President’s Corner – This month

LEARN FROM THE LEADERS

Advice from the Houston Apartment Association’s rich legacy of past presidents.

By JOHN BORIACK, 2021 HAA President

KEN BOHAN IS an iconic entrepreneur within the Houston Apartment Association. In 1977, he started The Liberty Group (Liberty) as an executive search firm serving the Houston multifamily and commercial real estate markets. Since then, Ken has led Liberty to expand each time the demand commanded growth, throughout tough transitions when innovative technology changed the way we do business and every time adversity challenged the business.

Today, Liberty is a national staffing leader serving the real estate, finance/accounting and information technology industries in 28 markets, placing executives and personnel in 48 of the 50 states. Liberty even has its own screening service, Liberty Screening Services, to perform pre-employment screening, drug testing, background checks and more.

Over the decades, Ken has also been an incredible volunteer leader to HAA, the Texas Apartment Association and even the National Apartment Association. In 1988, Ken served as president of the HAA Product Service Council. He remained a committed leader to HAA, serving on many committees. He is most proud of his recent volunteer role as a member of the 2020 HAA COVID-19 Task Force. In 2012, he was honored as the fourth supplier member in 52 years to receive the HAA Lifetime Achievement Award. In 2020, NAA awarded Ken with the National Supplier Council Achievement Award of Excellence. And, in 2021, Ken proudly accepted TAA’s Mike Clark Supplier Company of the Year award. I list these accolades only to display his leadership and commitment to the apartment industry.

It takes a great deal of risk taking, determination and passion to build a business that lasts for 44 years. And on top of that, to be as involved in HAA, TAA and NAA as he has been. In this interview, Ken reveals what he learned in building, expanding and maintaining a nationally respected company over the course of nearly four and a half decades.

John Boriack: What are some things you wish you knew when you started your career?

Ken Bohan: I founded The Liberty Group in 1977, and business began on January 2, 1978. For the first five plus years the business grew, and I had no sense that there was a potential downside. In 1985, the U.S. Congress changed the tax codes that provided tax advantages for many of my local and national clients, which had syndicated properties. Having no sense of what was to come, it was about that same time I began a significant expansion by computerizing the firm, doubling the office space and taking on, for the first time in the company’s history, a great deal of debt. The Liberty Group survived that experience, but what I learned is that we are in a service business, which needs to have significant cash reserves. I failed to learn, “What goes up will come down!” There will be cycles. Because we survived that cycle, Liberty has subsequently weathered all other cycles successfully (i.e., the recession of 1988). The lesson learned was to make sure that you have enough operating reserves to weather any financial storm.

John: What skill(s) do you believe is the most important to perfect for someone who does what you do?

Ken: The most important life skill is the ability to listen and to take what you hear to heart. If given the opportunity, our clients and candidates will share their needs and give us the opportunity to address them. In addition, one has to be improvisational, to be able to think on one’s feet, to be able to react quickly and, lastly, tenacity, the ability to stay the course. I have found it will all be all right in the end. If it’s not all right, it isn’t the end.

The most important life skill is the ability to listen and to take what you hear to heart. If given the opportunity, our clients and candidates will share their needs and give us the opportunity to address them. In addition, one has to be improvisational, to be able to think on one’s feet, to be able to react quickly and, lastly, tenacity, the ability to stay the course. I have found it will all be all right in the end. If it’s not all right, it isn’t the end.

John: What is the hardest leadership lesson that keeps being presented to you that you either have to learn or relearn?

Ken: The hardest leadership lesson I learned was to establish realistic goals for those you manage or supervise, to effectively communicate those goals and, maybe more importantly, set minimum standards to hold those individuals accountable. The 80/20 rule applies here. I tended to spend 80% of my time with the underperformers and only 20% of my time with the over achievers. Having said that, I feel like we need to do a better job of focusing on praise and leading those who are delivering high quality results.

John: What was either the best career advice you’ve ever received or the worst career advice you’ve ever received?

Ken: The best business advice I received was to be highly planned and disciplined. Disciplined enough to develop a good plan and disciplined enough to transact the plan day to day, quarterly and year over year. Secondly, as an entrepreneur, to migrate from working in your business to working on your business. I began as a consultant, interviewing and placing people. In order for my practice to become a business, it became critical for me to work on the business, which goes back to a broader vision and a plan.

John: Describe either a challenge, accomplishment or decision that catapulted you to your success?

Ken: About 12 years ago, a competitor approached me to purchase The Liberty Group. It was clear I had three options. I could sell the business or stand pat and watch them grow such that they could offer competitive pricing and squeeze me out or I could grow The Liberty Group. As I did not want to sell or be squeezed out, I opted to grow. That was one of the best decisions I ever made. Our temporary services now serve 28 markets throughout the United States and have successfully placed executives in 48 of the 50 states.

John: Do you have a morning or daily routine that you feel makes you a more productive or successful person?

Ken: As I stated earlier, it’s about having a plan. When I plan, I work to prioritize those activities that are most critical and closest to the money (profit). I have learned that both candidates and clients alike are easiest to reach earlier in the day and tend to be more receptive to the opportunities that we might present. People often laugh when they come in my office because there is a series of prioritized file folders on my credenza that reflect the activities, whether those activities be calls, emails, texts or meetings, that I intend to conduct for the day. I also work to “touch a piece of paper once” on any given day. (Editor’s Note: The “touch it once” rule has long been a golden rule in business. The idea is that whenever you receive a task, finish it the first time you touch it.) I want to address something and move on. I believe it gives you a sense of accomplishment. Often times in a day, there is not a clear win, for example, a placement. However, the question is what did you do that day to move the company a little closer to our goals? I would like to share a bit of wisdom my father shared as I was moving into my first apartment. My dad said, “I have some bad news. People are like tumbleweeds. They roll along and then one day they wake up dead.” What he wished for me was that I figure out what I wanted in life and work each day to achieve it. He said, “When you put your knees on the floor each night to say your prayers, think of what it is you did that day to move yourself closer to what you want. Somedays you will not move the needle, it’s ok, but what are you going to do the next day to plan for and address your wants? Some more bad news, about the time you figure out what you want, it will change. So, you will need to reevaluate and adjust as you go through life.” This shared wisdom has served me well and it has proven to be the core to any success I have achieved.