Being Prepared Isn't Just for the Scouts
We were on hand this week for the ULI San Deigo-Tijuana district council's June breakfast at the University Club on how to prepare for and thrive during the next downturn. Despite that dirty "D" word, the discussion was pretty optimistic—no one’s predicting another Great Recession—but it’s always good to be proactive and plan for the next downturn, panelists said—after all, it's real estate, and it cycles no matter what. Panelists included Douglas Wilson Cos’ Doug Wilson, Pathfinder Partners’ Lorne Polger, and Murphy Development Co’s Mike Murphy.
At the very least, panelists said companies need to ask themselves: What can we do that’s less dependent on a growing economy? If you’re mainly a developer now, for instance, a sideline in property management—something that’s always in demand—might be a good idea. Also, establish solid relationships with sources of capital it's easy to borrow money when times are good, but much more difficult when times are hard and you need it a lot more). ColRich’s Tony Pauker moderated.