{"id":1004136156,"date":"2016-02-03T07:52:43","date_gmt":"2016-02-03T15:52:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004136156"},"modified":"2022-12-07T21:59:35","modified_gmt":"2022-12-08T05:59:35","slug":"breaking-the-fall-how-to-approach-a-failed-business-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/breaking-the-fall-how-to-approach-a-failed-business-plan\/","title":{"rendered":"Breaking the Fall: How to Approach a Failed Business Plan"},"content":{"rendered":"<p>By Manuel Fishman, Shareholder, Buchalter Nemer<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004096951\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/is-it-a-bubble-yet-reflections-on-current-state-of-cre\/fishman\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\" data-orig-size=\"276,235\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D300&quot;,&quot;caption&quot;:&quot;????????????????????????????????????&quot;,&quot;created_timestamp&quot;:&quot;1373452043&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;85&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Fishman\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg?w=276\" class=\"alignright size-full wp-image-1004096951\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Fishman.jpg\" alt=\"Fishman\" width=\"276\" height=\"235\" \/><\/a>When things go wrong\u2014whether it be\u00a0with a\u00a0tenant, a vendor, a capital partner or your own pro forma assumptions\u2014recognizing the signals of an impending train wreck and developing a plan to minimize the impact are important qualities of a good real estate team.<\/p>\n<p>The ability to see early warning signs starts with good asset management and property\/project management. What can your team do when a tenant rent default occurs, a construction project is delayed, leasing projections are not met or a partner incurs debts or is involved in a lawsuit? Monthly reports can\u00a0provide early warning signs, and asset managers need to be alert to missed projections and defaults. Property managers and brokers must also be alert to unplanned key management changes in a counterparty and report developments to portfolio and asset managers.<\/p>\n<p>Having recently been involved in such a situation, I believe good legal counsel is important to\u00a0an action plan. Legal counsel can revisit or prepare lease and partnership agreement abstracts to ensure the contract\/agreement includes the remedies you need and to\u00a0understand potential default triggers. Legal counsel should also perform asset and title searches to\u00a0look at unexplained liens on a partner\u2019s residence or other business assets, as this signals financial stress.<\/p>\n<p>You should also bring in a team with a variety of backgrounds, including bankruptcy expertise to analyze potential asset transfers between affiliated entities without fair value or preferential payments to creditors; litigation expertise to analyze that\u00a0involving a vendor or partner; and corporate expertise to review private offerings a partner may have issued. If brokers aren&#8217;t getting deals to a project but market dynamics are strong, ask questions, run numbers on the impact of a\u00a0default or failure, and consider what notices need to be given to the project\u2019s lender, if any.<\/p>\n<p>Financial stress situations are often a sign cash flow is being diverted to pay creditors other than those your counterparty is required to pay under the contract. You&#8217;ll need to determine whether throwing cash into the situation\u2014through additional loans\/advances, abated rent, replacing a vendor with a higher-priced provider or some other cash infusion\u2014is the wiser move, or is it merely throwing good cash after bad? Developing that plan with a full legal audit of documents and potential remedies and risks is a key component to the determination, and provides some protection if someone goes back looking to show wrongful conduct.<\/p>\n<p>In most cases, there is a way to \u201cbreak the fall\u201d\u2014or develop a plan preventing\u00a0the diversion of cash flow to pay debts unrelated to the project, required investment or affected business\u2014or to implement a forbearance that buys time in exchange for certain controls over the counterparty\u2019s actions.<\/p>\n<p>This year seems to be the time when\u00a0certain bubbles are bursting\u2014not on a macro level, but in specific verticals: Some retail operators had a weak holiday season;\u00a0some\u00a0tech sectors are retrenching and valuations of later-stage companies are going\u00a0down; and\u00a0some venture capital companies are redirecting their investment portfolios and reconsidering their positions in portfolio companies. Getting regular monthly reports from your property managers and development partners is a key component to catching issues early, as the lines of communication with a counterparty or partner are still open, and you can ask for sources and uses of funds, quarterly projections on gross sales or capital raise projections.<\/p>\n<p>Breaking a fall is only possible if you have a plan and the ability to be nimble when plans need to change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Manuel Fishman, Shareholder, Buchalter Nemer: How good asset and property management can help you detect early warning signs of a deal gone awry.<\/p>\n","protected":false},"author":1166,"featured_media":1004136177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21749,21684],"tags":[],"class_list":["post-1004136156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-retail","category-viewpoint"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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