Codina Partners Part 8 - More Than A Family Business: The Inner Workings Of Codina Partners

October 11, 2018

EisnerAmper Real Estate Services Group Chair Ken Weissenberg asks Codina Partners Executive Chairman Armando Codina and CEO Ana-Marie Codina Barlick about their approach to running a business owned by a family.


Transcript

Ken Weissenberg: You’re daughter is the CEO of your company now. Any other family members in the business?

Armando Codina:Yes we have a son-in-law married to my number three Andrea and he is the number two person in our home building affiliate. A venture that we have with my best friend and a longtime partner Jim Carr who is a home builder and Andy Miata works there, but he really works for Jim and we run it that way and so he's the only one, we’ve had another son-in-law that worked in our multi-family, and he learned a great deal. His name is Andrew Fray and he's now doing small projects. He’s doing one in Little Havana. Eight units is a great concept that he loves he wants to provide a niche for people at an affordable price if not a subsidized housing but at an affordable price can live he has a great view of Little Havana so no daughters and now one son-in-law.

KW: Do you go home for the family holidays and stuff?  Are you able not to talk business at the table?

AC:This is all I do. I mean I don't play golf, I don't belong to a country club, I don't like the beautiful people or going to their social stuff. What I like is working, and working with Ana. So it's not a burden. We talk about business. I get home and Ana’s office is next to me. We talk, I don't know how many times a day. I get home, the phone rings my wife, says your girlfriend is on the phone and it’s Ana to talk about, what do you think about this, did you read that, so I don't know how to do it any other way. You know it's not work for me. I enjoy it. I don't know about Ana. I’ll let her speak for herself. We’ve never had an argument. She has an MBA from MIT and I don't have a college education. All I got is instinct and God. I come from that; she comes from a structure. Even when we look at something different, we get to the conclusion together. I think it's a process that worked well.

AB:I mean it's an honor. It's a privilege. It's a very blessed situation to be able  to go to work every day and with your father. There's really nothing better. I mean we argue a lot, we used to argue a lot about the air conditioning temperature to be honest. We sort of fixed that. Believe it or not, that was a major point of contention but you know I feel very fortunate. I think it's that's a great example for my children to be a working mother and to go to work with their grandfather.

KW:Any of your kids come to the office?

AC: Oh yeah, all the time.

KW:Yes, they like coming up to the office.

KW:Following your footsteps.

AC:Her oldest his name is Armando. He’s quite a character and he sent me a picture of him sitting on my desk. So I was chatting with him, and he says you know this is going to be my office. I said not so fast. This is based on merit so you got to come here, you have to get an MBA, you come and you clean floors here and you work yourself up. We’re not a family business, we’re a business that's owned by a family.  Family is foremost and first; the business is a separate thing. Here you make the right decisions for the business you don't accommodate. Everybody is here on their merits not on an entitlement.

KW:That's the secret to success.

AC: Yes, I hate entitlements.

About Kenneth Weissenberg

Kenneth Weissenberg CPA, Tax Partner in Real Estate Services, is experienced in tax saving strategies and negotiating sales and acquisitions. He represents owners of some of the most well-known real estate properties in New York City.

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