78. Why Grace Management Sold Their Property Management Company

Hey, my friends, welcome to another episode of the Property Management Business Podcast.

I am your host, Mark Cunningham.

We're gonna do something a little bit different today.

I'm going to be interviewed by my friend and property management colleague, Kit Garrett.

Now, if you've been following me for any period of time, you probably heard us announce back in April that Grace Management, the property management company my father founded back in 1978, has been acquired.

We announced that we feel good about that.

It's been a great decision for us.

Since we announced it, I've been asked many, many times for the real scoop.

Mark, what really happened? Why did you really do it? Are things going poorly? Are you exhausted and tired and sick? Are you just wanting to ride off into the sunset? What's the real story of why you would take this family-run and owned company that is by most measures successful and come under the umbrella of a larger acquirer? That's what we're going to answer.

So Kit is going to interview me on the process, what we were thinking, what we were analyzing, and not just so that I can talk about me, but we're going to talk about questions and thoughts that I think all of us as property management company owners should be thinking through, not just when you want to sell, but you should be thinking through regularly about your asset, about your property management company.

So before I bring Kit on to interview me, let me read to you the post we made.

This was kind of our official announcement.

So I just want to read this so everybody understands where we are starting.

So this was what we released.

We put a LinkedIn post and in other places the middle of April and it said this.

I'm excited to announce that Grace Property Management has been acquired by Associa and will now operate within the Rome Property Management Division.

I have known many of the Rome leaders for years, so this partnership was a natural fit for our company and team.

I will continue in my role with Grace Management and with the additional support and resources this brings.

Grace Management is now set for our next 48 years of business success.

Thank you to ASSOCIA and Rome's leadership for their belief in what we have built at Grace Management.

We are excited for this new partnership.

All of that was meant sincerely.

We are recording this conversation here middle of June.

Here's my conversation with Kit Guerin.