12/24/2020
ANNOUNCEMENT: We wanted to let everyone know that over the past two years, Mark Zweig, Inc., has completed a process of exiting the development and construction construction business entirely.
When we began our exit process, we had more than 65 residential rental units plus about 40,000 square feet of commercial space. We are now down to one rental house (under contract to be purchased by the tenant) and our 20,600 sq ft University Village office/retail complex, which we are fine with either keeping or selling. We let our contractor’s license go. We got out of our office and warehouse leases. We got rid of our vehicles and trailers and tools. We shed nearly all of our business overhead.
Our decision to get out of this business was multi-faceted. The business is too stressful and hasn’t been fun for either my wife, Sonya, or myself for some time. Getting work done has become too difficult and too expensive. Many of our subcontractors are beyond overloaded. The time and attention required to achieve the quality standards we set for ourselves has become unmanageable. The development and permitting process has become too slow and cumbersome. It seems many of those in local agencies act as if developers have unlimited funds. The attitude of the community toward nearly all development (and developers) is so negative that practically all property improvements are protested by someone. And while our primary goal with this business was to improve the city we live in, the financial risks we had to take vs the actual or potential returns we earned were disproportionate. On top of it all, we have been concerned for some time that a real estate recession will be inevitable, and we don’t want to be in a position where we have tenants who can’t afford to pay their rent, or we have unsold properties that are draining our bank account every month. All of this is exacerbated by COVID-19, political instability, and lots of uncertainty about what the future will bring.
I’m 62, have been working too much for 50 years, and now want to focus my attentions on my family, writing about business, and my teaching at The Walton College. We may decide to start or buy another business together, or we may not. My wife may decide to create her own business or join another that needs her considerable business and financial management talents. We may even buy another house to fix up at some point for fun or to improve our neighborhood but not do it through our business. In any case, we don’t need to do anything more if we choose not to, thanks to the sale of our ownership interests in Zweig Group and employment at The University of Arkansas.
Life is short and the continuous overcommitment, along with the endless pursuit of financial success and ego glorification, can prove empty. What really matters is doing some good for others, and having time to spend with our families and friends.
To those who supported our firm and appreciated our projects over the last 15 years, we thank you! We see so many great projects being done now by others in Fayetteville and throughout northwest Arkansas, that it is really exciting to see. We love our community and can’t wait to see what the future will bring for our area!
One last thing. We won’t be monitoring this page any longer. If you do need to reach me, pls drop me an email to [email protected].
Merry Christmas and Happy New Year to All!
Mark Zweig