Purpose: The purpose of “Take 5 from the YLG” is to share 5 relevant take-always that were obtained by a young leader who attended a ULI program.
ULI Event: The YLG produced Boardroom afterhours with Bryan Bentrott
- Business Partner – pick a business partner who has complimentary skills and the same strategy / outlook on the business plan. Make sure there is substantial trust in each other’s respective skills so that there is no question about the other’s motives.
- Find your Niche and Be Flexible – come up with a specialized type of product or use and focus on that type but be flexible to market demand. If market is telling you that it wants single story office, don’t try to sell two-story office in hopes of greater profits.
- Replicate Success – review what is going on in the marketplace and type of projects have been successful as well as what projects have failed to take off; see if you can replicate that same product in a different market with similar demographics but less competition.
- Run a Downside Analysis on Every Project – while it is good to always focus on the best outcome, realize that there are market swings and know what the threshold is on the downside to see if the risks outweigh the rewards.
- Consider the Taxes – before exiting your business plan (e.g. selling), think about the timing and the tax implications. Selling a property in less than 12 months would imply a 50% tax hit versus holding on to the property for a bit longer and taking a 30% tax hit.