Kenneth Woolley, CEO of Extra Space Storage, recently spoke with a reporter from The New York Times and gave an abbreviated autobiography of his life in business. At age 62, Woolley has a diverse resume that includes TV repair, car sales and owner of an oil company and ice cream manufacturer. As a side project, he teamed up with an associate and began building self-storage properties in the late 1970s. The company now has more than 650 sites and lays claim to being the second largest self-storage operator, according to the most recent ISS Top Operator List.
Woolley states that he has learned a few key points about building a successful business. One is to know when to buy real estate, because "you make money when you by, not when you sell," which might be a nugget to savor during the current state of affairs in the real estate market. The other point is equally, if not more, valuable beyond buying and selling: "I've found that business works best when I have a partner who has skills that complement mine."
This reminded me of another quote I'd seen from a very successful entrepreneur, Steve Jobs, founder of Apple Computers. Among his list of "12 Rules of Success," Jobs includes the following: "Learn from customers, competitors and partners. If you partner with someone whom you don't like, learn to like them – praise them and benefit from them." Certainly, Jobs must have learned something while establishing two through-the-roof companies (Pixar, in addition to Apple) and earning the title of Fortune Magazine's Most Powerful Business Man of 2007.
What can we learn form Jobs' and Woolley's experience? Finding a partner who complements your assets is a great tip. If you're a self-storage owner, this probably relates to finding employees who work well with you and your other employees, someone with good ideas, healthy work ethics and, if you're truly insightful in the hiring process, someone who brings strengths to the table where others fall short.
Need some pointers on how to hire great staff members to partner with you on your self-storage ventures? The December issue of Inside Self-Storage is packed full of articles focused on hiring and training self-storage employees, and making the most of management best practices. Click here to get started and review some of this month's topics, or visit the ISS archives for dozens of others.