In this episode of Change & Triumph, Tené Williams sits down with real estate developer Eugene Gershman to talk about family business, foreclosure, reinvention, and the future of real estate.
Eugene shares how growing up around the stress of construction pushed him away from the industry, only for him to later join the family business and spend more than two decades in development. After losing two projects to foreclosure, he was forced to rethink the business model, where he spent his time, and how he wanted to operate going forward.
He also explains how he now uses AI for feasibility, zoning research, bookkeeping, contract review, marketing, and podcast production.
This is a conversation about real estate, resilience, and knowing when to change the way you build.
(0:00) Introduction and Eugene’s early path: family construction roots, finance stint, and MBA
(3:05) The family project that drew Eugene into real estate and development
(5:06) Resisting the family business and new perspectives from business school
(8:55) Joining the company: paycheck, future upside, and legacy expectations
(10:32) Strategic shift: exiting construction to focus on development
(13:17) Building trusted teams, subcontractor relationships, and transparent pricing
(19:25) Evaluating contractor margins and fees in development deals
(20:56) Major business challenges and company pivot three years ago
(23:50) Staffing challenges as the market tightens and wages rise
(25:04) Project foreclosures and shutting down the construction company
(26:30) How cross-collateralized deals, refinancing, and interest rates caused failures
(28:35) Pivoting to consulting, ownership, and marketing in development
(31:47) The reality of development: balancing ease, difficulty, and risk
(33:38) What development really requires: time, money, risk tolerance, and strong teams
(37:05) Navigating market cycles, recession timing, and the impact of covid
(38:22) Using AI for feasibility, zoning research, bookkeeping, contracts, and editing
(44:16) Cost savings and human oversight: the realities of AI in development
(45:49) How AI is changing work for young developers and landowners
(47:58) Leveraging AI for content creation, podcast distribution, and PR
(49:00) Key prompts for city hall and zoning questions for land development
(50:46) Getting responses from permit reviewers and municipal staff
(52:15) Greatest change and triumph: returning to business basics
(53:52) Lessons from unfinished projects, foreclosure, and perspective
(54:42) Personal story: letting go of a property and its later return
(56:02) Final advice: develop your land and pay for implementation, not just advice