Posted by Jessie Woodyard on Tue, Nov 24, 2009 @ 04:49 PM
We often look for guidance from the experts during times of crisis. You decide whether or not to use these tid-bits from a few of our local, industry professionals.
The following quotes were taken from Doug Abbey, Founder, AMB Property Corporation, Michael Covarrubias, Chairman and Chief Executive Officer, TMG Partners, James Curtis III, Managing Partner, Bristol Group, Inc., Ron Nahas, Partner, Rafanelli and Nahas and Luis Belmonte, Partner Seven Hills Properties during the Urban Land Institute conference at the Mascone Center in San Francisco.
"Don't be afraid of change. Every 3 - 4 years we completely changed the direction of our company." - Doug Abbey
"Recognize contributions [both monetarily and verbally] are not always equal." - Doug Abbey
"IRR - a stomach disorder." - Luis Belmonte
"Real Estate is risk management." - James Curtis III
"To be a good partner, you have to know yourself." - James Curtis III
"A Partnership Agreement is like Prenuptial Agreement, you have to assume your partner will cheat and steel you." - Michael Covarrubias
"Developer is a one word oxymoron." - Michael Covarrubias
"Friendship is more important than the business transaction. Don't keep a time clock on each other." - Ron Nahas
Other themes of the conversation were centered around the importance of one's personal situation.
- A successful businessman must keep good, stable personal finances. But these personal finances should come secondary to a client's interest.
- A person must have enduring excellence and professionalism.
- Think in 3-D.
- Always show concern. Emails are not very intimate, if there is a sensitive issue show concern by making a phone call instead of delivering the news via email.
- Keep as much of an ownership stake as possible in business transactions or involvements.
- Find a hobby and have supplemental aspects of your life besides work (this will especially be helpful once you retire).
Another broad theme was the topic of partners.
- In every deal, there should always be an exit strategy, mutual veto power for all partners, and a continual push for collaboration.
- Each partner should exasperate his/ her strengths and weaknesses, ensure partners are very different from one another so they bring as many different skill sets to the table as possible.