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One Question: How Do You Want to Spend Your Day?
08/30/2023
One Question: How Do You Want to Spend Your Day?
There are important questions we must all ask ourselves. One major question is, “How do I want to spend my day?” In this episode of the Class E Podcast, we talked to Jason Richards '01, the Global Business Director and shareholder of the commercial real estate property management firm, NAI Earle Furman. Richards discusses how his involvement with non-profits led to him to where he is today. He shares why it's key for entrepreneurs to listen and reflect, and the importance of passion in a career or venture. Guest: Jason Richards Host: Mary Sturgill Producer: Isabella Martinez Transcript: MARY: Hi there, everyone. Welcome to this episode of the Class E Podcast. I'm your host, Mary Sturgill. This is the podcast that is brought to you through a partnership between the Hill Institute for Innovation and Entrepreneurship, and the Communication Studies Department here at Furman University. And we're so happy to have you with us today. We have a very special guest, Jason Richards is not only a Furman alumni, you… I believe serve on the Board of Trustees. He's on the board of trustees, and he is the Global Business Director and shareholder of the commercial real estate property management firm NAI Earle Furman. That's a mouthful Jason. JASON: It is. It doesn't roll off the tongue very easily. MARY: No, it doesn’t. I was like alliteration there. No, not at all. Well, welcome to the show. JASON: Thank you. It's an honor. MARY: So I wanted to have you on because I love your background and you were a political science major here at Furman back in the day when you graduated. JASON: Back in the day. MARY: Back in the day. And then you went to Duke and got a certificate. Tell us about that certificate. JASON: So yes. When I finished Furman, I moved up in Durham and I was working with Habitat for Humanity. I was not building houses. I'm not remotely handy, but I was on the administrative side of the office and Duke, I think they still do have a certificate program in nonprofit management, and I took that. It was probably about a six-month course. It was great, it's a great background, even for small businesses frankly. MARY: Yeah, that's what I was going to talk… so talk a little bit about because I believe, just looking at your background, I would think that that would lead you into the small business part. But before we jump into that, though, I want to talk about the nonprofit sector because I think it's so important. I worked for Habitat for Humanity too for a while. You guys are not gonna believe this. I was the construction project coordinator for Habitat for Humanity in Hickory, North Carolina… JASON: Okay. MARY: …for about a year. I did all of their PR stuff. And then I did all the ordering for the projects and all that stuff. It was a lot of fun. JASON: I visited a job site once to work and was not invited. MARY: They didn’t give you the build and a hammer? JASON: They did not. I think they spent more time fixing my mistakes that I spent trying to help. MARY: There were a few volunteers like that I would say. JASON: Know your limitations. MARY: Yeah, exactly. Exactly. And accept them. So let's talk about your role in the nonprofit world. JASON: Sure. MARY: What kinds of things did you do and did you learn that help you now? JASON: Well, you know, so when I finished that program, I moved back to Greenville in 2003. And so my wife and I met at Furman. We’re one of those couples, and she finished graduate school. We got married and moved to Greenville and I started working in nonprofits here. And so I worked for two different nonprofits, and a nonprofit’s a small business… MARY: Absolutely. JASON: And really, I'm so thankful from that point early in my career, because working in the nonprofit…that you have to be hands on in every aspect of the operation. And so I learned, I think a lot more than many of our counterparts that went more traditional corporate routes right out of the gate. MARY: Right. That's a very good point. Because when you do work for a nonprofit, you have to wear multiple hats. Because, you know, money's thin most of the time. JASON: Oh, yeah. MARY: And you have to put your talents where you can put your talents and make it, make it happen. You know? I love that. The fact that you compared it to a small business because that's really in fact the way that most nonprofits should be run. And the successful ones are. JASON: Oh, absolutely. MARY: Yeah. So you still have to be pretty innovative though in that and I'm gonna circle back around to the idea of innovation. JASON: Sure. MARY: So then after the nonprofit sector, did you go directly to NAI Earle Furman? JASON: Sure. So as I said, I worked with two different nonprofits here in town, but on the side, I have always been interested in passive income and alternative investing. I started dabbling with stocks when I was in high school. And at that point in my, I guess, mid 20s, I was very interested in real estate. And so while I was working with nonprofits, I was actually investing on a very small scale in some commercial properties and was a client of NAI Earle Furman. MARY: Ok. Yeah. JASON: And so working in that second nonprofit, I was in operations management and an operations position was coming open at NAI and they asked me then. So I started there in 07. MARY: Yeah, that's a great stepping stone too. I did the exact, not the exact same thing, but a similar thing - working in nonprofit that led me to my corporate jobs in two instances. JASON: It's a great foundation for business. MARY: Yes. Yeah, for sure. So let's talk about what you do now in the commercial real estate world. You're in charge of kind of growing the business. JASON: Right. So it's been fun. When I started with the firm in 07, we had, I think, 12 commercial brokers, a couple of property managers, and the company as a whole was, you know, one floor of one office here in Greenville with about 30 people. Now, we're about 160 people. We have five offices in North and South Carolina. And in addition to you know, the brokerage and property management, both of which have grown quite a bit, we started the private equity fund seven years ago. We bought about, I think, six or $700 million worth of real estate with that. MARY: And that's kind of your… you're the one who kind of looks for acquisitions. Is that right? JASON: Well, so, I mean, everything we do is a team effort. Very collaborative, very entrepreneurial, is the word we like to use for our firm. But yeah, so I was the COO and actually pivoted to a different position a couple of years ago. But at the end of the day, yes, we're all always looking for opportunities. You know, one of my roles as COO was looking for acquisitions, not of real estate, but other brokerages and like firms that we could roll in, and I'm still, still doing that as well. MARY: So to grow the firm. So in your, and you just alluded to it, in your description on the website, it talks about how you guys are innovative thinkers and talked about that entrepreneurial mindset. JASON: Right. MARY: I want to talk about that a little bit. How do you carry that out as a company and then individually too? JASON: Well, I think, you know, our business especially, you know, as I said, we have three business lines, but commercial brokerage is our core business and, you know, nationally and really internationally that's becoming much more corporate. There are a lot of really large firms that do a lot of work with Fortune 100 companies, and they're very process oriented if this than that. MARY: Right. JASON: We actually like to joke, all of our upper management is liberal arts majors. So I mean, and truly, you know, we're very much… we're very thoughtful in how we approach things for, for clients and investors and for our own business. And I guess the word that I always like to use is then we're just very, we're very open minded. And we don't say no to an idea just out of hand. You know, we really think through, is this something we should try? Yeah, and we're open to trying and failing. MARY: Yeah, I think that's a great trait that entrepreneurs should have. JASON: Absolutely. MARY: You have to be, and most entrepreneurs do, I will say this… and this may be the main difference between people who are entrepreneurs or innovative thinkers and people who are not is that entrepreneurs and innovators say yes. JASON: Right. Well, and I think, you know, too often, and certainly when I was in the COO role, and especially as, you know, with regards to, you know, employees come to you and they have an idea, I think people just too often say no, because that's the way you know, well, that's not the way we've done it. MARY: Exactly. We've always done it this way. JASON: Right. So, you know, training yourself to say, well, no, you know, is there a reason that we haven't done it or we just don't do it? And sort of re-centering that thought, and I think we're really good at that. MARY: Yeah, and I think that's important. I think if COVID taught us anything, maybe that's one of the things that it taught us. JASON: Right. MARY: There are other ways to do things. JASON: Absolutely. MARY: Yeah. Yeah. If you would give advice to new entrepreneurs because you're, you know, you are an entrepreneur, even though you may work for a company, what would your advice be in addition to saying yes to those things? JASON: You know, I think and…entrepreneurs or people, you know, just getting started in a corporate career, my advice is always kind of the same. And this is reflective of my personality so your knowledge may vary. But, you know, I've built all of my success on relationships, and I do feel you know, that things, especially, you know, with COVID, and you know, people getting very comfortable with remote things, which is great. You have to work extra hard to build relationships. MARY: Absolutely. Yeah. JASON: Because, you know, the people who focus on the transactional aspects of business, do very well on the short term. But as you're growing a company, if you're an entrepreneur or trying to bring a product to market, it's the relationships you've built along the way before you actually needed them that are going to help you get across the goal line. So for me, it's, it's time invested, you know, that may not have a clear objective at that moment, but it's taking time to build and maintain those relationships. MARY: And planting those seeds. JASON: Exactly. MARY: Yeah. I don't think a lot of people or enough people maybe kind of have that mentality that if it's not, if it doesn't have a quick return on my investment, so to speak… JASON: Right. MARY: … right? Then I'm not going to put the time in. JASON: Well, and I think too, you know, I love the energy and I use this term loosely, young people, right? So I'm 44. So I don't think of myself as old but I'm certainly not young either. But, you know, I think it's hard to, you know, when you're 23, 24 and you're starting something you're excited about you want those quick returns. MARY: Right. JASON: But with a little bit of hindsight, you know, I've now realized how quickly 10 years passes. And I've started to see and have seen that the seeds that I planted, many of which were inadvertent, frankly 10 or 15 years ago, have really paid off with great relationships now. MARY: Yeah. And that's true when it comes to, you know, banking, and I mean, all aspects of business. JASON: Right. MARY: I was just a ghost writer for a book for a local businessman and part of what he talks about in his book is that very thing about planting those seeds, keeping those relationships, the reason he attributes his success, a big part of it is the relationships that he had, from the time that he was in high school playing sports. JASON: Right. MARY: Right? JASON: And you never know and that’s, you know, that's one thing I, you know, I'm…my personality by nature is that I'm a helper. MARY: Yeah. JASON: All the assessments I've taken have indicated that, but, you know, a lot of the relationships that I now have are people that I helped in some way, you know, 10 or 15 years ago with no notion of a return at the time, but they've worked their way up and now they're in a position to pay that back and you just, you just never know. MARY: That's amazing. JASON: Yeah. MARY: Yeah. So how did the 2008…Let's talk about kind of the real estate business. JASON: Sure. MARY: 2008 huge crash… JASON: Right, right. MARY: …that affected everybody, especially companies, I'm sure like yours. And then… how have we grown and where are we now? That's a loaded question. JASON: How long do we have for this podcast? You know, I think, you know, obviously, it is funny, when I tell people a little bit about my journey which I alluded to earlier, you know, that I was investing in real estate… MARY: Yeah. JASON: …at a young age, people say, well, how were you able to do that? And I said, well, that's part of the reason that we ended up in the crash because it was a little too easy to borrow money and leverage was a little out of whack… MARY: Yeah. JASON: …in terms of the ratios and things like that. So you know, obviously we're in a complicated place right now. MARY: We are. Yeah. JASON: Interest rates are up and deals are slowing a little bit. But I do think it's very different in terms of, you know, the fundamentals never went back to the pre 2008 issues. It became the, you know, borrowing money was not as easy right as it was then nor should it have been. MARY: Exactly. JASON: So I think, you know, the fundamentals are better, you know, things… COVID changed everything. And so the economy is in a weird place right now. But you know, at the end of the day, real estate and this is where I think we go sideways, you know, people have these pontifications at a macro level. Real estate is not a national business. MARY: Right. JASON: It is hyper, hyper local, and very regional. And you know, my lens, although we don't, we do deals all over the country, my lens is focused on the southeast and this region is booming. You know, there are certainly some speed bumps and some hiccups in the real estate world at this time, but at the end of the day, this area is growing. People want to be between Raleigh and Atlanta, and we're smack in the middle of it here. MARY: Right. JASON: And so, you know, we're very bullish on, on real estate now. And in the immediate future. MARY: Yeah. So what advice… that's good to know, for those of us who live here. JASON: Right. Certainly. Certainly. MARY: What, what is your advice to someone say like yourself who might be young who might want to start their investing career in real estate, what would be your advice to them, how to get in right now? JASON: Well, right now, it's a tough time to break in. MARY: I know. JASON: And, you know, one of the things that I always get and actually, I was talking to a Furman student who had this question, he said, you know, I've got X amount of money and I'm interested in getting into real estate. And one of the things that I tell people is if you have X amount of money, and that's all you have, don't buy real estate with it because, you know, banks when they're lending for real estate, you need to have some liquidity somewhere else. MARY: Absolutely. Yeah. JASON: So that's gonna make your life a lot easier. MARY: Yeah. JASON: So that's, that's number one. But for right now, you know, again, I go back to relationships. You know, like it or not, the reality is that real estate, like so many things is kind of an insider's game. And you know, the best opportunities are ones that you never hear about. MARY: Right. JASON: And so it's getting out there. It's networking, and not with the notion of I'm going to find a deal right now, but I'm going to get to know these people and let them get to know me so that when they have an opportunity to be involved and to invest, they're going to reach out. MARY: I like something you kind of alluded to right there, and you've alluded to it before, but I want to make sure our listeners get this is that if you're going for the sale… JASON: Right. MARY: If you're going for the immediate satisfaction, that may have an immediate, you know, kind of boom to your pocketbook, but in the long term, it's not going to sustain you like relationships will do. JASON: Right. Because you're going to have to recreate that transaction time and time again, but if you have the relationships, eventually you get to the point where they're coming to you. MARY: Yes, yeah, that's, that's a good point. They're coming to you. And I think, I think that's a mistake a lot of people make is they go after the dollar… JASON: Right. MARY: …rather than a relationship. JASON: Right. Exactly. MARY: Yeah. So how do you find your clients when you, when you bring clients on? JASON: Well, you know, actually, I'll sort of pivot back to the nonprofit. MARY: Yeah. JASON: Right? So I was very fortunate with both of the organizations that I worked with, that the positions that I held interacted very closely with the boards of directors, and some of the top fundraising volunteers and I cultivated some amazing friendships out of those groups, people who are much further, you know, 20 and 30 years into their career, CEOs of local companies, banks, etc. And those relationships served me really well, but also sort of modeled for me… I watched how they interacted and how meaningful… they had found these organizations that they were passionate about, and they were giving their time, but that also helped them with their work. MARY: Yeah. JASON: And so I have, you know, sort of followed that path. You know, I've served as you mentioned, I serve on the Furman board, I chaired the local United Way board, I've been on several others… MARY: The list of your boards is… you need to go to an NAI Earle Furman website and look at his bio because there's like 15 boards on there. And I believe in that too. JASON: Well, it's important. MARY: It is important. JASON: And when I pivoted, you know, my wife and I both were working professionally in the nonprofit world. And when I made that decision to go into the business world, one of the things that was very important to me, was that I worked with a company that valued community involvement. MARY: Yes. JASON: And not, you know, obviously it's good for business. MARY: Right. JASON: But for the right reasons. MARY: Exactly. JASON: And our company is very, very tied into the community. And so there was a while there where I was on way too many at one time… MARY: It's time-consuming. JASON: It is. And so I've had to step that back. So now I think I'm only on three right now. And that's probably the max. MARY: Well and that would be a piece of advice that I would give to young entrepreneurs too is to find… and I would, I've always served on boards personally that I'm passionate about… JASON: Right. MARY: Right? Like helping children, helping SA victims or survivors, or the Humane Society. I've lived in several cities around the country, and I think I've been...
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