Making mistakes is fundamental to life and business. It comes with taking risk. One cannot be successful without taking risk or making mistakes. This is true for working out complex situations in real estate. There are always a number of viable ways to optimize a workout undertaking. There is not usually “one” best way. One must accept that a reasonable number of mistakes will be made. A good workout advocate will take some risk – one cannot be moribund in process and excessive decision-making. Afterall, the team must move swiftly and cost-effectively to achieve an ambitious set of objectives. Of course, this is done within the context of a robust set of pre-approved asset management plans. Similarly, governance principles are observed just as purposefully as in the normal course of business and daily-working-habits. But the net quantum of mistakes should be immaterial in relation to achieved outcomes. Consider a battleship at sea taking fire in a messy skirmish in choppy waters. Some strikes are unavoidable – one must beware not to take a hit below the waterline.

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