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Movin' On Up
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In this engaging episode of the Uncommon Wealth Podcast, host Phillip Ramsey takes listeners on a personal journey through the strategic decision-making process that led his company, Uncommon Wealth Partners, towards acquiring a physical office space. Phillip candidly shares the trials and tribulations he faced in attempting to inspire and lead a remote team effectively. The storytelling in this episode underscores his realization of the importance of face-to-face interaction to foster a coherent team spirit.
This episode is filled with valuable insights and strategic considerations relevant for business owners contemplating whether to lease or own
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Transcript
Introduction to Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
Meeting Unique Individuals
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
00:00:26
Speaker
Hello fellow commoner, thanks for listening. It's uncommon wealth podcast as the recording in front of me said. So let's jump right into it.
Remote Leadership Challenges
00:00:35
Speaker
Today I wanted to kind of give everyone an update on what's going on with Uncommon Wealth Partners. One, we have had a lot of changes, but one thing that I feel like has been resolute is we've been kind of a decentralized team. So everybody that works for Uncommon Wealth or is contracted with Uncommon Wealth is all remote.
00:00:54
Speaker
working out of their own house and such. And I started seeing this feeling or having this feeling recently when I felt like my leadership was just lacking, if I'm being really frank. And I just didn't know how to like inspire people that weren't face-to-face, eyeballs-to-eyeballs.
Pursuing a Physical Space for Cohesion
00:01:10
Speaker
And so at that point, started thinking about, hey, if we really wanted to get as big as we can and start impacting as many people as I really want to in the future, we're going to have to have a physical location where we all can see the whites of our eyes,
00:01:22
Speaker
We all know that we're paddling the same direction and i can start encouraging and inspiring other people face to face. And so that was when I started on this really long journey of, Hey, we need to find a physical building.
00:01:36
Speaker
What does that look like for uncommon wealth? And where would that be? And you know, the and the unknown, stepping in the unknown. And so had had this whole kind of like, i don't know, I felt like God's been so faithful to me in this whole process.
00:01:49
Speaker
ah But started looking at
Understanding Triple Net Lease
00:01:52
Speaker
leasing. And there's a thing called a triple net lease that ah maybe you know of, maybe you don't know of, but here's what it is. You you spend money and you do the lease. Let's say that's $1,500 a month or $2,000 a month. We'll do that for fun purposes. $2,000 a month and you get a space, right? ah Which is great. And then you owe you know the utilities, which totally get by the way, but then you owe the taxes on the leased space that you're leasing.
00:02:18
Speaker
um And if you know anything about taxes here in the Des Moines area, they're high. And then you have to owe, you owe insurance on this leased space that you are leasing.
00:02:29
Speaker
um So that adds another cost. And then you have to, if something breaks, you also have to fix it. And so after, you know, you pay the lease, you pay the taxes, you pay the insurance.
Benefits of Property Ownership
00:02:42
Speaker
And then if something breaks, you have to fix it.
00:02:44
Speaker
Then it basically sounds a lot like owning. And so I was like, I just feel like I want to own instead of just renting and just throwing my money away. Now. full disclosure, it's probably going to be a little bit more money, but at least you have an asset there that you're building. And this is the advice that we do give our clients after they do build a business.
00:03:04
Speaker
At some point, they're going to need a place for that business to operate from. And so is that in the economic you know realm to be able to purchase a building for the business and have the business you know renting from individual?
00:03:20
Speaker
There's a lot of perks about that, but So I felt like i was also taking in my own advice, like, okay.
Property Search Challenges in Ankeny
00:03:25
Speaker
So, uh, we started looking for buildings and, uh, if you know anything about the Ankeny area, there's just not a lot of buildings for sale. Uh, and then they also, if they are for sale, they want extreme amount of money for it.
00:03:40
Speaker
So, uh, man, I could go into a whole nother podcast on all the, I should say not all, But the four or five properties I did look at, um they just weren't a good fit. And one time, the realtor that was helping me, which a good friend of mine, Tom Butler, he was like, hey, we're going to need to level up here. like the price amount or The price range that you're in, we're just not a lot of inventory.
00:04:03
Speaker
In order to find something new, we have to probably raise that, which... but Okay. So looked at one space. Um, it was way over my budget, but there was two tenants already leasing from that space and they were triple net lease. So they owe the taxes, they owe all the different stuff. Right.
00:04:21
Speaker
And so I was like, okay,
Bank Loan Setback
00:04:22
Speaker
maybe this will work. And so funny story, i ended up going to the bank that I bank at and it was like, Hey, what does it look like for me to get a loan here? And they looked at me like I had leprosy, Like they like, who are you? Why are you stepping into our bank?
00:04:37
Speaker
Again, i have all of our accounts there, by the way. Didn't feel great about that. um And at the end, it was great because they were looking at me like I was crazy. And I was kind of telling them the opportunity and the opportunity was not only can I i handle the the space that's open, but these other people are giving me, you know,
00:04:54
Speaker
I guess, income in order to take over this this big note that I'd have to buy. And they hadn't raised their learned lease or rent or whatever for the last 10 years. So that's what I thought the opportunity was.
00:05:06
Speaker
The lease was coming due. We could raise their rates and then we could cash flow this thing. But again, they didn't care about any of the stories. They were just looking at me like I had leprosy.
00:05:17
Speaker
And so um it was kind of an awkward meeting. It probably lasted 25 minutes. And they were just like, yeah, we need 25% down and blah, blah, blah. and And so at the end of it, I was just kind of like, I wasn't put off, but I kind of was, let's be honest.
00:05:33
Speaker
and And the guy said, listen, I went on your website and the two people that you know that we saw as clients were are our clients and you should call them and see if, you know, like tell they'll, they'll vouch for us basically.
00:05:44
Speaker
And I, I, I didn't say this, but I sure wanted to like, how about you call them and vouch, have them vouch for me because I'm the one who wants money and you guys are acting like I'm crazy. Um, and so,
Banker's Insight and Property Lead
00:05:56
Speaker
Walked away from that. And then through a series of events, I have another banker friend that I just sat down with and I was like, help me understand the bank's perspective. And he did a wonderful job of telling me kind of what's going on um and how the banks have to look at things, which is fascinating, very different than the way that we think about it, obviously.
00:06:14
Speaker
But then he also gave me this tidbit of the bank that I'm at currently might've written a couple bad loans. And so they're really reluctant to give money, which makes a lot of sense. And so at the end of that conversation, he was like, hey, you should go talk to this gentleman in Ankeny that just built a new building that would probably be selling his building. I don't know if he sold it or what's going on.
Discovering the Perfect Building
00:06:35
Speaker
And he gave me the address. And so sure enough, I i go reach out and this this building is more like a shed. It's it's a 750 square foot shed, but it's perfect for what we needed. And I felt like God has totally just kind of blessed this path that we're going we're on, kind of totally going before us.
00:06:56
Speaker
Uh, so I went there, met the owner, which I ended up knowing he and I are in a business owner group together. Great guy. uh, I kind of walked through the whole kind of building and I was like, well, how many people are looking at this thing? Like, when do I need to give you an answer if I'm interested? He's like, well, nobody has, I didn't know if I was ready to sell. And i was like, well, are you ready to sell? And he goes, well, I'd be okay to sell it to you.
00:07:18
Speaker
And I was like, well, okay. Uh, so it was never on the market. Um, and, through series of events, we're going to close on that, um, this week.
Excitement for New Beginnings
00:07:26
Speaker
Uh, so we'll have our own physical building, um, moving forward, uh, again, Lord willing, cause he could close it all down and I'd be, I'd be okay with that. Um, but that's kind of the trajectory. And that's why I think for me, I think just for my leadership, I just need to be in front of people to be able to inspire them, to be able to serve other people in such a way that's uncommon.
00:07:47
Speaker
That is kind of a par for, or what people are expecting when they walk into the doors. And so, The physical building is is is the next step for Uncommon Wealth Partners. It's exciting. It's scary, if I'm being super honest. and But also, i i haven't been anxious about it. i So I know this is of the Lord, at least at this point. And if He wants me to fall flat on my face, and He uses the building to do so, then praise be to Him.
00:08:14
Speaker
going learn a lot in the process. And so... We're stepping into this thing, closing on it this week, which is exciting. And so hopefully I'll do another podcast on like, this has been awesome or business walked out the door when we got to go. I don't know. But I do feel like there is some security that when you have a brick and mortar building ah that people are looking at when, when they're, when you're managing all their money. So.
00:08:35
Speaker
That's the next step for Uncommon Wealth Partners.
Invitation and Gratitude
00:08:38
Speaker
We would love for you to stop by if you're in the area. it's It's on a South Ankeny Boulevard. um I'm sure you can look at Google by now and and find the address. But anyway, that's the story. That's what's going on in our life. That's what's going on in the business.
00:08:52
Speaker
Things are going really well. And we're we're stepping into a physical building. Anyway, so not sure where you're at in your business, if you're business owner or whatever, but I do feel like, and I've talked about this before, that we risks is the best teacher. Taking risks and stepping outside of your comfort zone is our is your best teacher. and so Hopefully this, this is of my life. If I continue to do that, keep kind of stepping outside my comfort zone and seeing where the Lord takes us at that point. But um yeah, I hope that's encouraging to you and kind of revealing of what's going on in our world. And we'd love to have you stop by and I'm sure there'll be like an open house or something that we'll, we get to invite everybody to, but.
00:09:36
Speaker
Anyway, thanks for being such an amazing supporter and follower of Uncommon Wealth Podcast and also just the company. Couldn't have done it without you, obviously. And I'm super grateful for just the way that God's refined me in this and just people have stepped around me and and supported me and encouraged me along the way. So thank you for continuing to to help me be Uncommon and encourage me on the way.
00:10:00
Speaker
You've been listening to Uncommon Wealth Podcast. I've been your host, Philip Ramsey. Until next time, let's go move into a building. Thanks for listening.
00:10:10
Speaker
That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.