Executives Networking with Tenant Advisory Group


Every month, Tenant Advisory Group hosts an Executives Breakfast and an Executives Luncheon to provide an opportunity for Chicago business leaders to build new, meaningful connections and discuss topics relevant to running a business.

During the Executives Breakfast, attendees were prompted with the question, “what is the best way to handle growth, and what do you wish you would have done differently?” Here are a few of the lessons shared in response:

Matt Green, Cofounder, VentureScale: Stay in your lane and focus on your role. Make sure you have goals set, and strive to achieve them.

Paul Detlefs, President, The Prestwick Group: Do not underestimate the power of delegation. Hire others to take stuff off your plate to focus your efforts. Consistently make an effort to simplify your business as you grow. Also, constantly look at the right structure for your business – is it the right time to take it to the next level? Should we spin off and outsource departments? Systematize your business and create process sooner.

Scott Nicholson, CEO, KO Business Solutions: I wanted to control everything and didn’t have systems and processes in place fast enough. Develop internal talent that grows with the company by creating a curriculum of classes that internal teams can take to develop.

At the Executives Luncheon, guests were asked, “what are some key lessons learned in growing a customer or client base?”

Zak Dabbas, CEO & Founder, Marco & Associates: Always look ahead to see what’s next. Never rest on your laurels. Maintain a clear and shared mission and vision, and breed a culture where everyone is an ambassador of the company. You’re only as good as the worst person on your team, so build a strong culture to elevate the level of energy and excitement at the office.

Ruth Minnick, Global Business Development Director, Unispace: Offer to provide value beyond services/products. Take care of each relationship, as you never know where it’s going to lead.

Thank you to all who attended!

If you’re a business owner with 20+ employees who is interested in attending future TAG events, please email Bill Himmelstein at Bill@TagCommercialBroker.com.

 

TAG Executives Breakfast Guest List

Mason Awtry, CEO, Rightsize Facility

Craig Castelli, Founder & CEO, Caber Hill Advisors

Paul Detlefs, President, The Prestwick Group

Kenny Estes, Cofounder, West Loop Ventures

Matt Green, Cofounder, VentureScale

Tom Gregg, President, Vehicle Acquisition Network

Josh Haid, Managing Partner, Women’s Divorce & Family Law Group

Rhonda Jensen, President, Jensen Court Reporting

Mike Kupfer, President & CEO, Black Diamond Solutions

Stan Logan, Chairman, Quality Back Office

Jim Macdonald, Managing Director, First Analysis

Andy Mack, CEO, SnapMobile

Joseph McCoy, Partner, Riley Safer Holmes & Cancila

Scott Nicholson, CEO, KO Business Solutions

Ben Renda, CEO, Global Capital

Ron Repking, Founding Partner, Sriracha Partners

Mitchell Roth, Managing Partner, Much Shelist, P.C

Karen Sanders, President, Sanders IT Consulting

Allan C Sutherland, Founder, President and CEO, In-telligent LLC

Rosemary Swierk, President, Direct Steel & Construction

 

TAG Executives Luncheon Guest List

Jeff Asperger, Partner, Meltzer Purtill & Stelle LLC

Lou Costabile, CFO, MasterMind Group

Zak Dabbas, CEO & Founder, Marco & Associates

David Diamond, Managing Partner, Kutchins, Robins & Diamond

Morrie Elstien, VP, Cendrowski Corporate Advisors

Charlie Franklin, Managing Partner, Franklin Law Group

Rick Gray, CEO, TalentRISE

James Gustin, Partner, fig Media

Michele Gustin, CEO and President, Fig Media

Celia Jones, CEO, The Escape Pod

Dan Kardatzke, President & CFO, Solstice

Bruce Menkes, Managing Partner, Mandell Menkes

Ruth Minnick, Global Business Development Director, Unispace

Dan Porcaro, CEO, PSM Partners

Mark Rickmeier, CEO, Table XI

Jonathan Rothstein, Senior VP, MB Financial Bank

Joanna Sobran, CEO, MXOtech

Rick Stearns, CFO, Origami Risk

WeWork’s New Tenant Rep Service Offering Will Hurt their Business


When coworking companies came onto the scene, they quickly became a tool for commercial real estate brokers to help young and small business owners find a temporary space. However, this symbiotic relationship may be in jeopardy with the announcement of WeWork’s tenant representation services as brokers will be far less likely to bring their clients to a competitor. The coworking business’ move to diversify their service offerings may cause harm to their referral partners’ business and therefore, maybe also their own.

It is a common practice for tenant representative brokers to bring small business owners to coworking spaces while these entrepreneurs grow their company, as a coworking lease is a great short-term solution. Once the business grows to a certain level, the owner will want to find a permanent spot with their own branding and more privacy. However, instead of contacting the broker who brought them to WeWork, this entrepreneur may now decide to use a WeWork tenant representative.

Because of this conflict of interest, brokers will no longer be inclined to bring tenants to WeWork, as they will be consistently working against their industry referral partners to grab the business of these growing entrepreneurs. Unfortunately for WeWork, this could also contribute to a loss in business — one that would only add to the $900 million loss already reported in 2017.

Recently, Moody’s dropped its rating of WeWork from the lowest possible credit rating to six grades below its junk credit rating. The reason for its harsh assessment is due to WeWork’s $702 million of unsecured debt and negative free-cash flow, despite its growth from raising capital. According to Tenant Advisory Group founder and CEO Bill Himmelstein, the strategy to open up a new line of service is likely in response to its disadvantageous earnings and credit rating that hurt the company’s chance at securing a new round of funding.

WeWork’s idea for a new service line may make sense as a short-term strategy, but it overlooks long-term consequences that could have a catastrophic impact.


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