Sunday, February 2, 2014

Do you manage or lead?

Do you manage or lead?

Last week, while standing on the checkout line at Whole Foods, I heard an announcement over the P.A. system that made me pause: “Would someone in leadership please come to the customer service desk.”  This statement got me thinking about the difference between leadership and management.

While researching this subject, I discovered a Harvard Business Review blog (published August 2, 2013) by Vineet Nayar.  As vice chairman of HCL Technologies, an India-based global IT services company, Nayar suggests there are three differences between managers and leaders.  How he describes these differences resonated with me.  The following is quoted directly from his post:

“Counting value vs. creating value. You’re probably counting value, not adding it, if you’re managing people. Only managers count value; some even reduce value by disabling those who add value. If a diamond cutter is asked to report every 15 minutes how many stones he has cut, by distracting him, his boss is subtracting value.

By contrast, leaders focus on creating value, saying: “I’d like you to handle A while I deal with B.” He or she generates value over and above that which the team creates, and is as much a value-creator as his or her followers are. Leading by example and leading by enabling people are the hallmarks of action-based leadership.

Circles of influence vs. Circles of power. Just as managers have subordinates and leaders have followers, managers create circles of power while leaders create circles of influence.

The quickest way to figure out which of the two you’re doing is to count the number of people outside your reporting hierarchy who come to you for advice. The more that do, the more likely it is that you are perceived to be a leader.

Leading people vs. Managing work. Management consists of controlling a group or a set of entities to accomplish a goal. Leadership refers to an individual’s ability to influence, motivate, and enable others to contribute toward organizational success. Influence and inspiration separate leaders from managers, not power and control.

I encouraged my colleague to put this theory to the test by inviting his teammates for chats. When they stop discussing the tasks at hand — and talk about vision, purpose, and aspirations instead, that’s when you will know you have become a leader.”

*
Clearly, leadership is much more than a simple management style.  Great leaders nourish their successors. And, as firms develop their succession plans, it is increasingly more important to attract, develop and retain high-potential leaders in the organization.  The next generation of leadership becomes the focus of all stakeholders in the firm.  

How would your career or mine have evolved differently if we had been exposed to extraordinary leadership skills vs. basic management techniques? 

Here are some leadership perspectives from a blog by Marie Peeler of Peeler Associates, which are poignant to this discussion:
  • “Managers develop policies and procedures.  Leaders develop vision and strategy.
  • Managers direct and control.  Leaders motivate and inspire.  Stated another way, managers get people to do what needs to be done. Leaders get people to want to do what needs to be done (read that again if you need to; the distinction is subtle.)
  • Managers explain, “What we have to do.”  Leaders explain, “Where we are going.”
  • Managers give directions.  Leaders ask questions.
  • Managers are concerned with the here and now.  Leaders are concerned with the long-view.
  • Managers are bottom-line oriented.  Leaders are big-picture oriented.
  • Managers are concerned with projects.  Leaders are concerned with people.”

After absorbing the writing of both Nayar and Peeler, I thought more about my own career; were the people I reported to managers or leaders??  I also reflected on my own style and wondered how I was seen by those I supervised.

What about you?  When you look in the mirror do you see a manager or a leader?  And would you like to make any adjustments to your own style?  No time like the present

Congratulations...


Evelyn Dube has joined Forum Partners as Managing Director, Capital Markets, Global Business Development


James O'Neill now Head of International Distribution, Legal and  General Property 


Neil Golub joined BCGI Real Estate Executive Search and is opening an office in New York City.



On The Road...


Mar. 19 - 20:  PREA Spring Conference, Boston, MA

Apr. 29 - 30:  PERE Global Investor, Los Angeles, CA

May 16:  Annual meeting of The Hoyt Fellows, North Palm Beach, FL






Disclaimer 
All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 

Saturday, January 25, 2014

People make plans and god laughs




People make plans and god laughs

For the first time in more than 30 years, Mother Nature prevented me from attending an industry event.  Due to the snow and cancelled flights, I missed the IMN conference in Laguna Beach this week as well as an excellent opportunity to moderate an emerging manager panel. I would enjoy hearing conference highlights from those who attended.

Generally I try to go with the flow, although in this case I was really disappointed when plans had to change. But then I started thinking, maybe there’s a bigger reason that I was not supposed to attend the event, even though it’s not exactly clear yet what that reason is...  My partner and I did get to work with an existing client face-to-face in NYC instead of via conference call and we also picked up a new client. Might these have happened anyway? Maybe. Maybe not!

This experience got me thinking about a saying used by the late-grandmother of a friend, ‘People make plans and god laughs’ (and perhaps Mother Nature chuckles as well)!  Could their laughter relate to knowing something good is about to come out of the unexpected change in plans??

This all reminds me of something I have shared with you before – a passage I regularly read from the book, 'The Tao of Pooh"-

'Things just happen in the right way, at the right time. At least they do when you let them, when you work with circumstances instead of saying, "This isn't supposed to be happening this way," and trying to make it happen some other way. If you're in tune with The Way Things Work, then they work the way they need to, no matter what you may think about it at the time. Later on, you can look back and say, "Oh, now I understand. That had to happen so that those could happen and those had to happen for this to happen...Then you realize that even if you'd tried to make it all turn out perfectly, you couldn't have done better, and if you really tried, you would have made a mess of the whole thing.'  

I continuously refer back to this passage – it helps to put things in perspective for me.  Perhaps you’ll find it helpful as well.  


Congratulations…

Scott Arden joined Hodes Weill & Associates

John Rivard joined Rockefeller Group Investment Management

On The Road...

Mar. 11 - 14: MIPIM, Cannes, France

Mar. 19 - 20:  PREA Spring Conference, Boston, MA

Apr. 29 - 30:  PERE Global Investor, Los Angeles, CA

May 16:  Annual meeting of The Hoyt Fellows, North Palm Beach, FL



Happy Birthday to my brother Jay!!








Disclaimer 
All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 

Sunday, January 19, 2014

In Memoriam: Anne Pfeiffer / Sam Grad


This week I'm sharing sad news.  The real estate industry lost one seasoned veteran and one aspiring leader.  My heart goes out to the family and friends of both Anne Pfeiffer and Sam Grad.


Anne Pfeiffer

Anne Pfeiffer died this week.
Until her retirement in 2013 Anne was a managing director at JPMorgan Chase.

I got to know Anne from attending many JPMorgan Real Assets annual investor conferences.  She was a consummate professional with a wonderful smile and enthusiastic energy about her.

Excerpts from a published obituary:
“A member of JPMorgan’s real-estate financing unit for almost 35 years, Pfeiffer managed a seven-person portfolio-management team as head of the New York-based bank’s commingled property funds, which are pension trusts catering to retirement and governmental plans.
“Anne was a friend and mentor to so many people she worked with at the firm,” her husband Paul said, summarizing the e-mails he had received since her death. “She was dearly loved and revered among her co-workers.”
My condolences go out to her family, friends and colleagues.  Our industry has lost another role model.  Through her work in mentoring young professionals, Anne’s legacy will continue.
Anne was 61.

Anne Pfeiffer

Sam Grad

Sam Grad passed away this week.
Sam was the son of Debra and Bryan Grad.  Bryan is Senior Vice President of Sales for Real Capital Analytics (RCA). 

From a published obituary:  “Sam was a 2009 graduate of Westford Academy and a 2013 graduate of the University of Connecticut where he earned a Bachelor of Science in Real Estate and Urban Economic Studies. Sam was a gifted athlete who enjoyed playing sports and loved competition of all kinds. He holds the record for the fastest time in the 100-meter sprint at Westford Academy. He loved Cape Cod, and especially Nauset Beach. Sam was both a camper and a camp counselor. He was respected and loved as a leader and a role model. Sam was widely known for his overwhelmingly positive outlook, constant smile, and living every day to the fullest.”

I had the privilege of knowing Sam personally and witnessed his smile and energy.   He was a fine young man.   Sam was passionate about the commercial real estate industry and was pursing job opportunities just before he got sick. He fought the battle but lost to Lymphoma.
Being the father of two sons, it is unfathomable for me to imagine this happening – I’m sure it’s the same for all parents.

My deepest condolences go out to Sam’s family and friends.

Sam was 23.
Sam Grad


On The Road...

Jan. 22 - 24, 2014:  IMN (Information Management Network) Winter Forum on Opportunity and Private Fund Investing, Laguna Beach, CA

Mar. 11 - 14: MIPIM, Cannes, France

May 16:  Annual meeting of The Hoyt Fellows, North Palm Beach, FL





Disclaimer 
All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 


Saturday, January 11, 2014

Emerging Manager Conference - Austin Texas / Choose Wisely



Emerging Manager Conference - Austin, Texas

More than 700 attendees filled a large meeting room at the Austin Convention Center on January 8.  My partner Elizabeth Weiner and I joined the Texas Emerging Manager Conference, co-sponsored by Teacher Retirement System of Texas and Employees Retirement System of Texas. A year ago, this same event drew just over 300 people.

This conference serves as an educational and networking forum for emerging managers and public pension funds with emerging manager investment mandates.  The managers learn the process that the pension funds follow when considering investing with an emerging manager.  In return, the pension funds get to meet and greet emerging managers that they did not know prior to the event.

Let me share with you a few quotes from pension fund representatives on the real estate panel:

“Smaller and newer managers can outperform their larger peers.”

 “Your track record during one complete cycle is important to us.”

 “Don’t be reluctant to ask a pension fund ‘ What are some of the problems you’re looking to solve?”

“A pension fund needs to see that you’ll be around so it may take quite a while for us to write a check to you.”

 “The emerging manager we’re looking for can do something better than we can do ourselves.”
*

There are many ways for emerging managers to differentiate themselves from the larger, more established firms.  But one requirement consistently remains the same: institutional quality back office and reporting capabilities, whether inside or out-sourced, must exist.

The pension fund representatives voiced both  encouragement and awareness of the challenges faced by emerging managers.  But, it was also clearly stated that pension funds are looking for emerging managers – on their own, and through referrals from fund-of-funds and consultants. 

If you are thinking about going out on your own, or have already launched an emerging manager firm, I encourage you to attend this conference next year…you will take away excellent advice and perhaps even meet people who can help you get where you want to go.  Just imagine one day receiving a call from a pension fund, “It was nice speaking with you at the conference.  We’d like to have you meet with us.”  Crazier things have happened!

And did I mention that the conference was free to attend this year?


Choose Wisely

On a relative basis, the number of people working in the global commercial / institutional real estate community is rather small.  And the more time spent in this industry, the smaller that world becomes. 

This past week included several poignant examples of this phenomenon that caused me to pause for a moment and think about the utter importance of one’s reputation.  In person, on the phone, and via email I had ‘conversations’ resulting in third party names being brought up that immediately served as connecting points.  This type of ‘small world’ familiarity leapfrogs the conversation to another level - instantly.  It’s a beautiful thing…allowing two people, who have never met before, to feel comfort that they know someone in common.

But there’s a caveat here as well:  we are all remembered for both our actions and our words.  Sometimes what people remember us for is based solely on the first impression we make.  Other times it comes from something they heard about us from another source.   Finally it may stem from something people just know we did – closed a big deal, helped someone get a job, supported a non-profit, or established a scholarship.  It, of course, is also possible to be remembered for something less than wonderful.

Students and younger real estate industry professionals often ask more senior people for career advice.  When I’m asked to provide suggestions, it’s easy for me to answer:  keep your nose clean, do the right thing and be kind to people.  Your reputation will both precede and follow you throughout your career.  When faced with situations that can be handled in two ways, choose the right one – the time it takes to make the decision may be short, however the results may last forever.

Congratulations

Asieh Mansour, now Senior Advisor at The Townsend Group.

Emma Villiers has joined Fidelio, the Board Development and Executive Search consultancy.


On The Road...



Jan. 13:  Behavioral Presentation Coaching Workshop, Greenwich, CT

Jan. 15 – 16:  New business development meetings, Washington, DC

Jan. 22 - 24, 2014:  IMN (Information Management Network) Winter Forum on Opportunity and Private Fund Investing, Laguna Beach, CA

Mar. 11 - 14: MIPIM, Cannes, France

May 16:  Annual meeting of The Hoyt Fellows, North Palm Beach, FL






Disclaimer 
All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 

Blog Archive