Misassessing business partners can prove costly: Craig Berger [Video]
Industry leader shares his experience of the painstaking process of learning to choose the right people to work with
TOPHOTELNEWS caught up with , Founder & Managing Partner at Avid Realty Partners, at the TOPHOTELWORLDTOUR in New York’s Marriott Marquis on November 13, 2018. We spoke to him about his biggest career mistakes and what he has learned along the way.
is the founder and CEO of Avid Realty Partners, a commercial realty firm focused on hotel and multi family apartment assets. Before founding Avid Realty, Berger spent over 10 years as an equity research analyst, and was the managing director for FBR Capital Markets and, prior to this, Smith Barney Citigroup. Berger has also been involved in consulting for tech startups and angel investing, and has a well-rounded knowledge of the operational, strategic, and management sides of business.
Biggest career mistake
When speaking about mistakes he has made in his career, cites the complexity of his job, where he is an owner, operator and developer of hotels and apartments, as one of the biggest factors in any mistakes that he might make. Juggling so many responsibilities means there is a lot of room for error, however, he says that he would hope his mistakes are small in comparison to his victories.
He says that managing risk is one of the key factors when making decisions and leading projects, and that sometimes, one of the biggest risks can come in the form of who you decide to enter into a partnership with.
Berger has had professional experiences where he chose the wrong person to enter into business with, and he says he has learned to become more effective at assessing a potential partner’s true personality through many years of experience.
Berger is of the opinion that there is no better educator than time and experience. He says that anyone starting out in the industry should work across a broad sector of teams in the beginning to learn how they are composed and where they fit into them.
By doing this, you get great experience, but qualifications and credentials are also necessary. One of the most important aspects in business is building real and solid relationships, but that a willingness to take risks is also key, as long as they are correctly measured and managed.
His biggest piece of advice is to take the leap and just do it.
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