Survive, Stabilize and Thrive – CRE Coronavirus Impact
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:
2. Business operations continuity to Survive and Stabilize
3. Financial planning adjustments to operations and processes
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.