Part 2: Learnings from Glenn Rufrano
Photo: Business Wire
Learnings from Glenn:
On solving problems: You can't have 100 different problems you're trying to solve. My approach is, let’s try to figure out three—what are the biggest? Let's solve them by breaking them down into small pieces and using good commons sense. When solved, we will move on to the next three.
Career opportunities always come with risk. Maybe you’re in a job and you feel secure. And maybe you have a family to support and a mortgage. This makes decision making quite hard and puts you firmly outside your comfort zone. You have to have enough confidence in yourself to be able to say, I'm going to take this opportunity, but if it does not work, I'm going to be okay, because I'll find a substitute position and still be able to live my life.
Hiring talent comes down to three elements: work hard, be smart and be ethical. If the candidate isn’t the third one, I don't care about the first two. When you’re interviewing someone, you can love them, but if that person later breaks ethical codes to get the job done, it hurts everybody, and you just can't afford that. Among other things, you must protect the company.
Guidance to students: There's not a lot of good things about being older, except having experienced a lot more than you. I've made mistakes that you haven't made yet, so I have some answers to your questions that you may or may not like, but I've got backing for them whereas where you have very little backing at this point in life.
My most valuable mentor? Milton Cooper at Kimco. He is a very smart man who starts by listening. He first wants to know what you think you know. He wants to understand you. This way, when he gives you advice, it's most helpful and it hits home because he's thinking about you -- he isn't just talking off the top of his head. I follow Milton’s way when young people ask me how I got to where I am. I say, first tell me about yourself. What do you know? What are you thinking about in life? What is your path? Is it real estate? Is it not real estate? Are you undecided? Which is very legitimate now. Where are you in your thinking about moving forward, so that I can help you?
To lead a successful turnaround, you can’t have caused the problem. You’re too tied in to admit to the problems. The solution requires a fresh, new approach – someone new.
The rule to live by is the golden rule. You should treat me the way you'd want me to treat you. When this rule is violated, it’s terrible. For example, never dress a person down and especially in front of others. Frank discussions are part of business and belong behind closed doors.