Randy Hendrickson

By definition, anything flexible can bend, and anything inflexible can break. Of course there is a limit to the extent you can bend, or the project becomes non-viable. The best negotiations are always 'give and get' for both sides. It never hurts to enter into negotiations with pre-determined 'give-backs'; things of tangible value that will demonstrate your willingness to partner and not be rigid and formulaic. When you can move from a transaction mindset to a relationship mindset, great outcomes are possible.

Critical. Get to know the local businesses in the area and what matters to them, just as you've (hopefully) inquired and discovered what matters to the local planners. Pledge to support local businesses in tangible ways, not just 'in spirit'. The old adage 'it takes a village' is never more central than in community engagement. Not only is this an important strategy for adoption and approval of your project, it's also 'business done right'. Local businesses will be talking about 'that new development' anyway; would you rather have them opine to others 'probably just another developer, and I don't know what they're up to', or instead, how about 'they actually came by and talked to me about my business and theirs', and make them an advocate?

Be curious, ask questions, pay attention, do the research, and collaborate. It's a mistake to approach approval for your project with the mindset that 'I'll prove to them that what I want to do make sense'. Start with 'what is important to you in working with a partner such as us on a project to benefit your community?' Don't make an enemy out of a potential partner by assuming they will be combative. You reap what you sow. Often, the fears of those in charge of approving your project stem from unfamiliarity of the benefits that collaboration brings. Just as you did your homework to learn what they want, this is the opportunity to demonstrate your value to the community. Done thoughtfully, you'll get an advocate and partner, not an enemy.

To me, more so than ever, this is an era of Collaboration. Seeking others in the field with whom to share the journey and resources is not only the right thing to do, it's also the smartest thing to do. The chorus has many more layers than the soloist! Exchanging best-practices and key contacts and working towards a combined goal is a great way to hone your craft, and share what you've learned with others who can benefit from mentorship. There are plenty of others who want to inquire, be curious, learn, share and prosper with you. Start a conversation in 2024 you may not have started last year, and see where it takes you. I think you'll be amazed.

One of my favorite topics - Curiosity! I've never met anyone yet who has it 'all figured out'. The key is to always ask questions, of experts and of yourself, Inquire, research, study, learn, grow. In commercial real estate today, it's never been more true. Almost unlimited dynamics in the markets and buyer sentiments, more so than I can ever recall, and as such it is best to always be on a quest to learn (and apply that learning). Some of the best leaders I know in the field are students first!

Ultimately, your word is your collateral, your personal brand. Bolstering that brand requires credibility, and that is always earned through direct honesty and open communication. I've been in the Experiential Hospitality world of commercial real estate transactions for nearly three decades, and would not have survived and prospered this long by erecting false arguments for valuation. Buyers know the math just as well as you do, so there is zero benefit to thinking that anything less than transparency and ethics will rule the day. Reputations can be undone in an instant and once done, so are you. Earn trust by deeds, not words!