Why did you decide to become an entrepreneur rather than join a large firm or franchise?
The decision to become an entrepreneur was not ego-driven, it was driven by the desire to start a small specialty firm that could provide great service to the Hospitality Industry with a more personalized touch than the larger firms, was totally client oriented and believed in providing superior service and advice.
In what ways have you been able to set your business apart from your competitors?
Our differentiator is our team approach. The Wason Associates team is comprised of three individuals with three distinct skillsets that they bring to the table; Peter Annon (CPA), Joe Cardillo (business and hospitality owner/operator), and Earle Wason (CCIM).
- Peter has more than 25 years of experience as a certified public accountant (CPA) and as a licensed real estate salesperson. His expertise in commercial real estate transactions includes reducing federal and state tax obligations for hospitality transactions through the use of Section 1031 tax deferred exchanges, installment sales, asset allocations, and other strategies to maximize after-tax returns.
- Joe has a diverse business background that encompasses sales, management, finance, ownership experience, and expertise in the retail and hospitality industry. He has experience in zoning and planning issues that often relate to real estate development. This experience helps him better serve our clients in their hospitality real estate purchases and initial planning process.
- Earle has more than 30 years of experience in the commercial real estate industry. He specializes in the structure and management of all aspects of hospitality transactions and has brokered more than 150 hotel/motel and resort sales in the past 15 years.
Does your business have a specific niche? If so, what have you focused on?
Wason Associates targets hospitality properties in ME, NH, MA, VT, and NY, and CT. Our primary focus is on mid-market hotels, resort inns, and larger motels that are priced based upon the income stream or the potential income if the property and operations were to be improved.
We work closely with sellers, buyers, and their lenders and representatives backed by our years of industry experience, passion for hospitality real estate, and commitment to being fully involved in any of our assignments and transactions through to completion.
How have you developed your team to support and to advance your business?
The early success of Wason Associates was based on my reputation in the market, my promotion of the CCIM Designation which I received in 1985 and later expanded based on the expertise of the team. Created 12 years ago, the team has become highly productive. The combination of CCIM course participation, and having a CPA on board, has allowed us to be beneficial to clients in analyzing their exit strategies, tax implications and creating successful transactions.
Has your business evolved into other sectors of commercial real estate? And have you expanded the type of clients and beyond the local marketplace for your business?
No, it is our belief to offer what we know best. Yes, as many of our clients have expanded their markets we understood that in order to serve our clients well we must offer services that match their needs.
How has your CCIM training helped you launch and expand your business?
The CCIM designation has been a point of differentiation for Wason Associates, especially as the Designation has become so well recognized. The CCIM program has allowed us to offer our clients a deeper understanding of evaluations, tax implications, exit strategies, and marketplace analysis.
Do you use CCIM technology, such as STDB, in your business? If so, how does STDB help you compete for clients with larger firms?
Yes we often use STDB, to provide additional market data to our clients. It mainly has been useful in creating information for our marketing promotions and provides expanded information for our clients who are in the process of developing newly constructed hotels.
Thanks to programs such as STDB and other companies that supply different types of market research information for the hotel industry are available to the small specialty firms. Information is knowledge and the better informed the stronger our case.