weather icon Partly Cloudy

Executive Snapshot: Lance Bradford, CEO of Stable Development

Lance Bradford wears a variety of hats. He’s a certified public accountant and co-founder of L.L. Bradford &Co., a local accounting firm. He’s also CEO of Stable Development, which recently added the Longford Medical Center to its growing portfolio.

Bradford grew up in Reno before moving to Las Vegas and graduating from Valley High School. He attended the University of Nevada, Reno on a baseball scholarship. He spent five years in Reno working as a CPA before returning to Las Vegas in 1992 and opening L.L. Bradford.

You were a CPA first and now you’re into real estate; how did that transition come about?

I became a CPA because I didn’t want to have people telling me what to do, like coaches did my whole life in baseball. I wanted to be the one in charge. So my plan was to become a CPA and find a business that I really enjoyed … and then go run and take over that business. That’s how I first got into the world of CPAs. However, once I was working in this industry as a CPA I fell in love with the industry and dealing with different clients every day.

How did you get into real estate?

We had a strong physician client base and many of our doctors would ask us about owning their own building but they never really did it. So in the mid ‘90s we had a doctor who said it’s time to own a building and he said “I’m going to team up with a developer and I want you (Bradford) to be a partner with us so you can be part of this and make sure I’m fairly treated because I’m a busy doctor.”

So what happened is I became a partner in some buildings and we started building buildings; the doctor would take a long-term lease in the building, and the developer would be a partner in the building they would actually build and develop and have it all ready to go and they would be a partner; it would be a valuable asset. It was already rented and the doctor didn’t have to do any of the work.

How does this work for the doctor, professional, or other Stable Development client?

That’s really my only focus on the real estate side. We find physicians and professionals and partner up with them to help them out. We give them ownership in their building. We build it, we manage it, and when the time comes down the road we sell it. And they end up being a 40 percent owner, which is a unique way for physicians and professionals in our community to have ownership in their building without really having to pay for it. Their obligation is to have a long term lease with us.

Does being a CPA first have any effect on how you make decisions as a CEO?

It probably affects the way I think through processes — more analytical, more conservative when making decisions.

Stable Development has just paid $17.3 million for an office building at Buffalo and Summerlin Parkway. What did you see that made it an attractive investment?

We’re very excited about that real estate opportunity. For our business we currently we have a significant presence in Henderson, Green Valley, and we also have great presence in the southwest. We have had a desire to have a strong presence in Summerlin and also downtown by UMC and Valley Hospital. This opportunity gives us that presence now in Summerlin. It’s a large building in an incredible location on Summerlin Parkway and it will provide for many doctors… to share in their ownership.

Do you have any advice for new business owners?

Have a good plan, have good people, don’t always try to recreate the wheel… learn from your mistakes.

What is the most common mistake you see with new business owners as a CPA?

Inadequate capitalization either from a money standpoint or from human capital or their people; and usually when one of those are not adequate … they fail.

What can we expect to see from you in the future?

Keep helping the community. Get a presence in the downtown area for the medical buildings. Our CPA firm will continue to grow. We have expanded to other cities, other markets. We will continue to grow both in our size and the services we provide and we hope to employ more and more people in the Southern Nevada community.

Don't miss the big stories. Like us on Facebook.
Business Videos
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
Nevada’s real estate industry blamed wrong enemy when bubble burst

State lawmakers approved a bill in 2015 — a decade after Las Vegas’ wild building spree — that raised barriers to pursuing lawsuits alleging shoddyconstruction. A measure now working its way through the Democratic-controlled Legislature would wipe out or change provisions of that law.

CEOs get $800K pay raise, leaving workers further behind

Pay for CEOs at S&P 500 companies rose to a median of $12 million last year, including salary, stock and other compensation, according to data analyzed by Equilar.