A — November 8 - 21, 2013 — Mid Atlantic Real Estate Journal


M id A tlantic R eal E state J ournal

The sale of 300 Main St. in Stamford, CT HFF represents SL Green Realty Corp.

ew York, NY — Ac- claimed for presenting hundreds of exciting, Displaying art to millions online and on-site Arts Brookfield is celebrating its 25th Anniversary N

Develop a list of characteristics and skills needed by your suc- cessor Develop a training plan for your successor Develop a coaching/mentoring plan for your successor Establish a timeline for your successor plan X. Contingency plan Develop a contingency plan (based on the “What Ifs?”) Research & identify insurance needs (disability; personal life; critical illness; business; key person; etc.) Select & train a key employee to take over in case of emer- gency or unforeseen event Communicate your plan to stakeholders & advisors XI. Implementation of plan Document the roles, responsi- bilities & expectations concern- ing the transition of owner- ship Identify a facilitator to make sure the process of succession is carried out XII. Timelines Identify your timeline for the management transition Identify your timeline for transition of ownership of your business Future defaults could bring additional opportunities for investors. “We need to look at 2015 – 2018 as the real period of projected defaults as most CMBS loans underwritten in 2005 through early 2008 when underwriting was more lax were 10-year loans,” said Linneman. “We’ll have to see significantly nationwide except for New York City, new own- ers are investing capital into existing properties in deferred renovation projects. Occupancy rates indicate a strong recover is underway. FLORHAM PARK, NJ — HFF announced the sale of 300 Main St., an 80,708 s/f office building in Stamford, CT, which it sold on behalf of the seller, SL Green Realty Corp. Seaboard Proper- ties purchased the asset. Built in 1927, 300 Main Street, also known as the former First Union National Bank building, consists of an eight-story office building with street-level retail and

Identify your timeline for your complete exit from your busi- ness XIII. Communication Plan Document the succession plan Document how to proceed with the succession plan in the event of an unforeseen event (accident, illness, death) Document the transition or exit strategy to inform family, employees, clients, vendors, community & all stakehold- ers Succession planning is too important to put aside and think that you will get to it someday. I would encourage you to initiate your succession planning process NOW, NOT LATER, and to use strategic thinking in the development of your succession plan to help ensure the sustainability of your small or family busi- ness. Glenn Ebersole, P.E. is the strategic vice president, business development/mar- keting and a member of the Strategic Leadership Team at Hollenbach Construc- tion, Inc. headquartered in Boyertown, PA. n Linneman concluded, “The US commercial real estate market today is doing what we expect it do in an era of political and capital market uncertainty where we are seeing very little new construction. However, when we have more clarity than uncertainty, we could see stunning economic growth reminiscent of the 1970s-80s and post-World War II.” n significantly more growth in order for these loans to be refi- nanced, and this could result in more product across all sectors becoming available through defaults in 2016 – 2017.” a 147 space parking garage. Most recently renovated in 2011, the building is 76 per- cent leased to tenants includ- ing Elizabeth Arden. The HFF investment sales team representing the seller was led by senior manag- ing directors Jose Cruz and Andrew Scandalios , managing directors Kevin O’Hearn and Jeffrey Ju- lien and associate director Steve Simonelli. n

I. Goals & Objectives Develop a vision statement for your business Develop a mission statement for your business Develop a list of your core val- ues & guiding principles Develop short & long term goals for your business Identify the stakeholders for your business Develop your personal vision Develop your personal goals Develop your retirement goals Create a team of advisors for your succession planning ef- fort Establish the need for a suc- cession plan II. Exit Strategy Develop options for your exit from your business Review the developed options for your exit from the busi- ness Select your option for your exit strategy III. Business Valuation Obtain professional advice to determine the value of your business Determine the value of your business Determine a current value of your business assets & li- “For 25 yearsArts Brookfield has ‘set art free’ for the public with free concerts, exhibitions, theater and dance perfor- mances, and film screenings at Brookfield’s indoor and out- door public spaces. We think the best way to celebrate our 25th Anniversary is to truly make the world our stage and encourage artists working in all genres around the world to set their own art free,” said Debra Simon, vice president and artistic director of Arts Brookfield at Brookfield Office To participate in Art Set Free, artists should capture their work in a photo, video or audio recording; and then share it on Facebook, Twitter and/or Instagram with the hashtag #artsetfree. Entries are welcome from any genre, including dance/movement, music/sound, painting, sculp- ture, photography and street art. Arts Brookfield will review submissions on a rolling basis and curate the most innovative and thought-provoking pieces for display at select Brookfield buildings around the world and on ArtsBrookfield25.com, potentially reaching an audi- ence of millions.

abilities Determine the goodwill value of your business IV. Business Structure Identify and quantify your business debt Recruit & retain productive employees Structure business to maxi- mize value Document key processes & pro- cedures used in your business V. Tax Considerations Develop financial goals Identify tax implications of your current business Plan & implement tax strategy to minimize your taxes VI. Legal Considerations Retain professional legal coun- sel Develop a buy-sell agreement for your business VII. Estate Plan Retain a professional estate planning advisor Develop an estate plan VIII. Successor selection Develop specific criteria for your successor Recruit & select successor based upon your criteria Communicate selection of suc- cessor to your stakeholders IX. Successor training Images, videos and sound recordings of artwork for Art Set Free may be submitted by individuals or organiza- tions. Submissions should be creative, innovative and inspiring, and all entries must follow the Art Set Free Terms and Conditions available at ArtsBrookfield25.com. n Properties. “We hope our Art Set Free showcase will engage the global art community and provide an opportunity for established, emerging and amateur artists to have work shared internationally with millions.” “Free public art enhances a city’s vitality; and it inspires and educates residents, ten- ants and visitors,” said Mitch Rudin , president & CEO, U.S. Commercial Operations, Brookfield Office Proper- ties . “The outstanding and acclaimed work of Arts Brook- field over the past quarter century embodies Brookfield Office Properties’ vision of cre- ating progressive workplaces and our commitment to devel- oping thriving communities. We look forward to another 25 years of invigorating public spaces with great art.”

world-class cultural experi- ences for free to hundreds of thousands of people each year worldwide, Arts Brookfield is celebrating its 25th Anni- versary by launching Art Set Free, an unprecedented global art showcase that offers the opportunity for established, emerging and amateur artists anywhere to have their work presented to an international audience onArtsBrookfield25. com and at Brookfield’s pre- mier office properties in New York, Los Angeles, Denver, Houston, Toronto, Perth and Sydney. Artists helping to launch the global Art Set Free show- case and raise awareness about the importance of free public art include composer and Pulitzer Prize recipient Caroline Shaw, Broadway star and Tony Award winner Brian Stokes Mitchell; executive artistic director of New York Live Arts and Tony Award winner Bill Jones; Action Ar- chitect Elizabeth Streb ; and acclaimed vocal ensemble The Tenors. communicate the purpose, goals, and extent of the lead- ership succession plan or pro- gram. #3: Clearly define the desired and required qualities of the new leader. #4: Develop a clearly focused leadership development strat- egy. #5: Develop a talent manage- ment process that will incor- porate strategic thinking for specific development opportu- nities for future leaders. #6: Identify future leadership candidates by developing a sys- tem for assessing current and future leadership needs. #7: Identify a system for com- municating information to ensure that the leadership succession and/or development programs are in line with stra- tegic business needs. It is important to develop an overall outline to present the strategically structured succession planning elements after developing the list of strategic actions. That outline includes: Strategically structured succession plan outline

continued from page 5A NAI Global economic briefing highlights . . .

A strategically structured outline for business succession planning for small & family owned . . . continued from page 2A

Made with FlippingBook - Online magazine maker