How to Build a Team

Team building a brick wall

Team building and leadership are highly subjective activites. There are many ways to be effective. I do not claim to have “correct” answers, but I can offer some experiences.

Personal History

My team and I got to know each others’ strengths and weaknesses by sifting, reviewing, underwriting, and making offers on deals over eighteen months. Let me clarify: We spent eighteen months doing all of that before we closed our first deal together.

Core Team

There are three of us on our core team. We had a few more in the beginning. We all remain friends, but our core three were compatible in terms of work ethic and desire to achieve. Plus we have complimentary skills. One person is strong on UW. Another has great banking and legal relationships. Another manages most of our investor relations & communications.

Evolving Roles Based on Needs of the Business

We evolved into our roles over time. With each iteration (tour, evaluation, offer, and finally closing) we got to know and trust each other.

All of us have been on partnership teams before. All of us have positive and negative experiences to reflect upon.

Truth + Respect

One key trait: We’re not afraid to tell each other the truth. Even when it’s uncomfortable. Of course, we always tell the truth with respect. We argue and debate (just like siblings) but we’ve built up enough trust that it doesn’t get personal.

First Deal as a Team

Now that we’ve closed our first deal together (94u, $13.6M acquisition, $6.5M raise) we’re in the middle of asset management. And we are facing a whole new set of challenges. Fortunately, the trust that we built during the acquisition phase carries over.

Team of Advisors?

How did we build our team of advisors? Relationships plus trial & error. Some early professionals did not work out. Others are working in amazing ways. We watch everything and we try to learn from our mistakes.

Bottom line: Trust

Trustworthy people tend to be magnets for other trustworthy people. And even if you have trust, sometimes things don’t work out due to compatibility issues. Or timing. Or where each person is within their personal life journey. So many variables!

Hope this helps. Glad to talk further if you want to dig into this. You can contact me here.

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