WS1769 Building Relationships to Grow Your Business | Lance Pederson

Immerse yourself in our enlightening discussion on leveraging relationships for business growth within the real estate industry, featuring industry expert, Lance Pederson. Discover Lance's inspiring journey, from humble beginnings to becoming a prominent figure in multiple businesses, all while applying lean startup principles. We delve into the essential art of prioritizing, interpreting industry jargon, and the untapped potential of strengthening existing relationships. This discourse promises to be an invaluable resource for both budding entrepreneurs and seasoned professionals seeking innovative ways to connect with new investors.

In the subsequent segment, we shift our focus towards personal growth, the art of learning, and the transformative power of giving back. Lance recounts his journey of fostering genuine relationships since his high school days and the advantages of mastering the art of quick learning. We further explore the intricate aspects of Limited Partnership (LP) investing in industrial real estate. In this context, Lance provides an in-depth outlook on the immense potential of industrial investments, his hands-on experience in cultivating industry relationships, and practical advice for aspiring investors. So, tune in and ignite your drive to redefine your learning curve and success trajectory in the real estate industry.


Don't miss the opportunity to connect with Lance Peterson on LinkedIn! Enhance your professional network and stay updated with his insightful posts about the industry. Just click here to visit his profile and hit 'Connect'. Join the conversation today!

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Transcript

LB1769

Lance Pederson: [00:00:00] I told every person I've ever worked with you got to start with what you have. Relationships take time to build. And so don't overlook what's right in front of your face. Reengage with those and deepen the relationships that you have already developed, because whether you've realized it or not, you've invested.

Whitney Sewell: This is your daily real estate syndication show. I'm your host Whitney. So we are back again today with our guest Lance Peterson from yesterday. We had an extended show yesterday that we had to split up into two different segments. I hope you will stick around through the end, or if you're just tuning in today, please go back and listen to yesterday's show.

First, we dove into some of the new things Lance is focused on now, but ultimately helping LPs to look at the industrial space as an investment, right? Many of us including myself have been focused on multifamily and have not thought about really industrial you know, as part of our portfolio as a passive investor.

And Lance brings out a number of things that you as an LP, as a passive investor need to know. And he's gonna dive into a number of other things. Just a few final questions. That was great. A great conversation. I love his desire to learn and learn quickly and, and the desire to know why things happen the way they do.

And he's going to talk about a number of those things as well.

what's the way you've recently improved your business that we could apply to ours? 

Lance Pederson: It's, been interesting the last few years like after being in businesses that were, I'd call more stable over the last 10 or 15 years the things you do and, those businesses are different, it's kind of, now I'm at this point where I've, started from ground zero on many of these things that I'm working on so.

I'm a big, I'm a big proponent of lean startup principles and just iteration and just focusing on the main thing and, that kind of stuff. So that's more where my mindset is. It's just don't worry about [00:02:00] everything, worry about the important things. And I think that applies to life in general, but certainly when you're at the stage where I'm at where you're starting a a new general partnership, even if it's just industrial and raising funds, which of course for me is like.

Falling off a chair because I've been helping people do that and running our own funds for years. But you know, when you got to start from scratch and all those things, you got to make sure you're focusing on the right things. And then with the software startup it's exciting to get back into that again.

And it's the same thing it's like focus on what the customers want. It don't matter what I want, it matters what they want and whatever they want figure out how to give it to them and ask a lot of questions and learn what you can do to improve it and continue to deliver value to them.

No doubt 

Whitney Sewell: about it. I love that. I love the focus. I think we can get so sidetracked on what we think it should look like versus focusing on what the client that you're looking for wants it to look like, whatever it may be. 

Lance Pederson: Yeah, that's exactly right. It's, you can't force feed things down people's throat.

I mean you got to understand and even with the investor side, I mean it's just instead of complaining about the fact that maybe investors are a little skittish or whatever. I mean, that's where you got to lean in and what would it take for you to not be skittish?

What's causing your skittish, like almost like you're a psychiatrist or a psychologist. It's you need to understand, don't just take what they're saying at face value because there's probably more to it. Right, and really try to appreciate. What they're going through or what their fears and concerns are.

And I think that's where partnering with Sam Giordano, I mean that he's a doc, he's a GI doc knows a lot of docs, he's a doctor, and so it's just great perspective when you're not in control of the deals, it's just, you're just, it's just different, right? And so a lot of this fear that us on the GP side may or what we view is just them being irrational or whatever.

Is that there's just more to it than that. And I think if you [00:04:00] can, do things to allay their, fear, fears and, help them through that. And a lot of it is just education, right? Because every, I mean, every day, I mean, I read the wall street journal and every article and people are doing the same.

And so it's just helping them interpret what, the headlines are saying into how that. Works with whatever it is that you're doing specifically because especially commercial real estate, they all the headlines are saying commercial real estate when they really mean office, right?

In terms of the issues. And so it's just reading through that okay, let's get real. They're talking about these gigantic office buildings that are it doesn't mean that all office is bad, even though I'm allergic to office at this point as well, but you know what I mean?

It's just dig a little deeper. I think that's the important thing. Don't take everything at face value. There's more to it than that. Yeah, I think that's smart. 

Whitney Sewell: And even I just say it so many times, it's goes back to the educational component, right? Educating your investors and. And thinking about, man, what do they want to know?

And it's like you said a headline that may scare them, but it's not talking about their investment at all, right? Or the asset class they're in whatsoever. But if they don't dig into it, man, it can really build some fear quickly, right? Lance, what is your best source for meeting new investors right now?

So, I mean, 

Lance Pederson: a lot of the, there's been some like investor groups that I've been engaged with over the years. I think those are the best sources for me and it, so it's really just the relationships and referrals from others that I've known for years. And I guess that's what I tell any GP that's starting.

I told every person I've ever worked with you got to start with what you have. Relationships take time to build. And so don't overlook what's right in front of your face. Reengage with those and deepen the relationships that you have already developed, because whether you've realized it or not, you've invested.

Probably, you've probably invested more time into them than you've given them credit for, if that [00:06:00] makes sense. And I think that's how I'm wired. I'm not a big rah guy, I'm really analytic, I can't just to me, the answer is always, it depends, right? So, it's hard to, that limits my ability to do it a certain way, and I'm fine with that, and I'm not passing judgment on those that do it a different way, but I tend to do it more like this it's, What can I help you with now?

What can I, teach you? What wisdom and knowledge and experience can I share with you that once again will make you a better investor? Because whether you invest in my deal or you don't I certainly don't want you losing your money you worked hard for. So if I can help make you better, I trust that If it's a good fit, you'll find me or you'll tell someone else.

I mean I don't worry about it, right? I just don't, worry about it. What are some of the most 

Whitney Sewell: important metrics that you track, Lance? It could be personally or professionally, either one. 

Lance Pederson: Conversations had, I mean, meaningful conversations had is, sort of my metric. I mean, I got a little two jars here with 20, 20 little fruit pieces every day it's Move, try to move 20 of them from this jar to the one that's empty.

Learn that from atomic habits but, to me, that's everything. It's just meaningful conversations. It's always been, once again, I'm comfortable with it and I feel like it's always led to. The most fruitful things. And, I think it keeps my focus on just the things that matter most and it's building relationships and that kind of stuff, whereas if you, if I'm trying to make 200 calls a day or something, I mean, I already know what would happen, right?

I'd become highly transactional and its effectiveness would go down. So in the business that I'm in and I've chosen, and even the one that you're in, I mean, it's just, [00:08:00] it's a relationship business, whether you realize it or not. Whether it's done online and you never meet these people face to face, it doesn't.

It doesn't matter. It's still highly, relational at every single level and aspect of this business. 

Whitney Sewell: No doubt. No doubt about it. Highly relational. You mentioned atomic habits and I love that. Just the visual of moving those from one to the other. Just being able to see that all day long, right?

As you're trying to make that happen and have those conversations. Any other habits that you're disciplined about? 

Lance Pederson: Well, I'm just wrapping up this thing called 75 hard. I've got five days to go on this thing. So those have been the habits I've been most focused on. So you have to adhere to a strict diet.

You pick a diet and just have to adhere to it. So like I went with like intermittent fasting and intermittent fasting diet. And then you've got to drink two, you got to drink a gallon of water a day. You got to do two 45 minute workouts. One of them outside, no alcohol. You got to read 10 pages a day for 75 days.

So those, have been sort of the habits I've been focused on this, summer and, they've led to good things. I ended up doing like a 10 day cleanse in the midst of that not intentionally lost just decent amount of weight and just feel a lot better. So I'm kind of that guy.

It's and then atomic habits, obviously that's pretty much the thesis of the whole book, right? You just, you got to start with these foundational things and then kind of habit stack on top of them. So that's where I'm at. Next thing will be like lifting weights and free weights and just kind of build on it from here, but 

Whitney Sewell: what's the number one thing that's contributed to your success?

Lance Pederson: Transcribed

I'd say just like genuineness and authenticity. I've, been an entrepreneur since I was 20 years old. I started my first business. And I [00:10:00] think that even a buddy of mine that I hadn't connected with since like high school, I talked to them a month ago and he's just dude, you haven't changed like at all.

Like it's just and of course I'm thinking like. Well why would I but you realize well, that's not always the case, but I think that's just always been my thing. I just call it how it is. I say it how it is. I'm genuine. I'm authentic. I mean, what I say. And I don't know, man.

I just, I think people I guess it's just not a quality that enough people have. I have no idea but I think it's just, it makes people trust you faster, get comfortable with you. They know that you're thinking about them and might not be the most empathetic guy, but I'm certainly trying to make sure that I understand where other people are coming from and respect what I think those things are, confirm them and.

Seems to serve me well. So 

Whitney Sewell: yeah, no doubt. One thing I meant to ask you about that you mentioned before we even started recording as a superpower of yours was the ability to learn at a fast pace. And I just wanted to get some tips behind that before we realized we're going over and we're going away over time.

But I wanted to see if you'd provide some thoughts behind that. I love that thought too. Or just taking in as much as possible and, learning at a fast pace. You mentioned like getting to the bottom of things quickly, right. In learning and, how do you do that? What does that look like?

Lance Pederson: I, think the big thing is, that I'm just after all the years of sort of, you are how you are or whatever, like it's that I'm way more interested in the why behind everything. And so when you're, when you get your mind to the place where you just it's very wide driven, then your ability to sort of parse information to get to that is, is much easier, right?

Because if, I'm consuming anything [00:12:00] or listening to other people talk or a podcast or reading a book or an article or whatever, like I'm, just trying to figure out like. Well, why did this person write this or what do they mean or what is the implication on a bigger picture level? And I think when you do that, and I think that's really it is, it's like, what are the intent behind people doing it?

So that's why I'm able to figure out all these SEC laws and all this AICPA accounting stuff. Like people ask me, I'm like, I didn't even, I don't, I went to college and I'm a drama dropout. Like I, I, didn't even finish college. They're like, how do you learn all this stuff? And I'm just like, because that's what I do.

I just. To me, I'm like, who came up with this and why would they have done that? Right? Like, why would they do that? There has to be, I get it, some things are just don't make any sense, but there's got to be a reason why someone would come up with this silly rule. What would drive that or what would have led them to come up with that?

And sometimes there is, it's just, it really is just no good reason, right? But I think I process everything that way. And so I, I can read really fast and it's just, and I'm always thinking that way. And then when you've got those thoughts, that's where you start to get pattern recognition. Right?

So you start the ability to connect. Different concepts and just, and not being a single track mind, right? I'm like, I'm more of that, even though I didn't go to college, but I'm a liberal arts type of guy. Like I realized, like I need to understand physics and chemistry and I need to understand how all these things work.

I mean, at least at some level I don't want to, I don't want to be ignorant, right? I know that I'm ignorant. I wanna do everything I can every day to be less ignorant than I am. And I think it makes you more tolerant, it makes you more patient all those sorts of things. Yeah. I love the, 

Whitney Sewell: just the ingraining in yourself.

The, notion of why and wanting to know why that is that way and why again, and why, that's, it's very helpful when you're thinking about understanding and learning. It is just a simple. Question, right? 

Lance Pederson: Yeah, well, it's like a three year old. I guess my parents just never, I guess somehow in some way it never got stymied in me [00:14:00] magically.

But that's what they say. I mean, the curiosity number of questions asked by a three or four year old per day is like 300 or it's some ridiculous number. And by the time they get in the fifth grade or sixth grade or something, it's You know, it's 12 or I mean it's just market. Right. And so I think that, and as you can probably imagine in school, I wasn't my, teachers didn't appreciate my inquisitiveness but it never stopped me.

And, I got straight A's so it's just, so they had to just kind of deal with me, but that was always the thing. I'm just like, if I don't understand what it is, then you need to tell me why that matters. And even if I'm driving you crazy. 

Whitney Sewell: Yeah. And unfortunately we dole that, I think in most of our kids, right.

And stop asking so many questions. It's good. They're asking questions. 

Lance Pederson: It's good. They're asking questions. Yeah. You want to encourage it. Yeah. I mean, I've got five of them and and I'm certainly could have done a better job, but I've tried to continue that, right? Hey, that's a great question.

And frankly, I don't know the answer to that question, but you do have resources. So be resourceful and there's information, everything. I mean, like this is, I grew up in the eighties and the nineties. I mean, like it was hard to get access to information. I mean, these days we have everything at our fingertips.

Yeah, for sure. How do you like to give back? Thank you. Well, I mean, giving back for me is, it's we're, Christian people and pretty involved in church and stuff. And so I think that's just always been my give back is just you It's like discipleship like just trying to help life is hard.

There's lots of trials and tribulations in this world and and managing them and that kind of thing. So I just think helping people that way is the best thing that each of us can do who've been here longer than on our path longer. And I guess that's probably, it's easy to say cause it's sort of, once again, ties in with my superpower.

It's just, it's what I do. I'm [00:16:00] like a counselor. I'm a guy who gives guidance and wisdom. I don't 

Whitney Sewell: know. No doubt. It's it's incredible. No, I thank you for sharing that and giving back in that way and through discipleship. I think it's the most important way of giving back personally. But so grateful for that, Lance.

Lance, grateful for you giving back to us today and, and actually an extended amount of time here, I'm noticing, but grateful to catch up with you and have you on and really dive in to helping. LPs think through investing mostly in industrial, right? I think it's an asset class that we've not talked about a ton on the show, even after as many episodes as we've done, we've not dove into that asset class too many times.

And so I think it's very helpful for LPs that are looking at that asset class, or maybe diversifying out of multifamily potentially a little bit and looking at industrial They need to know some of these things, a number of these things, right, that you mentioned today. And so thank you again.

Tell the listeners how they can get in touch with you and learn 

Lance Pederson: more about you. Yeah, I think the best way is on LinkedIn. just, search Lance Peterson. Connect me with me there, and we can take it from there. But, yeah, I think that's the most expedient way to connect.