Death, Dying and Commercial Real Estate
Greetings!
I'm getting ready to head out to Las Vegas for the Crittenden National Commercial Real Estate Conference. I will be spending three days with investors, developers and sources of capital that keep America building. The last few months have been devastating to the commercial financing industry.
To my liberal arts college educated brain the catastrophic shift in the global capital markets and how they impact us can be better understood through the ground breaking work of Swiss-born psychiatrist Elisabeth Kubler-Ross, M.D. (pictured) and her work on death and dying. I believe that her "Five Stages of Grief" from her 1969 book "On Death and Dying" can be applied to the current recession.
Anger - Example - "Why me? It's not fair!" 'How can this happen to me?" "Toss those evil bankers in jail!" Guilt/Bargaining - Example -"How can this be postponed?" "Can't I just get a little more time?" Depression - Example - "What's the point?" "Why go on?" "Goodbye, Future!" Acceptance- Achievement of understanding and peace. You can't really move on until you've gotten to acceptance. - Example - "It is going to be okay."
Where do you think we are?
Once you get to acceptance here are three steps to take to get through the rest of 2009:
1. Stay Calm - don't do anything rash or irrational. Get back to basics of what is really important. Spend more time with your friends and family. Go on vacation and clear your head.
2. Network - maintain core relationships and attract like minded folks. This is a contact sport and also a team sport. Make sure you are surrounded by folks you are willing to be in a foxhole with.
3. Zero Baseline Decision Making - assume every decision you've ever made in your life doesn't hold you back and you can start today with a clean slate. What business plan makes sense today? What areas will see growth? How do you allocate your time and capital to add quality to your life?
While many lenders are no longer originating real estate loans, there are others who are looking at this as an opportunity to build market share. Since 1994 Bison has been the "go to" resource for real estate entrepreneurs in need of debt & equity capital for compelling investment opportunities.
Let us know how we can be of service.
Best wishes, David Repka |