JOB MEMO

Business Management and Real Estate Development Job Memo

My father works in a common field that most people are familiar with. His field is in Business and Real Estate Development. Although most people are aware of this field, it is a broad one that has many different specialties. Specifically, my father operates and develops IHOP restaurants as wells as develops retail and residential properties. As the CEO of his company, he manages restaurants and properties all over the United States. On a day-to-day basis, he meets a variety of different people either at his office or the project site. These types of people range from either restaurant staff, managers, supervisors, accountants, architects, contractors, and sometimes even city officials.

The specific duties that best depict my father’s work is:

·                          -IHOP Operations

·                          -Real Estate Acquisitions and Budget Management

·                          -IHOP and Real Estate Development

·                        -  Leadership

IHOP Operations:

The CEO in restaurant operations has many different roles. An example of key ways restaurants are operated is the coordination of food orders and shipments, ensuring all deadlines are met. Furthermore, the key to operating any successful business is keeping costs down. My father looks at the financials, constantly making sure the business is operating at its peak. An example of a method this is done could be the way employees are scheduled. If the scheduling of employees is not correct it could lead to a lot of expenses, as labor takes up a huge percentage of any restaurants costs.

Although keeping expenses in a business brings success, more importantly is having customers come to your restaurant. My father oversees the quality control for customer service interactions and monitored sanitation and cleanliness in all his restaurants. This method that brings back customers, however it does not play a huge role in bringing new customers. My father attracts new customers to his restaurants by getting involved with local marketing which includes social media, groupons, and mailed coupons.

Real Estate Acquisitions and Budget Management:

Equally important, my father spends half of his time developing restaurants. Developing restaurants is much different than operating. However, both jobs are just as time consuming.  The development process has many steps to it. My father’s first step before starting any development is gathering market research on the specific locations. This step is done by looking at many different demographics such as age, gender, race, and income. My father also looks at employment rates and population growth to see the future in the area. After this phase is complete, it is time to look for the actual property. This property can either be a piece of land or an existing restaurant. It is beneficial to be experienced in the field because of all the connections that are made. Having a connection with many brokers makes finding properties much easier and affordable. My father believes this is the most important part in the business because a good deal protects your chances against failing on a project.

An important part before acquiring property is the Budget Management. My father reviews and monitor original budget and cash flow for all phases of the project. He also coordinates with the Construction and Accounting departments to ensure feasibility of the project.

IHOP and Real Estate Development:

 The selection and supervision of architects, consultants, and contractors are all key to having a smooth development process. My father has been in this business for a long time, so this process is not difficult for him. He has a team of people that he used for projects in the past. During the construction phase of his projects, my father supervises and makes sure the project follows the timetable for completion.

Leadership

One of the most important traits a CEO must have is leadership. What is leadership exactly? Leadership is guiding a group of people to complete a certain goal. My father motivates and guides his employees in order to complete goals as quickly and efficient as possible. An example of how my father has done this in the past was by motivating his employees with incentives. On some IHOP locations that do not show good sales, my father motivates his management with incentives to attain higher sales.