Peter Lohmann's Newsletter - Issue #84

ProfitCoach Names New CEO, Peter & The Wolf Returns

Author

Peter Lohmann
March 08, 2024

ProfitCoach Announces New CEO

Note: I am a customer of ProfitCoach.

Today ProfitCoach announced co-founder Daniel Craig was stepping down as CEO, naming Bradley Johnson as the new chief executive at the company. The change is to take effect on April 1st of this year, with Daniel assuming the role of Chief Strategy Officer.

ProfitCoach also shared that co-founder Jordan Muela has sold his equity interest in the firm and is no longer an owner of ProfitCoach. Jordan recorded a special episode (number 200, as it happens) of his highly popular and influential podcast “The Profitable Property Management Podcast”, with Daniel, to reflect on the founding of the company, how far they’ve come, and plans for the future.

Founded in 2017, ProfitCoach helps property management company owners run more profitable businesses. They do this through a variety of systems and programs including coaching, a financial dashboard, and more.

ProfitCoach also helped develop the NARPM Accounting Standard (NAS), which provides a common language for comparing financial performance among property management companies. NAS has been extremely well-received among the property management community and has been widely adopted. They’re also behind the 20019 and (2022 updated) financial performance benchmarking study, a landmark report documenting and benchmarking property management company financials.

Danny shared the following with me regarding this transition:

“The results of the last five years have motivated us to dream big about the opportunities of the next five years. I’m personally envisioning a world in which our industry, collectively, is thinking very differently about operational performance, team performance and value creation for owners and residents. This [change] will allow me (Danny) to move over to Chief Strategy Officer, and focus on one of the things I do best: thought leadership and innovation to help PMs build highly-profitable, self-managing companies. With the fantastic leadership team that we have in place, we’re ready to tackle Season 2 at ProfitCoach!”

Bradley Johnson is leaving his role as CEO of Sweyer Property Management (a RHOME company) to take the job. Brad started at Sweyer as the general manager in 2021 and worked his way into the CEO position.

Over the past few years while leading Sweyer Property Management, I have always admired ProfitCoach and the work they do around helping property management business owners and operators to understand how to find freedom through helping their businesses perform at a high-level with a focus on profitability and operational efficiency. Through some informal conversations with Daniel Craig, he informed me that he was looking to exit the day today of the business so that he can focus on his nonprofit work, and we both quickly realized that I might be a good candidate to take on the CEO role at the company. After getting a chance to learn more about the company as well as the opportunity to meet with the leadership team, I jumped at the chance to lead this great company. I am excited and grateful for the opportunity, and can’t wait to get to work helping build great products and service offerings that will serve the property management industry well.

Bradley Johnson

On the show, Jordan was quick to give credit to Danny for being the driving force behind the success of ProfitCoach. “For me it was the quintessential example of that semi-delusional component that is a necessary component of entrepreneurship. It’s made up… you kept believing it was possible and so we kept going. Had you stopped believing that, we would have stopped, and it would have been a disaster.”

Jordan Muela and Daniel Crag in conversation during Jordan’s podcast.

Congratulations to all involved and I’m excited to see what’s next for ProfitCoach!

This week’s issue is sponsored by: LeadSimple.

At my 650-door property management company, we started using LeadSimple to grow our door count (and we have). Their powerful CRM lets us:

  • Track all our incoming property owner leads

  • Make sure nothing gets missed

  • Automate some of the followup

  • Generate insights into our marketing effectiveness

If you want to see exactly how we do all that, I recorded a 5-minute video walkthrough of our actual LeadSimple account. Watch Video.

Peter & The Wolf Returns!

Peter and the Wolf is returning by popular demand!

Last year I teamed up with Wolfgang Croskey to share our thoughts on how to use systems & processes to take your property management business to the next level. We had so much fun with this monthly webinar series that we’ve decided to bring it back.

Season 2 is kicking off with the ultimate automation power hour for property managers! ⚡️ In just 30 minutes, witness three amazing Zapier "zaps" that will revolutionize the way you manage your properties.

This Week’s Notion Page Giveaway

I had a great response from last week’s free notion page, so I’m going to continue with a new page this week. Feel free to duplicate this to incorporate into your own company wiki/Notion. The link will expire in 1 week. Check out a video tour of my buildout if you’re curious how we’re using it.

Notion page-a-week giveaway

Industry News and Events

  • Here is a PM company for sale in Seattle (company name Full Service PM, 400 units, asking 1.9M).

  • Here is a PM company for sale in Kissimmee, FL (company name CENTURY 21 All Homes & Properties, 100 units, asking 540k).

  • Here is a PM company for sale in South Carolina (asking 620k).

  • Property Meld is hosting a webinar next Thursday entitled “Mastering Maintenance to Maximize Retention”, with special guests Matthew Kaddatz from AppFolio and Michael Krause from Atrium Management.

  • PMAssist is hosting a webinar on April 24th to discuss owner benefit packages, with special guest John Higgins from Steady.

Closing Thought

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That’s all for this week! Have a great weekend. -Peter

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