Unlocking Investment Insights: Wisdom from Scott McClain, Tom Evans,
and Jay Wallace
by Dennis Spielman
A trio of seasoned investors, each with a unique journey and perspective, is set to share invaluable advice at the upcoming Oklahoma Venture Forum Power Lunch. The panel features Scott McClain of Hobby Lobby’s HL Investments, Tom Evans of Encompass Financial Services, and Jay Wallace, an angel investor with a diverse tech background. Their collective expertise will provide a comprehensive exploration of strategies for seeking investments, the art of investing, and the evolving venture landscape in Oklahoma.
Scott McClain, a seasoned investor, has shaped his career by working with entrepreneurial giants like Sonic and Hobby Lobby. At Sonic, he saw firsthand how granting ownership stakes to managers drove success. Later, at Hobby Lobby, McClain’s focus turned to private equity and venture capital, aligning with experts to foster company growth. His extensive experience in both corporate and entrepreneurial settings makes him a valuable resource for aspiring investors.
“As an investor, the easiest thing to do is give somebody money,” Scott McClain said. “Being a good investor is being able to provide more than just money, but to provide additional resources to help somebody along in their journey.”
Scott McClain emphasized that honesty is a cornerstone for business success, particularly in relationships with investors. By fostering transparency and trust, entrepreneurs build stronger relationships and increase their chances of long-term success.
“We need to invest with people who are going to tell us the truth, no matter how much it hurts,” McClain said. He explained that open communication allows investors to step in and provide help when challenges arise, potentially saving a struggling business. “We’ve made a number of investments that we could have helped had we known things weren’t going well early on, but people waited too late to tell us, and then the business is lost.”
For those considering becoming investors, Scott McClain advises patience and aligning with experienced partners who can provide guidance.
“Don’t get in a hurry. Take your time and try to align yourself with people who really know what they’re doing and are really good at what they do,” McClain said. He stressed that successful investing is not about rushing into opportunities but building relationships with individuals with a proven track record of execution and expertise. “You’re much better off finding great people who are uniquely gifted in particular areas and helping them do what they’re successful in doing.”
Tom Evans, founder of Encompass Financial Services, has dedicated his career to helping businesses understand and grow their value.
“I always laugh and tell people I have the greatest job that was ever created,” Tom Evans said. “I love what I do, and every day, I wake up excited to do it again.”
Evans’ career began during his college years when he ran a furniture store with his wife. This early experience taught him valuable lessons about debits, credits, and the dynamics of business. Today, his firm works with companies of all sizes, determining valuations for partnerships, mergers, and other strategic decisions.
Tom Evans encourages aspiring investors to approach the process with a focus on collaboration and strategic clarity. By aligning with experienced professionals and honing in on businesses with clear value propositions, investors can position themselves for success while contributing to a thriving entrepreneurial ecosystem.
“There are so many avenues now—through groups like I2E, Hurricane Ventures, and Cortado. You don’t have to do it alone,” Tom Evans said. He pointed out that the barriers to entry have lowered significantly, allowing new investors to join groups or funds that pool resources and expertise. “You can get in at low thresholds and be part of a group—it’s way easier today than in the past.”
For those seeking investments, Tom Evans urges entrepreneurs to present their case succinctly. A concise and compelling pitch not only respects the investor’s time but also demonstrates the entrepreneur’s understanding of their own business and goals.
“Get to the story, cut to the chase, and tell me what you do and how it’s going to be profitable,” Evans said. He advised avoiding overly detailed presentations or reading lengthy documents, instead encouraging founders to outline their business model and profitability potential clearly. “Be clear on your exit strategy—how are you going to get out and make it tight.”
Jay Wallace’s career spans roles at major tech firms like Nike and DoorDash, as well as active participation in startup ecosystems. After two liquidity events, Wallace transitioned into angel investing, focusing on early-stage ventures where founder-product fit is key.
“I look for grit—a combination of passion and perseverance,” Jay Wallace said. “Some of the most successful startups out there aren’t the same business they were when they started. Founders who can pivot and persevere through challenges are the ones who succeed.”
Jay Wallace offered practical advice for those looking to become angel investors, emphasizing the importance of leveraging both capital and personal expertise.
“What I bring is capital and skills, and I’m combining those to try to get a return and help the community,” Wallace said. He encouraged aspiring investors to evaluate whether they can add operational value to the ventures they invest in, beyond just providing funding. “Am I valuable to this founder? If I can’t add value—whether through expertise, mentorship, or connections—I’m just as good as a check from anybody, and that’s not great.”
Wallace also advised taking small, calculated steps initially, learning from each investment, and gradually increasing the scale as confidence and experience grow, saying, “You make small investments and learn along the way.”
Wallace is particularly passionate about growing Oklahoma’s ecosystem. Many graduates are encouraged to move to places like Austin for better opportunities, and he believes this trend must change to build a thriving local ecosystem.
“We need to stop shipping talent outside of Oklahoma City,” Wallace said. “If we’re not taking chances early on and investing here first, we’re never going to grow our ecosystem.”
The panel discussion promises to be a deep dive into the nuances of investing, offering actionable insights for both entrepreneurs and aspiring investors. By attending, you’ll gain practical advice that you can immediately apply to your investment strategies, empowering you to make informed decisions and take your ventures to the next level.
“We understand how hard it is to get a business started,” McClain said. “But we’ve also seen the incredible rewards that come from building something impactful. We want to share our story so others can learn from our mistakes.”
“Overwhelmingly, people want you to succeed,” Evans said. “Find someone who can give you good, solid advice—and don’t be afraid to ask.”
For Wallace, the event is not just a discussion but a unique opportunity to connect with like-minded individuals and learn from their experiences.
“The right people are here—we just need to bring them together,” Wallace said. “Don’t be afraid to reach out and connect. Together, we can build something amazing in Oklahoma.”
The Oklahoma Venture Forum Power Lunch will be held on Wednesday, December 11, 2024, and is open to members and guests in person and online. It will be held at Metro Tech EDC Room 123, 1700 Springlake Drive, Entry 13, Oklahoma City.
“By coming to this panel, you’ll walk away with tools, strategies, and connections to help you succeed in the ever-evolving investment landscape,” Wallace said.
Register to attend December 11, 2024 OVF Power Lunch
