by Alan Campbell, Featured Contributor
THE tedious job of turning a property over to new owners can be daunting to say the least. It takes a lot of work and personnel to transfer all of the different items from one corporation to another. Business plans have to be made up, marketing plans, budgets, spread sheets, impact studies, flag considerations, liquidation damages if any. The list is endless. Notifying vendors, banks, credit card processing, software vendors and all of the local vendors that support the property. Getting the phone and wireless people to coincide on the same day. Of course all of this will go off without a hitch, right? Wrong. No matter how well planned this goes, Murphy’s Law will always raise its head. There are so many rules and certificates to be aware of during this period. There is nothing like getting ready and finding out that the certificate of occupancy has not been renewed in the new owner’s name. It becomes your responsibility to ensure that all of these items are checked off your list. Delays cost money, and owners don’t like to pay delayed cost. Now think of all of the new collateral that you need for the new name, stationary, envelopes, key cards, reservation slips, housekeeping material. Take out the old and install the new. I wonder how many GM’S have had to do this. You end up asking yourself did I forget something. I bring this up because sooner or later you will be faced with this task, and you better get it right. From the day that you are notified that there will be a change of ownership you must act, for some items may take several months to get to your property. You don’t want to start your new business and discover that your credit cards deposit is still in the previous owner’s bank. I will tell you right now that process to retrieve those deposits can be a nightmare. I have opened properties, and I have even had the fun of closing a major hotel and casino in Las Vegas. (400 rooms) Casino and restaurants. I have been at 3 implosions and 6 grand openings.
I have had the pleasure of walking through the buildings that were set to be imploded usually in the early morning hours. It takes a lot of time and work to get the building ready for implosion. Oh well getting off the subject somewhat, we are discussing changing ownership of property. It becomes very important that you get it right, so get your numbers book out and check everything off so that your grand opening goes off with a flurry and fanfare. Wala!!!!!!!!