Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In a new blog series, we will be highlighting different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.
Starting off this series with the president of Foss & Company – George Barry.
How did you get started in this industry?
Mostly by luck. After law school I knew following the huge footprints of my father in a career as a litigator was not for me. My wife had joined an Oil & Gas syndication firm a few years earlier and I had gotten to know the founder well. He offered me a position in the firm as a sales representative, much to the chagrin of my wife. This was in 1985 and our primary clients were high net worth individuals seeking to manage their tax liabilities in an environment where the top marginal rate was 70%. In less than a year the most significant changes to the tax code in 30 years occurred with the passage of the 1986 Tax Act. This completely blew up our former business model but it did, most fortunately, create the Low Income Tax Credit. We began marketing the LIHTC credits to individuals but soon realized this was better suited for institutional investors. We expanded our presence in the tax credit space to include solar (thermal, initially), landfill gas, refined coal, historic tax credits and more recently carbon capture production tax credits.
What interested you about this industry?
The tax credit industry is full of challenges. I enjoy getting up every day and taking on those challenges. I like that we can offer solutions to our partners, helping them convert a corporate liability into an asset, enhance shareholder value and do so in a sustainable manner. I enjoy meeting new people and helping them understand the value proposition offered by federal and state tax credits.
When did you join Foss & Company and what interested you about Foss & Company?
I joined during the Miocene Era and was interested in hunting mastodons. Okay, more seriously, I knew our founder Joe Foss and appreciated his dedication, his work ethic, his commitment to setting goals and to achieving both professional and personal success. I wanted to learn from the best of the best.
What is one thing people may not know about Foss & Company?
We have a lot of fun doing what we do. Bad attitudes do not survive at Foss & Company. We are a team where every member has the opportunity to achieve their maximum personal and professional growth and fulfillment.
Any other industry and/or Foss & Company insights you would like to add?
I believe the industry is poised for tremendous growth. Foss is well positioned to be a leader in the growth of the tax credit industry through our sponsored historic, renewable and sustainable technology tax credit funds. I could not be more excited for the future of our industry.