For the past many months, the economy has fueled utilization of words and phrases like recession, depression, “no way out,” time to sell, time to panic, time to hibernate, and the list goes on.
What has been categorized as the worst recession in our history can and has caused a monumental sell off of assets ranging from real estate holdings to stocks and bonds, luxury items such as collectibles, and, in many unfortunate instances, homes.
Our society has become more litigious during these troublesome times, and the bad debt that facilities are incurring grows steadily. It might seem odd to suggest spending money as is being suggested, but please consider these measures to be stop-gap for future issues and protection going forward. One old cliché comes to mind that can help you move in the right direction: Watch the pennies and the dollars will take care of themselves. That being said, when was the last time your operating agreements and leases were reviewed?