#300 - Chris & Jason Celebrate Episode 300 - Building Our Partnership, Fort Capital, Tech/AI, and the Future
Aug 8, 2023
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In this episode, Chris and Jason celebrate their 300th episode and answer listener-submitted questions about building a successful partnership, navigating the real estate economy, implementing technology and AI in business. They reflect on their podcast journey and discuss the benefits of communication, trust, and open-mindedness in a partnership. They also explore the ownership structure of Fort Capital, handling doubts and making pivotal decisions, building a world-class operating company, and expanding into new property types.
01:31:03
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Quick takeaways
The success of a partnership relies on both partners feeling like they are giving 51% back and putting in extra effort, creating a win-win situation.
Trust and open communication, free from ego, are crucial in a partnership to navigate challenging conversations and make decisions in the best interest of the business.
A partnership should balance long-term goals and day-to-day operations, focusing on the big picture and having high-value conversations rather than getting caught up in trivial matters.
Pivotal decisions and discussions, such as reevaluating roles and regularly reassessing the partnership structure, have allowed the speakers to build a strong foundation and make well-informed decisions for the future.
Deep dives
The importance of alignment and effort in a successful partnership
In a podcast episode, the speakers emphasize that for a partnership to thrive, both partners must feel like they're giving 51% back to the partnership and putting in more effort than required. This commitment and effort from both partners create a win-win situation. However, if one partner starts giving less effort, resentment can build. The key is to maintain a balance and ensure both partners are fully invested in the partnership.
The value of trust, open communication, and ego elimination in a partnership
The speakers discuss how trust and open communication are crucial in a partnership. They emphasize the importance of being honest and open with each other without letting ego interfere. By leaving ego out of the equation and focusing on what's best for the business, partners can navigate challenging conversations and make decisions that benefit both parties. The speakers stress the significance of creating a partnership that is supportive and free from personal agendas.
Recognizing the importance of aligning long-term vision with day-to-day operations in a partnership
The speakers highlight the need to balance long-term goals and day-to-day operations in a partnership. They discuss the importance of understanding each other's roles and strengths, which allow them to trust each other's decisions. By focusing on the big picture and aligning their efforts, they can avoid getting caught up in the day-to-day details. The speakers emphasize the value of having high-value conversations that contribute to the long-term vision rather than getting stuck in trivial matters.
The pivotal decisions and discussions that have shaped the partnership and company
The speakers reflect on pivotal decisions and discussions that have significantly impacted their partnership and company. They mention the decision to evaluate and redefine their roles within the company, which led to a better alignment and clarity of purpose. Additionally, they highlight the importance of regularly revisiting and reassessing their partnership structure and discussing potential changes to adapt to the evolving needs of the business. These pivotal moments have allowed them to build a strong foundation, enhance communication, and make well-informed decisions for the future.
The Importance of Making Decisive Business Choices
The podcast episode highlights the significance of making decisive business choices. The hosts share their personal experience of attending a retreat where they made a firm decision to focus solely on industrial deals, even if lucrative opportunities in other sectors arise. They emphasize the value of confidence and being open to new investment ideas, while also considering cash flow stability and scalability. They discuss the importance of staying true to a chosen strategy and avoiding the temptation to force-fit additional positions or business models that may not align with the company's current state or long-term goals.
The Pitfalls of Premature Hiring Decisions
The podcast delves into the topic of premature hiring decisions and the challenges they can pose in the growth of a company. The hosts share instances where they felt the need for specific positions, such as a CFO, but later realized that their company was not yet ready for such hires. They stress the importance of building a company organically, allowing needs to become evident and hiring strategically, rather than prematurely forcing positions that may not be necessary at a particular stage of growth. They also emphasize the value of recognizing and utilizing existing capabilities within the organization before seeking external hires.
Building a Company with a Focus on Operations and Value Creation
The podcast explores the idea of building a company with a strong focus on operations rather than simply being deal-oriented. The hosts emphasize the significance of being the best real estate operator and delivering value to investors. They discuss evolving their company to have an operational structure that can handle various property types and prioritize scalability. They highlight the role of technology and the potential of artificial intelligence (AI) to enhance operations, improve decision-making, and automate processes. They also share their excitement for the future of their company and its position as a leading real estate firm that embraces technological advancements.
