UC Goering Center news
Five things to look for when selecting a company for your project
By Mike Schueler
Trends and ups and downs are long part of the land and development business. This industry requires sound investment, patience and guidance from folks who have been there before and best understand your own business objectives.
Our industry leaders must pay attention to the overall economy, stock market volatility, interest rates and investment in the overall real estate market. This view should be combined with development trends in sectors such as retail, home building, commercial and industrial. It should also take into account health care organizations as well as higher education institutions; to name only two of many who drive the economy.
How should a company make a selection decision when determining with whom to conduct business – or simply put, when to determine who is going to help you select your site, construct your facility and manage what is likely your largest investment?
Work with an organization who has been there before.
Our economy will always have ups and downs. This is as extreme as the Great Depression and the Great Recession. It also includes real estate booms and busts. Though many folks predict these cycles, no one know for certain. Work with the people who guard against the highs and lows and are proven to use sound judgement. Work with those who have gone the distance and did not shy away from a challenging economy.
Work with an organization who owns and manages considerable land.
Your site, location and quality of the parcel will be one of your most significant decisions. While you likely have a strong feeling about where you want to be, you possibly have not studied the variances of the land use and affordability of each
location. Work with a company that both owns and brokers parcels and can be truthful and direct about their knowledge.
Work with an organization that understands the international panacea and the global marketplace.
Whether you are a domestic business or located out of the country, it is important that your choice of partner knows how world events will impact your future. This can only happen when you work with an organization who has spent significant time and energy understanding overseas markets. Your partner should be steeped in this knowledge.
Work with a partner who has demonstrated that a single point of contact looks like.
You and your senior team are busy running your business and staying focused. This means that your real estate partner should be able to answer all of your questions and take your project from start to finish.
Ensure that there is a personality fit.
You will work closely with your partner. This means interaction and trust. It also means that you will often defer to their decisions. Get to know these individuals, check their references and know that this is a partnership.
Mike Schueler is president and CEO of the Schueler Group. You can reach out to Mike at 513-932-6010 or mschueler@hsabh.com.
Featured image at top: Yancy Min/Unsplash
About the Goering Center for Family & Private Business
Established in 1989, the Goering Center serves more than 400 member
companies, making it North America’s largest university-based
educational non-profit center for family and private businesses. The
Center’s mission is to nurture and educate family and private businesses
to drive a vibrant economy. Affiliation with the Carl H. Lindner College of Business
at the University of Cincinnati provides access to a vast resource of
business programing and expertise. Goering Center members receive
real-world insights that enlighten, strengthen and prolong family and
private business success. For more information on the Center,
participation and membership visit goering.uc.edu.
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