We’re excited to introduce you to the always interesting and insightful Mia Thornton. We hope you’ll enjoy our conversation with Mia below.

Mia, thanks for taking the time to share your stories with us today We’d love for you to start by sharing your thoughts about the pros and cons of family businesses.

Family businesses are a significant part of the global economy, often characterized by their unique blend of personal and professional relationships. They offer distinct advantages and face unique challenges, shaping the experiences and decisions of those involved.

What Works Well in Family Businesses

1. **Long-term Vision**: Family businesses often prioritize long-term goals over short-term gains. This perspective allows for more sustainable business practices and enduring relationships with customers, employees, and partners.

2. **Strong Values and Culture**: These businesses frequently have a strong sense of identity, with core values that guide their operations. This can foster a loyal customer base and a dedicated workforce.

3. **Commitment and Loyalty**: Family members typically have a deep commitment to the business, resulting in high levels of dedication and hard work. This can be a crucial factor in the business’s success and resilience.

4. **Agility and Flexibility**: Without the need for approval from a broad base of shareholders, family businesses can often make decisions more quickly and adapt to changing market conditions with greater agility.

Pitfalls of Family Businesses

1. **Succession Planning**: One of the biggest challenges is managing succession. Ensuring that the next generation is prepared and capable of taking over can be difficult and can lead to conflict if not handled properly.

2. **Conflict and Emotions**: Personal relationships can sometimes interfere with business decisions. Disputes among family members can escalate quickly, affecting the business’s stability and performance.

3. **Resistance to Change**: Family businesses can sometimes be resistant to change, especially if the older generation is set in its ways. This resistance can hinder innovation and adaptation to new market trends.

4. **Professional Management**: Balancing family involvement with the need for professional management can be tricky. Sometimes family members may lack the necessary skills, yet hold key positions, which can impact the business’s efficiency and growth.

Personal Perspective on Children Joining the Family Business

Whether I would want my children to join my business would depend on several factors:

1. **Interest and Passion**: If my children are genuinely interested in the business and passionate about its mission, I would encourage them to join. Their enthusiasm could drive the business forward.

2. **Skills and Aptitude**: It would be important for them to have or develop the necessary skills to contribute effectively. Training and external experience could be beneficial before they take on significant roles.

3. **Desire for Legacy**: If maintaining the business within the family is important for legacy and identity, I might be more inclined to involve my children. However, this would also depend on whether they share this sentiment.

Stories and Experiences

There are numerous examples that illustrate the dynamics of family businesses:

1. **The Walton Family (Walmart)**: Walmart is a prime example of a successful family business that has maintained strong leadership across generations. However, they have faced challenges in succession planning and maintaining family unity.

2. **Ford Motor Company**: The Ford family has been involved in the business for over a century. Henry Ford’s grandson, William Clay Ford Jr., played a pivotal role in modernizing the company while respecting its heritage.

3. **Small Local Businesses**: In my community, I’ve seen small family-owned businesses thrive due to their personal touch and commitment. For instance, local restaurants ran by two or three generations maintains their popularity due to its consistent quality and familial warmth.

Conclusion

Family businesses can be incredibly rewarding, offering the potential for a lasting legacy and a strong sense of purpose. However, they require careful management of personal dynamics and professional practices to avoid common pitfalls. Whether to involve children in the family business is a deeply personal decision, influenced by their interests, capabilities, and the long-term vision for the business. The experiences of other family businesses provide valuable insights into both the benefits and challenges of this unique business model.

Mia, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

Hello, and thank you for taking the time to learn more about me and my work in the real estate industry. I’m passionate about helping people find their dream homes, investment properties, and commercial spaces that perfectly meet their needs. My journey into real estate started with a deep fascination for investments and a love for helping people make significant life decisions.

My Journey into Real Estate
I began my career in the federal sector of the United States for a decade. I graduated from Xavier University of Louisiana with a Bachelors in Finance/Economics , which provided a solid foundation for understanding market trends and investment strategies. I didn’t become an agent until 2023, and now within the 1st six months of 2024 have grossed over $800,000.00 in sales volume. My goal is to close $3,000,000.00 in sales by the end of 2024!

Services I Provide
In my real estate practice, I offer a range of services to meet the diverse needs of my clients:

Residential Sales and Purchases: Helping clients buy and sell homes, ensuring they find the perfect fit or get the best return on their investment.
Investment Properties: Assisting investors in finding properties that offer excellent returns, from rental properties to commercial real estate.
Market Analysis and Consulting: Providing clients with detailed market analysis and investment advice to make informed decisions.
Relocation Services: Helping individuals and families relocate smoothly, with a focus on finding the right community and amenities.

Problems I Solve for Clients
My goal is to make the real estate process as smooth and stress-free as possible. Here are some common problems I help solve:

Finding the Right Property: Matching clients with properties that meet their needs, preferences, and budget.
Navigating Complex Transactions: Simplifying the buying or selling process by handling negotiations, paperwork, and legal requirements.
Maximizing Investment Returns: Offering strategic advice to help investors maximize their returns and minimize risks.
Managing Properties Efficiently: Ensuring properties are well-maintained, tenants are satisfied, and owners achieve optimal returns.

What Sets Me Apart
Several factors set me apart in the competitive real estate market:

Personalized Service: I take the time to understand each client’s unique needs and tailor my services accordingly.
Market Expertise: With a deep understanding of local market trends and dynamics, I provide clients with valuable insights and advice.
Strong Network: I have built a robust network of professionals, including mortgage brokers, contractors, and legal experts, to provide comprehensive support to my clients.
Commitment to Excellence: My dedication to excellence ensures that I go above and beyond to achieve the best outcomes for my clients.

What I’m Most Proud Of
I’m most proud of the relationships I’ve built with my clients. Many of them have become friends and repeat customers, which is a testament to the trust and satisfaction they’ve found in my services. Helping someone find their dream home or achieve their investment goals is incredibly rewarding, and I’m honored to be part of these significant milestones in their lives.

What I Want Potential Clients to Know
For potential clients, I want you to know that I am dedicated to making your real estate experience as positive and successful as possible. Whether you’re buying your first home, selling a property, or looking to invest, I am here to guide you every step of the way with professionalism, integrity, and a personal touch

We’d love to hear a story of resilience from your journey.

In the early 2020s, the real estate market faced a significant downturn. Interest rates had skyrocketed, and buyer confidence was at an all-time low. The market was saturated with listings, but there were very few interested buyers. This period was one of the most challenging times in my career, but it also became a defining moment that tested and ultimately proved my resilience.

The Challenge
I had a client, a young couple, who were NACA participants. This program would allow them to buy an income flowing multifamily at a low fixed interest, lower than the current market rate. The program also allowed participants to buy down the interest rate as well. Making sure my client and I were aware of the many steps needed to have success with this program was of high importance to me! Paper work was imperative and more tedious than a traditional loan program, but the end result was well worth it!

Market Analysis and Pricing Strategy: I conducted a thorough market analysis to understand the current trends and pricing strategies. Instead of just choosing the home at the average market rate, I looked at comparable properties, their conditions, and the specifics of each sale. I proposed a competitive pricing strategy that was attractive yet realistic.

Result: We negotiated a sale at a price that was discounted and below the average market price for similar homes. This successful sale was a testament to not only my strategic approach but also my resilience and determination to overcome market challenges. My client and I remained diligent in communications and protocol needed to complete their home purchase.

Reflection
This experience reinforced the importance of adaptability, creativity, and persistence in the face of adversity. By staying proactive and thinking outside the box, I was able to turn a seemingly impossible situation into a success story. It reminded me that resilience is not just about weathering the storm, but about finding ways to thrive despite the challenges.

What This Means for My Clients
For potential clients, this story illustrates my commitment to achieving the best possible outcomes, regardless of market conditions. I am dedicated to providing innovative solutions and personalized strategies tailored to each client’s unique situation. My resilience ensures that I will always go the extra mile to help you succeed in your real estate endeavors

How’d you build such a strong reputation within your market?

Transparency simply put!

Contact Info:

• Website: https://www.miathornton.dreuxperryandco.com
• Instagram: @Muslimah_In_RealEstate
• Facebook: Muslimah_In_RealEstate
• Other: Google: Mia Thornton, Muslimah_In_RealEstate

Image Credits

©️Copyright, Mia R Thornton, Muslimah in RealEstate 2024