How to Keep a Family Business Thriving Across Multiple Generations with Garret Bedrin: EP 285

For the video interview, visit: https://youtu.be/UZmFSIYDwiQ Garret Bedrin is a third generation real estate developer, sponsor, and operator with the Bedrin Organization. He's also been a top season ticket executive for the Golden State Warriors and has been recognized as a Franchisee of the Year by Salons by JC. As Garret likes to say, you need to be interested and interesting.  He calls his approach having strategy with a little splash of luck, but it's clear that the success of his businesses come from having a great business model, identifying the right partners and tenants, and a lot of passion and hard work. The Bedrin family has a long history of entrepreneurship & service. Garret's grandfather started the company in 1947 after serving in World War II, landing on the beaches of Normandy, and receiving two Purple Hearts. The Bedrin Organization started as "Murray's Gift Gallery" and eventually grew into Allied Office Supplies. The family's knowledge of retail made the transition into commercial real estate a natural fit, and they turned their industrial warehouse into a retail space. They've since expanded into more mixed-use projects and a variety of other businesses. There's an old saying around family businesses, “shirtsleeves to shirtsleeves in three generations.” The first generation rolls up their shirt sleeves and gets their hands get dirty, the second generation wears a polo shirt because the first generation did all of the heavy lifting and the third generation has to start rolling up the shirt sleeves again because the second generation let the business fall apart. With his company continuing to focus on growth and staying vibrant, Garret looks at himself as a combination of all three generations and it's clear that the future is bright for Garret, the Bedrin Organization and their partners. Key Takeaways: Patient capital is very important and pragmatic for people to keep in mind when building generational wealth. Everybody wants huge returns to grow their capital as fast as possible but in real estate especially it's important to have a long term plan. Aligning with the right partners & the right tenants will help create much more success. Focus not only success for your family, help create success for those partners and tenants as well. Contact Garret: Website: https://bedrin.com/ Linkedin: https://www.linkedin.com/in/garret-bedrin-537460/ Instagram: @garretgram Email: [e-mail] Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level and visit www.bluelake-capital.com. To connect with Jeannette & her team directly & find out how to invest alongside Blue Lake, email them at [e-mail] or just complete our potential investor form at https://www.bluelake-capital.com/new-investor-form and they'll be in touch with you. . Learn more about your ad choices. Visit megaphone.fm/adchoices