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SUMMARY KEYWORDS
Commercial real estate, lease renewals, tenant representation, property management, market trends, tariffs, supply chain, office space, industrial real estate, retail real estate, lease negotiation, portfolio management, critical dates, landlord relationships, tenant improvement allowance.
SPEAKERS
Eric Beichler, Damon Pistulka, Spencer Marona
Damon Pistulka 00:08
Alright, everyone Welcome once again, the face of the business. I am your host, Damon pistolka, and I am excited. I gotta say, double A excited today, because we got two guests today. Not only do we have my friend over there, Spencer Morona, and we’ve got Eric down below. And Eric tell me your last name, because I’m not going to mispronounce it.
Eric Beichler 00:29
That’s okay. Beichla, thank you.
Damon Pistulka 00:31
Beichler, very good. I would have missed it. That’s awesome. We got Eric Buechler with us today from more partners. Now these guys are experts in leasing property, buying property for clients, they help understand how to get into a property the way you need to in a public private company. And I’m probably slaughtering it, but today we’re going to talk about why smart CEOs don’t auto renew leases. Awesome to have you guys here today. Thank you. It’s Reverend salon, alright. So as we usually like to start out with, we’ll have Eric start out with, giving us a little background on how you got into this line of work and and what brought you to where you are today, doing what you’re doing.
Eric Beichler 01:17
Sure. Thank you very much. Damon, happy to be here. Well, grew up in Ohio originally, but it moved to Dallas, finished high school there, and frankly, coming out of college, I ended up taking an opportunity in commercial real estate, which wasn’t necessarily by design. Ended up connecting with what was the founder of Moore partners, Bob Moore at the time, as a young guy, kind of put my head down, and we started to grow what was a very small business on the tenant representation and corporate services side of the business in commercial real estate. You know, frankly, I before I knew it, I was there 10 years, then 12, then 15, and actually been with the firm 31 years. I helped scale and grow the business with Bob and many other folks, and we were together 23 years, really formalizing the business, if you will, and scaling that nationally. And we’ll talk a little bit more about that, but we were together 23 years in it. Eight years ago, I bought out Bob the founder with our current CEO and two partners. And so four of us own the business today, and we are actually the largest tenant only commercial real estate firm in the country now, which we’re pretty proud of. But, you know, we it was not necessarily by design Damon, but I, I will tell you that I cut my teeth at a young age, and a lot of companies and corporations, learning corporate real estate, and I think it served me well. And it’s been a, it’s a, been a great passion of mine. And the other thing that I probably be remiss in mentioning is it allowed me to travel around our country and even internationally, which really was kind of neat, to cut your teeth at a young age in that regard. So
Damon Pistulka 02:59
no doubt, yeah. And I never thought about that, how, how much traveling you’d have to do in a position like that. Okay, so we’re going to go off topic a little bit. Favorite place to travel to, in the US,
Eric Beichler 03:12
in the US, you know, I still like New York City. I don’t know if I want to live there all the time, but I love doing business there. I would say there’s one of my tops. And then, you know, I enjoy port parts of Florida, Charlotte, Miami, they’re, they’re kind of fun.
Damon Pistulka 03:30
Yeah, good stuff, yeah. So, good stuff. All right. Well, then we’ve got Spencer Morona, longtime friend, associate of mine, Spencer, let’s, let’s hear the same from you. How’d you get to doing what you’re doing with more
Spencer Marona 03:46
partners? Sure, like, I didn’t have as much of a straight path as Eric did. I’m really excited to be with more partners today. But going back, I’ve been in the industry, in business, for little under 25 years, and out the gate, my first job was with a tenant representation firm locally here in Seattle, and I did that for about six or seven years, and that’s right when crap at the fan, you know, 809, at the Great Recession. So if you were mid to late 20s, it was hard to stay around in the business at the time. So I took a detour, went to work at Amazon for a couple of years, learned a ton fascinating company. There’s a reason why they do so well, um, but I want to get back into real estate. And so I actually took, got into management and leadership with a couple of one with the world’s largest investment real estate firm, and then a local one in Portland, Oregon. And from there, I realized I kind of want to do this on my own. I want to be married to one company, and so I started a leadership and consulting firm. About probably 85% of my clients were in the commercial real estate space. So it was working with small to medium sized commercial real estate companies and helping them. A lot of brokers do really great in brokerage. They go out and start a business on their own. And and they don’t realize how difficult it is and how many things need to happen, and QuickBooks, etc. So helping them build infrastructure, recruiting brokers, training brokers, scaling their and moving on to the next one. Well, I’m a team guy. You know that I played football at the University of Washington and I missed that. I mean, there’s only so many pat on the backs I can get myself or candid feedback as well on your own. So it just happened that I was out in the market looking to get back into commercial real estate, and from everything that I’ve seen over the past 20 years, I knew for sure that I wanted to be on one side of the market, and that’s working with tenants and occupiers. And it just so happened that the stars aligned, and our CEO, Bob Shibuya, we connected on so I’m opening the Seattle office and growing the market in the Pacific Northwest for the firm. And I started that at the beginning of the year, and I get to work with guys like Eric, so I’m I’m excited.
Damon Pistulka 05:51
Nice, nice. So we’re here today. We’re going to talk about why CEOs should not auto renew leases, or don’t. Why smart CEOs don’t auto renew leases. So let’s, let’s go into the commercial real estate climate right now. So, Eric, you get exposed to this across the world and globally before we got on. He said, You guys have offices in Mexico, Canada and India. So let’s talk about, first of all, the commercial real estate market here in in North America. And what are some of the things that are kind of affecting how people are approaching their commercial leases?
Eric Beichler 06:34
Right? Well, first of all, at a high level, we do, we do represent what you would consider portfolios, small, mid size to large portfolios, and that’s owned in leased real estate, right? Most companies don’t do a great job of managing appropriately the size of the portfolio they have. They don’t, you know, they don’t pay attention to some of these deadlines, critical dates, and then even managing what we call camera conciliations in the cost, so the occupancy cost that clients have and tenants. These companies are constantly managing their real estate, but sometimes it’s a cost to do business. So if they’re, if many companies that their core business may not be real estate, but they’re, they’re squarely in the real estate business, right marketplace because of supply chain, storage, distribution, three, pl, logistics, you name it. And so here’s what they’re all challenged by. Is, how in the world do you budget over the balance of this year and even going into the next couple quarters, we’ve got tariffs. We got really interesting interest rates that we’re not sure. Is the Fed going to pop it a couple more times down. All of those things are challenges. You know that the CFOs and CEOs are managing, and they don’t all have quite the right answer, but one of the things we can bring to bear that helps is getting out in front of critical dates and expiration dates. When you know the market like we do, you can leverage, like as I’ve told people, you can out negotiate a lot of people. If you’ve got time on your side and you have good data, those are critical components. That’s all we do is negotiate Damon on a regular basis, all in all these markets, you know, but the market overall is quite healthy, to be fair, and I don’t not sure that’s on the front page all the time. We’re in a lot of main, main markets, what you would call tier one and tier two markets. Let’s take the NFL cities, by way of example. Most of them are doing very, very well. Retail is coming back. It’s not cheap like it was before. There’s more of it. There’s more occupancy. Industrial continues, continues to be incredibly strong, and office has got some challenges, no question. But I’ll tell you, the sector that’s doing quite well is the trophy assets. So the flight to quality, if you will, of tenants and clients moving their people back to the office is in high demand, and most companies are paying, actually more per square foot to have a better showcase, if you will for their employee base, and they’re okay doing it where you really have challenges Damon is, if you have a nice building in a second tier market, and it’s a B Building, right? It’s not an a, it’s a B, that’s a tough game, because you’ve got to really convince, you know, you got to put some capital in it, you got to increase the amenities. You got to do things to compete with the real, shiny new one that’s two blocks away, and that’s a channel. So yeah, that may help.
Damon Pistulka 09:26
Well, I can, I can speak to a recent change that I helped one of our clients do, and they, they definitely upgraded in in the quality of the building that just, and really, really took a step up in that and right? And I think a lot of companies, when they’re considering that too, one of the things that they might miss is that, how will that really affect their business, not and from both the customer perspective, but an employee perspective. And I think it’s good to see that companies are stepping that up, because it makes a big difference in what I’ve seen.
Eric Beichler 09:59
They are they are. Sure it, you know, image and culture is important, right? It’s a little bit like the locker room. You know, the culture matters. It, I will tell you I was in just to give you a perspective, probably in the last six weeks, I’ve been in front of seven companies, and what I mean in front of them, I’m talking about it’s either CFO, CEO, COO, etc, and to a person, not only do they all talk about the tariffs, which we can maybe talk about in the in the lack of budgeting and the lack of security of the budget, but the other part is most of them are going from three and two to four and one, talking about days off and work from home, right? So that three two business is going away. Some of them are going five days a week, and many of them are minimum. Want to be four and one, yeah. And I think the four and one is probably the game going forward in for a lot of companies, I don’t know that we’ll ever get back. I’m a big proponent of, I kind of, I do what you call seven on seven, which is seven days a week, right? Let’s just, let’s get after it so, but the four and one is real. And I will tell you, there are some companies that have had challenges just from three to two to four to one. I had a head of HR said we lost four people the day we announced it. Four people resigned. Yeah, yeah. So you know, those are challenges. Those are real challenges. But the and I won’t take all the time on this, but I do want to come back to the labor. Damon labor is a big part of what we do, evaluating labor, understanding it, and if you don’t have good labor to support where you’re going, moving or renewing, it doesn’t matter how great of a real estate deal you did, yeah. And so that’s a real challenge, and it’s a real item.
Damon Pistulka 11:37
Yeah, it is. And especially when you’re talking about, if you’re going from three to two to four to one, and you’re making people commute further and other things like that, that’s a real consideration, because there, I mean, let’s be honest, we get used to what we get used to that’s and some people, as you said in that one example, it’s not worth it for them to continue working if they’re going to move farther away and have to go to the office another day,
Eric Beichler 12:04
there’s no question. And JP, Morgan’s our bank. We have a great relationship with them. I represent a couple of consulting firms, and I can tell you those types of groups that are highly professional, one of the the errors they made, and I think Jamie Damon absolutely agrees with this, is they waited too long to correct. And so what you just said is correct, which is, you form habits, don’t you? Yeah, they went too long with that environment, and that’s hard to undo, yeah. And, you know, we didn’t quite do that. Now we’re private. We were able to make some changes and things, but it’s a real challenge that’s out there, frankly, in
Damon Pistulka 12:40
Yeah. So, yeah. So as we’re, as we’re talking about this, let’s talk about tariffs. First of all, then I want to go, I want to kind of go into, you know, the nuts and bolts of you talked about some critical dates and other things. And I really want to talk about that a little bit. But so what are people talking about out there renewing leases when they’re talking about tariffs and just the whole, how is it affecting the commercial real estate market?
Eric Beichler 13:11
Yeah, sure. So two grill examples that I just want to kind of disclose it. I represent two companies that have to do with ports. One of them is one of the larger owners of ports in the world, not just in the US. The other one is ports America. That actually is one of the larger Steven doors in the country. So they’re on every port, right? So these groups really understand how product gets moved around this country and supply chain and all that. And so we deal a lot around that. And the reason I bring that up is they’re certainly on the front end, and they’re feeling these tariffs and seeing the change in volume, what it does to the user of real estate, like big box industrial space or even light manufacturing. Obviously, it depends about their exposure to China in different places, but certainly China is starting to get replaced, or at least talked about that. They’re going to move to India, they’re going to look at a Singapore, they’re going to chat, you know, and I will tell you, they have to be cautious, because it’s not a quick fix. Number one. Number two, there’s actually some other really encouraging places around the world, including the US that is now becoming quite attractive, and I think Trump’s doing a pretty nice job trying to make it valuable to companies, to bring some of the jobs back, right that were overseas. But what? To answer your question directly, and it’s really across the board, it’s really hard to make the decision they were so a company’s looking to do a build a suit, or they’re going to expand next quarter. Now with the tariffs, what’s happened is it either kicks the schedule back because they want to wait and see, and they want those tariffs to find their own, you know, water to find its own level, which I believe it is happening. But how quick Will that happen? And then, what if we have another spike, and what if we change it? So I think what, where Trump has been a bit of a disservice is it’s hard to gage right? The next play you. Yeah, and all the companies have challenges with that. Nobody really has it nailed down. So what we’ve seen is a little bit of a pullback, certainly pausing, not not killing the projects at all. With one of the larger truck groups in the country, they’re actually, you’re part of the of the world that you would know the name for sure. And he shared with me what was the next three quarters their strategic plan. And they have, they had a huge meeting everybody involved to adjust that plan, because they were very nervous about, you know, can they count on some of the numbers and things? Yeah. So, you know, I will say the market’s still very healthy. One thing that we’re blessed in our business is we get compensated, and we are doing business. If people move, if people stay and renew, if they consolidate or they expand, that’s not a bad place to be. Not that we’re, you know, we’re not fail proof, but, yeah. But the point is, is, is we really are trying to bring good advice and advisory, Damon, probably not different than what you’ve done for companies on let’s make the best decision at the right time with the best information. And that’s a lot of what we’re trying to do. So
Damon Pistulka 16:09
awesome. What are your thoughts on this?
Spencer Marona 16:14
Yeah, absolutely one thing I want to touch on. And yeah, Eric does travel. It’s that I can I can vouch for that, not only International and Public companies, but we also work with a lot of small to medium sized companies on the local market, which it’s just as important to make sure that they’re being represented by a tenant representation broker versus a landlord broker. Yeah, the process that we go through, go ahead. We’re going to say,
Damon Pistulka 16:40
Damon, no, go ahead. Go ahead. So
Spencer Marona 16:42
one of the biggest challenges that I that I ran into, I’m sure Eric has over his career, is working. We meet with a light manufacturing or an industrial distribution tenant, and they’ve been in that same location for called five years, 10 years, maybe 15 or 20 and they’ve developed a relationship with that landlord. And that landlord could be institutional. It could be a private owner who has a small portfolio. It might be their only building, and they might have a good relationship. Let’s say they go golfing. Let’s say they hang out. But one thing that’s critical to remember that these property owners own these properties, it’s cash flow. It’s an investment stream. It’s to make as much money as possible, to sleep better at night. And one thing that I love about this process, and I saw the conflicts of interest when I was working with at different firms, is that we are able to provide objective, unbiased advice. Our the way we approach the market has to strategically align with that company, with that tenant and their goals and needs, not with what the owner may do, we can be more aggressive when it comes to negotiating and positioning ourselves in leverage, because we’re not going to turn around and say, Hey, Damon, let’s say you’re the landlord. We just put XYZ company in there. How about you give us a shot at listing this building over here or helping you sell the building when the time is right, because at the end of the day, you’re going to have tenant rep brokers who work at full service firms, and they might be a tenant representation group. Well, I consulted with these firms, and I know the Chinese wallets inappropriate today. I think it’s the ethical wall of what it’s called now, yeah, it’s really hard to have that ethical wallet when your best friend you go have happy hour with is sitting next to you. You’re talking about the deal. We can avoid all that and get more favorable economic terms for our clients as a result. So,
Damon Pistulka 18:24
yeah, yeah. Well, and honestly, I think that, you know, when you’re talking Small and Medium kind of size businesses, they they got no idea when it comes to the leash, right? I mean, most people never, never. Don’t even read it really, right? They just go, how many dollars is it a month? And how long am I in it? You know, that’s tell me what the whole thing is and, and that’s about it,
Spencer Marona 18:46
absolutely. So I’ll give a quick example. This was back in 2010 but I had a company. They were in 20,000 square feet, and they had been there for the past about 25 years, and they were dead set on renewing the voice. Done that. I said. Now if there’s ever time to exercise the market, let’s go out and explore your options. But we were able to take a look at labor analytics, a little bit about what you guys were talking about earlier, where they’re going to move, how’s it going to impact their business? To make a long story short, they were dead set on renewing, but I was able to find them two other options. We thought they were going to renew. They ended up relocating. They got 18 months of free base rent, turnkey tenant improvement allowance, which was well over $500,000 a generator, which is typically a tenant cost, and a few other things. Um, but their existing landlord, as much as they wanted to keep them there, could not, it did not make sense for them to renew. And I think a lot of tenants have this mindset, especially maybe the smaller that they are that you know what, it’s just going to be too much of a hassle to move. I mean, if you don’t have one foot out the door and let your landlord be aware of that, they’re not going to get the most economically favorable deal, in my opinion. Eric,
Eric Beichler 19:54
yeah, I think the story matters as well. We’re constantly negotiating on behalf of clients that have good. Credit, bad credit. Are they growing? You know, the story matters most tenants, excuse me, most landlords are in a position where they don’t really want to lose their tenant, and they’re very nervous about, when does the train come back down the track to potentially backfill that? Yeah. So if, again, if you can get out in front of that, you can get a lot of concessions. I mean, frankly, Damon, I’ve saved millions of dollars for clients because I’ve done a early renewal, two years early, two and a half years early. So we rip up the old one, we do a new lease. We get better concessions. I give get them some free rent. We get paint carpet. I mean, there’s a lot of things that can be done if you’re out in front of this and tenants need a couple. I mean, excuse me, landlords need a couple things they want. They want term on behalf of their lender, right? They want that balance sheet on the building to look really good with term. And they want good to great credit. If you can give them one or both of those, you’re in the driver’s seat. Typically.
Spencer Marona 21:00
Hey, Eric, quick question, How often have you seen the option? Because a lot of tenants I know really want an option to renew in their lease, sometimes a couple of options to renew, and those terms can be negotiated differently. But how often have you seen since you’ve been doing this for over 30 years, a tenant execute that option and have it be better than if they had gone to the market and looked at other spaces?
Eric Beichler 21:21
Well, if I’m negotiating, it’s always been better, right? That’s the, yeah, no, they the typically, you don’t want the standard option. If you have a set option in there, you can really be challenged. Some people don’t realize that, because the market may be upside down when it’s time to react, but you want the right and the ability right. So when you’re doing a lease, there’s two things you’re going to mitigate risk, right? Damon, and create as much flexibility. If I give you as much flexibility with mitigating risk, then you’re in business. And, yeah, fine. But, man, there’s a lot of poor ones out there, and there’s a lot of leases that, you know, some really. I mean, the strike of a pen, a word can make a big difference. Yes, when we talked about I covered earlier, but, and we’re happy to go back to it, but we have over 110 million square feet we’re responsible for Damon just in what we call lease administration and lease accounting. That is critical. So those are all the critical dates and things. But you wouldn’t believe companies that step over these dates or miss them, and now they’ve got nothing, and they’re hung out there, and now they’re going to landlord, hoping they can renew. Well, that’s price is not going to go well. It’s not going to go well typically. So So managing the portfolio, understanding your critical dates, the options to renew, the options to terminate. You know all those things like Spencer is bringing up is real critical, and that’s a big part of our business as we represent portfolios.
Damon Pistulka 22:46
Yeah, and just bringing the knowledge, like you guys are both talking about here, as you said, critical dates, being one of them, could go and pass it, and then you’re either on the street to find something else, or you’re like you said, you’re going back to your landlord and go, Hey, can I stay right? Rather than than, as you said, you might want to go six months or a year or two years ahead of that. If the market is right, and that land that landlord could be nervous about the future, right? It might be your time to to double down and go long term with them. That’s
Eric Beichler 23:17
right, yeah. And you know, we’ve done, not to get too much in the detail Damon, but I know you can follow it pretty well, is you wouldn’t believe how much value you add to buildings that are looking to sell in the next year or two, just by renewing a good credit tenant because of the NOI that’s produced right, and the cap rate will off of that noi will generate the purchase price. So you become, if you do it right, some of the best tenants in the in the world become a real partner to the landlord. And that’s how you should think about it. And you know, if you play your cards, right, so to speak, you can, you can really benefit,
Damon Pistulka 23:52
yeah, yeah, that’s awesome. That’s awesome. So, wow, we’ve covered a lot of reasons why you don’t want to just auto renew your lease and keep going, that’s for sure. What are some of the things that you think we were missing here today, that that I’m sitting here on the C CFO, I’m the CEO CEO, and I’m sitting here going, I don’t know if we want to renew or not. Where do we start?
Spencer Marona 24:27
I’ll start with that. There’s a lot of ways I can answer this, but I think it’s starting with really evaluating your current approach. Are you working with a broker? Is that broker with a tenant only, occupier representation firm, or is that broker not? Does that broker work with my landlord? So evaluate your current approach. You can do a complimentary consultation with us, no strings attached, and we will tell you straight up, this approach looks good. This is how we would approach a little bit. Differently, compare the methodologies, and then if there is make sense to do it, set up a transition plan. That’s something we can help with. We’re it doesn’t lost on us that this is a relationship driven business, and there are going to be relationships in place. How much does that relationship cost to the CEO, the owner of that company? That’s that’s what we found out. But it’s starting with enough time in advance, because Eric said earlier, the closer you get to that, excuse me, the closer you get to that expiration, the more leverage you use, because companies need time to go out, maybe get permits for tenant improvements constructed all that time, right? And if you’re telling a landlord 90 days out from execution, we’re going to go through the market, they’re just, they’re going to laugh and know you’re full of it. So, yeah,
Eric Beichler 25:43
yeah, I’ll, I’ll answer it a little differently. The question, you know, was, how do you know if you want to renew or not? Well, the first assessment is, what’s working for your employees and what’s attractive to the building. Is it just a cheap rate? Do we like the signage on the building? Do we like the Ingress, egress, can clients find us? Do we need to be near the airport? So all of those things Damon, are things that we talk about for what we call site selection, right? And determining where someone needs to be. We have a BI platform, which I didn’t mention to you prior to the show, I apologize, but we have a large business analytic sector to our business. So we actually deal with a lot of data, and we visualize that data on behalf of our clients. So I can tell you on retail, where you need to be. Can you drive the customer base? You know, a lot of these types of things, but I think it’s first about what works for where you are. Then we can look at the market and see if you have options nearby? Or do we even need to be in that same zip code? You know, one of the things we’ve done for many executives is we’ve gotten a list of all their employees by title, and then we color code that, we do a heat map, and we show that if we stay within five miles, we got a retention of 87% if we go six miles this way or four miles this way, right? We’ve got some challenges. So what are the drive times? What are all those things? So we do all of that. It’s not just, here’s some buildings. Let’s go look at them. It’s much more thoughtful than that. And then when you get into economics, okay, we’ve got the rate. But how is it managed? Is that a good landlord? Is it well managed? And what I’d like to do, especially for the larger transactions where they’re making seven and 10 year commitments. What came out of COVID, by the way, Damon, that was really interesting is people started the good brokers, at least, and certainly I’ve done it is I’m challenging the financial wherewithal of the owner. So you might want to know my financials, and we’ll talk about secure deposit. But Damon, as the owner, I want to see your financials, because I actually don’t think you’ve got to pop the piss in. You got to sell the building in a year. So I’m not signing up for 10 years. Yes, I don’t know who my next owner is. Yes, and when that has started to happen, it’s really changed the environment a bit, to be honest, the last number of years. And some of the best owners do really well as they should, and they advertise that, and some of these other owners, you know, they try to jam you sometimes, and it’s important that you understand, do they have capital to run that building at a level at which you’re paying? That makes sense. So I think that is overlooked, for sure, it’s some of the detail that’s important, and we’ve had some real challenges with questionable landlords, landlords having issues with their lenders, and you’re Yes, you just did a lease, right? You’re two years into a five year lease, and now you’re picking up the phone and call me and saying, Eric, I don’t think this landlord could hold on to the building. They haven’t done anything on the maintenance side. Yeah. Why’d you put me over here? Right?
Damon Pistulka 28:38
So that’s an interesting perspective. Because, you know, really understanding, like, if I’m sitting in that C suite right now, not knowing the position of our landlord financially is definitely a reason to pause, if, if, at the very least, sure, it could be a reason to move. If you if, if, if, like you said, you don’t know a you’re just, first of all, the maintenance, the building could go down significantly. But second of all, it could go to somebody else, and it’d be a completely different relationship that you didn’t want to be in. No way, no how, right? So, ah, very good stuff. Very good stuff. So for for you guys, we’ll start with Spencer and then go into Eric. What what do you like about doing this?
Spencer Marona 29:28
What do I like about doing this? Winning? This is my first answer, the first thing game I ever winning. I mean, it is a competitive business at the end of the day. But what I really like, my favorite part is whether the lease is renewed, or if they’ve relocated at the very end, just seeing the smile on their face, because, especially if they weren’t a believer to begin with, if they’ve been renewing on their own or worked with a landlord broker, because it is a different experience, and they will spend money. I love that part of it. I mean, because. Is when I if I don’t have to worry about, well, how’s this other side going to feel like pushed too hard? If I can just be like a bull and run through a wall for my client, that’s I love that part of it, you know. So I like the competitive nature, and I like seeing them save money, whether they’re reinvesting that back into their business or whatever it may be. But I don’t have many, I can’t think of an unhappy client that I’ve had with this process. So yeah, I like that.
Damon Pistulka 30:24
And with you, Eric, what do you enjoy about it?
Eric Beichler 30:26
Yeah, I think, look, it can be a tough business. It’s not for everybody, especially early on. I think there’s no question the competitiveness, but it has afforded me to see a lot of parts of the world, in the country, but probably more importantly, I’ve been in and out of so many companies. I think one of the things I tell my kids that there are a lot of really well cut, well run companies in how doing fine. However, there’s a lot of companies that are quite average, that are large companies that are not well run. And it shows you what you can do in today’s society, and there’s nothing standing in your way. And so we can bring I think every day we get up, we have a chance to really make a difference and do really well in our sort of making a living, but we do solve a lot of problems, and I think that’s probably a bit rewarding for me, especially as I’ve gotten older, you know, I helped a client the other day with something had nothing to do with real estate, nothing. And they called me and said, we’d like you to be a consultant for three months, because we think you can figure it out. I mean, that’s pretty neat, and that’s Yeah, and so, because you get into these companies, and we’re under a lot of NDAs, I probably shouldn’t have mentioned, you know, I know some publicly traded companies that are buying companies before they buy them, or they’re in an M and A scenario, and that’s kind of neat, because you feel like you’re in the market, right? Damon, you’re familiar with that, I think Brown, and that’s kind of neat. And so, yeah, it’s a hell of a it’s kind of a big field trip. I say, you know, if you, if you followed me around the last few years, I do get in front of some pretty neat companies. And, yeah, even if we don’t get hired, sometimes you learn a lot through that. So
Damon Pistulka 32:09
yeah, that’s for sure. Well, that’s, that’s awesome, guys. It’s been, it’s been awesome talking to both of you today, Eric and Spencer and man. Spencer, I really appreciate you making this happen because, you know, like we talked about the topic, why smart CEOs don’t auto renew leases, you guys have brought up a lot of good reasons, lot of good points about the real the commercial real estate market today overall. And if someone wants to get a hold of you guys at more partners? Where should they look?
Eric Beichler 32:44
Well, certainly more is spelled M, O, H, R, so more partners is all over. You pop it up real quick, you’ll find it. We’re based out of Dallas, but we’ve got offices all over the country, and we have international reach. I’m based in Dallas. Eric buch@morepartners.com and we’ve got Spencer’s the same at more partners.com but won’t be hard to find us, that’s for
Damon Pistulka 33:06
sure. All right. All right. Well, gentlemen, I appreciate you stopping by today, and man, thank you so much. I want to, first of all, thank it, then I want to thank everyone who’s out there listening today and with us today, with Eric Buechler and Spencer Morona from more partners, M, O, H, R partners. They are people out there helping tenant companies find the best places, find great locations, and wow, they’re good at it. So thank you gentlemen for being here today, and we’ll be back again later. Thanks for having us on. Hang out with me for a moment and we’ll finish up offline.
Eric Beichler 33:48
Thank you. Thank you for having us on.
