Podcast: Play in new window | Download (Duration: 29:05 — 41.2MB) | Embed
Subscribe: Apple Podcasts | Spotify |
The now real estate coach, trainer and principal of Nitschke Real Estate in the Adelaide Hills, Michael had to dig deep to turn things around when his back was against the wall.
In the latest episode of Courageous Conversations with Leanne Pilkington, Michael shares how he embraced vulnerability and learned to lead through one of the toughest periods of his life.
He talks about how instead of selling the business, as many advised, he saw the situation as an opportunity to turn it around.
Michael also discusses his thoughts on becoming more resilient, learning how to lead and creating a value-driven team culture.
He highlights the importance of authenticity in real estate, balancing leadership with personal growth and fostering a supportive environment where the team and clients come first.
“I know what got me through that period was actually this desire within me. I thought, what if this is actually an incredible opportunity? What if, as hard as the circumstances are, if I can attach some gratitude to this, that this might be why I’m here, like this might be my opportunity to lead a broken business, to turn it around.” – Michael Nitschke
10 key takeaways from this episode:
- The impact of sudden loss and the importance of succession planning
Timestamp: 03:00 - Stepping up to lead a struggling business with no prior experience
Timestamp: 06:00
- The power of vulnerability and authenticity in leadership
Timestamp: 11:00
- Rebuilding a business through focus on values and company culture
Timestamp: 14:00
- Implementing EOS (Entrepreneurial Operating System) for business management
Timestamp: 17:00
- The challenges of transitioning from a selling principal to a full-time leader
Timestamp: 20:00
- Building resilience in yourself and your team
Timestamp: 23:00
- The importance of work-life balance and self-care for business success
Timestamp: 24:00
- Writing a book as a way to process grief and help others
Timestamp: 25:00
- Embracing public speaking and coaching as new opportunities
Timestamp: 27:00
Links:
Michael Nitschke’s Website
Instagram
LinkedIn
Leading Out of Loss
Nitschke Real Estate
Detailed Episode Guide:
From Tragedy to Triumph: Michael Nitschke’s Journey
Michael Nitschke’s story begins with tragedy. At just 30 years old, he lost both his parents in quick succession and inherited a family real estate business that was millions of dollars in debt. With no prior business management experience, Michael faced the daunting task of saving the company while dealing with his own grief.
“We were millions of dollars in debt. The business had just six weeks of cash left and I’m not talking about money in the bank. I’m actually talking about overdraft. So we were deep in the red, had all the people and culture problems everywhere. The business was so broken.”
Embracing Vulnerability and Authentic Leadership
Rather than pretending to have all the answers, Michael chose to lead with vulnerability and authenticity. He openly shared the challenges with his team and asked for their help in turning the business around. This approach fostered trust and unity within the organisation during a critical time.
“I just had to learn on the steepest learning curve imaginable with the stakes so, so high, like I was literally going to lose everything. It was really scary.”
Rebuilding the Business: Values and Culture First
As Michael worked to stabilise the business financially, he also focused on rebuilding the company culture. He prioritised being a “good human” first and a real estate agent second, emphasising authenticity and teamwork. This approach has shaped Nitschke Real Estate into a thriving, values-driven organisation.
“Our Everest mission is to be the most authentic real estate agency. So we really want to be known as an agency that just feels like a breath of fresh air. Both in our marketplace, but just within the industry in general.”
Implementing Systems for Success
To maintain focus and drive growth, Michael implemented the Entrepreneurial Operating System (EOS) in his business. This framework provides structure through regular meetings, goal-setting, and issue-solving sessions. It has helped keep the team aligned and moving towards their shared vision.
The Challenge of Letting Go
As the business has grown, Michael faces a new challenge: transitioning from a selling principal to a full-time leader. He discusses the difficulties of delegating responsibilities and stepping away from direct sales, a common struggle for many successful agents moving into leadership roles.
“I never wanted it to be the Michael show. Like I love leading it, but I love supporting the team that we have, it’s not all about me.”
Building Resilience and Supporting the Team
Drawing from his own experiences with adversity, Michael emphasises the importance of building resilience in his team. He encourages open communication about personal challenges and stresses the importance of self-care, exercise, and maintaining a healthy work-life balance.
From Personal Story to Published Author
Michael’s journey of loss and leadership inspired him to write a book, Leading Out of Loss. Initially intended as a legacy for his children, the book has become a source of inspiration for others facing similar challenges in business and life.
“My story is very unique, but it’s actually, it’s the underlying grief that unites us, you know, and it’s that resilient moments around themes of loss and overcoming adversity and challenges, I think could be really helpful.”
Embracing New Opportunities
Today, Michael continues to lead Nitschke Real Estate while also pursuing opportunities in public speaking and coaching. He shares his experiences and insights through a weekly email series called “Leadership Letters,” where he discusses the ongoing challenges and lessons of business leadership.
Summary
Michael Nitschke’s story is a powerful testament to the resilience of the human spirit and the potential for growth in the face of adversity. His journey from sudden loss to successful leadership offers valuable insights for anyone facing challenges in business or life. By embracing vulnerability, focusing on values, and continuously learning, Michael has not only saved his family’s business but transformed it into a thriving, authentic real estate agency.
FAQ
How did Michael Nitchke get involved in his family real estate business?
Michael joined his family’s real estate business in 2008 after gaining experience in Western Australia. He took over the business in 2018 following the sudden passing of his father.
What challenges did Michael face when taking over the family business?
Michael inherited a business that was millions of dollars in debt with only six weeks of cash left. He had no formal business management experience and had to rebuild the company from the ground up.
How did Michael turn the business around?
He focused on creating a value-driven culture, sought mentorship and support, and embraced vulnerability with his team. By involving the staff in decision-making and implementing a philosophy of “better before big,” he gradually stabilised and grew the business.
What leadership approach does Michael advocate?
Michael emphasises authentic leadership by being transparent with his team, asking for help, and supporting others. He believes in being a human first and a leader second, fostering a collaborative and supportive environment.
What is the key value that drives Nitchke Real Estate?
The agency focuses on authenticity and being “good humans.” Michael prioritises human connections with clients and creating a team-first culture that aims to improve each day.
How does Michael balance selling and leadership?
Michael is transitioning from a sales-focused role to becoming a full-time leader of the business. He is working to delegate more responsibilities to his team so he can focus on the long-term vision and growth of the company.
What does Michael’s coaching and keynote speaking focus on?
Michael’s coaching and speaking engagements focus on resilience, leadership, and business transformation, sharing lessons from his own journey of turning around a struggling family business.
Where can I find more information about Michael Nitchke’s book and coaching?
You can find more information on Michael’s website at michaelnitchke.com.au, where he also shares leadership insights through his weekly email series called “Leadership Letters.”
