Going Beyond the Sale

School Investment Properties, a family-owned brokerage firm, puts everything they have into every transaction.
 

You’d be hard pressed to find anyone who knows more about the daycare or pre-school business than Alan Strickland. His company, Florida-based School Investment Properties, founded by his father E.T. Strickland and his mom Pam Strickland, specializes in brokering the purchases and sales of daycare centers, pre-schools and private schools.

Originally, Strickland and his parents worked together in residential real estate. But while helping a customer buy a building for a daycare center, the family quickly learned a good deal about the childcare industry – and they saw its potential. A few years after that initial sale, Strickland’s parents decided to go all-in and specialize in the childcare market.

Over the years the company has expanded, and family members have played a key role. Among the staff members are Strickland’s son Beau, daughter Kala, a brother-in-law, cousin and two nephews, just to name a few. They operate in eight states and currently have listings close to $140MM.

Along with decades of experience as a broker, Strickland has also owned many childcare centers, which gave him valuable insight about the industry – inside and out.

“As an owner, that’s where you learn what these centers can do, what they’re capable of doing. The important part is you get to know the day-to-day operations, the staff, the parents. All those things I can now help buyers with as they transition into owners and be successful,” said Strickland.

Wanting Success for Everyone

School Investment Properties doesn’t just want to make a sale, they strive to help their clients find every way possible to make their ventures work. 

When a client wants to buy a particular school, Strickland’s team does a deep dive. “For any project we do, we look at everything. We tear it apart and put it back together, look at all the numbers, come up with a plan for when the owners take over, what can benefit them.” 

Strickland says that most buyers do follow their advice, and many go on to buy more childcare centers. These strong relationships are a key reason for the company’s longevity. “Over 40% of our business is from repeat customers or referrals,” said Strickland.

In fact, Strickland is so committed to every transaction working out well for all parties that he has even terminated deals to help protect a lender from a possible foreclosure. “I have terminated sales contracts in the due diligence period because I didn’t have confidence that the buyer would work out.” Strickland admits that it’s never a popular decision, but commitment to success is what drives him. “We’ve never had a deal fail that we closed on,” he points out.

“A Straight-up Honest Relationship”

Another component of success for School Investment Properties is working with the right lenders. And for Strickland and his company, one they’ve come to rely on is Steve Penza, SBA Commercial Lender with SouthState. Strickland and Penza have been working together on transactions for over 20 years. 

“Steve knows this business better than any other banker or lender, and we can discuss any part of the project we’re working on – he’ll understand the structure and work hard at getting the best rates possible,” said Strickland. “We have a straight-up, honest relationship on every project we do and that is so helpful.”

Penza acknowledges the rarity of such a long-standing relationship. “We have such a good rapport, and we trust each other implicitly. and I think that is a very unique relationship.”

He highlights how School Investment Properties set themselves apart, “They do a tremendous amount of work – more than any other daycare broker I’ve dealt with.”

And Penza adds, “They support the loan throughout (the term), no other broker I know does that. They’re just good people, a good family.”

Setting the Standard

The importance of family and a strong work ethic is something that is ingrained in School Investment Properties. In fact, Strickland’s father E.T., who recently turned 90, still stops by the office every afternoon to check in. 

Thinking about their success, Strickland credits his father for much of what he’s learned and now passed on. “I’ve seen him over the years work long hours, just go, go, go. He built that into me. We’re three generations deep now and I’ve really been blessed to have this firm work out the way it did, with how much my father and mother put into this.”