Stephen-Bittel-Headshot

In Brief – Stephen Bittel

THE PRINCIPAL POST – May 18, 2022 Home: Miami, Florida.  Age: Young in body and spirit.  Birthplace: Miami, Florida.  Profession: CEO/Investor.  Organization: Terranova Corporation.  Alma mater: Bowdoin College; University of Miami School of Law.  Languages spoken: English (well), some German, Spanish, and French.

Current project: Establishing our new headquarters and completing mixed-use building in Coral Gables.  Latest accomplishment: Acquired 4 more buildings in the Miracle Mile and Coral Gables areas of greater Miami.  Latest contribution to others: Donated to the Movement Disorder Division at the University of Miami Miller School of Medicine.  Hobbies: Orchids, wine, philanthropy.  Recent travel or adventure: Fishing in the Bahamas.  Last book read: Sapiens: A Brief History of Humankind, by Yuval Noah Harari.  Recently viewed and recommended: Miami Heat in the NBA Finals.

Personality profile: Incisive, determined, focused.  Moral compass: What would my father say? How do you define an ideal business relationship? Honest, mutually beneficial;, supportive. What is your greatest joy? Playing with my grandchildren.  What is your guilty pleasure? Old Bordeaux wine.  What word or phrase do you use far too often? Exactly.  What natural talent have you neglected? Public speaking.  What occupation, other than your own, do you most admire? Research doctors.

What was your favorite childhood toy or game? Monopoly and Scrabble.  What movie have you repeatedly watched? Top Gun; The Godfather.  What’s prominently featured on your home or office wall? A photograph of my son, Warren Buffet and me.  What’s the best advice you received growing up? Listen more, talk less.  What’s the best advice you received in your career? Overprepare.  Never run out of cash.  What is your go-to source of news and information? CNN and The Drudge Report.  What is your go-to source of creative inspiration? My backyard; walking in NYC.

What is your big idea?

Push more civic engagement.

What change are you working on to effect in your profession or field? Teaching another generation of leadership.  What change would you like to see in the world?  Greater diversity and equality in the workplace.  What mega-trend most excites you? Consumption of animal proteins.

What title would you choose for the movie about your life? Never Enough.  What actor would you choose to play you in the movie about your life? Tom Hanks.  Who would you like to spend an evening with, in heaven? Nelson Mandela.  I met him once.  After your loved ones, what object would you first save from your burning home? Our wine.  How would you choose to spend tomorrow, if you knew it was your last day on earth? With my family, walking and talking.  What advice would you give your younger self? Listen more.  What day in your life would you choose to re-live? The birth of our kids.

Favorite quote: “Never give in” (Winston Churchill).  Desired epitaph: Every friend could always depend on him.

 

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Want business success? Learn discipline.

MEDIUM – April 26, 2022

I can recall a great number of times in my life that I’ve felt highly motivated. Studying for the final exam of my first economics course in university, knowing full-well that I had found a subject I was passionate about. Starting my commercial real estate business, staying up until late at night working on building my company while also studying for law school. Collaborating with my team on a big deal, making sure no stone goes unturned before we move forward. Waking up early in the morning to walk my orchid garden before starting my day. Hitting the gym on the days I wished for more sleep.

However, for every time I can recall feeling motivated there are a hundred more that I didn’t. There were days that it was difficult to drag myself out into the freezing cold weather at Bowdoin College to make it to class. So many times I questioned what I was getting myself into as I sat in my home office with papers and law textbooks stacked in front of me. There have certainly been numerous occasions throughout my four decade career that I wanted to skip doing the research and just move forward under the assumption that things would work out. And of course, I often don’t want to wake up early, dreaming of a few extra minutes of sleep rather than hitting the gym.

You will tend to find a lot of articles from entrepreneurs about how “staying motivated” is the secret to finding success in business. They list out a number of tips and tricks that will supposedly keep your passion and energy alive, but while motivation is inspiring it is inevitably also fleeting. This is where discipline comes in.

Motivation is the feeling you get that pushes you to start a new goal or project. With it comes increased focus and productivity, and a sense of purpose that inspires us to pursue what we want to achieve. We as humans often need that initial push to encourage us to move forward when we may otherwise not have. The problem is, motivation is finite. At one point or another you will reach a point in which your motivation runs out, begging the question: what will push you forward now?

If you’re smart, you will have used your initial motivation to focus on building disciplined actions, because even if you are doing what you love there will always still be days that are a grind. Motivation can come in ebbs and flows, and it is in those times that your energy is drained and you feel like giving up that discipline reveals itself to be your true friend.

Humans are creatures of habit. One study conducted by Alex Petland at the Media Lab of the Massachusetts Institute of Technology found that 90 percent of what most people do on any given day follows routines so complete that their behavior could be predicted with just a few mathematical equations. One of the easiest examples of this is your morning routine. You probably step out of bed the exact same way, reach for the door with the same hand, move to the kitchen and start the coffee all without giving it any thought.

Evolutionarily, it is likely that we developed the ability to form habits as a way to survive. When we were in constant danger of being attacked, habits were a way of saving brainpower for where it was needed most. For example, if getting out of bed a certain way caused a crick in your neck you probably wouldn’t move that way in the future, and instead would find a different movement that elicited less pain.

The nervous system is looking to select actions that lead to good outcomes, and with the vast amount of information it needs to process in any given day the brain also certainly benefits from some automation. The more we repeat a task, the less conscious brain activity we need to devote to it and the easier it becomes to repeat without much thought.

Discipline is taking habits to a conscious level. Our brains have the ability to deduce positive habits on a chemical level — the ones that produce dopamine and serotonin or that prevent pain are the ones that we develop on an automatic level. However, when it comes to habits that move us forward in external goals such as those within our career the brain doesn’t understand as well. It can often be tempting to put temporary comfort over future success, meaning when motivation dries up you are left with nothing to continue pushing you forward.

Discipline is the fundamental element to obtaining goals, dreams and desires. It is what keeps you going when times are tough and not going your way. It makes the bad times easier to get through. You must constantly practice, repeat and believe in your purpose, even when it sometimes requires sacrifices to reach the end goal.

Hand in hand with discipline is delayed gratification, the ability to postpone an immediate gain in favor of a greater reward later. When it comes to work and your career, this can often mean continuing to move forward with the task at hand even when your motivation for it has waned. Staying late to finish a report or project may feel like drudgery in the moment, but discipline is recognizing that the reward for completing your work will far outweigh the temporary satisfaction of heading home for the day or out with friends.

The question likely on your mind at this point is “how do I begin to have discipline?” My advice would be to begin implementing it in small ways throughout your entire life. Take small, actionable steps toward a habit you wish to form. For example, if you want to start working out you can begin going to the gym on your way home from work or at the start of the day. The catch is, you don’t immediately need to start doing full-blown workouts. Take a five minute walk on the treadmill and head home one day, and maybe visit the elliptical on another.

This is a small habit change — instead of going straight home you go to the gym. From here the habit can be built upon, still moving in incremental steps until you’ve achieved your goal. The same can be applied to your career goals. Instead of trying to change all of your habits at once, focusing on doing one thing consistently at a time will help you avoid becoming discouraged when trying to change your mindset.

However, it is important to recognize that a habit is not the same as discipline. Habit behaviors are traced back to a part of the brain called the basal ganglia, which is associated with emotions, patterns and memories. On the other hand, decisions are made in the prefrontal cortex, meaning that when trying to turn a behavior into a habit, we are trying to transition processing of that action from one part of the brain to another. The idea is to turn the decision of discipline into an automatic function, allowing you to obtain your professional goals as a result.

 

 

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Mindy McIlroy, President of TerraNova Corp.

Parkinson’s Diagnosis Hasn’t Hindered Terranova President’s Success: ‘Outlook Plays a Big Role in How You Feel’

DAILY BUSINESS REVIEW – April 12, 2022 BY MELEA VANOSTRAND

Mindy McIlroy, president of commercial real estate investment firm Terranova Corp., has completed $1 billion in retail leasing deals throughout her unique career in South Florida, but her success hasn’t come without challenges.

McIlroy was diagnosed with Parkinson’s disease in 2014. But instead of letting it slow her down, she decided not to view herself as a victim and tackle the disease head-on by being open about it with her colleagues.

“It hasn’t been a challenge as far as how the community views me. Some days, physically, are more challenging for me than others, but I really believe with any sort of illness, whether physical or mental, your outlook plays a big role in how you feel,” said McIlroy.

Parkinson’s is a central nervous system disorder that affects movement and often causes tremors.

Even while battling her condition and on top of her responsibilities at Terranova, McIlroy joined the board of directors of the National Parkinson Foundation and became chairwoman of the Moving Day Miami, the foundation’s annual fundraising walk. She also served as co-chair of the development committee for the foundation.

Today, in her role as president of Terranova, Mindy oversees all day-to-day operations for the company’s national retail portfolio. She focuses on a variety of retail properties, such as suburban shopping centers, lifestyle, entertainment centers, urban retail and mixed-use projects.

During the most challenging times of the COVID-19 pandemic, McIlroy is credited with leading her company to complete over $230 million in capital markets transactions in 2021 and closing deals worth over $61.7 million across 200,000 square feet of South Florida commercial retail space on behalf of a Terranova-affiliated landlord.

McIlroy is also known for conceptualizing establishments such as The Lincoln Eatery, a food hall in Miami Beach’s Lincoln Road district. She co-founded the Lincoln Road Property Owners Association, which is now the Lincoln Road Business Improvement District, and is currently an executive board member.

Employees ‘Aren’t Just People Sitting at a Desk’

McIlroy said one of her biggest accomplishments is creating a work environment that feels like a family.

“We care about each other, we have a nice working environment and everybody helps each other to get things done. Being a leader and developing that culture has been very rewarding and is one of the highlights of my career,” she said.

To create that kind of culture, McIlroy said business owners must take the time to get to know their employees on a personal and professional level.

“They aren’t just people sitting at a desk. It takes time, energy and effort to really care about your staff. You need patience, to spend time offline and not always within the confines of the office, and take them out to lunch from time to time,” said McIlroy.

McIlroy’s career began in 1997, when McIlroy moved from Atlanta to South Florida. After going through a staffing agency, McIlroy was hired as an executive assistant at Terranova working under its chairman and founder Stephen Bittel.

“I never sought this career. I think it sought me,” said McIlroy. “I ended up in that role because I was in the hospitality industry and I was in a sales position, and, in order to grow in sales, you have to be able to relocate often to larger locations.”

After a couple of years, McIlroy resigned from Terranova with the intent to go back into sales in the hospitality industry, when Terranova’s then-president offered her a real estate sales position. From there, she moved through the ranks.

McIlroy credits much of her success to her mentors, including Terranova chairman and founder Stephen Bittel, along with her predecessors Trish Blasi and Beth Azor.

“People who are in leadership roles should absolutely be conscious of the fact that they need to give back and mentor someone,” said McIlroy. “A lot of my acceleration in my carerr was due to the fact that I had worked directly for him [Bittel] for two years.”

Since Bittel is such an icon in the real estate industry, McIlroy said she was able to recognize all of the big hitters who came through the office and get acquainted with them.

“You develop a relationship where you can talk very candidly with each other, so he certainly didn’t miss any opportunity to tell me when I wasn’t doing something right,” said McIlroy. “From that, I would learn very quickly, because you want someone you trust to tell you what you need to do differently to improve your situation.

It’s Not Who You Know, But ‘Who Knows You’

Being successful in any field means developing thick skin, in McIlroy’s experience. She said the key to success in being involved in the community, nit just for networking purposes, but to improve it.

“It’s not who you know, it’s who knows you,” said McIlroy.

McIlroy held a leadership position for two consecutive terms as president of the Coral Gables Business Improvement District, and has also served as a retail advisory board member of the Kelley A. Bergstrom Center of Real Estate Studies at University of Florida’s Warrington College of Business Administration, and as a mentor in the Women of Tomorrow Mentor and Scholarship Program. She’s currently a member of the International Council of Shopping Centers. 

For fun, McIlroy said she likes to work.

“Because I find all aspects of my work fun, including the work I do for my company and the work I do for my community,” she said.

In her downtime, she enjoys traveling, planting and growing fruits and vegetables, and considering new real estate concepts from around the world to better enhance Terranova’s real estate portfolio.

 

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