Wright launched locally based Franklin Street Financial Partnersin December 2006 with the idea of not only providing multiple realestate services under one roof, but allowing young professionals towork with seasoned veterans in a collaborative setting. The firmhas additional offices in Weston, FL and Atlanta, with plans formore regional expansion and eventually a national presence.

|

"There is an opportunity right now to help clients in need," thefirm's CEO and managing partner tells GlobeSt.com. "I honestly feelthat we are helping the industry and we want to continue to dothat."

|

Wright, who worked with Marcus & Millichap before startingFranklin Street, oversees several service lines including propertymanagement, brokerage, sales of retail properties, commercialproperty insurance, debt and equity sourcing for commercial realestate investments, financial advisory, and workout/debtresolution. Clients can sign up for any one or all of theseservices.

|

Just as important, however, is the caliber of personnel workingat Franklin Street—a balance of expert brokers and those with feweryears 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 FranklinStreet.

|

"There has never been a greater need for professionals who areeffective at their business," says Wright, who himself has yet toturn 30. "Clients need help navigating these waters and gettingthrough to the other side."

|

While many of Franklin Street's partners have left the comfortof larger national brokerages to join the smaller partnership,Wright says they benefit from direct access to company profits. Hesays Franklin Street grossed $1.8 million in 2009 and is alreadywell on its way to topping that, posting $500,000 in the firstquarter.

|

"The most important thing for us is to have measured growth," hesays, noting that any one business line can carry the football forthe entire firm under varying conditions (lately, it's insurance)."There is a lot of block and tackle. No one always has to be thequarterback."

|

As the market improves, Wright would like to be able to expandFranklin Street to other parts of the US where its current clientsare, starting with the Southwest and Midwest, then eventually theNortheast and Southern California. In the meantime, he citesOrlando and Charlotte as logical office additions within theSoutheast.

|

The biggest driver for growth, he says, is collaboration—notjust between the firm and its clients, but among its own personnel.Sharing of knowledge and information is important to helping solveproblems and maintain property values, he says.

|

"We don't know any other way to get through this without workingtogether," he says. "We don't have to do everything, but let's dosomething."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.