225: Surviving an Arson Attack to Making it BiG in the Boating Business – Rob Hannah of Chicago Yacht Works

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Background on Rpb Hannah of Chicago Yacht Works:

Rob Hannah is the CEO and Managing Partner of Chicago Yacht Works. In 2011, Rob redirected his business experience to the marine industry after assuming control of Chicago Yacht Yard, a full-service marine service and storage facility located on the river in downtown Chicago. In a short time, this business has been transformed into an industry leader with significant gains in both service and storage as well as adding both brokerage and new boat sales to their business lines. They now boast the Midwest’s only Formula Factory Showroom and Factory Service Center. January 2015, Rob changed the name to Chicago Yacht Works to better reflect their expanding business. The company is now recognized as the premier marine sales, service, and storage facility in lower Lake Michigan and one of the best in the Great Lakes.

Rob’s background in commercial real estate spans from design and build to acquisition and disposition. Rob also created new ways to invest in real estate; he created an ownership structure designed to comply with IRS sec. 1031, enabling investors to acquire fractional interests in real property, while deferring capital gains and related taxation. He was directly involved with the development of the Treasury Department and IRS issuance of Revenue Procedure 2002-22. As a recognized expert in the 1031 exchange arena, Rob has taught continuing education for attorneys and accountants and has spoken at ABA, AICPA, and other professional certification conferences.

Time-Stamped Show Notes:

  • [2:15] Rob Hannah is from Chicago, Illinois, and his current company is Chicago Yacht Works, which is an all-purpose recreational marine facility. If it has anything to do with boats, they are the right people for the job.
  • [3:26] The COVID lockdown was extremely challenging for Rob and his business.
  • [8:32] According to Rob, Chicago has the world’s largest municipal harbor system. This means all the harbors in Chicago are owned by the city of Chicago.
  • [11:10] Rob shares a more detailed explanation of what they do in Chicago Yacht Works.
  • [14:46] In 2011, Rob bought this boating business from a friend he knew in the real estate industry.
  • [17:07] Rob explains what a leveraged buyout is all about.
  • [23:31] During his high school days, Rob wanted to be an architect. He also worked in the Chicago Board of Trade when he was in college.
  • [26:59] Rob continues his story of his earlier experiences working on the board of trade.
  • [33:26] After working in the financial sector for a couple of years, Rob went back to real estate.
  • [40:08] Being a bond trader, Rob was making good money.
  • [41:58] By doing renovations on his apartment, Rob liked it too much that he enjoyed it more than his day job.
  • [44:11] Rob bought a factory building and converted it into four large townhomes.
  • [48:39] The first big lesson for Rob in real estate involves having the right timing.
  • [51:18] Because of his townhome project, he got into the construction business.
  • [56:56] Rob talks about what really happened when his home was set on fire.
  • [1:04:35] After quitting the construction business, Rob worked at a consulting company, which he describes as a great experience but a horrible job.
  • [1:10:45] Part of Rob’s early successes in different industries is working 24 hours a day seven days a week without tuning out.
  • [1:12:24] Rob got involved in a transaction that changed his life in a significant way. This TIC structure that he developed turned into a multi-billion-dollar industry.

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Fabulous 4 Questions:

  1. 📖📚 Favorite Books? King of Capital by David Carey, Limitless by Jim Kwik, The Sun Also Rises by Ernest Hemingway
  2. 🙌😎 Favorite Amazon.com purchase? Pre Pandemic Barbell Set
  3. 🌱💸 Favorite Tool that's GROWN your Business? Salesforce.com
  4. 💭💡 BIGGEST Challenge keeping your Business from GROWING? Physical limitations and specialized knowledge/expertise

Key Point from the Interview:

  • “Pay yourself first. Too many startups and small business people die and go under because they always put themselves last. If something happens to you, the business is gone. So take care of yourself first.”

Resources Mentioned:

 

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