Wright launched locally based Franklin Street Financial Partners in December 2006 with the idea of not only providing multiple real estate services under one roof, but allowing young professionals to work with seasoned veterans in a collaborative setting. The firm has additional offices in Weston, FL and Atlanta, with plans for more regional expansion and eventually a national presence.
"There is an opportunity right now to help clients in need," the firm's CEO and managing partner tells GlobeSt.com. "I honestly feel that we are helping the industry and we want to continue to do that."
Wright, who worked with Marcus & Millichap before starting Franklin Street, oversees several service lines including property management, brokerage, sales of retail properties, commercial property insurance, debt and equity sourcing for commercial real estate investments, financial advisory, and workout/debt resolution. Clients can sign up for any one or all of these services.
Just as important, however, is the caliber of personnel working at Franklin Street—a balance of expert brokers and those with fewer years of experience. Most recently, Pauline Pappas, a St. Petersburg retail broker with at least 25 years of experience, merged her leasing and management business with Franklin Street.
"There has never been a greater need for professionals who are effective at their business," says Wright, who himself has yet to turn 30. "Clients need help navigating these waters and getting through to the other side."
While many of Franklin Street's partners have left the comfort of larger national brokerages to join the smaller partnership, Wright says they benefit from direct access to company profits. He says Franklin Street grossed $1.8 million in 2009 and is already well on its way to topping that, posting $500,000 in the first quarter.
"The most important thing for us is to have measured growth," he says, noting that any one business line can carry the football for the entire firm under varying conditions (lately, it's insurance). "There is a lot of block and tackle. No one always has to be the quarterback."
As the market improves, Wright would like to be able to expand Franklin Street to other parts of the US where its current clients are, starting with the Southwest and Midwest, then eventually the Northeast and Southern California. In the meantime, he cites Orlando and Charlotte as logical office additions within the Southeast.
The biggest driver for growth, he says, is collaboration—not just between the firm and its clients, but among its own personnel. Sharing of knowledge and information is important to helping solve problems and maintain property values, he says.
"We don't know any other way to get through this without working together," he says. "We don't have to do everything, but let's do something."
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