Business is Business

I recently recalled an incredible story about the Ghermezian family, owners of the American Dream Mall in New Jersey, that left a profound impression on me. At the mall’s water park entrance, designers had proposed installing floor-to-ceiling glass walls to create an awe-inspiring first impression. The idea was that guests visiting the theme park would see the water park through the glass and be instantly drawn to buy tickets. It was a brilliant marketing concept, and the family invested over $2.2 million into these massive glass panels.

As the mall was preparing for its grand opening, one of the brothers, Syd Ghermezian, made a critical observation: the glass panels might make it uncomfortable for families with religious sensitivities to feel comfortable in the mall. Without hesitation, the family decided to cover the glass. The initial investment was essentially wasted in its entirety.

This story resonated deeply with me. The Ghermezians demonstrated that integrity and values should take precedence over profit, even in a cutthroat business world. Their decision reflected a commitment to serving their community without compromise. To them, creating an inclusive and respectful environment mattered more than any financial loss.

This week, I found myself reflecting on their example in my own work. I had been helping a client for over a year to prepare for a home purchase. My team and I worked tirelessly to improve his credit, consult about downpayment options, and discuss countless purchase scenarios and options. They found a house that was for sale by owner – I even helped negotiate terms with the seller. I invested countless hours in guiding and supporting him through the process.

Finally, we were at the finish line. The client had found his dream home, and his offer had been accepted. As we reviewed his mortgage options, he mentioned a special first-time homebuyer program through his employer. After crunching the numbers, we discovered that while the interest rate was identical to what I could offer, however, his employer’s program would save him about $1,300 in fees due to additional incentives.

He felt bad. So did he. I could have persuaded him to stick with me, pointing out the extensive time and effort my team and I had invested in his case. Instead, I encouraged him to take the other deal. I assured him that saving $1,300 was the right decision, especially with a third child on the way and a tight household budget. I even offered to continue helping him with advice and guidance through the closing process, knowing that the other bank might not provide the same level of personal attention. My offer was sincere, and I have already spent a few hours helping him with his application at the other bank.

It wasn’t about the lost commission. It was about doing what was right for my client. Yes, business is business, but sometimes, the best business decision is one that prioritizes people over profit. I believe that building trust and staying true to your principles can yield rewards far greater than any immediate financial gain.

In a world where cutthroat competition often dominates, we need to remember that business can be about more than just dollars and cents. It is about serving others, upholding values, and making decisions that leave a lasting positive impact. Ultimately, success isn’t measured by how much we make but by how much we give.

Would you rather receive $100,000 now, no questions asked, or flip a coin and have a chance at $5,000,000 if the coin lands on heads? Please email or message me to let me know your choice! Please let me know if you have a good “Would you rather” question, and we will highlight your submission.

 Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected].

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