made it a rule to carve out time — whether it’s a morning run or a quiet dinner with my family — to recharge. Leadership isn’t just about being there for others; it’s also about staying grounded for yourself.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
One of my favorite quotes is by George Bernard Shaw: “A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing.”
This quote is something I think about often, especially when I see new business founders overthinking every single step. It’s natural to want everything to be perfect when you’re starting out, but the truth is, perfection is a trap. You’ll spend so much time trying to avoid mistakes that you’ll end up doing nothing at all.
When I started LBC Mortgage, I made plenty of mistakes. One that stands out was during our early growth phase. I took on too much myself, thinking that as the founder, I had to oversee every detail to make sure things were done “right.” But in trying to do it all, I ended up slowing the team down and missing opportunities to delegate. I learned quickly that trust is the backbone of leadership — trusting your team to take ownership and empowering them to do their best work.
That mistake taught me the value of letting go, and in doing so, it helped us grow. For anyone starting out, this quote is a reminder: mistakes aren’t the enemy. They’re part of the process. Don’t let fear hold you back — step forward, stumble if you must, and keep moving. Progress is built on action, not perfection.
How can our readers further follow your work?
You can follow my work and stay updated through these platforms:
Instagram: https://www.instagram.com/alex_shekhtman?igsh=aHBsOGFoZTZjeHJ5
YouTube Channel: https://youtube.com/@alexshekhtman4922?si=vk2wng0qRxnQ4_hm
TikTok (in English): https://www.tiktok.com/@alex.shekhtman?_t=8qXqCekmgjN&_r=1
Whether you’re looking for insights into the mortgage industry, real estate tips, or updates on our latest programs, these channels are where I share it all. Feel free to connect and follow along!
Thank you so much for sharing these important insights. We wish you continued success and good health!
Alex Shekhtman of LBC Mortgage: Five Things You Need To Be A Highly Effective Leader During… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.