Building Real Estate Perfection
Building Real Estate Perfection
What helps business owners stay resilient after setbacks?
I consider myself both an optimist and a realist, but I love a challenge. I hate to put it this way, but there's a bit of the angry Bostonian in me. When I'm pushed into a corner, I don't throw in the towel—I come back swinging.
And when I come out swinging, not literally but figuratively, I don’t stop. It doesn’t matter if I don’t win in the first or second round—maybe it takes until the 13th round. The key is to keep fighting and never give up. You will get knocked down; it’s not a question of "if," but "when." What matters is how you get back up.
How do you approach building a team of people you can trust?
Early on, my wife was critical of me because I kept hiring our friends. I’ve had situations where it didn’t work out, and it did affect some friendships. But at the end of the day, we spend so much time working, and if you’re not working with people you like and trust, then work isn’t enjoyable. And if it’s not enjoyable, it feels like a grind, and you won’t put in the energy and effort needed for success.
There is definitely a risk in hiring friends. It’s hard to work with friends, but it’s easier to become friends with the people you work with. Finding that balance is challenging. Some of my partners were friends first, while others were employees who demonstrated exceptional qualities, and I wanted to lock them in with long-term incentives.
For me, there’s a common trait among the people I want to work with. They may come from different backgrounds—some more educated, others with street smarts—but they all share an incredible drive. Many of them have athletic, team-oriented backgrounds, which I’m drawn to because of their "never quit" mentality and their desire for victory.
How do you handle conflicts or disputes in business partnerships?
In terms of traits that held me back, that same drive and desire likely caused me to make rash decisions, whether in conversations or business. But as you grow older, things slow down, and you develop more tranquility and the ability to be more thoughtful in your actions, conversations, and decision-making.
For example, I just settled a five-year dispute in a seven-year bad business partnership. I was the non-majority owner in a real estate partnership, and the majority owner turned out to be a bad operator. This led to all kinds of litigation. Early on, I was emotional, angry, and felt personally attacked.
But over time, I realized it wasn’t personal. This person wasn’t doing it to me specifically—it was just who they were. Once I came to that realization, I was able to manage the situation, resolve the issues, and move on. Now, I handle things methodically, without letting them upset me. It’s just business.
*This interview has been edited and condensed for clarity.*
