Apr 1, 2020
On this episode we interview Grant Russell, Principal at Norton and Schmidt Consulting Engineers LLC, as well as a Partner at Red Rock Capital LLC. He explains why he joined into a business as a partner as well as the advantages of a partnership, versus starting a practice all by himself.
Grant has multiple reasons driving his success. He enjoys the ever changing challenge of real estate, but also enjoys deciding who he does and does not want to work with. He enjoys working with friends who are clients.
Grant’s expertise within his firm:
Working with existing commercial buildings and helping building owners and property managers with roofing, water proofing, masonry work and building restoration.
Overview of the the partnership model:
Grant’s firm operates very similarly to a law firm. There are a group of 12 partners in the firm, all who are 100 percent commission and all who pay into a pool of resources. This pool covers everyone’s professional liability, building maintenance, technology services, office supplies, as well as support staff. These are fixed costs for the partners, but there are some variable costs such as those who are billing an excessive amount paying more in professional liability and support services.
More success through the partnership model:
Grant believes that starting a business through partnership made him far more successful than if we would have gone out on his own. It allowed him to build expertise in multiple areas of engineering and real estate, as well accelerate his learning curve in both areas. He was learning from people who have been experts in their fields for more than 30 years.
Advice to others pursuing partnership:
Everyone has an expertise in their industry, so be humble and vulnerable and willing to learn from the others around you. Make sure someone in your business is forward-thinking. Be okay with healthy conflict and disagreements in the workplace.
Book recommendations from Grant:
How to contact Grant: