2-Way Streets: Let’s Talk About Partnerships…
“If everyone is moving forward together, then success takes care of itself.” - Henry Ford
Recently, we talked about team building, and partnering with the right people (internally and externally). We would like to extend that discussion by providing more general thoughts as well as more specific thoughts on “partnerships” and investment partners. After all, relationships are a central theme to success in real estate investing, at least they are for our team at CF Capital.
First, let’s just start off by saying, we actively seek out partners who get that we are all rowing on the same team and working towards the same goals. One of the goals we like to focus on is continuous and never ending improvement - or more simply put, getting “better.”
One way to get better, of course, is to find other people to learn from and with. At CF Capital, we actively seek out and build relationships with givers whom we adopt almost as if they were family. As we grow the CF Capital team, we continue to look for great culture matches who are naturally curious and embody a deep sense of intellectual generosity.
Across the CF Capital ecosystem, we actively invest in connecting people and creating a network that generates positive spillover (almost viral) effects, which we believe to be self-reinforcing.
We intend to build our firm as a long-term partnership with our investors and other business partnerships -- a view that each and every relationship is important to the DNA of the firm. Our favorite length of partnership is "forever." It’s not infrequent that we will mention the phrase, “we’re in the business of long term relationships.”
Anyway, to avoid making this post overly complex and to leave this topic more open-ended, here’s a list of five areas that we think must be acknowledged to make ensure a good business partnership is in place:
We are all different - No single person has it all figured out (and yes, that includes you, too). Varying skill sets, perspectives, and experiences working in unison are much more powerful than a singular paradigm. In mathematics, 1 + 1 may equal 2, but in human interaction, 1 + 1 often results in 3 or more! We’re big believers in exponential results. Exponential results come from exponential thinking and thriving partnerships.
Humility - This one is a tough one for many people (especially those type A’s). None of us are right all the time. When we embrace the input of other people, whether we agree or disagree, it gives us the opportunity to see things from a different perspective. Furthermore, it is not always about who’s right or who’s wrong, more often than not it is about doing what is best in a given situation. In many cases, this is usually the result of meeting in the middle. Additionally, we’ve found that often the smartest people are truly the most humble. Success leaves clues.
Integrity - If any partnership is going to work, it must be built on trust. Trust leads to respect, which creates a strong foundation to build upon. No partnership can survive if there isn’t open, transparent communication with the spirit of vulnerability. There’s a reason this is one of our core values.
Teamwork - Partners must work together towards a common goal. Whether this is repositioning an underperforming apartment community or business partners working to grow a business, there must be a unified vision that propels the group forward. This unified vision must be created at the beginning. It may change over time, but everyone must be on board. The lack of a shared vision and focus on unity has unraveled many partnerships. There will always be differences of opinion on some things; however, there must be a core that unites.
Passion - Partners must be passionate about working together and truly believe that they are better together than on their own. This is the result of the foundation built by the preceding elements of a strong partnership. Great partnerships usually result in the collective creation of something greater than themselves - something more impactful.
People are people. There are natural ebbs and flows in any partnership (business, marriage, projects, etc). There will be times of agreement, disagreement, disappointment, euphoria, and just about all elements in the gamut of human emotions. Building a solid partnership will help you weather the ups and downs to build something great together. Having a mindset of “playing the long game” can help you put challenges or victories into further context. Embodying gratitude for the continued growth experienced along the way, regardless of the event, is incredibly valuable as well.
With all that said, this is a topic that we are particularly passionate about, so we would like to continue our discussion related to partnerships on a future (near-term) date.
Please stay on the lookout and stay tuned!
As always, if you have any questions related to this post and/or partnerships, our doors are always open! Comment below, share your thoughts with your network via social media.
Lastly, if you’d like to explore partnering with us at CF Capital on a future real estate investment, don’t hesitate to click here to be notified of future opportunities.
——————————————————————————————————————————————————————
Interested in partnering with us? Join our investors list here.
