Finding Opportunity in Market Cycles

Weatherholtz's career began in the early 1990s during a severe market downturn, a baptism by fire that shaped his perspective on risk and opportunity. "I had a front row seat to see someone's life unravel," he recalls of his first employer, who lost everything when tax law changes decimated his business model. "This cat had about 20 really terrific properties, had guaranteed all the loans personally...I watched the moving trucks come to his house in the best part of town."

This early experience taught Weatherholtz two critical lessons: first, that external factors can dramatically shift even seemingly sound business models, and second, that market downturns create extraordinary opportunities for those positioned to act. He watched as bankers desperately offloaded properties for $50,000 that would be worth millions within years.

"I saw pretty quickly how that $50,000 property a few years later was worth half a million, and then that half a million dollar property over the next 10 or 20 years became three or four, five or ten million," he notes.

Building Comprehensive Expertise

Unlike many who specialize in one aspect of real estate, Weatherholtz built unusual breadth across the entire development ecosystem. Starting literally from the ground up, he worked on construction crews as an electrician's apprentice and framer, then moved through maintenance, property management, leasing, and development.

"I saw it from every angle," he explains. "I learned how the floors get mopped, what it takes to maintain landscape. I learned about backflow preventers, fire sprinkler systems, what each clause of a lease means."

This comprehensive perspective gave him unique insights into how properties function holistically and how each element contributes to the overall experience and value. By the early 2000s, after seeing everything from distressed, foreclosed properties to high-end developments in prime locations, Weatherholtz was ready to strike out on his own.

The Catalytic Development Approach

The insight that ultimately defined Weatherholtz's career came from observing a peculiar phenomenon: when his team executed exceptional projects, everything around them became more valuable – hotel rates increased, office rents climbed, retail rents soared. Yet they had no participation in that broader value creation.

"We were doing this service to others, in a way," he reflects. "It became really hard to make these projects work within their four walls as things became pricier, but what you're doing is creating a huge increase in value."

This realization led to a fundamental shift in approach. Instead of limiting focus to single properties, Weatherholtz began looking at how to capture value across entire areas by using small-scale retail and hospitality spaces as catalysts for neighborhood transformation.

Small Spaces, Massive Impact

What's particularly fascinating about Weatherholtz's approach is the disproportionate impact of relatively small spaces. He's discovered that projects as modest as 10,000 to 40,000 square feet can completely transform an area with the right energy and operators.

He points to how a single announcement about King of Pops taking just 250 square feet in Atlanta's massive 1.6 million square foot Ponce City Market development immediately signaled the project's character. "They didn't announce the JP Morgan and McKinsey offices taking hundreds of thousands of square feet – people were talking about this 250 square foot popsicle stand," he says. "It framed in your mind what kind of place it was going to be."

The Independent Operator Advantage

Central to Weatherholtz's strategy is the power of authentic, independent businesses to create the energy that transforms neighborhoods. While national chains might pay premium rents, they rarely generate the same catalyst effect as unique local concepts.

Consider Muchacho, the vibrant Atlanta coffee and taco spot where Weatherholtz conducted part of his interview. "This could be a Starbucks and Chipotle combined – they could probably pay some price premium," he explains. "They're not negatives, but it would be a bit of a wet blanket on the surroundings. Whereas this has a very energizing effect."

The magic of independent operators, Weatherholtz notes, is that they create a positive-sum ecosystem. When complementary concepts cluster together, each enhances the others, creating a vibrant district that becomes increasingly desirable.

Building Partnerships That Scale

As his business evolved, Weatherholtz found innovative ways to scale this approach. Today, his firm often partners with much larger developers, handling small but crucial retail components that disproportionately influence the success of massive projects.

"You might have a million square foot office building, but the public perception is all about that 20,000 square feet of commercial space on the ground floor," he explains. "That can help you lease a million square feet at a couple more dollars per foot or six months faster."

This collaboration model has expanded to include municipalities eager to develop their own unique identities and enhance their tax bases. By helping underwrite catalytic projects, these public partners participate in the transformation of their communities.

The Universal Elements of Great Places

Through decades of observation across different cities, Weatherholtz has identified universal elements that make spaces work regardless of location – human scale, authentic materials, and attention to fine details.

"Look at some of the most successful projects in various cities – it's often really simple things done well," he says. "The right wood for a patio, proper lighting, getting the scale right. These are simple elements, but they work across different cities and cultures."

What's striking is how modest these elements can be: "A few chairs outside a bakery, the area underneath trees – it's nothing grand, it's all super small scale with very fine detail."

Creating the Future While Balancing the Present

Today, Weatherholtz continues evolving his approach, spending significant time identifying innovative companies and helping them on their journeys. His newest venture, Automatic, connects influential retail brands with property owners and developers looking to benefit from their transformative presence.

As he looks to the future, his ideal balance involves dividing time between urban development and nature, spending months in Idaho while continuing to shape cities. It's a fitting vision for someone whose career has been defined by finding unique value and connection in unexpected places.

The True Pros Takeaway

Eric Weatherholtz's journey demonstrates that extraordinary success often comes not from following industry formulas but from observing patterns others miss. By recognizing the disproportionate impact of small, authentic spaces on broader neighborhood value, he created a development approach that generates returns beyond traditional metrics.

His story embodies the achievable excellence that True Pros celebrates – significant but attainable success built through comprehensive expertise, pattern recognition, and innovative thinking. For professionals in any field, Weatherholtz offers a powerful reminder that sometimes the most valuable insights come from stepping back to see the entire ecosystem rather than focusing solely on immediate returns.

The next time you notice a neighborhood transforming around a few exceptional local businesses, remember that behind such "organic" evolution often stands someone like Weatherholtz – carefully orchestrating the catalysts that create value far beyond property lines.

Bethany's journey from administrative assistant to co-founder of Foresite Commercial Real Estate offers a masterclass in turning limitations into advantages. Her story demonstrates how strategic decision-making, coupled with a clear vision for work-life integration, can create opportunities for both personal success and industry transformation.

Building Success Without Traditional Advantages

When Bethany started in commercial real estate at 18, she had no industry connections, no college degree, and limited work experience. Rather than seeing these as insurmountable obstacles, she focused on creating value through skill development. "I bought an Excel book and committed to becoming the office expert," she recalls. This dedication to mastering fundamental tools led to increasingly complex projects and regular interaction with property owners.

This pattern of turning potential disadvantages into strengths continued throughout her career. During the 2008 financial crisis, when she lost her job and could only find commission-only work, she used the challenging market conditions to build deep relationships with clients who would later become the foundation of her business.

The Power of Strategic Sacrifices

Bethany's approach to building her career challenges conventional wisdom about work-life balance. Rather than seeking immediate equilibrium, she strategically front-loaded her effort in her twenties. This included:

• Working full-time while taking night classes to graduate debt-free
• Spending three years in investment sales making minimal income to gain invaluable experience
• Reinvesting all early commissions back into her company to fund critical hires

These sacrifices weren't just about financial success – they were investments in creating future flexibility and building a sustainable business model.

Innovative Leadership in Practice

When Bethany founded Foresite in 2014, she had a specific vision: creating an environment where both clients and employees could thrive. This manifested in several innovative approaches:

• Implementing flexible schedules that allow parents to prioritize family time
• Creating a comprehensive training program that has evolved to serve multiple firms
• Building a culture that values both high performance and personal well-being

The results speak volumes: Foresite has grown to manage over 90 properties with a team of 37 people, while maintaining its position as San Antonio's #1 Best Place to Work.

Creating Industry Impact

Perhaps most remarkable is how Bethany has leveraged her success to address broader industry challenges. When COVID-19 disrupted traditional internships, she transformed Foresite's internal training into the CRE Launch Program, now helping develop talent across multiple markets.

This program exemplifies the power of solving problems beyond your immediate business needs. By making commercial real estate more accessible to new talent, Bethany isn't just building her firm – she's strengthening the entire industry.

Key Lessons for Professional Growth

Bethany's journey offers several valuable insights for professionals at any stage:

1. Focus on skill development over credentials. Her early investment in becoming an Excel expert created opportunities that formal education alone couldn't provide.
2. Use market challenges to build relationships. The connections she forged during the 2008 crisis became the foundation for future success.
3. Think long-term about work-life integration. Strategic sacrifices early in your career can create more flexibility and control later.
4. Solve problems beyond your business. Addressing industry-wide challenges can create unexpected opportunities for growth.

Looking Forward

As commercial real estate continues to evolve, Bethany's approach to business building offers a blueprint for sustainable success. Her story demonstrates that with the right mindset, strategic patience, and commitment to creating value, it's possible to build something meaningful while maintaining your values.

The path to exceptional achievement doesn't always follow traditional routes. Sometimes, it starts with a temp agency mix-up and the courage to make the most of unexpected opportunities.

In the world of commercial real estate, success often comes down to the fundamentals – but it's the consistent, excellent execution of those fundamentals that sets exceptional professionals apart. Beth Azor, known throughout the industry as "The Canvassing Queen™," embodies this principle of achievable excellence, demonstrating how unwavering dedication to the basics can build an extraordinary career.

The Power of Showing Up

When Beth started at Terranova with an $18,000 salary, she made a decision that would shape her entire career: she chose to be present. While others saw weekends as time off, Beth saw them as opportunities to connect. She'd be in the office on Saturdays, doing paperwork while the bosses were around. "It's not who you know, it's who knows you," Beth explains. This simple yet powerful approach led to her managing more properties faster than her peers.

Learning Never Stops

Despite her success, Beth never stopped investing in her growth. Early in her career, she put Tom Hopkins' sales training materials on her credit card despite barely being able to afford them. "A lot of people think, 'Okay, I graduated from college, I'm good. I just need to learn my field,'" Beth notes. "But we can always learn, and if we stop learning, we coast – and coasting in a wagon goes downhill."

The Value of Persistence

Beth's experience turning around a struggling property in 1990 exemplifies the power of consistent effort. For six months, she couldn't lease anything despite canvassing 80 to 100 prospects daily. Instead of giving up, she kept going, trusting the process. The result? After breaking through with the first deal, she signed 50,000 square feet of leases in the next six months.

Building Communities, Not Just Centers

Today, Beth owns four shopping centers valued at $80 million, but her impact extends far beyond property ownership. She's made it her mission to increase women's participation in commercial real estate investment, aiming to raise it from 3% to 10% by the time she's 70. Her approach to this goal? Building communities.

Whether it's organizing women's investment conferences, creating industry supper clubs, or helping young professionals connect, Beth understands that success in commercial real estate isn't just about buildings – it's about people and relationships.

The Evolution of Retail

Beth's current work, including her success in Cleveland's Tower City, demonstrates how retail continues to evolve. By understanding local community needs and creating opportunities for Black-owned businesses, she's signed 49 leases in a market where she initially knew no one. This success reinforces a crucial lesson: while the industry changes, the fundamentals of understanding your market and building relationships remain constant.

Key Insights for Growth

1. Consistency creates breakthrough moments. Even when results aren't immediate, persistent effort compounds over time.
2. Every interaction is an opportunity. Whether it's a weekend at the office or a conversation with a competitor, relationship-building happens in unexpected moments.
3. Community creates opportunity. Success isn't just about individual achievement – it's about creating networks and opportunities for others to succeed.
4. Market understanding is crucial. From tenant mix to community needs, deep market knowledge enables better decision-making.

The Path Forward

Beth's journey exemplifies the sweet spot between everyday business and billion-dollar empires that defines achievable excellence. Her story shows that extraordinary success doesn't require revolutionary innovation – it requires exceptional execution of fundamental principles, continuous learning, and a commitment to creating value for others.

As the retail landscape continues to evolve, Beth's approach reminds us that while technology and markets change, the core principles of success remain constant: show up consistently, keep learning, persist through challenges, and build strong communities.

Whether you're just starting in commercial real estate or looking to take your career to the next level, Beth's journey offers a blueprint for sustainable success built on achievable excellence.

Playing the Long Game in Commercial Real Estate

Success in commercial real estate (CRE) isn't about quick wins—it's about patience, discipline, and the ability to see opportunities where others don't. No one exemplifies this better than Bob Knakal, one of the most prolific investment sales brokers in New York City history. With over 2,342 building sales under his belt, totaling more than $21 billion in transactions, Knakal has spent decades mastering the art of long-term success.

The lessons Knakal has learned transcend real estate. Whether you're investing, building a business, or navigating your career, his approach—deep market knowledge, strategic patience, and a relentless focus on fundamentals—demonstrates why playing the long game leads to sustainable success.

Vision: Seeing Beyond the Immediate Deal

Bob Knakal built his career by seeing opportunities others overlooked. He didn't just focus on selling buildings—he became an expert in neighborhood-specific market trends, earning a reputation for knowing New York City's investment sales market better than anyone.

A key element of Knakal's success was his masterful execution of the territory system at Massey Knakal. While other brokers chased deals across the entire city, his firm's disciplined approach to territorial specialization allowed brokers to develop deep market knowledge and strong relationships within their assigned areas. This focused approach helped them better serve their clients and build lasting relationships in their territories.

Rather than rushing to close the next transaction, Knakal always played the long game—building trust with property owners, tracking sales trends, and positioning himself as the go-to expert in his field.

Lesson from Knakal: The best opportunities don't always look like opportunities at first. True professionals invest in their expertise and relationships for the long haul.

Patience: Mastering Market Cycles for Lasting Success

Every great real estate investor or broker understands that timing the market is impossible, but understanding cycles is essential.

Knakal has navigated multiple downturns—the savings and loan crisis, post-9/11 market corrections, the Great Financial Crisis, and now the challenges of rising interest rates. Each time, he has watched over-leveraged investors and short-term speculators get wiped out, while those who played the long game emerged stronger.

During market downturns, when many firms pulled back, Knakal maintained his commitment to providing value through market insights and maintaining strong client relationships. This strategic patience and consistent presence in the market helped build trust with clients through difficult times.

Lesson from Knakal: The professionals who thrive long-term aren't the ones who chase short-term trends—they're the ones who understand and respect market cycles.

Lessons from True Pros: How Industry Leaders Master Time

While writing True Pros, I spoke with top CRE professionals, and a consistent theme emerged: success isn't just about what you know—it's about when and how you apply that knowledge.

Here are three key principles Knakal and other industry leaders follow:

1. Market Knowledge is Power
   • The best professionals know their markets inside and out
   • They track both obvious and subtle market indicators
   • They build systems to capture and analyze data systematically
2. Consistency Compounds
   • Success isn't about one big win—it's about doing the right things repeatedly
   • They maintain discipline in both up and down markets
   • They focus on building sustainable processes over quick results
3. Relationships Drive Long-Term Growth
   • Real estate (and business) is about people
   • They invest in relationship-building systems and processes
   • They prioritize trust and reputation over immediate gains

Cross-Industry Applications: The Long Game in Action

The principles that drive success in real estate apply across industries. Leaders who understand the power of patience and vision often share common approaches:

1. Territorial Focus
   • Developing deep expertise in specific areas
   • Building strong relationships within defined territories
   • Maintaining consistent presence and engagement
2. Market Cycle Awareness
   • Understanding industry-specific cycles
   • Maintaining discipline during downturns
   • Preparing for opportunities in all market conditions
3. Relationship-Based Growth
   • Prioritizing long-term relationships over short-term gains
   • Creating systematic approaches to relationship building
   • Maintaining consistent communication and value delivery

Implementing the Long-Game Mindset: A Framework

To apply these principles in your field:

1. Define Your Territory
   • Identify your specific market or expertise area
   • Map key stakeholders and relationships
   • Create systems for tracking market dynamics
2. Build Your Knowledge Base
   • Develop expertise in your chosen area
   • Create systematic learning processes
   • Track and analyze key metrics
3. Establish Relationship Systems
   • Create regular touchpoint schedules
   • Develop value-add communication plans
   • Build long-term engagement strategies
4. Prepare for Cycles
   • Identify key market indicators
   • Create contingency plans
   • Maintain resources for opportunities

Final Thoughts: The True Measure of Success

Knakal's career shows us that patience, market expertise, and a long-term mindset separate the best from the rest. His success wasn't built on chasing fast money—it was built on playing the long game, making small, consistent moves that added up to massive long-term results.

Whether you're in real estate, investing, or building a business, the question remains the same: Are you making decisions for the next 12 months, or the next 20 years?

The professionals who achieve lasting success understand that true excellence isn't about quick wins—it's about building sustainable systems, developing deep expertise, and having the patience to let your efforts compound over time.

If you want to dive deeper into the wisdom of CRE's top professionals, join our early reader program and get early access to True Pros. Be part of the journey that's changing how industry knowledge is shared.

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The Strategic Opportunist: Chris Powers' Industrial Evolution

When Chris Powers shifted Fort Capital's focus to industrial real estate, it wasn't just about following market trends. He saw beyond the surface-level metrics to identify a fundamental shift in how businesses would operate. But the real story isn't the pivot itself—it's how he executed it.

They didn't just buy industrial properties, they rebuilt their entire operational framework. Every acquisition, every renovation, every lease negotiation followed a systematic process they developed through constant iteration.

This methodical approach to opportunism—combining market insight with operational excellence—characterizes many next-level success stories. It's not about making bold bets, but about building systems that turn market understanding into repeatable results.

The Relationship Architect: Moses Kagan's Capital Innovation

Consider Moses Kagan's approach to raising capital during a market downturn. Instead of chasing institutional investors, he developed a unique storytelling framework that connected with individual investors. His pitch wasn't just about returns—it was about creating a shared vision for urban development.

This approach helped him raise millions for niche multifamily developments, but more importantly, it built a community of aligned investors who supported his long-term vision. The lesson? Sometimes the most innovative business strategies come from rethinking relationship dynamics, not just operational processes.

Beth Azor's Retail Revolution

Beth Azor didn't reinvent retail leasing—she mastered its fundamentals at a granular level. Known as "The Canvassing Queen," she developed a systematic approach to understanding local market dynamics that transformed struggling retail centers into community anchors.

During the pandemic, when many saw retail apocalypse, Azor saw opportunity. She pioneered a pop-up store strategy that not only filled vacant spaces but created a new model for retail leasing flexibility. Her success wasn't about disruption—it was about deeply understanding market mechanics and adapting traditional models to new realities.

The Pattern Behind the Success

Analyzing these and other next-level success stories reveals a consistent framework:

1. Deep Domain Mastery: Each professional developed intimate knowledge of their market's mechanics, going beyond surface-level trends to understand fundamental value drivers.
2. Systematic Innovation: Rather than seeking disruption, they innovated within existing systems, creating repeatable processes that turned insight into consistent results.
3. Relationship Architecture: Success came not just from what they built, but how they built it—through carefully structured relationships that aligned incentives and created lasting value.
4. Operational Excellence: They didn't just identify opportunities—they built systems to capitalize on them consistently and at scale.

The Next Level Is Closer Than You Think

These patterns reveal something crucial about professional achievement: the gap between good and exceptional often isn't about revolutionary ideas or unprecedented talent. It's about developing deeper understanding, building better systems, and structuring relationships more thoughtfully.

This is why studying these success stories matters. They show us that next-level achievement isn't about making quantum leaps—it's about systematic progression built on better patterns of thinking and executing.

Want to discover more patterns of next-level success? Join our ARC reader program and get early access to twelve complete professional journey stories that will transform how you think about achievement.

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This is where True Pros lives.

We believe the most valuable professional insights come not from studying one-in-a-million success stories, but from understanding the journeys of those who've achieved remarkable success within reach. These are the professionals who've built thriving enterprises, transformed their industries, and created lasting impact—all without becoming household names.

Why the Sweet Spot Matters

When you study unicorn founders or celebrity CEOs, you're often looking at success stories so rare and circumstantial that their lessons can be hard to apply. Conversely, while small business advice is practical, it might not push you toward your next level of growth.

The sweet spot between these extremes offers something unique: success stories you can actually map to your own trajectory. These are professionals who:

• Built significant enterprises without venture capital
• Transformed regional markets rather than global ones
• Created lasting value through operational excellence
• Achieved remarkable success while maintaining balance
• Innovated within established industries

Their stories aren't about disrupting entire industries or building billion-dollar valuations. Instead, they're about mastering their craft, building strong teams, making strategic pivots, and achieving excellence in ways that resonate with your own professional journey.

The Power of Deep Understanding

Through extensive, 3-4 hour interviews, we explore how these professionals navigated their path to success. Each conversation reveals:

• Critical decisions that shaped their trajectory
• How they identified and evaluated opportunities
• Their approach to building and leading teams
• Strategies they developed through experience
• Lessons learned from both successes and setbacks

These aren't prescriptive formulas or quick tips. They're rich, nuanced insights from professionals who've achieved exceptional success—insights you can reflect on and adapt to your own context and goals.

Beyond the Icon Stories

While billion-dollar success stories can inspire, they often skip the messy middle—the crucial period where professionals develop the judgment, insights, and approaches that actually drive success. That's exactly where we focus.

Our first book dives into commercial real estate, featuring twelve professionals who exemplify this sweet spot of exceptional achievement. Through their stories, you'll discover diverse paths to success, different approaches to challenges, and varied perspectives on creating value—all at a scale that's both impressive and attainable.

Join Us in Redefining Professional Success

We're building a new category of professional insight—one that celebrates and studies the achievable excellence happening right now across industries. Whether you're an ambitious professional seeking your next level of growth, an industry leader looking for fresh perspectives, or someone planning a strategic career move, these stories offer valuable perspectives for your journey.

The True Pros beta program is your opportunity to be part of this movement from the beginning. As a beta reader, you'll get early access to these unprecedented conversations and help shape how industry wisdom is shared.

Ready to discover what excellence looks like in your next chapter?

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True Pros brings you their stories in one place. Through in-depth conversations, we create detailed portraits of twelve exceptional professionals, exploring not just what they achieved, but who they are and how they think.

Through in-depth, intimate conversations with seasoned experts, True Pros opens a window into the real world of different industries, starting with our first installment in commercial real estate.

The True Pros Vision

True Pros captures what makes exceptional professionals truly excel—their real experiences, career paths, and hard-won wisdom. Through long-form conversations, we explore:

• Personal stories and pivotal career moments
• Industry-specific insights and knowledge
• Real experiences of success and failure
• Practical recommendations for all career stages

Drawing inspiration from classics like "Market Wizards" and "Founders at Work", True Pros reveals the human side of professional excellence through candid conversations with industry leaders. These books have shown that reading about others' journeys can accelerate your own growth, teaching lessons that only experience can provide.

Why These Stories Matter

Success leaves clues, but only if you know where to look. True Pros uncovers these clues through conversations that go beyond surface-level success stories. We explore the real decisions, challenges, and insights that shape exceptional careers.

Whether you're a seasoned professional looking for fresh perspectives or just starting your career journey, these conversations offer invaluable lessons about:

• How successful professionals really make decisions
• The mindsets and strategies that drive excellence
• Navigating challenges and seizing opportunities
• Building meaningful professional relationships

The Commercial Real Estate Edition

Our journey begins with commercial real estate, featuring twelve distinguished professionals who have mastered different aspects of the industry. Through their stories, you'll discover how industry leaders think about opportunities, manage risk, and create lasting value.

This is just the beginning. True Pros will explore success stories across various industries, creating a library of professional wisdom that transcends any single field.

Be Part of Something Special

As a beta reader for our first installment, you'll:

• Get early access to these unprecedented conversations
• Help shape how industry wisdom is shared
• Join a community of professionals committed to learning
• Influence the future of the True Pros series

Join Our Beta Reader Program Now

True Pros is more than a book series—it's a movement to share hard-earned wisdom and connect people through stories of success. Be part of this journey from the beginning.

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