Tim Conley sold his commercial real estate advisory firm in Albany, New York to his 32-year-old nephew, Zac, under a succession plan that will keep the elder Conley involved in the business, but no longer responsible for daily operations.
"I'm staying on as an independent contractor,'" said Conley, 59, who started Conley Associates in the early 1990s and affiliated with Cresa, a national firm, in 2011. "I'll be servicing my own clients and be available for any necessary consulting."
The firm, now called Cresa Albany, is located at 194 Washington Ave. It's different from commercial real estate brokers because it specializes in representing only tenants in lease negotiations.
The firm also advises businesses on whether they should buy, build or lease property.
It handles 50 to 75 assignments annually.
Zac Conley started working for Conley after graduating from SUNY Plattsburgh. He then joined Carrow Real Estate Services in Albany and most recently served as a senior adviser at commercial real estate developer First Columbia LLC in Latham.
Zac got in touch with Tim in recent months, interested in returning. The timing was right. Tim wanted to start scaling back and spend more of his winters in Florida playing golf.
The business changed hands Dec. 1. Terms were not disclosed.
As the new owner, Zac will oversee nine employees. He wants to grow the business, including adding two or three staff in the coming years and financial partners.
"I'd like to create a company that is a trusted adviser just as an attorney might be when somebody needs legal advice or an accountant might be when they need financial advice," he said.
The affiliation with Cresa, which is an open-ended license, will continue. Zac said he's likely the youngest owner of an advisory firm within Cresa's network of 54 U.S. offices.
As for Tim, he got his start in real estate after stints as a police officer and jewelry store owner. In 1992 he was the highest-income earning agent in North America for commercial real estate brokerage Prudential Blake.
Link To Albany Business Review Article