A Special Report by Tripp Scott's Matthew Zifrony
A client was scheduled to close on a commercial condominium when the buyer insisted that a "simple" last-minute improvement be completed before closing. Time was tight, and events were not in our client's favor. Circumstances — and a computer virus—hamstrung the city building department, leaving staff unable to approve a permit and sign off on completed work by closing.
Frustrated and concerned that the closing wouldn't occur as scheduled, our client asked us for solutions. So we got creative.
Our team suggested the seller guarantee in writing that the work would be done and put money in escrow to protect the buyer. The buyer refused. We then suggested the seller contact the building department for written approval to perform the work; the permit would be issued and signed off after closing. A department official agreed. Again, the buyer balked.
The closing was postponed. Our client, however, appreciated our counsel.
In business and life, things happen. Some are out of parties' control. No matter the cause, businesses need inventive solutions, often those only an attorney can provide. Retailers, restaurant or commercial property owners or tenants, for example, considering a remodel or retrofit requiring permits are at the mercy of city departments and other parties.
Changing times require a new lens to look at circumstances. Attorneys serve their clients best with creative counsel. Does your attorney:
Think like your general counsel? Regardless of whether you have a general counsel, bringing a 360-degree view of your legal needs and vulnerabilities can help identify and neutralize or capitalize on strengths, weaknesses, opportunities,Circumstances—and or threats.
Think like an entrepreneur? Business owners are innovators. Their counsel must share that spirit of seeing beyond obstacles to find solutions, posting as opportunities.
Assess, not fear, risk? Risks exist. Skilled attorneys, accountants, and other professional services providers assess, quantify, and weigh each challenge's impact on the situation at hand. They then suggest various solutions.
Weigh and present all credible options? Your attorney's role is not to tell you what to do. It's to present reasonable options, with associated opportunities or liabilities of each, and then discuss the possible outcomes.
Tripp Scott's time-tested and seasoned attorneys assist clients in addressing legal matters arising from uncertainty in domestic and international crisis situations. As has become plainly clear, crises and challenges arise without warning. For a business owner, turmoil can happen at any time. Innovative legal solutions may be the path to survival.
