Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









There Are Deals To Be Done in 2009

Written by: Marijo McCarthy

Article Overview: A client called me last week, right in the midst of the doom and gloom with which we ended the year, and asked if I could review a purchase and sale agreement for a commercial building. Wonderful, I thought... not only is there a Santa Claus, there are transactions being done in spite of all odds!

Free Download - What's An Opinion, Anyway? By Marijo McCarthy
Name: Email:

There Are Deals To Be Done in 2009

A client called me last week, right in the midst of the doom and gloom with which we ended the year, and asked if I could review a purchase and sale agreement for a commercial building. Wonderful, I thought... not only is there a Santa Claus, there are transactions being done in spite of all odds!

A bit of background regarding my client's situation...

Presently, she rents office space and was at first wrestling with the idea of renewing her current lease. The problem was that the space does not easily allow for expansion (doomsday projections notwithstanding, she expects to hire more salespeople in 2009) and she was concerned about having to squeeze more bodies into her current office. She was considering a move within her current building as well, when the possibility of a purchase appeared out of the blue.

An acquisition would allow her to expand on her own terms and in her own time frame. So, she asked, "What do I do and where do I start?"

We began by reviewing her current professional advisor circle to see where we needed to bring in extra resources. If, indeed, my client was going to buy a commercial property, with whom should she consult, and how should she bring these professionals up to speed, quickly and efficiently?

Here is the game plan we put together for the next thirty days:

First, she will create a one-page summary and e-mail it to her core team: her lawyer, accountant, banker and insurance advisor. The purpose of this document is to provide an overview of her current lease status (monthly cost, including taxes and operating expenses; size of current space; and projected space needs for the next 3-5 years), as well as the details regarding her other options (with numbers and rationale to support each).

Second, she will put her lawyer and her accountant together in a meeting to thoroughly vet the options; she will have an informational conversation with her insurance advisor regarding the world of commercial insurance these days; and she will have a preliminary discussion with her long-time banker regarding her financial situation.

(Regarding the banker, I urged her not to assume that he would refuse to participate. Tight lending environment or not, there are banks out there with money and intent to lend on good collateral to creditworthy customers... that is why they get up in the morning!)

Third, with encouragement from her core professional team, she will expand the team to include a commercial real estate broker. Not to be confused with the lovely woman who sold my client her house a few years ago, either! A good commercial broker will provide perspective regarding the universe of available choices, narrowing it down to the size, type, cost and location my client wants.

As a result, my client will attain a much better idea of what's available, rather than just settling on the building which sparked this process to begin with. The broker will also act as an advisor, to discuss the pros and cons of key elements to be included or excluded in any offer, as well as serve as a sounding board during the negotiations which will inevitably ensue.

It's too soon in the process to know the end result, but my client now has six months to put the pieces together and decide whether or not this is the right step for her and her growing business. Even more important, she has the confidence to know that as she proceeds, she has the resources and expertise she needs. In other words, she is not alone.

I call that a terrific start to 2009!

Related Articles
  Modest Deals, Happy Deals
  Is the student ready?
  Google US Search Share Reaches 63.2% in May 2009
  Business is an Art Form
  GrouponBot – Great Way To Spot National Trends on Groupon

Home > Legal > Marijo McCarthy > There Are Deals To Be Done in 2009
Article Tags: commercial property, doom and gloom, santa claus, tight lending environment

About the Author: Marijo McCarthy
RSS for Marijo's articles - Visit Marijo's website

Marijo McCarthy is principal of Widett and McCarthy, a Boston-area law firm that helps small business owners grow their businesses with pragmatic legal advice, mentoring and a solid team of professional advisors.

Click here to visit Marijo's website
Dashed Line

More from Marijo McCarthy
Whats An Opinion Anyway
Are You Making the Most of Your Professional Relationships
Protect Your Company by Keeping Your Employees in the Loop
How to Begin and When Necessary Amicably End a Business Relationship
Getting to Yes When Negotiating a Lease Renewal


Related Forum Posts
Re: Moderators on vacation Re: Moderators on vacation - I will be on vacation from Dec 23, 2008 - Jan 5, 2009 - See y'all in the New Year! Happy 2009 to All!!!
Life of claims! Life of claims! - Hello, Although we all know that the life of any patent at the uspto is 20 years, I have another concern about as to weather a patent can be renewed by just appending a few unique claims just before it expires. For example, say I was granted a patent in 1990 and in 2009 I decide to further protect some of those claims so no one can use them for another 20 years. Therefore am I allowed to create a new product very similar to the original one patented in the 1990 and append a couple of new and original claims to it and re-patent it in 2009 thus allowing a better version of the original product to be patented for another 20 years. If the 2009 patent gets granted, would the original claims included in the 1990 patent be valid and protected for another 20 years? Thankyou all for your feedback! With regards Rob
Re: WHAT BRINGS TEARS TO YOUR EYES ???? Re: WHAT BRINGS TEARS TO YOUR EYES ???? - July 18,2009 12am My loved one broke up with me
Re: Alexa Ranking Goals Re: Alexa Ranking Goals - Hi GT! Yes, I really don't want to have a red face on 1st Jan 2009!! Let's hope the top 500,000 American website owners all have a happy and extended Thanksgiving holiday!!
Re: Good Adwords Books? Re: Good Adwords Books? - I also purchased some books on adwords in 2009 but unfortunately did not work for me.However after reading the book if you find it useful then don't forget some useful tips to share with us.


Recommended Article for You close

  Modest Deals, Happy Deals

Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

How To Calculate A Minimum Fee For Your Services

Executive Blind Spots

Sales Flubs

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.