Outstanding opportunity to learn the business on a 10 year project. What to learn and what questions to ask?
I've been meeting with a developer in regards to an opportunity to join a very small team on a 400 acre mixed-use new development project with retail, residential, hotels, restaurants, and industrial. They like me because of my personality and experience in the restaurant world which I have offered to bring into the first phase of the project: a food hall. They've offered to teach me about the real estate side of the business of which I am very interested and no experience. What are the first things you'd try to learn and what questions would you be asking during interviews with other partners.
[{"id": "ew9m04d", "text": "North American Properties?", "replies": [{"id": "ew9mov3", "text": "Yes", "replies": [], "depth": 2}], "depth": 1}, {"id": "ew9zvg7", "text": "Hey bud, I am both a restauranteur and commercial real estate professional, what exactly are your expectations regarding them teaching you? You may want to ask them now why they like your experience in the restaurant world and also think about what you potentially can help with... Cuz your teacher's lesson could hurt.", "replies": [], "depth": 1}, {"id": "ewbcuzp", "text": "I\u2019m not sure if you\u2019re looking for what to learn and ask before you take the role or when you take the role. During the interview is not the time to learn about real estate so much as what the expectations of your role will be and how that will evolve as you do learn. (Whats my role at the start, 6 months in, 1 year, 5 years, etc) \n\nAs far as what to learn when you have the job: everything. Every word you don\u2019t understand, every scenario, ask whats next and why. Not only don\u2019t worry about being annoying, actively try to be. As time goes by, the price you pay for not knowing things is much worse than being considered annoying. You\u2019ll eventually grow out of being annoying and just be the guy who is smart and picks things up fast. People usually like being asked about their expertise. It\u2019s a compliment. \n\nThere are ways to limit the annoyance. Carry a notebook and write down everything you don\u2019t understand and google it. Then sitdown with someone at the end of every day and walk them through it to see if you understand correctly or what details you missed. Rotate the people you ask questions of so you\u2019re not always going to the same person. Sometimes ask the same question to multiple people to see if the answer changes. (Not too much as you dont want the first person to think you didn\u2019t like their answer)\n\nIf you are diligent/consistent about this and thoughtful about how you go about it, it will be not only amazing how quickly you can pick things up, but also how much you learn that people who have been doing this for decades don\u2019t know.", "replies": [], "depth": 1}]