Mish Mash
Half Thoughts and Lost in Files
My “clean out the files” days result in my favorite REALTY REALITY articles! None alone are going to move the needle; all deserve to see the light of day.
SENIOR HEALTH CARE FACILITIES. In 1985, a major national consulting firm affiliate of a major CPA firm project OUTRAGEOUS growth in the demand for Adult Congregate Care facilities. They COMPLETELY missed the development of affordable home health services. Once again, I read of OUTRAGEOUS growth demands in the senior living sector. Look closely, as in one article they switch back and forth from demand for “senior living” articles and “health care” facilities. Just because the population continues to age does NOT necessary lead to those of a certain age WANTING to leave their home or that HOME health care services will not evolve.
ROTH IRA. Converting from a “tax on withdrawal traditional IRA” to a ROTH IRA (pay tax now; withdraws without tax later) can make sense with proper timing. When will the value in the traditional IRA be low? When your stock portfolio is depressed. Or invest your self-directed IRA into a development and then convert early in the process (think of development as a “J” curve – value is darkest before the dawn of what eventually gets built and occupied).
BUILT FOR RENT (“BFR”). Where does BFR suffer long term? Where the demographic pushing demand may fade away like a wave up on the beach. Are the jobs funding (generally) younger apartment renters to move up to BFR likely to fade in reaction to Artificial Intelligence (e.g., programmers)? Are there ANY limits to new product (and cheaper homes for purchase) absorbing much of the demand? Is the design of the site so very poor that in 10 years the look is that of barracks?
LEADERSHIP TEAM INEFFECTIVE? (Meridith Elliott Powell says…)
Require comfort with uncertainty
Break down silos
Prioritize culture
Hold them accountable (Where Tony Thompson did GREAT!)
FOCUS ON EMPLOYEE EXCITEMENT (VS. HAPPINESS)
Jamie Raul Zepada says
“…excitement comes from being part of something bigger, growing as an individual, and seeing progress from that effort.”
He tells a story of Nick Saban, after Alabama won by a wide margin, zeroed in on one missed assignment in a sharp critique, breaking down every detail of the play. Focus on what could have been done BETTER by EVERY player!
OVERCONFIDENCE CLOUDS JUDGEMENT
Kristine Arnold notes that when we rely on “subjective confidence” over “objective accuracy”, we tend to miss key details (or don’t think through all the consequences). Do a “pre-action meeting” with a designated “devil’s advocate” (someone who is knowledgeable AND loves to knock you off your high and mighty perch!).
BOTTOM LINE!
Dr. Mary Kelly, a long-term friend and client, talks about key steps to take to protect your business in a slowing economy. We need to proceed with INTENTION (see above).
Uncertain times offer an opportunity to “…access, adapt, and accelerate in smart ways.”
How are you positioning your business for “strategic efficiency”
Mary suggests we invest in our people, “…especially our high performers”, as those are the ones other businesses will try to poach to improve their team.