Peter Morgan is the founder of Morgan Legacy Partners, Inc. and its related entities. He has reached his success, and that of his companies, through perseverance, surrounding himself with worthy colleagues, implementing innovative/creative schemes, a continuous quest for knowledge, and a passion for real estate investing. Under it all lies the desire to help individuals and communities become financially stable so that they will thrive and prosper. His goal for the Morgan companies is to carry forward for 200+ years. This is his legacy.
This post is intended to give a snapshot of Peter’s history, his business philosophy and how he reached the success he enjoys today. Success for Peter is defined not only by the financial strength of the MLP companies but also by the impact his companies have on people and communities.
For this first look into the MLP visionary, I asked Peter some pointed questions about his path. Here’s what he said. . . .
What shaped you as a young man, making you into the man you are today?
Certainly graduating from the US Naval Academy after coming to the school as a young man of 17, with some assistance because of my wrestling skills. Completing this vigorous and broadening program, lettering twice as a Navy wrestler, and then becoming a Naval Officer did a great deal in shaping who I would become as I matured further as man, entrepreneur, husband, father and more.
What would you consider to be your most significant accomplishment?
It is near impossible to say there is just one……
Carolyn and I were married for 50 years. We raised two wonderful children, who each finished college in four (4) years and each went on to achieve their MBA degree. Today they are successful adults with lovely families of their own. This is one of my greatest personal legacies.
Professionally, my greatest legacy is Morgan Franklin Fellowship Foundation. Organized formally in 2014, MFF has already helped a significant number of people start on a better path to achieve some level of financial independence. It is explosive and works exponentially. As I am fond of reminding everyone, that this is grounded in a basic philosophy found in my favorite story … ”One Starfish at a Time.”
Granite State Ambassadors is another adventure that began 25 years ago and today is a vital part of the New Hampshire hospitality and economic community. GSA will continue to be an important component of welcoming visitors and guests to New Hampshire.
And of course, Morgan Legacy Partner, Inc., the backbone of all Peter Morgan ventures. MLP has evolved so much in just the past couple of years and is now a viable, profitable company that will, in tandem with MFF, help individuals, grow and prosper, lead impactful lives, and improve things for others.
What has been your most significant struggle?
As a young man during the beginning of my Naval career my status changed when I was on duty on my first submarine. Once I shared with my Captain that I was not certain a Naval career was the best route forward for me, my status immediately changed from “fair haired boy” to “pariah”. This led to fifteen (15) of the longest months of my life, during which I had lots of self doubt and uncertainty. But I am sure that this made me much stronger in the end and, I think, was a major feature in “toughening me up” for the challenges that life will undoubtedly always present.
Professionally, my most significant struggle was keeping the Highlander Inn together and operational through the early 1990’s. During this time I found myself learning how to run and operate a hotel and conference center; doing so while under a forbearance agreement with lenders and asset managers; representing myself, pro se, in Court; and putting together a “buyout” agreement with a bank, the SBA, my former partners and creditors. I ultimately emerged from all this with success, becoming a leader in the Manchester community as its business landscape evolved and expanded. This was a very dear challenge, one that I will always reflect on as being a significant force behind my success.
Moving on to today and where you and MLP have landed. . . MLP is the driving force underlying your many ventures. It is your “for-profit” company that funds almost everything else. How would you define what MLP does and how it remains so profitable?
MLP is the successor to Highlander Airport Parking, Inc., my original business venture at the Manchester Airport. After several years owning and operating the Highlander, and seeing it through the financial crisis of the 1990’s, we sold the company and its valuable real estate and I shifted gears to concentrate on developing other real estate investment assets with MLP. We continue today as a for-profit real estate investment company.
I have always believed that owning real estate is much more than just an investment. It can certainly be a way to create individual wealth, but when it allows you to own your own home it means much, much more. There is a certain pride in ownership and sense of security that comes with owning your own home. With that in mind we began to focus on investing in affordable housing projects in growing markets. Our goal is to redevelop and improve existing mobile home parks so that they become stabilized and offer more desirable living options for those who need them.
Our investment strategy is measured and involves an internal vetting process that helps us ensure that our decisions are based on financially sound assumptions. Our team of advisors, some who are local to the properties we acquire, has contributed to our continued success.
Now that MLP is evolving into a more structured entity, how do you feel about its progress and players?
I am proud to say that we have put together a strong management team, one that is working hard to insure that MLP successfully transitions to an employee based company. This transition is challenging but we are approaching it in a measured way and are confident that the transition will ultimately allow MLP to continue for many, many years to come – 200 in fact.
I have often heard you say that so much of what happens is serendipitous. How so?
There is no doubt that we intentionally create successes in our lives. However, I have found that sometimes the best ideas and schemes simply “show up” at the most unusual but opportune times. I refer to this as “shower time”. And so long as you are watching and listening these can be incredibly fruitful. So, I am often apt to encourage my colleagues to keep an open mind about such things. And never dismiss something out of hand just because it may have surreptitiously landed at your feet.
Thanks Peter for giving us a little bit of an insider look at your background and its influence on the evolution of MLP.