Build Your COVID Dream Team

Navigating the Coronavirus epidemic has forced all entrepreneurs to make business decisions far outside of their normal area of expertise. That’s why every entrepreneur needs a team of smart outside advisors more than ever. Now is the time to re-evaluate your current team of advisors and consider which ones are adding value to your decision-making during this unprecedented time and which are slowing you down.

In my discussions with dozens of business owners, the newest project they’ve taken on is applying for various state and federal aid programs such as the U.S. government’s “Payroll Protection Program.” 

These programs have moved at lightning speed and with guidelines that keep changing. How well did your accountant offer updates and perspective on these programs as they were being rolled out? Did they help you calculate your grant requests? Did they provide you with access to bankers? And, if you were fortunate enough to receive emergency funds, is your accountant advising you on how to spend and track those funds?

Rob Peller of Peller and Company, (disclousure: Peller and Company provides accounting services to me and my company) an accounting firm in New York, has been providing weekly town halls for his clients. He said “Given the current challenges facing all of us today, as a trusted advisor the most important thing I can do right now is to remain passionate about guiding them professionally while remaining compassionate as they struggle to find a new normal.”.

Peller’s constantly reaching out to his clients to find out what funds they’ve received and how they’re spending it. He releases updates on the new rules weekly and recently sent out a simple spreadsheet that would allow recipients to calculate how to track government fund spending.

The second critical advisor that you’ll want to have on board as we bring our employees back to work is a labor or human resource attorney. “It’s going to be tricky to re-hire and bring back your team members as we reopen our companies. You still have to document all of your hiring decisions. All of the federal, state and local EEO laws still govern who we hire and fire and those principles also apply to recall decisions.  And as you might expect – some team members that don’t get called back immediately may question your decisions or rationale.” said Mark Keenan of Barnes and Thornburg based in Atlanta, GA.

Many of Keenan’s clients are using this abrupt workforce disruption to implement re-organizations, shed dead weight and restructure their hierarchies. Keenan’s on Zoom calls with clients all week long, helping them make the best re-hiring decisions. An HR-savvy attorney must partner with you throughout this process.

And the third key advisor that we need to look to these days is our real estate team. Do you have a commercial real estate broker? Are they part of a larger national firm? Are they pumping out research and ideas on how commercial space is being utilized as we come back to work with new social distancing rules and an economy that has been—for the moment—crippled? 

What creative ideas are they bringing to you? Gabe Marans of Savills US, a New York-based commercial real estate firm, said “In this difficult real estate environment, the tenants who openly communicate with their landlords are benefiting from superior treatment and outcomes. The antagonistic approach rarely works as both parties need each other and they both know it.”

Finally, stay in contact with your investment bankers and private equity contacts. While this may or may not be the right time to sell, it’s certainly important to keep on top of transactions and trends in your industry. 

Bob Goldsmith the president and CEO of BCMS Corporate says, “This is the reset we’ve been anticipating if not for one of the reasons we expected. Valuations and deal structures have been impacted from the shutdown and that always gives the M&A markets a time to refresh their best practices. If you have an interest in a sale down the road, it’s essential to understand and prepare for the changes this once-in-a-lifetime event is having on the marketplace.”

In my opinion, the best advisors are the ones bringing their clients together into communities to share ideas. An advisor that lets you connect with his or her other clients is one that is confident in their own value. The least confident ones keep their clients apart, sticking with a hub-and-spoke model. That seems detrimental to clients in this fast-changing information marketplace. In addition, technologies like web-based video conference calling make it easier than ever to connect people. 

Any great leader is going to want the smartest people surrounding them, whether it’s on their executive team or among their advisors. Now is the time to evaluate your team, drop dead weight and fill in any gaps by establishing new relationships. 

_{PEOPLE AND COMPANIES MENTIONED IN THIS ARTICLE:}

_{Robert Peller of Peller and Company}

_{Mark Keenan of Bates & Thornburg, LLP}

_{Gabe Marans of Savill US}

_{Bob Goldsmith of BCMS Capital}