CFO Consulting Partners

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Survive, Stabilize and Thrive – CRE Coronavirus Impact

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Over the last week we have seen unprecedented actions to attempt to minimize the impact of COVID-19 on us and give our health care system the ability to support us during this crisis. As a result, it has affected our normal day to day activities, resulted in the closure of all non-essential businesses and has presented the businesses that do remain open with many challenges. It has morphed into a longer lasting and more intense shutdown of activities throughout the country. As of this writing, there is still a lot of uncertainty that all of us must undergo. For our businesses, we must evaluate how we survive, then stabilize and then thrive once we get through these unprecedented times.

Our Real Estate Group, David DeMuth, John Kovacs, Mark Sloan and Mario Tamasi have extensive experience in the CRE industry each in varying degree. Please feel free to visit our website at www.cfoconsultingpartners.com to see our background and experiences.

Real estate owners have had to endure interruptions in their cashflow as a result of various prior events and as everyone knows the Coronavirus event will be the same. With all the information that has come out about the impact, a leadership roadmap should have the following themes:

1. Communication to employees, tenants, BOD, and stakeholders
2. Business operations continuity to Survive and Stabilize
3. Financial planning adjustments to operations and processes
At this point, many tenants are looking to survive and stabilize. The strength of a property’s cashflow is its current tenants. If they are having issues, then the real estate owners will feel the pressure on cashflow and making mortgage payments and operating expenses.
The following are various specific actions to consider:
a) Review current lines of credit capacity. If needed, begin discussions with lenders to increase or provide new line of credit.
b) Review collateral which may be needed for additional sources of financing.
c) Review current working capital and financial liquidity.
d) Setup best practices for tenant request for rent relief (i.e., require current financial information, forecasts, etc.).
e) Consider requests from tenants for rent relief and model appropriately.
f) Maintain transparency with lenders on lease restructures, temporary suspension or modification of debt payments, etc.
g) Refer tenants to the federal and state websites which may assist them during this time.
h) Review federal and state programs which may assist you as Landlord.
i) Review insurance policies for coverage as a result of COVID-19.
j) Increase monitoring of accounts receivable and cash receipts.
k) Implement weekly cashflow analysis for impacted properties.
l) Take realistic steps to increase cashflow and reduce expenses.
m) Review additional costs in connection with maintaining Common Areas of properties under federal guidelines concerning Coronavirus.
n) Review Proptech for reducing property costs such as energy costs, etc.
o) Refinance existing loans with lower rate, long term loans.
p) With any changes to cashflow, develop revised cashflow budgets and forecasts for the overall organization.

q) For some property types, consider the repositioning of idle properties, and consider use as medical facilities to assist authorities in providing medical services and testing.

Most of you as CRE owners are aware of the above and these are reminders during these unprecedented times. Our tenants, vendors, and the public need to survive, stabilize and then we will all thrive as we are all in this together.

If CFO Consulting Partners can help your organization with additional support and skill sets of experienced real estate professionals, please do not hesitate to contact us.

We hope your families, employees, and colleagues remain safe and healthy during these unprecedented times.

Mark Sloan, Director — msloan@cfoconsultingpartners.com
Mario Tamasi, Director – mtamasi@cfoconsultingpartners.com

Nine Things to Consider in This Financial Crisis

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CFO Consulting Partners, a financial management consulting firm, is closely monitoring the business impact of the Coronavirus (COVID-19) pandemic to help you make business and cash saving decisions in these very uncertain times. Below are eight points for consideration:

1) If you need to lay off employees, it is important to first investigate the latest federal and state employee-related requirements, including those related to unemployment and paid time off.

2) Conserve cash by deferring tax and mortgage payments under initiatives that have been or may be enacted at the federal and state levels.

3) Review expenses for non-critical functions that can be reduced.

4) Contact your insurance broker in regard to Business Interruption Insurance.

5) Start or increase the frequency of your cash forecasting process.

6) Manage working capital more aggressively to free up cash.

a. Inventories: Reduce raw material and finished goods inventories to reflect the downturn in top line activity during the crisis.

b. Receivables: Accelerate collections activities; reassess credit lines as customers come under cash constraints; consider increased cash discounts and shorter payment terms to accelerate cash.

c. Accounts payable: Reach out and partner with key vendors, they may be willing to work with you; work with your local utility providers for support (i.e., rates, terms, …).

7) Use this interruption in business activity to strategically plan for the future when the spread of the virus has been curtailed and the economy recovers. How are the markets in which you purchase and sell likely to be different from the way they were before the crisis?

8) Improve use of technology to allow employees to work remotely.

9) Consider using temporary staffing firms to substitute for employees who become ill.

CFO Consulting Partners has experience in all of the above areas. If you would like to know more about our capabilities, email or call Allan Tepper at atepper@cfoconsultingpartners.com, (646) 650-2028 x701, or David DeMuth at ddemuth@cfoconsultingpartners.com, (609) 309-9307 x700.

David DeMuth on Exit Planning Meeting Panel

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The NJ Technical and Manufacturing Association has invited David DeMuth to their February 26 Exit Planning Meeting to participate in a Panel Discussion.
Below are the details for the event:
You can’t take it with you, so NOW is the best time to start planning for the day when your business is sold or transferred to new ownership.
Join NJTMA for this informative and motivating panel discussion. Our participating experts all have extensive histories in manufacturing buy/sell transactions:
David DeMuth, CPA, CGMA; Senior Managing Director of CFO Consulting Partners
Michael Givner; President, IMG Business Advisors
Kent Schwarz, JD, LL.M; Partner, Becker Law Firm
Program Sponsors:
Also: New Jersey Business Action Center executive director Melanie Willoughby will describe her agency’s advocacy services for manufacturers navigating the State government.

Date: February 26, 2020
Location: Galloping Hill Golf Course, 3 Golf Drive, Kenilworth, NJ 07033
Schedule:
6:00 p.m. Arrival / Networking
6:30 p.m. Dinner begins
6:50 p.m. Introductions and Announcements
7:35 p.m. NJ Business Action Center – “Navigating the State Government”
8:00 p.m. Transition & Exit Planning – Panel Presentation and Q&A
8:55 p.m. Closing
For further information and registration click here.

CFO Consulting Partners Reaches Its 14-Year Milestone

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In 2006, David DeMuth and Allan Tepper formed CFO Consulting Partners. We focused on addressing the senior-level accounting and finance needs of companies whose accounting firms could no longer adequately address these needs due to independence issues. Eric Segal joined the partnership in 2009 to extend its capabilities to Financial Services and Insurance. Our firm began by providing fractional CFO services and that continues as a core service today. Over time, we added new capabilities including: M&A buy and sell-side services, private equity services, management and supervision of assurance processes, finance and accounting process improvement, finance transformation, SEC, regulatory and BOD/internal reporting.
Over the years, we built expertise in a broad range of industries, including banking, FinTech and other financial services businesses, business services, manufacturing, healthcare, technology, real estate and nonprofit.
As we reflect on what we have achieved since our inception, some notable accomplishments stand out:
  • We have developed significant expertise in helping companies achieve their business and accounting & finance goals, including buying and selling businesses, raising capital, strengthening internal controls, improving cash flow management and developing growth plans.
  • Clients have benefited from our all-senior-level financial management team who have “been there, done that.” Our people have held CFO or Controller positions in large and small companies, most are CPAs from major firms and have advanced degrees.
  • Clients have been aided by our firm-wide team approach to problem solving. Clients have access to the expertise of all of our team members to diagnose and solve problems.
  • Clients have prospered from having a boutique firm that moves quickly and has the depth of knowledge and experience to meet their needs.
  • Finally, we are proud to say that our clients recognize us as the “go-to” firm for CFO services provided to the community banking industry.
As we celebrate our 14th year, we want to thank our clients, referral sources, partners and team members. We simply wouldn’t exist without your support.
We look forward to continuing to serve the needs of small and midsized companies, and we are proud of the benefits we offer to our clients.

 

Thank you.

 

Allan Tepper, Sr. Managing Director, CFO Consulting Partners
(646) 650-2028 x701
 
David DeMuth, Sr. Managing Director, CFO Consulting Partners,
609-309-9307 x700
 
Eric Segal, Managing Director, CFO Consulting Partners
609-309-9307 x702

CFO Consulting Partners is a Proud Sponsor of Network for a Cause (A Joint ACG & TMA Reception)

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Join the region’s leading deal professionals from ACG Philadelphia and TMA for a night of networking for a great cause!

Enjoy cocktails, hors d’oeuvres, and a Silent Auction to benefit Bringing Hope Home. 

ACG & TMA have raised nearly $50,000 to support organizations in need since 2013!

February 27, 2020  |  6:00 – 8:30 pm
The Lounge @ 1735
1735 Market Street, 5th Floor | Philadelphia

Cost: $75
(includes 2 1/2 hours of cocktails and hors d’oeuvres)

REGISTER NOW!

CFO Consulting Partners is a Proud Sponsor of ACG Philadelphia’s M&A East 2019

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CFO Consulting Partners is a proud sponsor of ACG Philadelphia’s M&A East 2019. The M&A East event promises to create the optimal environment for you to maximize your time and make valuable, relevant connections. Meet over 1,300 top strategic and financial dealmakers and leading middle market advisors for the best, most efficient deal sourcing anywhere.
Who Should Attend?  
-Private Equity Investors
-Investment Bankers
-M&A Advisors
-Attorneys
-Accountants
-Lenders
Why Attend?
-1,300 National Attendees
     -75% senior-level dealmakers
-$125 Billion in investable capital
-2,000 1:1 Meetings among all attendees
-1,000+ Leads
     -75% generated potential deals
When: Oct 22-23
Location:
Pennsylvania Convention Center
1101 Arch Street
Philadelphia, PA 19107
United States
Pricing:
General Attendees:
-Members: $435
-Non-Members: $685
*Other pricing options for PE Firms and Investment Banks

We are a proud sponsor of XPX. XPX is a multi-disciplinary community of professional advisors who work collaboratively to help owners build valuable businesses and assist them in preparing and executing a successful transition. Learn more...

We are a proud member of FINACA. FINACA is a nationwide network of independent finance and accounting consulting firms focused on delivering exceptional client service. Learn more...

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