MGMTMBA 202 Liqing Chen SID20923085

To: From:

Lisa Barron, Ph.D., MBA Liqing Chen (MBTI TYPE ESTJ)

CC: Kim McCarthy

STATEMENT: BASCOM GROUP IS A GOOD BUT NOT A PERFECT FIT FOR MY INTERNSHIP I think Bascom Group is a good fit for my internship because the flexibility and strong interpersonal relationship it manifests are both in line with my values as long as potential incongruities are mitigated. 1. The high degree of flexibility at Bascom Group is in line with my values as long as the work is predictable and well planned. 2. Strong interpersonal relationship at Bascom Group is congruent with my personality. However this may also becomes an obstacle for me to integrate into the company if the strong culture does not welcome new entrants. In order to better fit in Bascom Group for internship, two initiatives must be taken: 1. Make sure my one-to-one mentor at Bascom understand that I prefer to set a plan for my internship in advance by communicating with him/her directly. 2. Gain the trust from future coworkers at Bascom by promoting the mutual understanding before internship starts. HIGH DEGREE OF FLEXIBILITY High Degree of Flexibility is Enjoyed by Employees: According to my analysis, the flexibility that employees enjoy at Bascom Group stems from three reasons. 1) Project-based job responsibility. Being a boutique private equity real estate investment company, Bascom Group focuses on acquisition transaction as its core businesses and outsources other business to its selected partners. (Exhibit 1) Thus major job responsibilities at Bascom are all project-oriented, which allows its employees to have a flexible work style. Bascom does have manual book for newly hired employees or interns. However, according to Mr. Han Jang, the Acquisition Manager at Bascom, new employees and interns basically learn their hands-on knowledge about acquisition transaction in projects, rather than having mandatory training program based on the manual book. Many other artifacts, like business etiquette, dress code and open-door policies they use mainly depend on what project they are involved in. (Exhibit 2) 2) Flat Company Structure is another enabler of employees’ flexibility. Based on my interview with Mr. Jang, the company structure is so simple that there are only three hierarchical levels within the company. The first layer includes three managing partners; the second layer consists of principals from different functions; and the third layer contains several financial and market analysts. (Exhibit 2) 3) Managing Partner personality also contributes significantly to the formation of the flexible culture. Jerome Fink, Dreck Chen and David Kim established Bascom Group sixteen years ago. (Exhibit 3) Currently, Mr. Kim is in charge of general administration. Not surprisingly, he is a very flexible businessman himself. Once my appointment with him conflicted with his schedule, he quickly figured out how to solve this problem by asking his secretary set a lunch with me and ask Mr. Jang to join us, who was later proven more suitable for conducting the informational interview with me.

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MGMTMBA 202 Liqing Chen SID20923085

Project-based Tasks also Require Employees to be Flexible, which is a Double-sided Sword. Because employees are required to have a flexible schedule as a tradeoff for the flexibility they enjoy to their personal advantages. For example, if the joint venture partners from East Coast dress formerly, the employees of Bascom are also required to dress up to attend business events. Employees are also required to be flexible in work hour in response to different projects. According to Mr. Jang, for their current projects in New York, employees need to arrive at the office in Irvine even before 6:00 A.M. in compliance with their private equity or joint venture counterparts’ work hour in East Coast. (Exhibit 2) Can I Fit in such a Flexible Working Environment? According to my Career Leader report, I adapt easily to changing situations and new approaches when necessary, so the flexible culture seems a good fit for me. (Exhibit 4) My MBTI type can explain my adaptability to Bascom’s working environment. 1) As an ES, I am always active and enthusiastic about involving in physical world in a direct way. Compared to daily-based routine work, I more enjoy gaining practical and experiential experience via project-based work. (Exhibit 5) Luckily, the flexible culture of Bascom enables its interns get hands-on experience through various task-oriented projects, instead of dogmatic training program. (Exhibit 6) 2) Being an SJ, however, I also prefer to set the schedule in advance and work firmly stick to the preset plan. These preferences of mine may not be congruent with the flexible culture at Bascom. Since the project-based work schedules are usually subject to frequent changes due to partners’ special requirements. These unpredictable changes sometimes may ruin my preset plan, making me feel that I have no control and no idea of what is going to happen to me. Therefore, I would be out of comfort zone once I feel not prepared for the forthcoming unpredictability and chaos potentially caused by flexible culture. (Exhibit 7) STRONG INTERPERSONAL RELATIONSHIP Strong Interpersonal Relationship has Become Part of Bascom Group’s Culture: According to my observation, the relationships among the employees are very harmonious when I visited the company. People frequently give high-five to each other as encouragements. The tone they use on the phone with clients or partners are full of passion and friendliness. Not surprisingly, Bascom Group has been crown as the one of the top 10 best workplaces in Orange County in 2011. (Exhibit 8) The reason why the interpersonal relationship is so strong and becomes part of Bascom’s culture is because 1) Bascom’s relative small size and flat structure make employees easy to communicate directly and efficiently with the top management. Any problems can be reflected by any levels of employees to the partners on a timely basis due to the simply hierarchy. In addition, the employees of Bascom have worked for the company for at least seven years on average, which further explains why those veterans treat each other like family members. (Exhibit 2) 2) Likewise, the founder’s personality plays a positive role in creating the open, transparent and direct culture, as well. After having lunch with Mr. David Kim, I found him quite personable, frank and sincere. (Exhibit 9) Being the managing founder of the company, Mr. Kim’s social personality and passion for life apparently exerts strong influence on the company, which is reflected by the way how his employees behave according to my observation. (i.e., Ms. Boutaleb who arranged my informational interview with Mr. Kim, her enthusiastic voice on the phone and face-to-face warm greetings made me feel I am already part of Bascom) 3) Inevitably, the big culture in the whole real estate industry also has large influence on the subculture of Bascom Group. As Mr. Chris Kovitz, the career advisor from MBA Career Center told me, the real estate industry is not big circle. Just like the employees in investment banking industry, people in real estate all know each other so they highly

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MGMTMBA 202 Liqing Chen SID20923085

value networking and interpersonal relationship. Since no one in the industry wants to jeopardize their reputation by a bad interpersonal relationship with other counterparts. (Exhibit 10) The Environment of Strong Interpersonal Relationship is a Perfect Fit for Me. According the Career Leader report, I work most efficiently in a warm, friendly atmosphere in which interpersonal relationship is highly valued. (Exhibit 11) In terms of working in Bascom, nevertheless, I still have some concerns regarding to how to adapt to the culture there. According to the data I have collected, Bascom has an employee pool of 28 and the average service time of its employees is seven years, meaning that the employment turnover ratio is relatively low at Bascom. (Exhibit 2) The extreme low turnover ratio can also be interpreted into the existence of strong culture at Bascom. As a matter of fact, fitting into such a strong culture might not be too easy for me as a career changer especially from another culture. The separation diversity between the veterans at Bascom and I would possibly make them review me as an outsider. In that sense, I would encounter some challenges in integrating into Bascom regardless of my open, energetic personality. ACTIONS NEED TO BE TAKEN TO FIT IN Given the fact that organizational culture are complex interdependent systems and are difficult to change, I will take actions to adjust myself to better fit into the Bascom Group before internship starts. Set a Plan for My Internship Assisted by My Mentor at Bascom Group Being a J, my systematic, planful, scheduled and methodical mindset (Exhibit 9) does not seem a perfect match with the flexible culture at Bascom Group. On the other hand, the practical work experience and access to various professionals in the real estate industries offered by Bascom are in line with my value as an S. (Exhibit 7) Thus, to mitigate the inconsistencies between Bascom’s flexible culture and my preferred work style, I’d better communicate directly with my assigned mentor. Although I understand that tasks assigned to me are subject to changes based on certain projects, I still believe most work I am going to do is predictable based on my mentor’s experience gained from previous successful transactions. Thus, with mentor’s help, I could set my plan for my internship by clarifying the following questions in May. 1) What are the major responsibilities for me to work as an intern? 2) What is the exact dress code for certain project? 3) What is work time span for the project? 4) How many travels do I expect to have during this summer? 5) How many days ahead would I be informed of a possible business trip? By knowing all these details, I believe that I can have a better sense of how the internship at Bascom Group will be going so that I can be well prepared both psychologically and physically for it. Gain the Trust from the Future Coworkers by Promoting Mutual Understanding in Advance. The strong culture of interpersonal relationship resonates greatly with my preference to collaboration and consideration, (Exhibit 11) which indicates Bascom Group is a good fit for me. The only concern is that I might be reviewed as an outsider potentially if I do not understand the assumption they adopted behind all those artifacts and practices. To lower the possibility of being isolated, I am planning to socialize with these future coworkers one month before the internship starts. Three steps will be taken to implement my plan. First, I plan to figure out who my mentor and coworkers will be during the summer by asking Mr. Jang directly. Second, after knowing the names, I will schedule a coffee chat with my mentor, showing my respect and my intent to get feet wet before internship starts so as to perform better in coming months. Thirdly, I will ask my mentor invite my future coworkers to dinner on behalf of me. In that social event, I will try to promote mutual understanding by opening up to them and asking them what they expect of me.

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MGMTMBA 202 Liqing Chen SID20923085

Exhibit 1

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MGMTMBA 202 Liqing Chen SID20923085

Exhibit 2

Interview with Han Jang, acquisition manager at Bascom Group Me: Han, what’s the value statement/slogan of Bascom Group? Han: Well…I think we don’t have specific slogan for Bascom, I believe the value of Bascom is posted on our website. You can find it there. Bascom Philosophy Rebuilding community one family at a time Protect and preserve capital while meeting the expectations of our investor clients. • Co-­‐invest in assets and businesses we understand while procuring third party managers who share in our principals and bring unique local expertise. • Pursue creative operating solutions that offer residents lifestyle advantages, design excellence, and quality construction and management services. • Commit to our employees, residents and investor clients through the alignment of interests. • Operating with integrity, honesty, and fairness, while providing the optimum environment for operational growth. • UNDER-­‐PROMISE AND OVER-­‐DELIVER. • Me: Can you briefly introduce the hiring method employed by Bascom? • Han: We usually recruit our new employees or interns on campus or via recommendations. Since Bascom is a small company, typically we don’t recruit that many compared to those larger players. Most of our

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MGMTMBA 202 Liqing Chen SID20923085 people at Bascom, they have worked here for almost 10 years. For younger employees, they also have almost 7 seven-­‐year work experiences here. Me: Do you have a manual book for the employees? Han: Yes. We have. But the fact is since our business is relatively complex and different from case to case. So the manual book is just for our reference. In daily work, we train and teach people via practical experience in real deals. Me: Have kind of behavior at Bascom will you reward? Han: We highly encourage entrepreneurship and innovation, mainly on business plan and operation. Me: What is the dress code at Bascom? Han: As you noticed last time, I think business casual is pretty much for SoCal business environment. Most of the time, we dress and even work in response to different project requirements. Me: Do you have an open door policy? Han: Our policies at Bascom are pretty flexible and efficient. Any employees can talk to the management directly if necessary. Me: What is the work hour at Bascom? Han: Typically 9:00am to 6:00pm. According to the different projects, sometimes we require our employees adjust their work hours to 6:00am to 4:00pm. Because we have many private equity partners and landowners are based in East Coast so we have to work in line with their work hours. Me: Do you think the work at Bascom is more project-­‐oriented? Han: Yes. All work is project-­‐oriented. Me: Can you briefly introduce the structure of your department? Han: Since Bascom is a boutique real estate private equity company. We have a flat and simple management structure here. There are three layers altogether, they are founders/partners, principals and analysts. The flat structure ensured the efficiency and premium service for our customers. Me: What do the employers at Bascom expect from its employees? Han: We are looking for people who are detailed-­‐oriented and good at financial modeling and organizing legal documents. Me: What do the employees see as the motivation for their jobs at Bascom? Han: One thing we value the most is the sense of achievement, I mean, the feeling once you close a deal successfully after all your hard work with your team. Also, I also have to say the financial compensation

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MGMTMBA 202 Liqing Chen SID20923085 that Bascom have offered is a big part of the driving force for our employees’ excellent work performance and dedicated commitment.

Me: Thank you very much for helping me with the questionnaire! Han: You are always welcome, Liqing.

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 3

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 4

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 5

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 6

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 7

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 8

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 9

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MGMTMBA 202 Liqing Chen SID20923085 Exhibit 10

Interview with Chris Kovitz, Career Advisor of Paul Merage MBA Career Center

Me: Chris, can you give me a brief introduction about the jobs in the US real estate industry based on your knowledge as a career advisor in real estate? Chris: As a matter of fact, the real estate industry is a very risky and volatile industry here in the states. There could be a large number of job opportunities await when the market is going up. It, however, could be a totally different story when the market is going down, real estate could lose their jobs right after three month they get their jobs. Me: I know culture varies a lot from company to company. But what is the common culture in real estate? Chris: Although the situation is changing gradually these years after the financial crisis. Still, I would say, middle-­‐aged Caucasian males, who are big fan of sports, dominate real estate industry in America. And that’s why you can hear a lot football or baseball idiosyncrasies as these folks’ buzz words when they involve in a business conversation. And in SoCal, they dress business casual for most of the time because of the warm weather here, this maybe the different case from other parts in US. Me: What are the characteristics for the professionals work in the real estate industry here? Chris: Well, that depends on what side of the real estate you work for. Typically, people in the industry have been divided into two sides. The management oriented side and the deal-­‐oriented side. For those folks who work in the asset management team, they can usually keep a good work-­‐life balance. You know, nine to ten hour-­‐work per day will be their routine. Several second year students like Chris Tipre, he now works for Trammell Crow, and perhaps he can give you more insights into the management side daily work. As to the deal-­‐oriented side in the industry, I would say, it’s more like investment banking industry. They love taking risks while enjoy the good income. People from that side always have to work over night and during their weekends, since they want to close the deal one buy one in a very timely manner.

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MGMTMBA 202 Liqing Chen SID20923085 Me: Chris, what do you think these real estate professionals value the most in their work? Chris: In my view, I think networking will be their most valuable asset in the industry. Believe or not, for real estate folks, it is a small circle. People know each other since long time ago. So in that case, you don’t want to do anything like burning the bridge, because people will know. And by doing so, that means you are ruining your own career in the field. Also, network is the most cherished asset to mark you up for your career in real estate. Me: What do see as the motivation behind the professionals in the real estate industry? Chris: To answer this question, I also would like to separate the professionals from the management side and the deal side. On the asset management side, these folks review the properties they manage as their products. They have passion for developing these products by enjoy the growth via lease or selling. For the professionals in the deal-­‐oriented side, they are more profit-­‐driven. Like I just mentioned, they see themselves as bankers and love taking the risks while enjoy the huge financial gains brought through successfully closing big deals. Me: What is company structure in the industry? Chris: As far as I know, most of the players are not as large as those fortune companies in other industries. And for those small medium size companies, structures are quite flat. It is not unusually certain staff has multiple titles or responsibilities. For example, some realty companies often have their HRs work as part of the asset management teams.

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Exhibit 11

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