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LEADING QUESTIONS: Mainstreet CEO masters efficiency

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Leading Questions

Welcome to the latest installment of “Leading Questions: Wisdom from the Corner Office,” in which IBJ sits down with central Indiana’s top bosses to talk about the habits that lead to success.

Paul Ezekiel “Zeke” Turner started an experiment about a month ago that would trigger palm sweat and panic attacks in other executives. He removed the e-mail function from his smart phone.



“I told people that if they wanted to get ahold of me to call me,” Turner said.

He now only checks e-mail twice a day. An assistant prioritizes the e-mail so he knows where to focus his attention. “And ultimately what that has done is drive efficiency really high in the way that I run my daily life,” he said.

The 35-year-old CEO of Cicero-based Mainstreet Property Group and affiliated public company HealthLease Properties REIT takes pride in forging his own path and then disrupting the process to find an even better course of action.

After growing up in Indiana, he earned a basketball scholarship to Westmont College in oceanside Santa Barbara, Calif.—only to leave after his freshman year to attend Upland-based Taylor University back home. After graduation, he landed a dream gig as an investment banker on Wall Street with Salomon Smith Barney—only to return to Indiana a couple of years later with plans to start his own private equity firm.

“My goal going into Wall Street was not to make a career out of being an investment banker,” he said. “My goal was to learn as much as possible in a compressed period of time that I could take with me to something else.”

Turner also developed a skill for adapting on the fly. When his plans for a private equity firm didn’t pan out—“I had absolutely no idea what I was doing,” he admits—he kept looking for other opportunities. He landed on the idea of investing in senior-care health facilities, i.e. nursing homes, and then generating revenue by leasing them to operators.

He founded Mainstreet in 2004 and went about acquiring properties. And after five years, he took a hard look at the firm’s portfolio and decided to upend the strategy.

“We took stock of what we owned and found it to be just the industry average,” he said, meaning decades-old properties that had grown stale in the market. “The consumer doesn’t want that product. “So I asked, ‘Do we want to innovate and do something different?’

“We ultimately redesigned the nursing home from the ground up and moved to a period where we did nothing but new development of skilled nursing facilities.”

In 2012, Mainstreet executives packaged its portfolio and went public with HealthLease, a real estate investment trust listed on the Toronto Stock Exchange. Among other benefits, the move to the public markets eased access to capital for new projects.

“For whatever reason, right or wrong, a public company gives you an immense amount of credibility,” Turner said. “So when we go to banks now, they understand that we have both this public company and the private company. There is a much better sense of stability in the system, so the financing piece has actually become an opportunity for us rather than a hindrance.”

Mainstreet, the largest shareholder in HealthLease, develops properties for the REIT’s portfolio. HealthLease, which posted revenue of $25 million in 2012, holds 15 facilities in the U.S. and Canada. Mainstreet has $200 million in projects under construction.

“It’s a steep growth curve,” Turner said.

His family also is in an intense growth cycle. He and his wife, Milissa, have five children between the ages of 7 and 1, with a sixth due in June. Time at home is the top priority, and Turner has developed a number of strategies to keep his work week below 40 hours.

In addition to limiting his exposure to the time-sucking process of handling e-mail as it arrives, he has dedicated himself to staying on his feet while at work. That includes ditching his traditional sit-down desk and working from a standing position in front of his laptop. Turner shares five tips in total in the video featured at top.

In the video directly below, Turner discusses the risky process of taking HealthLease public and the resistance it initially encountered from the market. “Investment banks only want to sell what people have already done; they don’t really want anything innovative and new,” he said.
 
In the video at bottom, Turner expands on how he views his role as CEO. He takes a counter-intuitive approach in some instances, encouraging employees to maximize their strengths and not worry so much about fixing weaknesses or becoming more well-rounded.

“I tend to see the world from somewhat of a sideways view,” Turner said. “I want to innovate, I want to do things differently than how other people do them. I want to come at it from a different angle and say, ‘Just because everyone does it one way, is that the right way to do it? Is that the best way to do it?’”





 

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  • DigDeeper
    digdeeper on the quest on how and when they started. Call Center? Sister was with FSSA and quit why? Staff background? Secrets and cover-ups? Any arrests? There's more to this story.

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  1. liek the rest of America

  2. These quaint,obsessed musings by the stalkers are certainly entertaining, but I'm trying to figure out what, if anything, all the yelping below has to do with Zak Brown.

  3. It's evident that Moffett was pushing the right buttons and corporate America is now trying to squash him. He just wanted to withdraw the free pilot services provided to the company by the pilots to try and put some pressure on a company that has not been interested in negotiating a contract in over 5 years. The company does not provide a contract because not having one has saved them a bundle of money. Shame on any Republic pilots not standing behind their union leader just because things are getting tough, can you not see such strategic moves by the company as putting the last union president in a corporate position and into THEIR pocket. Do you really believe the last union president is so appalled at the attempts by Moffett, do you not remember his oppositions to the company? We stood behind him. It has been proven over and over again for thousands of years without fail, a man cannot serve two masters. Anyone that believes people vote contrary to their paycheck and livelihood deserve to be taken advantage of, the recent statements by the former union president are laughable as he denounces the current union president from his new corporate position. Have you ever seen a drafted sports player score points for his previous team, it cannot be done, he is not on the pilots side anymore, he gets his money a different way now than you and I do, and he should not be allowed to remain on the seniority list. A drafted player brings strength, credibility, tactical knowledge, and a strategic advantage to his NEW team, he would not be drafted or paid were it otherwise. We are all forced to choose only one side to play for and support, not doing so has many references in life such as insider trading and shaving points, all illegal for good reason. This basic fact is why corporate moguls, scientist, and engineers all sign non-discloser agreements and non-compete clauses, as protection in case they are lured into switching sides as our former union president has done. No NFL coach ever drafted a player so that both teams could benefit and better understand each other, they are recruited to win the game against that former team, period. Likewise the company does not recruit the former union president by accident or mutual understanding, its strategy. Don't confuse playing the game with good sportsman-like conduct in support of common business and prosperity goals, with the requirement to only play for one side. Good men we all love and favor fall subject to this manipulation, often without their knowledge, and it is not a betrayal of their friendship to oppose them when they switch sides. If we did not love and trust them, they would not have been chosen and lured to the other side in the first place. The deception by the drafted player is not made at a conscious level, it's just human nature and it's all about money and power which corrupts our ability to be objective and loyal to two masters. This is why our court system created the defense attorney, and why our military created counter intelligence. Its strategy and its propaganda, and it works, and that's why the "powers to be" manipulate the chess pieces by sometimes changing their colors. Some players know they are being manipulated when their color is changed, but it brings them more money and power so they do not care. The rest have good intentions but do not even realize they are being manipulated. This tactic is also known by another name, Divide and Conquer. In battle sending an imperfect message with an imperfect team is obviously not ideal, but it's still being sent by YOUR team, your union leader, a leader that has common goals and common rewards with you, they are the best, because we have elected them to do a job for us. If you are not backing Moffett but believing the spin by those that have recently switched sides, you are taking food out of your own mouth. Showing unity and backing an imperfect situation still results in taking just as much ground, it's about unity and bargaining power. It's not necessary to wait around for that perfect attack because it will never come, the company will spin and attempt to destroy anyone that gets in their way. Ultimately it's not about any specific attack anyway, ASAP or whatever it makes no difference, it is and always has been only about power. If this company cared about safety it would not build pairings with 8 hour overnights, come on, are you that naive? Besides, do you really think Hoffa cares, no, he got a call from corporate America and was squeezed into denouncing Moffett. If he didn't they would spin the safety card against him and the Teamsters National with implication for truckers, future contracts, insurance rates etc...saying something like the Teamsters use safety as a bargaining chip, blah blah blah... Do you really think any pilot is going to do something unsafe for the contract, absolutely not, the only ones threatening safety here is the company with reduced rest, fatigue, and poverty. Do you not find it odd that Hoffa and the Teamsters are opposing a Teamster president publicly? Would the Teamsters National not normally support and work with one of their own? Why did they not sit down and help him strategize, correct any mistakes, and charge ahead? Would the Teamsters National not normally support and leverage a contract for all those pilots that have been paying Teamster dues, isn't that why we have all been paying Teamster dues in the first place? I sure haven't been paying dues so that the Teamsters National could come along and write this kind of an article undercutting our union leader and our unity. Whose side is the Teamsters National really on, it's obviously not the Republic pilots side.

  4. No matter what Moffatt does the company is going to spin it like he is the terrorist and brainwash people like you into believing it, wake up, back your players that are trying to change things for you and your livelihood. Where has Hoffa been for the last 6 years, except collecting our dues. Seriously, do you really think an FO going for upgrade, signed off by a checkairman ready for the upgrade, who then fails, is not even capable of returning as a First Officer.

  5. whoa!

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