FORTY FORTY FOR
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40 Things We Learned in 40 Years.
FORTY YEARS AGO, A SMALL GROUP SET OUT TO BUILD TERRIFIC PLACES. SINCE THEN, WE’VE CELEBRATED BIG SUCCESSES, SURVIVED SLEEPLESS NIGHTS, SKIED UNFORGETTABLE POWDER, EATEN TOO MUCH FROZEN YOGURT AND LEARNED THAT THE BEST PROJECTS ARE ABOUT PEOPLE, NOT BUILDINGS.
THE LESSONS HERE — SOME SERIOUS, SOME PRACTICAL, SOME ONLY CLEAR WITH THE FULL STORY — REPRESENT THE CULTURE THAT’S SHAPED EAST WEST PARTNERS FOR FOUR DECADES. WE HOPE THEY MAKE YOU SMILE, AND MAKE YOU THINK. PLEASE KNOW THAT WE’RE GRATEFUL YOU ARE A BIG PART OF THE JOURNEY.
1
Our customers aren’t transactions. They’re people with hopes, dreams and expectations.
We aren’t smart enough to lie. It’s much easier to just be honest and tell the truth.
#2
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Someone once tried to buy a condo with a paper bag full of cash. We’re still not sure that was legal.
The greatest gift of this work is the chance to make a positive difference in people’s lives.
5
Always take the call from a sales agent. No matter what you are doing or who you’re with.
6 It’s all worth it for a couple of blower powder days each year.
7 We aren’t selling skiing; we are selling time with friends and family.
8
Amazing things happen when people rally around a shared vision. Together, they build something better than anyone imagined.
9
A strategically placed salt lick can make a property tour feel surprisingly authentic. Just ask the Meadows team.
Cue the deer.
10 Celebrate the wins! Have fun! It makes your day — and everyone else’s — better.
It’s always a good idea to travel. Spend time looking at other projects in different parts of the country. You can also learn from competitors in your market. Don’t copy, but don’t not steal great ideas.
12
When possible, put your trash in Mark Smith’s can. It makes him look productive.
13
Partnership agreements matter. Character matters more. Work with people you’d trust on a chairlift.
14
Credibility takes years to earn and minutes to lose. Guard it carefully.
15 The “story” is everything. Our success is fundamentally about painting a vision of an aspirational lifestyle and then delivering on that vision.
16 Sometimes “impossible” is just a project that hasn’t started yet.
17
When looking at new projects, walk all four corners of the property and everything around them. You can’t spend too much time in the field.
Vertical integration is good. Three independent companies working together is even better.
19
If the economics of any new project don’t fit on one page, you probably don’t understand them yet.
Developers are like the person who jumps off a 20-story building, and as they drop past the 10th floor, they are heard to say…
, r a F So ood! So G
21
We may be wrong, but we’re rarely indecisive.
22 No project goes exactly as planned. That’s why they’re called projects. Embrace the challenges, learn from mistakes, take risks, be creative, evolve and thrive.
23 Listen more than you talk. You’re probably not the smartest person in the room.
24 Make sustainability part of the culture — not the checklist.
Meet with government officials often. Ask for nothing. Build trust instead by understanding their needs, challenges and hopes.
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Carefully choose the name on the side of the general contractor’s truck. Then choose the project manager driving it.
27 Always keep evaluating new opportunities. Feed the monster.
28 Manage risk by forgoing 100% profits. Use other entities’ money and limit guaranties.
29 Simultaneously manage finances both loosely and tightly.
30 Revenue is the truth.
31 Cash is queen.
32 Be parasitic. Look where others are investing significant money in their resort or city.
33
Patience wins entitlements. So does remembering that everyone cares deeply about their community.
34
In the end, always do what is right and have some fun along the way.
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35
The last homes are almost always the hardest to sell. Plan accordingly.
Invite the operators into the design process early. They’ll save you later.
#37 Bonus Fun Fact: JT hasn’t worn anything but shorts since we adopted a casual dress code at our founding.
38 Design isn’t decoration. It’s part of the business plan.
39 Markets cycle. Always have. Always will. Be early if you can. Never be late on purpose.
40 All’s well that ends.
PLUS ONE BONUS:
What makes East West Partners so great are the people.
Thank you to our contributors:
Mark Smith Chuck Madison Blake Riva Harry Frampton Andy Gunion Ryan Stone Chris Wright Roger Lessman
Bill Fiveash Katie Blum Jim Telling Amy Cara Laura Campbell Chris Frampton Kristin Tootle