MHN Executive Council: If You Were Building Your Company From Scratch, What Would You Change? Part 1
We learn from mistakes. And also from experience.
Hindsight is 20-20. If you could start your business over, what improvements would you make?
Pull That Trigger
Looking back in hindsight (always easier), I would have bought more multifamily and pulled the trigger on a larger number of acquisitions. Although we have built a substantial portfolio of assets, and owned in 10 states, and certainly appreciate our success… If I had to do it over (by cheating and seeing the actual future rather than forecasting it), I would have loaded up on more acquisitions! —Michael Zaransky, Founder & Managing Partner, MZ Capital Partners
Intentional from the Start
If I were building a company from scratch today, I would spend less time trying to build the perfect structure and more time building clarity early.
I would define the company’s purpose, ideal client, service offerings, pricing, decision rights and communication rhythm much sooner. Too often, we grow by saying yes, adapting quickly and figuring it out as we go. That creates momentum, but it can also create confusion.
I would also package services more clearly from the beginning, invest in a website that accurately reflects the value being delivered and be more intentional about picking up the phone to build real relationships instead of relying too heavily on digital communication.
Most importantly, I would build the company around focus, not activity. The goal is not to be everything to everyone. The goal is to be very clear about who you serve, what problem you solve and why you are the right choice. —Maria Pietroforte, President, Maria Pietroforte Consulting
Legal Lessons
When I started my property management company, my business plan anticipated managing small (25-75 unit) multifamily properties, where I had identified a need in Washington, DC. However, I soon discovered that the resources to manage a 25-unit building are the same as those for a 125-unit building. I adjusted tack accordingly. Another lesson came from when I started an apartment turnover company with a partner; I entered into the partnership without a written partnership agreement, which my partner chose never to sign. It did not end well. I learned to better understand market segments and legal pitfalls. —K David Meit, Principal, Oculus Realty
Slow Down
1. If I were building my company from scratch today, I’d worry less. In the beginning, I thought success depended on finding the smartest people in the room. The irony is that it wasn’t built by extraordinary people. it was built by ordinary people, myself included, who believed in a vision, stayed relentlessly curious and got a little better every day. I’d trust the process sooner, focus on building the right culture and systems, and spend less time looking for “perfect” people and more time helping good people become great.
2. I started my company believing great leaders had answers. Today I believe they ask better questions. The biggest breakthroughs in our company didn’t come from certainty. They came from curiosity. If I were starting again, I’d protect that curiosity at all costs.
3. I’d stop measuring progress by months. The best things we’ve built took years. Culture took years. Trust took years. Our reputation took years. The sooner you stop rushing, the faster you build something that lasts. —Henrique Driessen, CEO, Elephant Skin
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
