A dramatic year ends with Skip Thaler’s liberating decision. Not an easy decision but a necessary one when you hear how he assessed the opportunity.

Skip was building Intercontinental Marketing Corporation (IMC) and started another venture purchasing duplexes and fourplexes as a passive investor in the 1990s. It turns out, tires and real estate go together. Once IMC was secure in his son George’s hands, investing in larger apartment complexes became appealing. DOWNLOAD

In December of 2019, Skip purchased his 25^th and last acquisition, an 8-unit complex Brownstone apartment building built in 1890 by the Cathedral in St. Paul, Minnesota. He describes another critical point in his success, hiring a management company for real estate to handle the day-to-day business like collecting rents. A common thread to all of his ventures was having a small group of contract workers to handle the details so he could focus on other financial details and growing his businesses. He has other great insights too.

Skip has enjoyed 20+ years of renovating and restoring these 100-year-old apartment complexes making each complex a standout in the neighborhood. He describes himself as the opposite of a slum lord investing to make everything appealing from the curbside to each building’s inside. Skip’s attention to detail is apparent in this venture too. Beautifully landscaped yards with Mums-filled planters outside the buildings in the fall changed seasonally to make tenants feel good. Original photographs from the late 1800s of the Brownstone properties are adorned in the hallways and entryways, giving a personalized touch. New vintage lightwork, 100% wool carpets, restoring the house, and preserving past woodwork are a few examples of Skip’s effort into each building and unit so people could have a nice place to live in.

‘A crowning blow’ to 2020. This year turns into a liquidating year instead of an expansive one when a confluence of events came together to induce a stress-related wake-up call. The coronavirus pandemic hit—riots in Minneapolis and St. Paul. A growing adverse political climate towards Minneapolis businesses and, to some extent in St. Paul created an adverse environment for business property owners. City governments need to work more effectively with small business owners to rebuild our Twin Cities. Private property owners feel abandoned. Skip says, “the long-term problems are greater than people realize.” Hear the details.

This experience brought back a memory from 52 years ago. When Skip started at IBM, an opportunity arose that brought Skip to Detroit, Michigan, for training. Skip describes the sadness and fright he experienced after Martin Luther King Jr. was killed on April 4, 1968. Riots broke out for a week. The smell of burning houses and watching tanks roll down the street. These same feelings resurfaced after protests against police brutality broke out upon George Floyd’s death on May 4, 2020, in Minneapolis.

Looking Forward with Resiliency

One of Skip’s endearing qualities is his willingness to acknowledge his limitations as well as his strengths. In Episode Resources, I have a WeMentor Workaholic Quiz you can take. Often entrepreneurs are accused of being workaholics. Are you a workaholic or a hard worker? Skip is gonna take the Quiz too.

Another key to Skip’s success is his long-term stable relationships with Jill and their adult children and their families. Big thank yous to his excellent support staff and many accolades to Jill, who has supported him from the start. Jill is his backbone and soulmate, a real trouper. “Without Jill, there would be no success,” quips Skip.

Skip also says, “once we get out of this goofy COVID-19 pandemic, we will enjoy building a home in Florida and not have our fingers in so many buildings.” Less stress, more sailing once able to travel again, and do some fishing. Most important, get adult-children and grandchildren to visit. Entertaining and relaxing and daily rides on recumbent bikes with electric assists sounds like something we could all use.