When you build something from scratch, there comes a point when your own conviction isn't enough. You need a balance sheet, credibility with lenders, and an organization that can grow with the business. For me, that point came with Berlin, and the partner was Shikun & Binui. The name ADO itself comes from the first letters of my name, my daughter Daniel's, and Ofra's.

Together we built a rental portfolio in Berlin. In 2008 the income-producing business was listed on the Tel Aviv Stock Exchange through ADO Europe, later ADO Group, with a portfolio of about 3,000 residential units in roughly 100 buildings. I was the controlling shareholder until 2011. That year Shikun & Binui merged its German operations into the company and became the controlling shareholder, and I remained a significant shareholder.

A few lessons from that partnership.

1. Choose a partner whose strengths complement yours, not mirror them.
An entrepreneur is good at seeing opportunities, moving fast and closing deals. An institution is good at processes, financing and staying power. A partnership works when each side knows exactly what it brings and doesn't try to do the other side's job.

2. Agree on the destination before you start.
The most important conversations happen at the beginning: where are we going, over what time frame, and what happens if we succeed. In November 2006, Shikun & Binui entered as a 50 percent partner, contributing €20 million of equity alongside my €10 million, to acquire about €300 million of Berlin assets. The aim from the outset was a scaled residential platform, not a handful of one-off buildings.

3. Institutional discipline is an asset, not a burden.
Reporting, controls and investment committees can feel slow to an entrepreneur. In practice, they're what made the business ready for the public market. That discipline later made the next steps possible.

4. Control matters less than value.
In 2011 the controlling stake passed to Shikun & Binui. For a founder, that's an emotional moment. But the real question was never who holds control. It was whether the platform would keep growing. The company's later path, including the 2015 Frankfurt listing of ADO Properties, showed that it did. The platform I founded went on to roughly triple in value after that listing, and my lead partner, Shikun & Binui, booked roughly NIS 700 million in capital gains from it.

5. Reputation is built across the whole partnership, not only at the start.
How you behave in moments of disagreement and change determines whether people will want to work with you again.

6. Know when to step back.
I sold my ADO holdings in stages and completed my exit in 2016. Leaving well is part of building well. A business that keeps growing without its founder is proof that it was built properly.

For entrepreneurs considering an institutional partner
- Map out what each side brings, honestly.
- Agree in writing on the scenarios of success, not only of failure.
- Adopt the partner's discipline early. It will help you later.
- Measure the partnership by the value of the platform, not by the percentage you hold.

Institutional partners aren't right for every business. But when the goal is to build a platform rather than complete one deal, the right partner can be the difference between a good portfolio and a public company.

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