LOOK WHO WE SAW AT ICSC
After 32 years in business, Lee & Associates has voted in its first CEO, Edward Indvik, who joined Lee 20 years ago. Monday, we got to spend a little time with Ed, who explained the business model to us: Lee & Associates is a broker-owned firm and each of its 43 locations has a president. The agents (or about 400 of the 700) are also shareholders. They are part of the decisionmaking, profit sharing, investment (in the new offices), and Lee's national platform, which entered the Atlanta market last year with its purchase of Dick Bryant's Bryant Commercial Real Estate Partners. ?Our corporate overhead is less than one-half percent of 1% of revenues,? Ed tells us. Competitors cost of management is up to 10%. And Lee's expanding—in the last half year, it's also opened offices in Indianapolis, Kansas City, and Greenville, SC. Ed runs to keep up (40 to 50 miles a week) but also keeps up his nourishment (he's a foodie) with Philly cheesesteaks, a favorite.